VANCOUVER, BC, March 3, 2022 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSXV: DEFN)
(OTCQB: DFMT) (FSE: 35D) is pleased to announce results for an
additional two diamond drill holes totalling 324 metres from the
Company's 29 hole, 5,349 metre diamond drill program completed
during fall 2021. Drill holes WI21-37 and WI21-38 collared from the
same pad on section were designed to further delineate and upgrade
existing resource categories of the Wicheeda Rare Earth Element
(REE) deposit.
The two infill holes intersected the highest grade REE
mineralization intersected to date at Wicheeda with drill hole
WI21-38 returning 6.01% TREO over 23.4 metres1
and significant widths of mineralization above the 0.5% TREO
(total rare earth oxide) mineral resource lower cut-off in good
agreement with geology and block modelled TREO grades.
The Company expects to receive additional assay results from the
2021 Wicheeda REE Deposit resource expansion and delineation
campaign in the coming days and weeks.
Luisa Moreno, President and
Director of Defense Metals commented: "We continue to be
encouraged results of 2021 resource expansion and infill drilling
campaign. The two holes reported today have returned the highest
grade REE intercept to date at 6.01% TREO, while also confirming
significant widths of potentially economic grade REE's consistent
with our geological and resource models."
Resource infill drill holes WI21-37 (-45o dip /
108o azimuth), and WI21-38
(-70o dip / 220o azimuth), drilled on
section, established continuity of significantly REE mineralized
dolomite carbonatite at depth in accordance with block modelled
TREO grades, with WI21-37 yielding 3.19% TREO over 138
metres1, including 4.00% TREO over 55
metres1; and WI21-38 intersecting a
mixed-country rock bearing interval grading 3.08% TREO over 81
metres; including the highest grade interval to data at
Wicheeda of 3.45% TREO over 35 metres1 and
6.01% TREO 23.4 metres1, respectively (Table 1
and Figure 1).
Table 1. Wicheeda REE Deposit 2021 Diamond Drill
Intercepts
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
TREO2 (%)
|
Ce2O3 (%)
|
La2O3 (%)
|
Nd2O3
(%)
|
Pr2O3
(%)
|
Sm2O3
(ppm)
|
Gd2O3
(ppm)
|
Eu2O3
(ppm)
|
Dy2O3
(ppm)
|
Tb4O7
(ppm)
|
Ho2O3 (ppm)
|
WI21-37
(108/-45)
|
2.00
|
139.85
|
137.85
|
3.19
|
1.56
|
1.10
|
0.35
|
0.12
|
351
|
144
|
66
|
30
|
11
|
3
|
including
|
2.00
|
57.00
|
55.00
|
4.00
|
1.96
|
1.38
|
0.42
|
0.15
|
427
|
164
|
76
|
35
|
12
|
3
|
WI21-38
(220/-70)
|
1.35
|
82.00
|
80.65
|
3.08
|
1.50
|
1.07
|
0.33
|
0.12
|
346
|
154
|
70
|
40
|
13
|
4
|
including
|
1.35
|
24.75
|
23.4
|
6.01
|
2.91
|
2.14
|
0.62
|
0.23
|
607
|
246
|
114
|
60
|
20
|
6
|
WI21-33
(350/-80)
|
5.00
|
201.00
|
196
|
3.17
|
1.52
|
1.07
|
0.37
|
0.13
|
382
|
181
|
81
|
42
|
14
|
4
|
including
|
5.00
|
55.25
|
50.25
|
3.63
|
1.74
|
1.26
|
0.41
|
0.14
|
396
|
181
|
84
|
52
|
16
|
6
|
including
|
146.00
|
201.00
|
55.00
|
4.29
|
2.07
|
1.48
|
0.47
|
0.17
|
489
|
232
|
112
|
52
|
18
|
5
|
WI21-34
(040/-55)
|
3.00
|
117.00
|
114.00
|
2.97
|
1.46
|
1.02
|
0.33
|
0.11
|
323
|
134
|
58
|
23
|
9
|
2
|
including
|
3.00
|
70.00
|
67.00
|
3.84
|
1.89
|
1.34
|
0.41
|
0.15
|
379
|
160
|
69
|
29
|
11
|
3
|
WI21-35
(080/-55)
|
1.20
|
121.00
|
119.80
|
3.87
|
1.87
|
1.34
|
0.43
|
0.15
|
434
|
200
|
88
|
52
|
17
|
6
|
WI21-36
(108/-80)
|
1.10
|
174.00
|
172.90
|
2.34
|
1.14
|
0.78
|
0.27
|
0.09
|
293
|
134
|
59
|
35
|
11
|
4
|
including
|
1.10
|
35.65
|
34.55
|
3.45
|
1.66
|
1.21
|
0.38
|
0.13
|
374
|
170
|
72
|
37
|
13
|
4
|
including
|
136.00
|
174.00
|
38.00
|
3.02
|
1.46
|
1.05
|
0.33
|
0.12
|
337
|
157
|
68
|
40
|
13
|
4
|
Figure 1. Drill Section Holes WI21-37 and WI21-38
Data Table Correction
The Company notes that in its March 2,
2022, News Release drill intercept table column headers for
rare earth oxides Eu2O3,
Gd2O3, Tb4O7 and
Dy2O3 were inadvertently transposed. Drilled
intercepts, TREO%, and major rare earth oxides values for
CeO2, La2O3,
Nd2O3, Pr6O11, and
Sm2O3 and Ho2O3 were
unaffected. The corrected values for Eu2O3,
Gd2O3, Tb4O7 and
Dy2O3 are reported in Table 1 above.
About the Wicheeda REE Property
The 100% owned 2,008-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%
IRR3. 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 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".
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, 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 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.
_______________________________________
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).
|
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