Results from Apella Resources (APA-V) drill program at the Lac Dore North vanadium project near Chibougamau, Que., have led the company to start planning a second phase of exploration.
Although the initial program was relatively minor with just 10 holes drilled over 993 metres, Apella says it has found evidence of a high grade and mineable vanadium deposit.
The company says the best assay results came from an area it had stripped in the fall of 2008.
Apella says that hole LDN-09-01 returned 0.46% to 0.64% V2O5 (vanadium oxide) over lengths varying from 0.71 metres to 5.28 metres.
The assay chart also included grades of iron oxide, titanium oxide and pure vanadium but Apella did not highlight these results.
For example, the 5.28-metre intercept graded 0.47% V2O5, plus 39.23 % Fe2O3 (iron oxide), 6.27% TiO2 (titanium oxide) and 0.26% vanadium.
Hole LDN-09-04 returned 0.79 metres grading 0.46% V2O5 and hole LDN-09-06 returned 4.25 metres grading 0.47% V205.
Hole LDN-09-06 returned 0.50 metres grading 0.45% V205.
There were also some longer and shorter intercepts that returned V2O5 grades below 0.46%.
Apella says the mineralized iron oxide, titanium oxide and vanadium oxide zones in the Lac Dore North area are commonly multi-layered in nature.
The folds and other characteristics explain the short intercepts of mineralization layered throughout the core. The company says long continuous mineralization is not the norm for this area.
After the diamond drill program Apella also carried out a detailed geological mapping and a channel sampling program on the two large stripped areas.
Apella shares were unchanged today at 22.5¢ with a trading volume of 1.16 million shares.
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