VANCOUVER, BC, Oct. 13,
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 one additional core drill hole, totalling 320
metres (m), collared within the northern area of Defense Metals'
100% owned Wicheeda REE Deposit.
Infill drill hole WI22-67 (-60o dip /
197o azimuth) was drilled southward
within the northern area of the deposit and yielded a broad mixed
lithology mineralized intercept comprising dolomite carbonatite and
syenite averaging 2.53% total rare earth oxide ("TREO") over 106
metres (m); including a high-grade zone of 3.42% TREO over
59 m1 (Figure
1). The assays reported for WI22-67 are partial from
surface to a downhole depth of 155 metres. Assay results for the
remaining 165 m to end of hole at
320 m are expected in the coming
days.
Craig Taylor, CEO, and Director
of Defense Metals stated: "With the release of this additional
drill hole, we continue to establish excellent continuity of
mineralization in sectional infill drilling. As we advance the
Wicheeda Project we know these kinds of results will contribute
significantly to our goal of upgraded resource categories necessary
to support a future Preliminary Feasibility Study (PFS)."
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)
|
WI22-67
(197/-60)
|
30.7
|
137
|
106.3
|
2.53
|
1.22
|
0.87
|
0.28
|
0.10
|
307
|
149
|
66
|
36
|
13
|
4
|
including
|
41
|
100
|
59
|
3.42
|
1.65
|
1.19
|
0.37
|
0.14
|
381
|
184
|
80
|
40
|
16
|
4
|
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
|
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
|
WI22-68
(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
|
18th International Rare Earths Conference,
Las Vegas, Nevada
Defense Metals and many of its directors, management and
advisors will be attending the 18th International Rare
Earths Conference on October 17, 2022
to October 19, 2022 in Las Vegas, Nevada. Luisa Moreno, President and Director of the
Company will be presenting on the "Wicheeda Deposit: The Next
North American REE production".
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.
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, upgrading the resource categories,
completing the PFS, 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.
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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SOURCE Defense Metals Corp.