#REE #Stock News for Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF)
- New Exploration Targets; @defensemetals
Potential to Expand Wicheeda #REE Deposit
Defined by Defense Metals
Vancouver,
British Columbia – September 5, 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
that a recently completed ground radiometric geophysical survey over the Wicheeda
Rare Earth Element (REE) deposit, located near Prince George, Canada, has
identified new anomalies that may represent previously unknown REE mineralized
carbonatite located largely within the current mineral resource pit shells, as
set forth in the 2021 preliminary
economic assessment (PEA[1]).
Read this news, featuring DEFN in full at https://www.investorideas.com/news/2023/mining/09051DEFN-New-Exploration-Targets.asp
Highlights:
·
Based on
extensive core drilling and surface geologic mapping completed to advance Defense
Metals’ ongoing preliminary feasibility study (PFS), the survey results closely
map and further define the surface extent of outcropping REE mineralization.
·
Two
previously unknown linear radiometric anomalies were identified, each
approximately 40 metres in width and extending approximately 250 metres
northwest from the main body of the Wicheeda REE deposit (Figure 1).
·
Ground
truthing showed that the anomalies are overlain entirely by surficial cover
which occurs at lower elevations, along the western portion of the Wicheeda deposit.
Kristopher Raffle, P.Geo., Director of Defense
Metals and a Qualified Person stated:
“We’re excited to have identified
two new exploration targets so close to the Wicheeda deposit. The radiometric
surveys were initially designed to assist our geologic mapping teams and it
came as a surprise when we identified new anomalies under cover having a
similar geophysical expression to known drilled and outcropping rare earth mineralization.
After reviewing the geophysical data in the context of our updated Wicheeda 3D
geological model we recognized the potential for undiscovered near-surface,
east-dipping carbonatite bodies. We look forward to drill testing these
anomalies.”
Several resource definition drill holes undercut
the southern half of the eastern anomaly at >150 metre vertical depth below surface
and preclude a subvertical or steeply east dipping source. Drill hole WI21-39
intersected relatively higher-grade carbonatite at depth returning 2.91% total
rare earth oxide (TREO) over 45 metres from a depth of 69 metres[2]
downhole that is believed to represent the downdip projection of the eastern
radiometric anomaly.
Figure
1: 2023 Ground Radiometric Survey Results
The majority of the eastern and the entirety of the
western radiometric anomaly remain untested by core drilling. Defense Metals
plans to test the western geophysical anomaly during fall 2023 as part of an
expanded program of pit geotechnical drilling comprising a planned 915 metres
in 4 holes (see Figure 1), with additional drilling subject to initial
results.
Details of the Radiometric Surveys
The recently completed Wicheeda ground radiometric
survey comprised a total of 20 line-km along 50 metre spaced, and locally 25
metre infill, east-west oriented survey lines completed over an area of
approximately 800 x 900 metres. A NUVIA
Dynamics PGIS-2 Gamma-ray spectrometer, equipped with a 0.347 Litre NaI
detector and 512-channel resolution ADC was used and data was automatically
synchronized with GPS, ensuring both time and location accuracy. The spectrometer's
self-stabilizing capabilities on natural radioactive elements such as K, U, and
Th eliminated the need for frequent recalibration, assuring reliable and
accurate gamma-ray measurements. Given that gamma rays are highly attenuated by
overburden (approximately 90% attenuation at 20-30cm overburden depth) ground
radiometric surveys are only likely to detect outcropping or very near surface
sources.
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 hydropower transmission lines and gas pipelines. The nearby Canadian
National Railway and major highways allow easy access to the deep-water port
facilities at Prince Rupert, the closest major North American port to Asia.
The 2021 Wicheeda REE Project Preliminary Economic
Assessment technical report outlined an 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.
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 visit: https://www.defensemetals.com or 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 potential of the anomalies to represent previously unknown bodies
of REE mineralized carbonatite, 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.
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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.sedarplus.ca).
[2] See Defense Metals News Release
dated March 8, 2022
[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.sedarplus.ca).
