#GreenMetal #Stock News- Defense
Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF) announces
more Rare Earth Assay Results from Wicheeda Project Drilling; @defensemetals Including
30 metres of 3.77% TREO
Vancouver,
British Columbia – January 17, 2023: 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 Rare Earth Element (“REE”) assay results
from an additional eight core drill holes, totalling 2,104 metres (“m”), completed
during 2022 at its 100% owned Wicheeda REE Deposit. These assay results are
from two exploration, three resource delineation, and three pit slope
geotechnical core drill holes, one of which (hole WI22-73) returned the second
longest REE-mineralized intercept of the 2021 and 2022 Wicheeda drilling
campaigns (10,859 metres in 47 core holes).
Read this news, featuring DEFN in full at https://www.investorideas.com/news/2023/mining/01171DEFN-Rare-Earth-Assay.asp
Pit
slope geotechnical drill hole WI22-74 (-65o dip at azimuth 139o)
drilled into the south pit wall intersected high-grade mineralized dolomite
carbonatite that assayed 3.77% total rare earth oxide (“TREO”) over 30 metres (“m”)
from surface and 2.52% TREO over 59 m at mid-hole depths, within a broader zone
averaging 2.03% TREO over a 192 m interval (see Table 1 and Figure
1).
Resource
delineation drill holes WI22-71 (-50o dip at 163o
azimuth) and WI22-73 (-60o dip at azimuth 134o) drilled
within the central area of the deposit similarly intersected mineralized
dolomite-carbonatite, from surface, assaying 2.83% TREO over 66 m and 2.35%
TREO over 81 m, respectively; within broader mineralized zones yielding 1.47%
TREO over 207 m, and 1.42% TREO over 222 m, respectively (see Table 1
and Figure 1).
Resource
delineation and pit slope geotechnical drill holes WI22-76 (-55o dip
at 242o azimuth) and WI22-77 (-70o dip at 348o
azimuth) returned moderate-grade, mixed syenite-xenolithic dolomite
carbonatite intervals from the northern limit of the Wicheeda Deposit and north
pit wall that assayed 0.64% TREO over 151 m; and 0.67% TREO over 76 m,
respectively (see Table 1 and Figure 1).
Kristopher
Raffle, P.Geo., Director of Defense Metals and a Qualified Person stated:
“We are excited to be nearing the
release of our final drill results from a very successful year of drilling. It’s
very telling that one of our geotechnical drill holes not only gave us important
data about future open pit slope design, but also yielded one of the best drill
intercepts of our 2021 and 2022 drill programs. Following the receipt of assays
from our two remaining geotechnical drill holes, we will update the Wicheeda mineral
resource based on more than 10,000 metres in the 47 drill holes Defense Metals
has completed post-PEA. We firmly believe Wicheeda is one of the best rare
earths projects globally and we eagerly look forward to advancing the project
during 2023.”
High-wall pit slope geotechnical drill
hole WI22-75 (-60o dip at 110o azimuth), collared
100 m east of the Wicheeda Deposit, and greenfield exploration drill holes
WI22-65 (-60o dip at 140o azimuth) and WI22-66 (-60o
dip at 140o azimuth), which targeted REE soil geochemical anomalies
500 m southwest and 1,000 m northwest of the Wicheeda Deposit, did not
return significant REE mineralization.
Table 1. Wicheeda REE
Deposit 2022 Diamond Drill Intercepts[1]
|
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) |
|
WI22-71
(163/-50) |
3.5 |
210 |
206.5 |
1.47 |
0.72 |
0.48 |
0.18 |
0.06 |
203 |
99 |
43 |
31 |
9 |
4 |
|
including |
3.5 |
69 |
65.5 |
2.83 |
1.38 |
0.96 |
0.32 |
0.11 |
327 |
147 |
66 |
36 |
12 |
4 |
|
WI22-73
(134/-60) |
2.3 |
224 |
221.7 |
1.42 |
0.69 |
0.46 |
0.17 |
0.06 |
203 |
100 |
45 |
35 |
10 |
5 |
|
including |
2.3 |
83.5 |
81.2 |
2.35 |
1.14 |
0.80 |
0.26 |
0.09 |
281 |
123 |
57 |
34 |
11 |
4 |
|
WI22-74
(139/-65) |
2.5 |
194 |
191.5 |
2.03 |
0.99 |
0.68 |
0.23 |
0.08 |
247 |
111 |
50 |
30 |
9 |
4 |
|
including |
2.5 |
32.5 |
30 |
3.77 |
1.83 |
1.33 |
0.39 |
0.15 |
342 |
144 |
68 |
38 |
12 |
4 |
|
and |
59 |
115.8 |
56.8 |
2.52 |
1.22 |
0.87 |
0.27 |
0.10 |
279 |
120 |
55 |
30 |
10 |
4 |
|
WI22-76
(242/-55) |
125 |
276 |
151 |
0.64 |
0.31 |
0.20 |
0.08 |
0.03 |
104 |
60 |
27 |
27 |
7 |
4 |
|
WI22-77
(348/-70) |
16.5 |
93 |
76.5 |
0.67 |
0.32 |
0.20 |
0.09 |
0.03 |
160 |
104 |
44 |
45 |
11 |
6 |
|
Previously
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
WI22-63
(204/-60) |
148 |
187 |
39 |
2.29 |
1.12 |
0.79 |
0.25 |
0.09 |
246 |
120 |
47 |
26 |
9 |
3 |
|
including |
175 |
184 |
9 |
5.08 |
2.45 |
1.84 |
0.52 |
0.19 |
472 |
215 |
91 |
49 |
17 |
5 |
|
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 |
|
WI22-67
(197/-60) |
30.7 |
137 |
106.3 |
2.53 |
1.22 |
0.87 |
0.28 |
0.10 |
307 |
149 |
66 |
36 |
13 |
4 |
|
including |
41 |
100 |
59 |
3.42 |
1.65 |
1.19 |
0.37 |
0.14 |
381 |
184 |
80 |
40 |
16 |
4 |
|
WI22-68
(220/-55) |
109.4 |
233 |
123.6 |
3.58 |
1.69 |
1.29 |
0.38 |
0.14 |
376 |
160 |
71 |
35 |
12 |
3 |
|
including |
212 |
230 |
18 |
6.70 |
3.11 |
2.50 |
0.71 |
0.27 |
619 |
260 |
111 |
47 |
18 |
5 |
|
WI22-69
(230/-50) |
93 |
314 |
221 |
2.14 |
1.02 |
0.74 |
0.24 |
0.09 |
260 |
126 |
56 |
36 |
11 |
4 |
|
including |
93 |
204 |
111 |
3.52 |
1.68 |
1.25 |
0.37 |
0.14 |
390 |
181 |
81 |
45 |
16 |
5 |
|
WI22-70
(234/-55) |
117 |
230 |
113 |
2.50 |
1.20 |
0.84 |
0.29 |
0.10 |
352 |
180 |
74 |
58 |
17 |
7 |
|
WI22-72
(167/-70) |
3 |
125 |
122 |
2.56 |
1.25 |
0.85 |
0.29 |
0.11 |
308 |
139 |
63 |
40 |
12 |
5 |
|
including |
3 |
58 |
55 |
3.02 |
1.47 |
1.02 |
0.34 |
0.12 |
345 |
135 |
69 |
34 |
12 |
4 |
|
and |
125 |
222 |
97 |
0.90 |
0.44 |
0.27 |
0.12 |
0.04 |
152 |
80 |
35 |
30 |
8 |
4 |
Figure
1. Wicheeda REE Deposit Long Section Looking East
Geotechnical
drill hole data collected will support future pre-feasibility level mine
planning studies (see Defense Metals’ news release dated May 24, 2022). The
2022 Wicheeda REE Deposit resource delineation and pit slope geotechnical drill
program comprised 18 core drill holes totalling 5,510 m (~18,077 feet). Assay results
have been announced for a total of 16 holes to date, with results of the
remaining two holes expected shortly.
About the Wicheeda REE Property
The 100% owned, 4,262-hectare (~10,532-acre) Wicheeda
REE Property is located approximately 80 km northeast of the city of Prince
George, British Columbia; population 77,000. The Wicheeda project is readily
accessible by all-weather gravel roads and is near infrastructure, including
power transmission lines, gas pipelines, the Canadian National Railway, and
major highways.
The 2021 Wicheeda REE Project Preliminary Economic
Assessment technical report (“PEA”) outlined a robust after-tax net present
value (NPV@8%) of $517 million and an 18% IRR[3].
This PEA contemplated an open pit mining operation with a 1.75:1 (waste:mill
feed) strip ratio providing a 1.8 Mtpa (“million tonnes per year”) mill
throughput producing an average of
25,423 tonnes REO annually over a 16 year mine life. 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 Quality Assurance/Quality Control
The analytical work reported on herein was
performed by ALS Canada Ltd. (“ALS”) at their Langley (sample preparation) and
Vancouver (ICP-MS fusion), B.C. facilities. 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. (B.C.),
Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director
of Defense Metals and a “Qualified Person” (“QP”) as defined in NI 43-101. Mr. Raffle has verified
the data, which included a review of the sampling, analytical and test methods underlying
the data, information and opinions disclosed herein.
About
Defense Metals Corp.
Defense
Metals Corp. is a company focused on the development of its
100% owned Wicheeda Rare Earth Element mineral deposit,
located
near Prince George, British Columbia, Canada, that contains metals and elements commonly used in in green energy,
aerospace, automotive and defense technologies. Rare earth elements are especially
important in the production of magnets used in wind turbines and in
permanent magnet motors for electric vehicles. 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, plans
to complete a PFS, 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).
