#RareEarth #Metal #Stock Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF)
Reports Completion of Hydrometallurgical Pilot Plant Testing and Initiates
Pre-feasibility Study Design Work; @defensemetals
Vancouver, British Columbia – June 7,
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 the completion of Phase II
hydrometallurgical pilot plant test work for its wholly-owned Wicheeda Rare
Earth Element (“REE”) Project and commencement of Pre-Feasibility Study
(PFS) work.
Read this news, featuring DEFN in full at https://www.investorideas.com/news/2023/mining/06071DEFN-Hydrometallurgical-Pilot-Plant.asp
John
Goode, Defense Metals’ metallurgical consultant, noted:
“With the completion of the recent beneficiation testwork
and hydrometallurgical testwork and pilot plant operations, we are now ready to
provide our engineering consultants, with the metallurgical test data necessary
for them to commence the design work that forms a critical part of the Wicheeda
project Pre-feasibility Study.”
Defense
Metals intends to complete the PFS during H1-2024.
As
reported on April 25, 2023, Defense Metals completed a Phase I (5 day)
hydrometallurgical pilot plant operation in April 2023 and used data generated
during that test work to design an expanded Phase II (10 day) pilot plant
operation. Phase II operations were performed by SGS Canada Inc. at Lakefield,
Ontario and were completed on May 3, 2023, after processing 370 kg of flotation
concentrate produced in an earlier flotation pilot plant operation (see Defense
Metals’ news release dated September 23, 2020).
The
results of the Phase II pilot plant operation confirm the Phase I results
achieving extraction of Pr (praseodymium) and Nd
(neodymium) from the acid bake calcine of more
than 90%. Significantly, the mixed rare earth product generated by the
Phase II operation was markedly higher in purity than that of the Phase I
operation because of a change to oxalate precipitation.
Based
on the results of the Phase I and Phase II pilot plants Defense Metals believes
it now has all metallurgical test data necessary to support the Pre-feasibility
Study.
Qualified
Person
The
scientific and technical information relating to metallurgy that is contained
in this news release was provided,
reviewed and approved by John Goode, P. Eng., metallurgical consultant
to Defense Metals and who is a Qualified Person (“QP”) as defined by
National Instrument 43-101.
About
the Wicheeda Rare Earth Element Property
Defense
Metals 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 property 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
of Rare Earth Oxides (“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
focused on the development of its 100% owned Wicheeda REE Project with a goal of producing Rare
Earth Elements that are commonly used in the production of
defense and green energy technologies, such as rare earths 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”.
Defense
Metals is a proud member of Discovery Group. For more information please visit:
www.discoverygroup.ca.
For further
information, please visit www.defensemetals.com or contact:
Todd
Hanas, Bluesky Corporate Communications Ltd.
Vice
President, Investor Relations
Tel:
(778) 994 8072
Email:
todd@blueskycorp.ca
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 completion of the PFS and the expected
timelines, advancing the Wicheeda REE Project, 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).
