VANCOUVER, BC, Nov. 15,
2022 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company"; (TSX-V: DEFN) (OTCQB: DFMTF)
(FSE: 35D) is pleased to announce additional partial Rare Earth
Element
("REE") assay results from one additional core
hole, totalling 353 metres (m), collared
within the northern area of Defense
Metals' 100% owned Wicheeda REE Deposit.
Infill drill hole WI22-69 (-50o dip / 230o azimuth) was
drilled southwest within the northern area of the deposit
intersected a broad zone of mineralized dolomite
carbonatite averaging 2.14% total
rare earth oxide
("TREO") over 221 metres (m)1; including a higher-grade interval
averaging 3.52% TREO over 111 m
(Figure 1).
With over 5,500 m of drilling
in 18 holes now complete as part of the 2022 Wicheeda resource
delineation and pit geotechnical
program, the Company has released assays
for a total of 2,493 m in 7 holes. Assays
for the remaining 11 holes totalling 3,017
m are expected in the coming weeks and months.
Luisa Moreno, President, and
Director of Defense Metals stated: "With these additional assay
results our 2022 drilling continues to yield significant intervals
of the high-grade REE dolomite carbonatite (DC) lithology. Recent
flotation variability testwork has shown this type of
mineralization consistently delivers high grade mineral
concentrates greater than 40% TREO, at recoveries in
excess of 80% (see Defense Metals news release dated October 17, 2022). All the drill holes released
to date have included significant REE mineralized DC intervals. As
such Defense Metals is confident the 2022 drilling results will
contribute positively to the planned 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)
|
WI22-69 (230/-50)
|
93
|
314
|
221
|
2.14
|
1.02
|
0.74
|
0.24
|
0.09
|
260
|
126
|
56
|
36
|
11
|
4
|
including
|
93
|
204
|
111
|
3.52
|
1.68
|
1.25
|
0.37
|
0.14
|
390
|
181
|
81
|
45
|
16
|
5
|
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
|
|
________________________________
|
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.
|
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
|
WI22-67 (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
|
WI22-68 (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
|
WI22-70 (234/-55)
|
117
|
230
|
113
|
2.50
|
1.20
|
0.84
|
0.29
|
0.10
|
352
|
180
|
74
|
58
|
17
|
7
|
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".
____________________________
|
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).
|
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
plan to commence
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.
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SOURCE Defense Metals Corp.