#REE #Stock News- Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF) Continues to Drill High-Grades at Wicheeda with 106 metres of 2.53% Total Rare Earth Oxide; @defensemetals
Drilling Includes 59 metres of 3.42%; Participate in the
18th International Rare Earths Conference
Vancouver,
British Columbia – October 13, 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) announces high-grade Rare Earth
Element (“REE”) assay results from one additional core drill hole, totalling
320 metres (m), collared within the northern area of Defense Metals’ 100% owned
Wicheeda REE Deposit.
Read this news, featuring
DEFN in full at https://www.investorideas.com/news/2022/mining/10131DEFN-Rare-Earth-Oxide.asp
Infill
drill hole WI22-67 (-60o dip / 197o azimuth) was drilled southward within the northern
area of the deposit and yielded a broad mixed lithology mineralized intercept comprising
dolomite carbonatite and syenite averaging 2.53% total rare earth oxide
(“TREO”) over 106 metres (m); including a high-grade zone of 3.42% TREO
over 59 m[1]
(Figure 1). The assays reported for WI22-67 are partial from surface
to a downhole depth of 155 metres. Assay results for the remaining 165 m to end
of hole at 320 m are expected in the coming days.
Craig Taylor, CEO, and Director of Defense Metals stated: “With
the release of this additional drill hole, we continue to establish excellent
continuity of mineralization in sectional infill drilling. As we advance the
Wicheeda Project we know these kinds of results will contribute significantly to
our goal of upgraded resource categories necessary to support a future
Preliminary Feasibility Study (PFS).”
Table 1. Wicheeda REE Deposit 2022 Diamond Drill
Intercepts
|
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) |
|
WI22-67
(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 |
|
WI22-62
(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 |
|
WI22-68
(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 |
Figure
1. Drill Section Hole WI22-67
18th International Rare Earths Conference, Las
Vegas, Nevada
Defense Metals and many of its directors, management and
advisors will be attending the 18th International Rare Earths
Conference on October 17, 2022 to October 19, 2022 in Las Vegas, Nevada. Luisa
Moreno, President and Director of the Company will be presenting on the “Wicheeda
Deposit: The Next North American REE production”.
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
preliminary economic assessment technical report (PEA) that demonstrated an
after-tax net present value (NPV@8%) of $517 million, and 18% IRR[3].
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.
Methodology and QA/QC
The analytical work reported on herein was
performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and
Vancouver (ICP-MS fusion), B.C. 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. (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
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, drill results including anticipated timeline of such results/assays, upgrading
the resource categories, completing the PFS, the Company’s plans for its
Wicheeda REE Project, expanded resource and scale of expanded resource,
expected results and 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]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).
