VANCOUVER, BC, May 24, 2022
/CNW/ - Defense Metals Corp. ("Defense Metals" or the
"Company") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased
to announce that it has retained SRK Consulting (Canada) Inc. ("SRK") to assist with
planning and executing geotechnical drilling investigations at the
Wicheeda Rare Earth Element (REE) Project during 2022.
The objective of SRK's work will be to assist Defense Metals
with planning and implementing a pre-feasibility level geotechnical
field drilling program. The objective of the field program is to
collect data for the subsequent analysis, and assessment of
technical risks with regards to open pit slope design. SRK will
assist in the planning, set-up, training, and support towards
design of the geotechnical program including determining optimal
drill hole locations (co-purposed with further resource drill holes
where possible), data collection methods and downhole
surveying.
The SRK team will be led by Project Manager Andy Thomas, P.Eng., M.Eng., a mining rock
mechanics engineer with over 16 years' experience; and Project
Practice Leader, Jarek Jakubec,
C.Eng., FIMMM, corporate consultant and practice leader of the SRK
mining and geology group in Vancouver with experience in the mining
industry since 1984. Jarek has travelled extensively to complete
studies for over 160 mining projects in 36 countries. He regularly
leads teams in technical or operational audits, feasibility
studies, bankable due diligence studies, and is a sought-after
member of geotechnical review boards for operating mines.
The purpose of the 2022 Wicheeda REE Project's geotechnical and
hydrogeological drill program is to contribute data to the advance
geotechnical characterization, and the development of comprehensive
structural, hydrogeological, and rock strength models to support
future advanced pre-feasibility level mine planning studies. The
geotechnical and hydrological drilling is expected to include, but
not be limited to, acoustic/optical televiewer downhole survey,
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.
Kris Raffle, P.Geo, Director of Defense Metals commented:
"SRK was a natural fit to assist in the continued advancement of
the Wicheeda REE Deposit having worked so closely with the Defense
Metals technical team during the recent PEA study. SRK is
well-positioned to build on the successful PEA mine plan and guide
the collection of advanced geotechnical and hydrogeological data
that will contribute to an enhanced understating of geotechnical
risk and refinement of future project development
scenarios."
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%
IRR1. 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.
___________________________
|
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).
|
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 SRK
SRK is an independent, global network of consulting practices in
over 45 countries on six continents. Its experienced engineers and
scientists work with clients in multi-disciplinary teams to deliver
integrated, sustainable solutions across a range of sectors –
mining, water, environment, infrastructure and energy.
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, completing the geotechnical and
hydrogeological drill program and the expected results and
outcomes, the Company's plans for its Wicheeda REE Project
including other studies and development work, expected results and
outcomes, the technical, financial and business prospects of the
Company, its REE 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.
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SOURCE Defense Metals Corp.