VANCOUVER, BC, Oct. 11,
2022 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF)
(FSE: 35D) announces high-grade Rare Earth Element ("REE")
assay results from an additional two core drill holes, totalling
717 metres (m), collared from the same site within the northern
area of Defense Metals' 100% owned Wicheeda REE Deposit.
Infill drill hole WI22-68 (-55o dip / 220o
azimuth), the deepest hole to date on the Wicheeda Project at 395
metres, was drilled southwest within the northern area of
the deposit and yielded a broad mineralized intercept of high-grade
dolomite carbonatite averaging 3.58% total rare earth oxide
("TREO") over 124 metres; including an exceptionally
high-grade zone of 6.70% TREO over 18
m1 that included one 3 m sample yielding 8.58% TREO (Figure 1, and
Image 1).
Drill hole WI22-63 (-60o dip / 204o
azimuth) collared from the same drill site, tested the
interpreted eastern contact of the carbonatite body at depth and
returned 2.29% TREO over 39 m;
including 5.08% TREO over 9
m1 (Figure 2).
Luisa Moreno, President, and
Director of Defense Metals stated: "These two core drill holes,
in particular WI22-68, once again demonstrate the potential for
high REE grades over significant widths within the northern
Wicheeda Deposit. Assays for WI22-68 were prioritized based on
readily visible, coarse-grained REE mineralization. We look forward
to receiving additional assay results of other resource infill
drill holes from the northern and central Wicheeda Deposit that
appear similar in terms of visually estimated REE mineralization
percentage."
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)
|
WI22-68
(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
|
WI22-63
(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
|
WI22-62
(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.
|
2 TREO % 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 markets, 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 Deposit
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, 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 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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SOURCE Defense Metals Corp.