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Appia Rare Earths & Uranium Earns Initial 10% Legal and Beneficial Interest in the PCH Project
Toronto, Ontario--(Newsfile Corp. - June 12, 2024) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Compa
About this update from Appia Rare Earths & Uranium Corp
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - June 12, 2024) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQX: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the \"Company\" or \"Appia\") announced today that, further to its press release dated December 4, 2023, Appia has earned its initial 10% legal and beneficial ownership interest in Appia Brasil Rare Earths Mineracao Ltda (the \"Appia Brasil\") the Brazilian company that holds the PCH Project (the \"Property\") located in the Tocantins Structural Province of the Brasília Fold Belt, Goiás State, Brazil. Stephen Burega, President stated, \"We have accomplished an amazing amount of work over the past year with a modest budget of $1 million USD. We achieved many milestones including a maiden Mineral Resource Estimate (MRE) on our first two targets, Target IV and Buriti Zone (See press release dated March 1st, 2024); we completed initial desorption testing confirming the ionic clay characterization of the mineralization; and we identified an additional four (4) new highly prospective target zones covering an area of over 2,400 hectares while re-confirming that the regolith developed over the Ipora Granite presents significant enrichment of Heavy Rare Earth Oxides (HREO), indicative of Ionic Adsorption Clay (IAC) rare earth elements (REE) deposits. The impressive HREO results identified across multiple zones of homogeneous mineralization highlights the true potential of the PCH project.\" Pursuant to the Quotaholders Agreement among Appia, Beko Invest Ltd. (\"Beko\") and Antonio Vitor Junior (\"Antonio\") dated July 20, 2023 (the \"Quotaholders Agreement\"), which governs the ongoing exploration and development of the Property, Appia has expended in excess of US$1 million as required by the Quotaholders Agreement to earn its initial 10% interest in Appia Brasil. Appia will be issuing the second tranche of 500,000 shares to Beko on or before June 19th, 2024. Beko will be granted a 1% net smelter returns royalty (the \"1% NSR\") in the Property. Appia will have a right of first refusal to acquire the 1% NSR. The 500,000 shares to be issued will be subject to a four month and one day hold period from the date of issuance. Appia can maintain its 70% interest in Appia Brasil by issuing an aggregate of a further 1.5 million common shares of Appia to Beko and spending a further ap...