#REE #Stock News-Defense Metals (TSXV: $DEFN.V) (OTCQB:
$DFMTF) Reports
Favourable Comminution Data for the Wicheeda Deposit; @defensemetals
Vancouver,
British Columbia – February 28, 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 report favourable comminution
results on multiple samples extracted from the Wicheeda deposit. The data allows the design of the crushing
and grinding plant that will be an integral part of the planned Wicheeda development.
These data are essential inputs to the upcoming pre-feasibility study (PFS).
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2023/mining/02281DEFN-Wicheeda-Deposit.asp
Comminution,
i.e., crushing and grinding, will be the first step in the processing of material
mined from the Wicheeda deposit. In the
process, coarse, as-mined, rocks are reduced in size to sand-like particles, typically
less than 1 mm in size, and suitable for upgrading by flotation or other means.
Comminution usually accounts for a significant percentage of the energy demand,
production cost and carbon footprint of a mineral processing plant.
John Goode, Metallurgy Advisor, stated: “Comminution tests
on seventeen variability samples and a Master Composite show that the ore is
soft, amenable to conventional grinding operations and has a low abrasion index.
The recent results confirm, and expand on data obtained from a 30 t bulk sample
taken in 2019. The data show that a
conventional semi-autogenous grinding (SAG) mill-ball mill circuit will work
well and that grinding energy and supply costs will be relatively low.”
Key Highlights:
Ø The Wicheeda variability samples and Master Composite were studied
using the industry-standard SMC test to determine amenability to, and sizing design
parameters for, SAG processing. The A x
b value averaged 97 and the SAG Circuit Specific Energy (SCSE) averaged 7 kWh/t
indicating a very soft ore.
Ø The Bond rod mill work index test was applied to the Master
Composite and returned a value of 10 kWh/t – which again indicates a very soft
feed material.
Ø The Bond ball mill work index test was applied to all
samples and resulted in an average of 10 kWh/t using a 65-mesh closing
screen. This again indicates a very soft
feed material.
Ø A standard Bond abrasion test was performed on the Master
Composite and returned a value of 0.059 g meaning a very low consumption of grinding
balls and mill liners is anticipated.
Ø The Bond ball mill work index and abrasion index data for
these new samples are very similar to the values obtained on the 2019 bulk
sample taken from the Wicheeda deposit giving additional confidence in the new
data. Comminution data for the 2019 bulk
sample were used during preparation of the 2021 Independent Preliminary
Economic Assessment1.
Methodology
Seventeen variability samples and a Master Composite were made
from drill core taken from the Wicheeda deposit. The variability samples
covered different lithologies, depths, areas and grades of the deposit. The Master Composite had a mass of 260 kg and
included all lithologies in the approximate ratios of their mass in the
deposit.
SGS Lakefield performed all of the comminution tests. The
SMC testing protocol is an industry-standard method of evaluating the
amenability of material to grinding in a semi-autogenous grinding (SAG) mill. The Bond rod and ball mill indices and
abrasion index are also industry-standard tests performed on crushed ore and
are essential to the accurate sizing of a grinding circuit.
The comminution data will be used, along with other
information, during the upcoming pre-feasibility study (PFS) to design the
comminution circuit for the Wicheeda project.
PDAC Convention, Toronto, March 5 - 8, 2023
The Company is also
pleased to announce that it will be attending this year’s Prospector’s and
Developer’s Annual Convention (PDAC) in Toronto, Ontario, Canada from Sunday, March
5 to Wednesday, March 8, 2023.
The Company’s
management team, members of the Board of Directors and technical advisors will
be available during the convention (www.pdac.ca/convention) and invite you to
drop by Booth #2500 in the Investors Exchange in the Metro Toronto Convention
Centre from March 5 - 7, 2023, 10 a.m. to 5 p.m. and March 8, 2023, 9 a.m. to
12 p.m. to discuss the Company’s latest activities and plans for 2023 and
onward.
In addition, we
invite you to attend the following presentation at PDAC, which includes Kris
Raffle, P.Geo, a director of the Company, presenting on behalf of Defense
Metals at 2:14 p.m.: Electric materials / Rare earth elements (REE), Room 801B
- MTCC Level 800.
Qualified Person
The
scientific and technical information contained in this news release, as it
relates to the Wicheeda Rare-Earth Project, has been reviewed and approved by
John Goode, P. Eng., who is a Qualified Person as defined by National
Instrument 43-101 and who has provided the technical information relating to
metallurgy in this news release.
About the Wicheeda REE Property
Defense Metals 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
REE Project is readily accessible by all-weather gravel roads and is near
infrastructure, including hydro power transmission lines and gas pipelines. The
nearby Canadian National Railway and major highways allow easy access to the
port facilities at Prince Rupert, the closest major North American port to
Asia.
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[1].
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.
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
markets, 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 Deposit 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, completion of the PFS, attending PDAC, the Company’s
plans for its Wicheeda REE Project, expected results and outcomes from the
comminution data, 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 and metallurgical results, risks
related to the inherent uncertainty of exploration and development 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, metallurgical 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 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] 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).
