#Metals/ #GreenEnergy #Stock Defense
Metals (TSXV: $DEFN.V) (OTCQB: $DFMTF) Diamond
Drilling Update Infill and Exploration Drilling Complete and Pit Slope
Geotechnical Drilling Underway; @defensemetals
Vancouver,
British Columbia – August 9, 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 provide an update for its
ongoing diamond drilling at its Wicheeda Rare Earth Element (REE) deposit. The
2022 resource infill and exploration diamond drill campaign is now complete and
pit slope geotechnical drilling underway.
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2022/mining/08092DEFN-Diamond-Drilling-Update.asp
A
total of 12 diamond drill holes totalling over 3,500 metres have been drilled
to date within the northern and central areas of the Wicheeda REE Deposit preliminary
economic assessment (PEA) mine plan ultimate pit area, with initial assays
results from the earliest drill holes expected during September or October
2022.
All
materials, instrumentation, and technical personnel have now been mobilized to
site to commence geotechnical drilling for the purpose of open pit slope design
optimization. A total of 5 geotechnical drill holes targeting the north, west, south,
and east high walls of the Wicheeda PEA mine plan ultimate pit are planned
(Figure 1). Data collection will include oriented drill core, field point load
and laboratory-based intact rock and discontinuity strength testing, vibrating
wire piezometer, and standpipe piezometer installation for hydrogeological
investigations.
Figure
1. Wicheeda REE Deposit PEA Ultimate Pit Geotechnical Drill Plan
Kristopher
Raffle, P.Geo., Director and QP of Defense Metals commented: “Defense Metals
is very pleased with the progress of the 2022 infill and exploration drilling
to date, and we look forward to gathering important pit slope geotechnical data
to support future Wicheeda REE Deposit advanced economic studies.”
Management
Site Visit
Concurrent
with the commencement of geotechnical investigations Defense Metals’ management
has arranged for a Wicheeda field visit during the week of August 15, 2022, to
accompany strategic interested parties and capital market analysts.
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
PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million,
and 18% IRR[1]. 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.
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] 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).
