#GreenMetal #Stock News- Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF) announces
best Rare Earth Assay Results of 2022; @Defensemetals
Results from Wicheeda Project Drilling, including 138 metres of
3.66% TREO
News
Release - Vancouver, British Columbia – January 24, 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 Rare Earth
Element (“REE”) assay results from the final two core drill holes, totalling 295
metres (“m”), completed during 2022 at its 100% owned Wicheeda REE Deposit. These
assay results are from two exploration geotechnical core drill holes. The final
drill hole (WI22-79) returned the best drill intercept on a grade-times-width
basis of the entire 18-hole 5,510 m (~18,077 feet) 2022 campaign.
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2023/mining/01241DEFN-Best-Rare-Earth-Assay-2022.asp
Pit
slope geotechnical drill hole WI22-78 (-60o dip at azimuth 200o)
drilled into the west pit wall intersected well mineralized dolomite carbonatite
that assayed 2.63% total rare earth oxide (“TREO”) over 97 metres (“m”) from
surface within a broader mineralized one returning 2.03% TREO over 168 m
(see Table 1 and Figure 1).
The
final drill hole, WI22-79 (-65o dip at 095o azimuth),
drilled within the central area of the Wicheeda Deposit and into the east pit
wall intersected an upper high-grade mineralized dolomite-carbonatite interval from
surface assaying 3.66% TREO over 138 m; and lower interval
grading 0.50% TREO over 43 m (see Table 1 Figure 1, and Image
1).
The
upper interval in WI22-79 represents the best mineralized intercept returned of
all 2022 holes and ranks among the top 10 reported drill intercepts of the more
than 10,000 m drilled in 47 holes Defense Metals has completed post-PEA (see “About
the Wicheeda REE Project”).
Luisa Moreno, President, and Director of
Defense Metals stated:
“The
economic significance of the Wicheeda REE Project is underscored by the fact
that the final drill hole yielded the best drill intercept of the 2022
campaign. Since the release of our
positive PEA based on drilling completed up to the end of 2019, the last two
years of exploration at Wicheeda has focused on resource expansion,
delineation, and detailed pit slope geotechnical drilling designed to place us
solidly on the path towards initiation of a Preliminary Feasibility Study
(PFS). With critical minerals and particularly rare earth elements coming into
sharper focus as part the rapidly accelerating transition to electric vehicles,
Defense Metals looks forward to continuing to advance the social-environmental,
metallurgical, engineering, and geotechnical aspects of the Wicheeda REE Project
during 2023.”
Table 1. Final Wicheeda REE Deposit 2022 Diamond Drill
Intercepts
|
Hole ID
|
From (m)
|
To
(m)
|
Interval (m)
|
TREO
(%)
|
Ce2O3 (%)
|
La2O3 (%)
|
Nd2O3 (%)
|
Pr2O3 (%)
|
Sm2O3 (ppm)
|
Gd2O3 (ppm)
|
Eu2O3 (ppm)
|
Dy2O3 (ppm)
|
Tb4O7 (ppm)
|
Ho2O3 (ppm)
|
|
WI22-78
(200/-60)
|
4.6
|
172.3
|
167.7
|
2.03
|
0.99
|
0.70
|
0.21
|
0.08
|
221
|
102
|
48
|
25
|
9
|
3
|
|
including
|
4.6
|
101.6
|
97.0
|
2.63
|
1.29
|
0.93
|
0.26
|
0.10
|
253
|
113
|
54
|
26
|
9
|
3
|
|
WI22-79
(095/-65)
|
3
|
141
|
138.0
|
3.66
|
1.74
|
1.31
|
0.39
|
0.15
|
381
|
175
|
82
|
38
|
14
|
4
|
|
and
|
141
|
183.7
|
43
|
0.50
|
0.23
|
0.13
|
0.08
|
0.02
|
171
|
118
|
45
|
49
|
13
|
7
|
|
Previously
Reported
|
|
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
|
|
WI22-67
(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
|
|
WI22-68
(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
|
|
WI22-69
(230/-50)
|
93
|
314
|
221
|
2.14
|
1.02
|
0.74
|
0.24
|
0.09
|
260
|
126
|
56
|
36
|
11
|
4
|
|
including
|
93
|
204
|
111
|
3.52
|
1.68
|
1.25
|
0.37
|
0.14
|
390
|
181
|
81
|
45
|
16
|
5
|
|
WI22-70
(234/-55)
|
117
|
230
|
113
|
2.50
|
1.20
|
0.84
|
0.29
|
0.10
|
352
|
180
|
74
|
58
|
17
|
7
|
|
WI22-71
(163/-50)
|
3.5
|
210
|
206.5
|
1.47
|
0.72
|
0.48
|
0.18
|
0.06
|
203
|
99
|
43
|
31
|
9
|
4
|
|
including
|
3.5
|
69
|
65.5
|
2.83
|
1.38
|
0.96
|
0.32
|
0.11
|
327
|
147
|
66
|
36
|
12
|
4
|
|
WI22-72
(167/-70)
|
3
|
125
|
122
|
2.56
|
1.25
|
0.85
|
0.29
|
0.11
|
308
|
139
|
63
|
40
|
12
|
5
|
|
including
|
3
|
58
|
55
|
3.02
|
1.47
|
1.02
|
0.34
|
0.12
|
345
|
135
|
69
|
34
|
12
|
4
|
|
and
|
125
|
222
|
97
|
0.90
|
0.44
|
0.27
|
0.12
|
0.04
|
152
|
80
|
35
|
30
|
8
|
4
|
|
WI22-73
(134/-60)
|
2.3
|
224
|
221.7
|
1.42
|
0.69
|
0.46
|
0.17
|
0.06
|
203
|
100
|
45
|
35
|
10
|
5
|
|
including
|
2.3
|
83.5
|
81.2
|
2.35
|
1.14
|
0.80
|
0.26
|
0.09
|
281
|
123
|
57
|
34
|
11
|
4
|
|
WI22-74
(139/-65)
|
2.5
|
194
|
191.5
|
2.03
|
0.99
|
0.68
|
0.23
|
0.08
|
247
|
111
|
50
|
30
|
9
|
4
|
|
including
|
2.5
|
32.5
|
30
|
3.77
|
1.83
|
1.33
|
0.39
|
0.15
|
342
|
144
|
68
|
38
|
12
|
4
|
|
and
|
59
|
115.8
|
56.8
|
2.52
|
1.22
|
0.87
|
0.27
|
0.10
|
279
|
120
|
55
|
30
|
10
|
4
|
|
WI22-76
(242/-55)
|
125
|
276
|
151
|
0.64
|
0.31
|
0.20
|
0.08
|
0.03
|
104
|
60
|
27
|
27
|
7
|
4
|
|
WI22-77
(348/-70)
|
16.5
|
93
|
76.5
|
0.67
|
0.32
|
0.20
|
0.09
|
0.03
|
160
|
104
|
44
|
45
|
11
|
6
|
Figure
1. Wicheeda REE Deposit Cross Section Looking North
Image
1: REE Mineralization Within WI22-79 (49-63.9m interval grades 5.47% TREO)
About the Wicheeda REE Project
The 100% owned, 4,262-hectare (~10,532-acre) Wicheeda
REE Project is located approximately 80 km northeast of the city of Prince
George, British Columbia; population 77,000. The Wicheeda project is readily
accessible by all-weather gravel roads and is near infrastructure, including
power transmission lines, gas pipelines, the Canadian National Railway, and
major highways.
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.
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.
Methodology and Quality Assurance/Quality Control
The analytical work reported on herein was
performed by ALS Canada Ltd. (“ALS”) at their Langley (sample preparation) and
Vancouver (ICP-MS fusion), B.C. facilities. 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. (B.C.),
Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director
of Defense Metals and a “Qualified Person” (“QP”) as defined in NI 43-101. Mr. Raffle has verified
the data, which included a review of the sampling, analytical and test methods underlying
the data, information and opinions disclosed herein.
About
Defense Metals Corp.
Defense Metals Corp. is a company
focused on the development of
its 100% owned Wicheeda Rare Earth Element mineral deposit,
located
near Prince George, British Columbia, Canada, that contains metals and elements commonly used in in green energy,
aerospace, automotive and defense technologies. Rare earth elements are especially
important in the production of magnets used in wind turbines and in
permanent magnet motors for electric vehicles. 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, the Company’s plans for its Wicheeda REE Project,
expanded resource and scale of expanded resource, expected results and
outcomes, plans to complete a 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, 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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