#RareEarth #Stock News - Defense Metals (TSXV:
$DEFN.V) (OTCQB: $DFMTF) announces best Assay Results of 2022 including 138
metres of 3.66% TREO; @defensemetals
Vancouver,
British Columbia – January 25, 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 Rare Earth Element (“REE”) assay
results from the final two core drill holes, totalling 295 metres (“m”),
completed during 2022 at its 100% owned Wicheeda REE Deposit. These assay
results are from two exploration geotechnical core drill holes. The final drill
hole (WI22-79) returned the best drill intercept on a grade-times-width basis
of the entire 18-hole 5,510 m (~18,077 feet) 2022 campaign.
Read this news,
featuring DEFN in full and see table/images at https://www.investorideas.com/news/2023/mining/01251Defense-Metals-Best-Rare-Earth-Assay-2022.asp
Pit
slope geotechnical drill hole WI22-78 (-60o dip at azimuth 200o)
drilled into the west pit wall intersected well mineralized dolomite
carbonatite that assayed 2.63% total rare earth oxide (“TREO”) over 97
metres (“m”) from surface within a broader mineralized one returning 2.03%
TREO over 168 m (see Table 1 and Figure 1).
The
final drill hole, WI22-79 (-65o dip at 095o azimuth),
drilled within the central area of the Wicheeda Deposit and into the east pit
wall intersected an upper high-grade mineralized dolomite-carbonatite interval from
surface assaying 3.66% TREO over 138 m; and lower interval
grading 0.50% TREO over 43 m (see Table 1 Figure 1, and Image
1).
The
upper interval in WI22-79 represents the best mineralized intercept returned of
all 2022 holes and ranks among the top 10 reported drill intercepts of the more
than 10,000 m drilled in 47 holes Defense Metals has completed post-PEA (see “About
the Wicheeda REE Project”).
Luisa Moreno, President, and Director of
Defense Metals stated:
“The
economic significance of the Wicheeda REE Project is underscored by the fact
that the final drill hole yielded the best drill intercept of the 2022
campaign. Since the release of our
positive PEA based on drilling completed up to the end of 2019, the last two
years of exploration at Wicheeda has focused on resource expansion,
delineation, and detailed pit slope geotechnical drilling designed to place us
solidly on the path towards initiation of a Preliminary Feasibility Study
(PFS). With critical minerals and particularly rare earth elements coming into
sharper focus as part the rapidly accelerating transition to electric vehicles,
Defense Metals looks forward to continuing to advance the social-environmental,
metallurgical, engineering, and geotechnical aspects of the Wicheeda REE
Project during 2023.”
About the Wicheeda REE Project
The
100% owned, 4,262-hectare (~10,532-acre) Wicheeda REE Project is located
approximately 80 km northeast of the city of Prince George, British Columbia;
population 77,000. The Wicheeda project is readily accessible by all-weather
gravel roads and is near infrastructure, including power transmission lines,
gas pipelines, the Canadian National Railway, and major highways.
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.
Methodology and Quality Assurance/Quality Control
The
analytical work reported on herein was performed by ALS Canada Ltd. (“ALS”) at
their Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C.
facilities. 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. (B.C.),
Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta,
who is a director of Defense Metals and a “Qualified Person” (“QP”) as defined
in NI
43-101.
Mr. Raffle has verified the data, which included a review of the sampling,
analytical and test methods underlying the data, information and opinions
disclosed herein.
About Defense
Metals Corp.
Defense
Metals Corp. is a company focused on the development of its 100% owned Wicheeda Rare Earth Element
mineral deposit, located near Prince George, British Columbia, Canada, that
contains metals and elements commonly used in in green
energy, aerospace, automotive and defense technologies. Rare earth elements are
especially important in the production of magnets used in wind turbines and in
permanent magnet motors for electric vehicles.
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, the
Company’s plans for its Wicheeda REE Project, expanded resource and scale of
expanded resource, expected results and outcomes, plans to complete a 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 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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[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).
