#REE #Stock
News - Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF) Initial
Drilling Results Yield 1.78% Over 192 Metres Total Rare Earth Oxide at Wicheeda,
@defensemetals
Including 3.13% Over 73 Metres
Vancouver,
British Columbia – September 22, 2022: Investorideas.com Newswire, Mining/Metals/
Green Energy Stock news- Defense
Metals Corp. (“Defense Metals”
or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF/
35D: FSE)
is pleased to announce results for the
first two drill holes totalling 720 metres from the Company’s 2022 diamond
drill program that is still underway. To date, a total of 15 drill holes
totalling 4,800 metres have been completed of a planned 18 holes totalling
5,000 metres (96% complete) designed to upgrade existing resource categories. Drill
holes WI22-64 and WI22-62, the first and third holes drilled, were collared
from the two sites within the northern area of the Wicheeda Rare Earth Element
(REE) deposit.
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2022/mining/09221DEFN-Initial-Drilling-Results.asp
Infill
drill hole WI22-64 (-65o dip / 204o azimuth) drilled
southwest to depth within central area of the deposit yield a broad mineralized
intercept of high-grade dolomite carbonate higher in the hole, and mixed
mineralized xenolithic dolomite carbonate and syenite at depth averaging 1.78%
total rare earth oxide (TREO) over 192 metres; including 3.13% TREO over 73
metres[1]
(Figure 1). The assays reported for WI22-64, one of the deepest
holes drilled to date on the Wicheeda Project are partial from surface to a downhole
depth of 284 metres. Assay results for the remaining 101 metres to end of hole
at 384.5 metres are expected in the coming days.
Drill
hole WI21-64 (-50o dip / 204o azimuth) collared
120 metres to the north of WI21-64, intersected a 109 metre drilled interval of
mineralized dolomite carbonatite above a mixed xenolithic dolomite carbonatite
and syenite at depth returning 1.39% TREO over 167 metres; including 2.29%
TREO over 48 metres1 (Figure 2).
Kristopher
Raffle, P.Geo. and Director and QP of Defense Metals stated: “We are pleased
to have started receiving assays for our ongoing 2022 Wicheeda REE Deposit
infill drilling campaign. These initial results compare very favourably to our
PEA mineral resource cut-off of 0.5% TREO and continue to demonstrate
continuity of mineralization over significant widths. We expect additional
results in the coming days, weeks, and months ahead. With the 2022 drill campaign
now 96% complete, we look forward to finishing a small number of remaining pit
slope geotechnical and hydrogeological holes designed to inform any Preliminary
Feasibility Studies.”
Table 1. Wicheeda REE Deposit 2022 Diamond Drill
Intercepts
|
Hole ID |
From (m) |
To (m) |
Interval (m) |
TREO[2]
(%) |
Ce2O3 (%) |
La2O3 (%) |
Nd2O3 (%) |
Pr2O3 (%) |
Sm2O3 (ppm) |
Gd2O3 (ppm) |
Eu2O3 (ppm) |
Dy2O3 (ppm) |
Tb4O7 (ppm) |
Ho2O3 (ppm) |
|
WI22-64
(204/-65) |
77 |
269.3 |
192.3 |
1.78 |
0.86 |
0.58 |
0.22 |
0.08 |
230 |
116 |
51 |
34 |
10 |
4 |
|
including |
77 |
150 |
73 |
3.13 |
1.51 |
1.06 |
0.37 |
0.13 |
353 |
156 |
71 |
30 |
12 |
3 |
|
WI22-62
(204/-50) |
93 |
260 |
167 |
1.39 |
0.68 |
0.43 |
0.18 |
0.06 |
222 |
101 |
43 |
29 |
9 |
4 |
|
including |
121 |
169 |
48 |
2.29 |
1.13 |
0.72 |
0.29 |
0.10 |
316 |
123 |
54 |
22 |
9 |
2 |
Figure
1. Drill Section Holes WI22-64
Figure
2. Drill Section Holes WI22-62
About the Wicheeda REE Property
The 100% owned 4,244-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
preliminary economic assessment technical report (PEA) that demonstrated an
after-tax net present value (NPV@8%) of $517 million, and 18% IRR[3].
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,
Wicheeda site visit and expected 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 personnel, 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]TREO % sum of CeO2, La2O3, Nd2O3,
Pr6O11, Sm2O3, Eu2O3,
Gd2O3, Tb4O7, Dy2O3
and Ho2O3.
[3] 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).
