VANCOUVER, BC, Oct. 26,
2022 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company"; (TSXV: DEFN) (OTCQB: DFMTF)
(FSE: 35D) is pleased to announce high-grade Rare Earth Element
("REE") assay results from one additional core hole,
totalling 383 metres (m), collared within the northern area of
Defense Metals' 100% owned Wicheeda REE Deposit.
Infill drill hole WI22-70 (-55o dip /
234o azimuth) was drilled southwest within the
northern area of the deposit intersected a broad zone of
mineralized dolomite carbonatite averaging 2.50% total rare
earth oxide ("TREO") over 113 metres
(m)1 (Figure 1).
The Company is also pleased to report the completion of the
Wicheeda REE Deposit resource delineation and pit geotechnical
diamond drilling campaign for the 2022 exploration season. This
year a total of 5,500 metres of diamond drilling was completed
in 18 holes. The 2022 drilling included completion of five (5)
pit slope geotechnical and hydrogeologic holes totalling 1,150
metres, which were designed in part to support a Preliminary
Feasibility Study (PFS) expected to commence Q4 2022.
Kristopher Raffle, P.Geo. and Director and QP of Defense Metals
stated: "The 2022 Wicheeda drilling continues to meet or exceed
expectations, yielding broad zones of mineralized
dolomite-carbonatite that in the case of WI22-70 announced today
serves to support, and refine confidence in, our PEA mineralized
volumes."
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)
|
WI22-70
(234/-55)
|
117
|
230
|
113
|
2.50
|
1.20
|
0.84
|
0.29
|
0.10
|
352
|
180
|
74
|
58
|
17
|
7
|
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
|
WI22-67
(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
|
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, commencement of 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.
_________________________________
|
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.
|
3Independent
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.