#REE #Stock News- Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF)
Advances Pre-feasibility Study; @defensemetals
Vancouver,
British Columbia – August 16, 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 provide a progress update with respect to its 2023 site infrastructure
geotechnical investigations. The work, with support of the Defense Metals’ technical
team and APEX Geoscience Ltd., is being completed by SRK Consulting (Canada)
Inc. (“SRK”) one of the principal consultants for the preliminary
feasibility study (“PFS”) regarding the Company’s Wicheeda Rare Earth
Element (REE) Project located near Prince George, Canada.
Read this news, featuring DEFN in full at https://www.investorideas.com/news/2023/mining/08161DEFN-Pre-Feasibility-Study.asp
Craig Taylor, CEO of Defense Metals, commented:
“It is great to see our technical
consulting teams making significant headway with the Wicheeda site
investigations. Defence Metals has assembled a world class team of experts who
have both the experience and technical skills to bring this project through
pre-feasibility.”
The SRK geotechnical investigation includes the
following scopes:
·
Geotechnical engineering (waste rock, tailings, contact water pond, and site infrastructure
geotechnical investigation),
·
Tailings alternative
assessment prior to advancing into PFS-level design of a
preferred alternative,
·
Geochemical characterization (to support mine planning/waste management and to develop preliminary
water chemistry predictions for the main mine facilities).
The work completed to date included field site
inspections from SRK personnel: Principial Consultant – Mining Rock Mechanics,
Ed Saunders, P.Eng. (waste storage facility geotechnical); Principal Consultant
– Geochemistry, Kirsty Ketchum, Ph.D., P.Geo. (metal leaching and acid/alkaline
rock drainage geochemical characterization); and Senior Consultant- Mining Rock
Mechanics, Aton Bloem (open pit geotechnical).
Site infrastructure geotechnical investigations
planned include a series of excavated test pits, and sonic overburden drill
holes designed to support the preliminary characterization of the shallow soil subsurface
and bedrock foundations of potential future waste rock storage (WSF),
mineralization stockpile, contact water pond (CWP), crusher, processing plant (INF),
and tailings storage facility (TSF) locations.
To date a total of 13 excavated tests pits and 4
sonic overburden geotechnical holes for a total of 93 metres have been
completed to characterize surficial material conditions within the proposed
WSF, CWP, and TSF areas (Images 1 and 2). Site geotechnical investigations
encountered shallow overburden conditions (nil or <1 metre overburden
depth), excavated test pit depths ranging from 1 to 5 metres; and sonic
overburden drill holes in areas of thicker surficial material ranging from 7
metre to >36.6 metre depth to bedrock.
SRK on site engineering consultants supervised the
investigations and carried out soil geotechnical logging, direct testing,
sampling, photography of recovered materials, standpipe installation, and
coordination of laboratory testing. SRK will process the data collected from
the sonic drilling and test pit investigations, and laboratory testing results
will be incorporated into the QA/QC dataset.
Image
1: SRK engineering personnel logging WSF sonic overburden material
Image 2: Excavated
test pit sampling underway
In addition to infrastructure geotechnical
investigations, SRK has commenced a tailings alternatives assessment prior to
advancing into PFS-level design of a preferred alternative. This will include
tailings characterization and development of design criteria, a siting
evaluation, and an alternatives trade-off.
As part of the geochemical characterization scopes
SRK has completed a review and compilation of site geological and geochemical
data and drill core logs that have been acquired since the 2021 preliminary
economic assessment (PEA). These data will be used to develop a sampling plan
of the existing drill core for geochemical characterization of the proposed
mine facilities, and future set-up of on-site kinetic leach tests (barrel
tests). Data will be interpreted to support mine planning/waste management and
to develop preliminary water chemistry predictions for the main mine facilities
(source terms). Source terms are an input to the site water and load balance
model.
Excavated test pit and sonic overburden drilling is
currently paused and is expected to resume as part of the WSF, CWP, INF, and
TSF (and TSF alternative) geotechnical investigations during September in
conjunction with the planned drilling of an additional four (4) pit
geotechnical core holes totalling 820 metres.
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” as defined in NI 43-101.
About the Wicheeda REE Property
Defense Metals
100% owned, 6,759-hectare (~16,702-acre) Wicheeda Project 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 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 development
of its 100% owned
Wicheeda Rare Earth Element Deposit located near Prince George, British
Columbia, Canada. Defense Metals Corp.
trades on the TSX Venture Exchange under the symbol “DEFN”, in the United
States, trading symbol “DFMTF” on the OTCQB and in Germany on the Frankfurt
Exchange under “35D”.
Defense Metals is a proud member of Discovery Group. For more information
please visit: http://www.discoverygroup.ca/
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 additional geotechnical work including pit
geotechnical core holes and the expected timelines, the expected completion of
the 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, accuracy
of assay results, performance of available laboratory and other related
services, future operating costs, interpretation of geological, engineering and
metallurgical data, 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, engineering
and metallurgical results, risks related to the inherent uncertainty of
exploration, metallurgy 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.sedarplus.ca. 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 and other viruses and diseases on the
business of the Company, 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.
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third
party sourced news, articles and equity research as well as creates original
content, including video, interviews and articles. Original content created by
investorideas is protected by copyright laws other than syndication rights. Our
site does not make recommendations for purchases or sale of stocks, services or
products. Nothing on our sites should be construed as an offer or solicitation
to buy or sell products or securities. All investment involves risk and
possible loss of investment. This site is currently compensated for news
publication and distribution, social media and marketing, content creation and
more. Contact each company directly regarding content and press release
questions. Disclosure this
DEFN news is a paid news release on investorideas.com – learn more about
costs and services https://www.investorideas.com/News-Upload/ More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
About Investorideas.com
https://www.investorideas.com/About/
Sign up for free stock news alerts at Investorideas.com
https://www.investorideas.com/Resources/Newsletter.asp
Renewable Energy Stocks: investing ideas in renewable
energy stocks
Like Renewable Energy Stocks? View our
Renewable Energy Stocks
Directory
Get News Alerts on
Renewable Energy Stocks
Mining Sector Stocks- investing ideas in mining stocks
Like Mining Stocks? View our Mining Stocks Directory
Get News Alerts on Mining Stocks
[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.sedarplus.ca).
