VANCOUVER, BC, Sept. 22,
2022 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company") (TSXV: DEFN) (OTCQB:
DFMTF) (FSE: 35D) is pleased to announce results for the first two
drill holes totalling 720 metres from the Company's 2022 diamond
drill program that is still underway. To date, a total of 15 drill
holes totalling 4,800 metres have been completed of a planned 18
holes totalling 5,000 metres (96% complete) designed to upgrade
existing resource categories. Drill holes WI22-64 and WI22-62, the
first and third holes drilled, were collared from the two sites
within the northern area of the Wicheeda Rare Earth Element (REE)
deposit.
Infill drill hole WI22-64 (-65o dip /
204o azimuth) drilled southwest to depth within
central area of the deposit yield a broad mineralized intercept of
high-grade dolomite carbonate higher in the hole, and mixed
mineralized xenolithic dolomite carbonate and syenite at depth
averaging 1.78% total rare earth oxide (TREO) over 192 metres;
including 3.13% TREO over 73 metres1 (Figure
1). The assays reported for WI22-64, one of the deepest
holes drilled to date on the Wicheeda Project are partial from
surface to a downhole depth of 284 metres. Assay results for the
remaining 101 metres to end of hole at 384.5 metres are expected in
the coming days.
Drill hole WI21-64 (-50o dip / 204o
azimuth) collared 120 metres to the north of WI21-64,
intersected a 109 metre drilled interval of mineralized dolomite
carbonatite above a mixed xenolithic dolomite carbonatite and
syenite at depth returning 1.39% TREO over 167 metres; including
2.29% TREO over 48 metres1 (Figure 2).
Kristopher Raffle, P.Geo. and Director and QP of Defense Metals
stated: "We are pleased to have started receiving assays for our
ongoing 2022 Wicheeda REE Deposit infill drilling campaign. These
initial results compare very favourably to our PEA mineral resource
cut-off of 0.5% TREO and continue to demonstrate continuity of
mineralization over significant widths. We expect additional
results in the coming days, weeks, and months ahead. With the 2022
drill campaign now 96% complete, we look forward to finishing a
small number of remaining pit slope geotechnical and
hydrogeological holes designed to inform any Preliminary
Feasibility Studies."
Table 1. Wicheeda REE Deposit 2022
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)
|
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
|
WI22-62
(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
|
__________________________
|
1The true
width of REE mineralization is estimated to be 70-100% of the
drilled interval.
|
2TREO % sum
of CeO2, La2O3,
Nd2O3, Pr6O11,
Sm2O3, Eu2O3,
Gd2O3, Tb4O7,
Dy2O3 and
Ho2O3.
|
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% 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.
____________________________
|
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).
|
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, Wicheeda site visit and
expected 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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