#RareEarth #Stock Defense Metals (TSX-V: $DEFN.V)
(OTCQB: $DFMTF) reports construction of Hydrometallurgical Pilot Plant with
commissioning at SGS Lakefield to start Mid- March; @defensemetals
Vancouver, British Columbia – February 22, 2023: Investorideas.com Newswire, - Mining/Metals/ Green Energy Stock news- Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF/ 35D: FSE) is pleased to announce that construction of the
hydrometallurgical pilot plant has started and commissioning is scheduled to
start in the second half of March.
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2023/mining/02221Defense-Metals-Hydrometallurgical-Pilot-Plant.asp
Craig Taylor, CEO of Defense Metals, stated:
“We
are excited to enter this important milestone of building and running the
hydrometallurgical pilot plant, which is scheduled to be commissioned in late
March. Pilot operations will be done in
two segments and should be completed by the end of April. A successful pilot
plant program will be essential for the completion of the engineering design
and economics of the planned pre-feasibility study.”
Following the successful completion of laboratory flotation
and acid bake tests from December 2021 to date, Defense Metals is now ready to
build a hydrometallurgical pilot plant. It is important to note that the
Independent Preliminary Economic Assessment1 was based on a
different hydrometallurgy flowsheet, the gangue-leach – caustic-crack process
(see the Company’s March 31, 2022 news release). However, after numerous laboratory tests the
Company decided to pursue piloting of the less complex acid bake process, which
has, in initial test-work, yielded better recovery rates, is an industry
standard, and has the potential for improved economics.
The objective of the pilot plant is to demonstrate at a
larger scale, and with continuous operation, the processing of Wicheeda
flotation concentrate to produce rare earths using the acid bake flowsheet, to
help confirm the quality of the project, and to gather data required for the
pre-feasibility study.
The pilot plant will be configured to produce a high-purity
rare earth precipitate suitable as feed for a separation plant. Samples
produced from the pilot plant will also be shared with potential end-users for
product development and qualification.
Methodology
The plant is being built at SGS Lakefield, Ontario and will
run in two segments for approximately two weeks. The feed for the plant will
total approximately 600 kg of mineral concentrate that was generated from a
flotation pilot plant operated on a bulk sample from the Wicheeda deposit.
Qualified Person
The
scientific and technical information contained in this news release, as it
relates to the Wicheeda Rare-Earth Project, has been reviewed and approved by
John Goode, P. Eng., a metallurgical consultant to the Company, and who is a
Qualified Person as defined by National Instrument 43-101 and who has provided
the technical information relating to metallurgy in this news release.
Kristopher J. Raffle, P.Geo. (BC), a director of the Company, is the Qualified
Person as defined in National Instrument 43-101 for the information relating to
resources in this news release.
About the Wicheeda REE Property
Defense Metals 100% owned, 4,262-hectare
(~10,532-acre) Wicheeda REE property is located approximately 80 km northeast
of the city of Prince George, British Columbia; population 77,000. The Wicheeda
REE Project is readily accessible by all-weather gravel roads and is near
infrastructure, including hydro power transmission lines and gas pipelines. The
nearby Canadian National Railway and major highways allow easy access to the
port facilities at Prince Rupert, the closest major North American port to
Asia.
The 2021 Wicheeda REE Project Preliminary Economic
Assessment technical report ("PEA") outlined a robust after-tax net
present value (NPV@8%) of $517 million and an 18% IRR[1].
This PEA contemplated an open pit mining operation with a 1.75:1 (waste:mill
feed) strip ratio providing a 1.8 Mtpa ("million tonnes per year") mill
throughput producing an average of 25,423 tonnes REO annually over a 16 year
mine life. 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.
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, starting and completing the hydrometallurgical pilot
plant including anticipated timeline and expected results and outcomes, the
Company’s plans for its Wicheeda REE Project, expected results and outcomes,
completion of the PFS, 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 and metallurgical results, risks
related to the inherent uncertainty of exploration and development 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, metallurgical 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 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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[1] 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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