#Metals/ #GreenEnergy #Stock Defense Metals (TSX-V: $DEFN.V) (OTCQB:
$DFMTF) Continues
to Drill High Grade at Wicheeda; @DefenseMetals
3.23% Total #RareEarth Oxide Over 162 Metres; Including 4.21%
Over 45 Metres From Surface
Confirms Significant Mineralization At Depth With Potential to
Expand Mineral Resource
Vancouver, British Columbia –March 8, 2022: Investorideas.com Newswire, MiningSectorStocks.com and RenewableEnergyStocks.com -Mining/Metals/ Green Energy Stock News- Defense Metals Corp. (TSX-V:DEFN / OTCQB:DFMTF/ 35D: FSE) is pleased to announce results for an additional six diamond drill holes totalling 845 metres from the Company’s 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-39 and WI21-40 collared from the same pad, and holes WI21-41 through WI21-44 sited 100 metres north were designed to further delineate the Wicheeda Rare Earth Element (REE) deposit.
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2022/mining/03081DEFN-Wicheeda.asp
Drill
hole WI21-40 returned 3.23% TREO (total rare earth oxide) over
162 metres[1].
Along with previously reported drill
hole WI21-33 on section grading 3.17% TREO over 196 metres, these two holes yielded
the highest-grade x width of the 2021 drill program to date. In addition to
significant composite mineralized widths, these holes continue to demonstrate the
presence of higher-grade zones of carbonatite at surface and at depth extending
below the current resource pit shell.
The
Company continues to receive additional assay results from the 2021 Wicheeda
REE Deposit resource expansion and delineation campaign that will be released in
the coming days and weeks.
Luisa
Moreno, President, and Director of Defense Metals commented: “Drilling at depth within the northern
Wicheeda Deposit has intersected significant new zones of high-grade REE
mineralization with the potential to expand the mineral resource, and
importantly may also contribute to supporting higher grades across the range of
potential mine life.”
Resource
infill drill hole WI21-39 (-60o dip / 285o azimuth) returned
assays of 2.62% TREO over 110 metres1 and in
conjunction with WI21-36 and WI21-37 completes sectional drilling within the
northern quarter of the Wicheeda Deposit confirming the presence of high-grade
dolomite carbonatite within 2019 near surface drill holes to a vertical depth
of 175 metres and horizontal width of 160 metres (Table 1 and Figure 1).
Delineation
drill hole WI21-40 (-60o dip / 285o azimuth) intersected
mineralized dolomite carbonate from surface grading 3.23% TREO over 162
metres1; including higher grade intervals from surface of 4.21%
TREO over 44.75 metres1, and at depth of 3.67% TREO over 71
metres1 extending 15 metres below the current resource pit shell
(Figure 2). Importantly drill holes WI21-33, WI21-36, and WI21-40
establish the presence of a previously unrecognized zone of high-grade dolomite
carbonate at depth within the northeast quadrant of the Wicheeda Deposit. Mineralized
zones within WI21-40W and WI21-33 extend downhole 60 and 80 metres respectively
below the current resource, and 15 and 32 metres below the resource pit shell
providing the potential to expand mineral resources.
Drill
hole WI21-44 (-60o dip / 240o azimuth) collared
100 metres to the north intersected a mixed interval of dolomite
carbonatite near surface and REE mineralized syenite at depth high averaging 1.72%
TREO over 108 metres; including 2.59% TREO over 54 metres near
surface (Figure 3).
Table 1. Wicheeda REE Deposit 2021 Diamond Drill
Intercepts
[2]TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.
A
series of short drill holes WI21-41 (-55o dip / 025o
azimuth), WI21-42 (-70o dip / 025o azimuth), and WI21-43 (-85o
dip / 045o azimuth) totalling 285 metres successfully delineated
the northeast margin of the deposit. Drill hole WI21-43 intersected
several carbonate dykes, syenite and limestone host rocks above resource
cut-off averaging 0.55% TREO over 113 metres (Figure 3).
Figure
1. Drill Section Holes WI21-36, WI21-37, and WI21-39
Figure
2. Drill Section Holes WI21-33, WI21-36, and WI21-40
Figure
3. Drill Section Holes WI21-43 and WI21-44
About the Wicheeda REE Property
The 100% owned 2,008-hectare Wicheeda REE
Property, located approximately 80 km northeast of the city of Prince George,
British Columbia, is readily accessible by all-weather gravel roads and is near
infrastructure, including power transmission lines, the CN railway, and major
highways.
The Wicheeda REE Project yielded a robust 2021
PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million,
and 18% IRR[2]. A
unique advantage of the Wicheeda REE Project is the production of a saleable
high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million
tonnes per year) mill throughput open pit mining operation with 1.75:1
(waste:mill feed) strip ratio over a 19 year mine (project) life producing and
average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of
0.63:1 (waste:mill feed) would yield rapid access to higher grade surface
mineralization in year 1 and payback of $440 million initial capital within 5
years.
Methodology and QA/QC
The analytical work reported on herein was
performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and
Vancouver (ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015
accredited geoanalytical laboratory and is independent of the Defense Metals
and the QP. Drill core samples were subject to crushing at a minimum of 70%
passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75
microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS
analysis via lithium-borate fusion to determine individual REE content
(ME-MS81h). Defense Metals follows industry standard procedures for the work
carried out on the Wicheeda Project, with a quality assurance/quality control
(QA/QC) program. Blank, duplicate, and standard samples were inserted into the
sample sequence sent to the laboratory for analysis. Defense Metals detected no
significant QA/QC issues during review of the data.
Qualified Person
The
scientific and technical information contained in this news release as it
relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC)
Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of
Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified
the data disclosed which includes a review of the sampling, analytical and test
data underlying the information and opinions contained therein.
About
Defense Metals Corp.
Defense Metals Corp. is a mineral
exploration and development company focused on the acquisition, exploration and
development of
mineral deposits containing metals and elements commonly used in the electric power
market, defense industry, national security sector and in the production of
green energy technologies, such as, rare earths magnets used
in wind turbines and in permanent magnet motors for electric vehicles. Defense
Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince
George, British Columbia, Canada. Defense
Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture
Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on
the Frankfurt Exchange under “35D”.
For
further information, please contact:
Todd Hanas, Bluesky
Corporate Communications Ltd.
Vice President, Investor
Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
Cautionary
Statement Regarding “Forward-Looking” Information
This
news release contains “forward‐looking information
or statements” within the meaning of applicable securities laws,
which may include, without limitation, statements relating to advancing the
Wicheeda REE Project, drill results including anticipated timeline of such
results/assays, the Company’s plans for its Wicheeda REE Project, expanded
resource and scale of expanded resource, expected results and outcomes, the
technical, financial and business prospects of the Company, its project and
other matters. All statements in this news release, other than statements of
historical facts, that address events or developments that the Company expects
to occur, are forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in the
forward-looking statements. Such statements and information are based on
numerous assumptions regarding present and future business strategies and the
environment in which the Company will operate in the future, including the
price of rare earth elements, the anticipated costs and expenditures, the
ability to achieve its goals, that general business and economic conditions
will not change in a material adverse manner, that financing will be available
if and when needed and on reasonable terms. Such forward-looking information
reflects the Company’s views with respect to future events and is subject to
risks, uncertainties and assumptions, including the risks and uncertainties
relating to the interpretation of exploration results, risks related to the
inherent uncertainty of exploration and cost estimates, the potential for
unexpected costs and expenses and those other risks filed under the Company’s profile
on SEDAR at www.sedar.com. While such estimates and assumptions are considered
reasonable by the management of the Company, they are inherently subject to
significant business, economic, competitive and regulatory uncertainties and
risks. Factors
that could cause actual results to differ materially from those in forward
looking statements include, but are not limited to, continued availability of
capital and financing and general economic, market or business conditions,
adverse weather and climate conditions, failure to maintain or obtain all
necessary government permits, approvals and authorizations, failure to maintain
community acceptance (including First Nations), risks relating to
unanticipated operational difficulties (including failure of equipment or
processes to operate in accordance with specifications or expectations, cost
escalation, unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial disturbances or other
job action, and unanticipated events related to health, safety and
environmental matters), risks
relating to inaccurate geological and engineering assumptions, decrease in the
price of rare earth elements, the impact of Covid-19 or other viruses and
diseases on the Company’s ability to operate, an inability to predict and
counteract the effects of COVID-19 on the business of the Company, including
but not limited to, the effects of COVID-19 on the price of commodities,
capital market conditions, restriction on labour and international travel and supply
chains, loss of key employees, consultants, or directors, increase in costs,
delayed drilling results, litigation, and failure of counterparties to perform
their contractual obligations. The Company does not undertake to update forward‐looking
statements or forward‐looking information, except as required by
law.
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[1] The true width of REE mineralization is estimated to be
70-100% of the drilled interval.
[2] Independent
Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project,
British Columbia, Canada, dated January 6, 2022, with an effective date of
November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under
Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).
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