#GreenMetals #Stock in the News - Defense Metals (TSX-V: DEFN.V) (OTCQB:
DFMTF) Reports Drills Results - 113 metres of 2.50% Total Rare Earth Oxide at
Wicheeda; @defensemetals
Vancouver,
British Columbia – October 27, 2022: 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 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.
Read this news,
featuring DEFN in full and see images and table at https://www.investorideas.com/news/2022/mining/10271DEFN-Rare-Earth-Oxide-Wicheeda.asp
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.”
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% IRR[2].
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.
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[1]The true width of REE mineralization is estimated to be
70-100% of the drilled interval.
[2] 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).
