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Apella Resources to change its name to PacificOre Mining, updates on Lac Dore field work
Apella Resources (CVE:APA) (OTCQX:APAFF) said late Thursday that its board has approved plans to implement a name change of the company to PacificOre Mining Corp, effective at the open of trading on Monday, May 28.
The company will begin trading under the trading symbol "PC" on the TSX Venture Exchange. Apella said there will be no consolidation of capital associated.
The move is part of the company's global corporate strategy, it said, being carried out to boost its marketability and branding worldwide.
The aim is to "clearly distinguish the company from existing and potential competitors in the iron ore, vanadium and titanium space", Apella said in a statement.
PacificOre Mining Corp and its wholly-owned subsidiaries, Prestige Mining Corporation and Power Vanadium Corporation, expect to leverage their own brand "through more clarity of value recognition in the iron ore, vanadium and titanium space with respect to their Lac Dore and Iron-T iron-vanadium-titanium assets."
Earlier this year, Apella decided on a strategy of placing three of its vanadium-iron-titanium assets - the Lac Dore/Lac Dore North project, the Iron-T project and the Game Changer project - into wholly-owned subsidiaries dedicated primarily to that particular asset.
As funds are raised to develop the projects, since they are held within subsidiaries, share dilution to the company as a whole is avoided.
In April, the company announced that exploration work at its Lac Dore iron-titanium and vanadium property is progressing right on schedule.
The Lac Dore project consists of 42 contiguous mineral claims covering an area of 1.6 million acres located in the Rinfret and Lemoine townships, 70 kilometres south-east of the town of Chibougamau, Quebec.
In early March, Apella began the first phase of exploration work on Lac Dore to re-establish and extend the previous grid, establish a minimum of three permanent benchmarks that will be used for future infrastructure and mine construction, and survey the previous historic drill holes, trenches and stripping utilized in the earlier, pre-NI 43-101, feasibility study.
The Apella geological and prospecting team assisted the surveyor in the field and searched for the historic diamond drill hole locations, which it wants to twin in efforts to qualify the previous non-compliant NI 43-101 resources.
It is anticipated that the first phase or two of diamond drilling, upon completion, would bring the Lac Dore Project to pre-feasibility study level.
Also Thursday, the company and its unit Prestige Mining Corp announced the results of the pre-drill field program on the Lac Dore project, which started in March with the opening of access roads leading to the property, and giving access to the previous work and old drill sites.
Once the company had access, consulting firm Les Consultants Aurus, together with Apella's own geological team, began to survey the old McKenzie Bay base line and the different stripped areas in order to search for previous drill sites to record their locations with current GPS technology.
Apella said its consultants noted several discrepancies in the surveying of the McKenzie Bay's historic base line, which have now been corrected. The consultants, as planned, established three permanent bench marks, which are expected, as the project progress, to provide reference values for latitude, longitude, height and gravity.
All the surveying work was completed at the end of April. The company said the old McKenzie Bay grid has now, either been re-established or refreshed.
Many transversal lines on the eastern part have now been extended to the northwest and southeast, with a total of 42 kilometres of lines cut, picketed and surveyed with a GPS.
The grid will be used for a new magnetic survey - anticipated to start soon - the company said, and for other field work.
Since the beginning of the month, the field geological team has been channel sampling several previous McKenzie Bay stripping areas to confirm previous intersections of mineralization and their grades.
The company said it had been reported that historic drill-hole 2001-05 returned two mineralized intersections of 1.13 percent vanadium pentoxide (V2O5), 9.54 percent titanium dioxide (TiO2) and 25.11 percent oxides over 6.70 metres as well as 1.21 percent V2O5, 9.81 percent TiO2 and 35.93 percent oxides over 29.35 metres.
This new channel sampling, which is still ongoing, can be considered as a horizontal twin hole, Apella said.