VANCOUVER, BC, April 27,
2022 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF)
(FSE: 35D) is pleased to announce results for the final five
diamond drill holes totalling 1,079 metres from the Company's 29
hole, 5,349 metre diamond drill program completed during fall 2021.
Drill holes WI21-57 through WI21-61 were collared from the two
sites within the eastern area of the Wicheeda Rare Earth Element
(REE) deposit.
Resource definition drill hole WI21-58 in conjunction
with WI21-59 collared from the same setup yielded two of the
three highest grade x width intercepts of the 2021 drill campaign,
with WI21-58 averaging 3.09% TREO over 251 metres,
including 3.92% TREO over 80 metres; and WI21-59 returning
2.76% TREO over 212 metres; including 3.25% TREO over 90 metres
from surface.
Luisa Moreno, President, and
Director of Defense Metals stated: "We are extremely pleased to
publish the last assay results for our 2021 Wicheeda REE Deposit
drill campaign with some of the highest-grade and widest drill
intercepts encountered to date on the Project. Our first hole of
2021 yielded 3.17% TREO over 196 metres within the untested
northern zone (WI21-33). With the final holes released today we
have WI21-59 collared 200 metres to the south besting that result
with exceptionally REE high grades over a 250-metre
interval."
Infill drill hole WI21-57 (-50o dip /
290o azimuth) testing a gap within the central area
of the Deposit returned a high-grade dolomite carbonate interval
averaging 3.45% TREO over 116 metres from surface, giving
way to mixed syenite at depth averaging 1.37% TREO over 96.5
metres along the western contact (Table 1 and Figure
1).
Delineation drill holes WI21-58 (-60o dip /
355o azimuth) and WI21-59 (-70o
dip / 015o azimuth) targeted inferred resources at
depth along the eastern contact and intersected two of the three
highest grade x width intercepts of the 2021 drill campaign, with
WI21-58 averaging 3.09% TREO over 251 metres, including
3.92% TREO over 80 metres; and WI21-59 returning 2.76% TREO
over 212 metres; including 3.25% TREO over 90 metres from
surface (Figure 2).
Infill drill hole WI21-60 (-55o dip /
205o azimuth) targeting the southern area of the
Deposit returned 2.93% TREO over 154 metres; including 5.47%
TREO over 39 metres from surface representing the third
highest-grade reported drill intercept (Figure 3).
Like WI21-57, drill hole WI21-61 (-50o dip /
210o azimuth) targeted the central gap area from a
pad 200 metres north. The hole collared into east side limestone
host rock before intersecting a broad high-grade dolomite
carbonatite interval averaging 3.44% TREO over 114 metres,
giving way to mixed xenolithic carbonatite and syenite rocks at
depth returning 0.93% TREO over 79 metres (Figure 4).
Table 1. Wicheeda REE Deposit 2021
Diamond Drill Intercepts
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
TREO[1]
(%)
|
Ce2O3 (%)
|
La2O3 (%)
|
Nd2O3 (%)
|
Pr2O3 (%)
|
Sm2O3 (ppm)
|
Gd2O3 (ppm)
|
Eu2O3 (ppm)
|
Dy2O3 (ppm)
|
Tb4O7 (ppm)
|
Ho2O3 (ppm)
|
WI21-57
(290/-50)
|
21.6
|
137.5
|
115.9
|
3.45
|
1.68
|
1.24
|
0.35
|
0.13
|
318
|
140
|
68
|
36
|
13
|
4
|
and
|
137.5
|
234
|
96.5
|
1.37
|
0.67
|
0.48
|
0.15
|
0.05
|
158
|
77
|
36
|
23
|
7
|
3
|
WI21-58
(355/-60)
|
1.8
|
252.6
|
250.8
|
3.09
|
1.51
|
1.08
|
0.33
|
0.12
|
315
|
134
|
62
|
29
|
11
|
3
|
including
|
51
|
131
|
80
|
3.92
|
1.93
|
1.39
|
0.40
|
0.14
|
358
|
153
|
71
|
34
|
13
|
3
|
WI21-59
(015/-70)
|
2.4
|
214
|
211.6
|
2.76
|
1.32
|
0.99
|
0.29
|
0.10
|
279
|
120
|
56
|
27
|
10
|
3
|
including
|
2.4
|
92
|
89.6
|
3.25
|
1.58
|
1.18
|
0.32
|
0.12
|
302
|
123
|
60
|
32
|
11
|
3
|
WI21-60
(205/-55)
|
1.3
|
154.9
|
153.6
|
2.93
|
1.43
|
1.01
|
0.31
|
0.11
|
320
|
145
|
67
|
36
|
12
|
4
|
including
|
1.3
|
40
|
38.7
|
5.47
|
2.69
|
1.93
|
0.55
|
0.21
|
490
|
217
|
99
|
56
|
18
|
6
|
WI21-61
(210/-50)
|
57
|
170
|
113
|
3.44
|
1.64
|
1.22
|
0.38
|
0.13
|
368
|
168
|
71
|
31
|
12
|
3
|
and
|
170
|
248.5
|
78.5
|
0.93
|
0.45
|
0.28
|
0.12
|
0.04
|
151
|
84
|
36
|
31
|
8
|
4
|
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
|
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
|
WI21-39
(285/-60)
|
4
|
114
|
110
|
2.62
|
1.28
|
0.87
|
0.30
|
0.10
|
320
|
158
|
73
|
42
|
13
|
5
|
and
|
114
|
224.8
|
110.8
|
0.72
|
0.35
|
0.21
|
0.10
|
0.03
|
129
|
75
|
31
|
30
|
8
|
4
|
WI21-40
(345/-65)
|
2.75
|
165
|
162.25
|
3.23
|
1.57
|
1.11
|
0.36
|
0.13
|
370
|
158
|
70
|
39
|
13
|
4
|
including
|
2.75
|
47.5
|
44.75
|
4.21
|
2.05
|
1.46
|
0.46
|
0.16
|
452
|
197
|
92
|
61
|
18
|
7
|
including
|
96
|
167
|
71
|
3.67
|
1.79
|
1.26
|
0.41
|
0.14
|
411
|
173
|
75
|
35
|
13
|
3
|
WI21-43
(045/-85)
|
10.75
|
124.1
|
113.35
|
0.55
|
0.26
|
0.17
|
0.07
|
0.02
|
121
|
84
|
33
|
35
|
9
|
5
|
WI21-44
(240/-60)
|
17.5
|
125.6
|
108.1
|
1.72
|
0.83
|
0.57
|
0.20
|
0.07
|
266
|
141
|
69
|
47
|
14
|
6
|
including
|
35
|
89
|
54
|
2.59
|
1.24
|
0.87
|
0.29
|
0.10
|
384
|
205
|
102
|
70
|
20
|
9
|
WI21-45
(240/-75)
|
47.8
|
106.9
|
59.1
|
1.46
|
0.67
|
0.51
|
0.17
|
0.06
|
230
|
134
|
83
|
43
|
13
|
6
|
including
|
47.8
|
74
|
26.2
|
2.48
|
1.13
|
0.88
|
0.29
|
0.10
|
384
|
225
|
151
|
67
|
21
|
8
|
WI21-46
(190/-50)
|
18.9
|
135.3
|
116.4
|
1.66
|
0.80
|
0.56
|
0.20
|
0.06
|
229
|
108
|
47
|
28
|
9
|
3
|
including
|
48
|
90
|
42
|
2.27
|
1.09
|
0.79
|
0.25
|
0.09
|
271
|
112
|
48
|
22
|
8
|
2
|
including
|
117.55
|
135.3
|
17.75
|
2.32
|
1.12
|
0.74
|
0.30
|
0.09
|
350
|
170
|
75
|
42
|
14
|
5
|
WI21-47
(280/-60)
|
17
|
98.36
|
81.36
|
0.58
|
0.28
|
0.18
|
0.08
|
0.02
|
108
|
67
|
30
|
29
|
7
|
4
|
WI21-48
(145/-45)
|
12
|
188
|
176
|
2.50
|
1.22
|
0.84
|
0.29
|
0.10
|
306
|
130
|
57
|
27
|
10
|
3
|
including
|
12
|
32
|
20
|
6.15
|
2.98
|
2.11
|
0.69
|
0.24
|
669
|
311
|
142
|
80
|
25
|
9
|
WI21-49
(190/-70)
|
33
|
183
|
150
|
3.79
|
1.80
|
1.36
|
0.41
|
0.14
|
430
|
197
|
86
|
45
|
16
|
5
|
including
|
82
|
142
|
60
|
4.77
|
2.28
|
1.71
|
0.51
|
0.18
|
520
|
228
|
103
|
54
|
18
|
5
|
WI21-50
(215/-50)
|
23
|
149.7
|
126.7
|
1.60
|
0.76
|
0.55
|
0.18
|
0.06
|
205
|
110
|
47
|
34
|
10
|
4
|
including
|
50.35
|
85.65
|
35.3
|
3.34
|
1.59
|
1.23
|
0.33
|
0.12
|
341
|
166
|
72
|
40
|
13
|
4
|
WI21-51
(030/-55)
|
4.25
|
92.7
|
88.45
|
2.47
|
1.18
|
0.88
|
0.26
|
0.09
|
267
|
127
|
56
|
25
|
9
|
3
|
and
|
92.7
|
251
|
158.3
|
1.27
|
0.62
|
0.39
|
0.17
|
0.05
|
206
|
103
|
46
|
32
|
9
|
4
|
WI21-52
(260/-45)
|
3.25
|
72.8
|
69.55
|
3.31
|
1.58
|
1.16
|
0.37
|
0.13
|
395
|
188
|
84
|
53
|
17
|
6
|
WI21-53
(260/-65)
|
2.7
|
83
|
80.3
|
3.06
|
1.48
|
1.08
|
0.32
|
0.12
|
319
|
148
|
68
|
37
|
13
|
4
|
WI21-54
(320/-45)
|
2.4
|
147
|
144.6
|
3.06
|
1.48
|
1.10
|
0.31
|
0.12
|
306
|
132
|
61
|
32
|
11
|
3
|
WI21-55
(320/-65)
|
2.2
|
119
|
116.8
|
3.81
|
1.85
|
1.36
|
0.39
|
0.15
|
364
|
169
|
77
|
36
|
13
|
4
|
including
|
2.2
|
41
|
38.8
|
4.33
|
2.11
|
1.51
|
0.46
|
0.17
|
459
|
208
|
92
|
45
|
16
|
5
|
including
|
67
|
104.5
|
37.5
|
4.87
|
2.36
|
1.79
|
0.47
|
0.18
|
403
|
188
|
87
|
39
|
14
|
4
|
WI21-56
(065/-45)
|
5.35
|
56.5
|
51.15
|
3.56
|
1.74
|
1.27
|
0.35
|
0.14
|
323
|
140
|
66
|
33
|
11
|
3
|
and
|
56.5
|
225.2
|
168.7
|
1.41
|
0.69
|
0.47
|
0.16
|
0.06
|
196
|
89
|
43
|
20
|
7
|
2
|
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% IRR
2. 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, 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.
____________________________
|
1TREO % sum
of CeO2, La2O3,
Nd2O3, Pr6O11,
Sm2O3, Eu2O3,
Gd2O3, Tb4O7,
Dy2O3 and
Ho2O3.
|
2
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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SOURCE Defense Metals Corp.