Defense Metals (TSXV: $DEFN.V)
(OTCQB: $DFMTF) Continues to Advance the Wicheeda #REE Project Through
Completion of its Highly Successful 2020 Updated Mineral Resource Estimate; @DefenseMetals
Vancouver, British Columbia – November 20, 2020: Investorideas.com Newswire -- Defense Metals
Corp. (“Defense Metals”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is
pleased to announce that as part of its ongoing baseline environmental
monitoring program (see Defense Metals News Release dated July 8, 2020) it has recently completed
meteorological station installation, stream flow monitoring, and a
property-wide high resolution airborne LiDaR (Light Detection and Ranging)
survey at its 1,708 hectare (4,220 acre) Wicheeda Rare Earth Element (REE)
Property (“Wicheeda”) located close to existing infrastructure near
Prince George, British Columbia (BC).
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2020/renewable-energy/11201Defense-Metals.asp
Craig Taylor, CEO of Defense Metals, stated:
“Defense
Metals continues to advance the Wicheeda REE Project through completion of its
highly successful 2020 updated mineral resource estimate, 26 tonne flotation
pilot plant, and long-term baseline environmental mentoring programs. In
addition, completion of high-resolution airborne LiDaR surveys allow for
enhanced planning of critical project infrastructure as we look forward to the
potential development of the Wicheeda REE Project. The Fortress Value
Acquisition Corp.’s US$1.4 billion merger with MP Materials/Mountain Pass and
listing on the NYSE has further added awareness to the REE industry and we
anticipate that this sector will continue to attract the attention of
investors, governments, and consumers all around the world.”
The Wicheeda project has
indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light
Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes
averaging 2.90% LREO.
Flotation pilot-plant processing of a 26-tonne bulk sample of Wicheeda REE
material yielded a mineral concentrate averaging 7.4% NdPr oxide (neodymium-praseodymium)
critical magnet metals.
Hydologica Environmental
Consulting Inc. and Swiftwater Consulting
Ltd. of Vancouver, BC were commissioned to complete an assessment of
regional climate data to support baseline monitoring activities and
meteorological station installation at the Wicheeda REE Project. The regulatory
requirement is for a minimum of two years of project-specific baseline data
collection. As the Wicheeda REE Project advances, these data are analyzed along
with regional climate data to characterize the project area and provide inputs
to design and permitting. The Wicheeda site meteorological station install
allows for continuous real-time telemetry monitored data collection including;
precipitation, barometric pressure, solar radiation snow depth, wind speed and
direction parameters.
Defense Metals retained
subsequently Eagle Mapping Ltd. of Port Coquitlam, BC to collect LiDAR
and color aerial photography over the Wicheeda REE Project. The LiDAR will be
collected at a minimum density of 8 points-per-square-metre. Expected absolute
accuracies of the LiDAR data will be less than +/- 15cm in the vertical and +/-
30cm in the horizontal. The color photography will be triangulated and
orthorectified to the LiDAR bare earth model to produce an orthophoto mosaic
with a 13 cm pixel resolution.
In addition to real-time
climate monitoring and LiDaR survey, EDI Environmental Dynamics Inc. of
Prince George, BC has completed hydrometric station installs within the
Wicheeda REE Project. Hydrometric stations area designed to collect stream flow
data in accordance with BC hydrometric standards for Grade A provincial
standards in support of potential future project applications including: major
mine permit applications proceeding through the BC Environmental
Assessment Act, or regional mine permit applications via the Mines Act.
About the Wicheeda
REE Property
The
1,708 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 nearby to infrastructure, including power
transmission lines, the CN railway and major highways.
Geologically,
the property is situated in the Foreland Belt and within the Rocky Mountain
Trench, a major continental geologic feature. The Foreland Belt contains part
of a large alkaline igneous province, stretching from the Canadian Cordillera
to the southwestern United States, which includes several carbonatite and
alkaline intrusive complexes hosting the Aley (niobium), Rock Canyon (REE), and
Wicheeda (REE) deposits.
Qualified Person
The
scientific and technical information contained in this news release as it
relates to the Wicheeda REE Property 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 National Instrument
43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle
verified the data disclosed which includes a review of the analytical and test
data underlying the information and opinions contained therein.
About Defense Metals Corp.
Defense
Metals Corp. is a mineral exploration company focused on the acquisition of mineral
deposits containing metals and elements commonly used in the
electric power market, military, national security and the production of
“GREEN” energy technologies, such as, high strength alloys and rare earth
magnets. Defense Metals has an option to acquire 100% of the 1,708 hectare
Wicheeda Rare Earth Element Property 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.
Forward
Looking Information
This
news release includes certain statements that constitute “forward-looking
information or statements” within the meaning of applicable securities law,
including without limitation, Defense Metals plans for its properties/projects,
the advancement and development of the Wicheeda REE Project, increase in
awareness of the REE industry, other statements relating to the technical,
financial and business prospects of Defense Metals and its properties, and
other matters.
Forward-looking statements address future events and conditions and are
necessarily based upon a number of estimates and assumptions. These statements
relate to analyses and other information that are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of
management. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words or phrases
such as “expects” or “does not expect”, “is expected”, “anticipates” or “does
not anticipate”, “plans”, “estimates” or “intends”, or stating that certain
actions, events or results “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved), and variations of such words, and similar expressions
are not statements of historical fact and may be forward-looking statements.
Forward-looking statement are necessarily based upon a number of factors that,
if untrue, could cause the actual results, performances or achievements of
Defense Metals to be materially different from future results, performances or
achievements express or implied by such statements. Such statements and
information are based on numerous assumptions regarding present and future
business strategies and the environment in which Defense Metals will operate in
the future, including the price of metals and elements, anticipated costs and
the ability to achieve 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, and that third party contractors, equipment and
supplies and governmental and other approvals required to conduct Defense
Metals planned exploration activities will be available on reasonable terms and
in a timely manner. While such
estimates and assumptions are considered reasonable by the management of
Defense Metals, they are inherently subject to significant business, economic,
competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and
uncertainties, which could cause actual events, level of activity, performance
or results to differ materially from those reflected in the forward-looking
statements, including, without limitation: (i) risks related to rare earth
elements, and other commodity price fluctuations; (ii) risks and uncertainties
relating to the interpretation of exploration results; (iii) risks related to
the inherent uncertainty of exploration and cost estimates and the potential
for unexpected costs and expenses; (iv) that resource exploration and
development is a speculative business; (v) that Defense Metals may lose or
abandon its property interests or may fail to receive necessary licences and
permits; (vi) that environmental laws
and regulations may become more onerous;
(vii) that Defense Metals may not be able to raise additional funds when
necessary; (viii) the possibility that future exploration, development or
mining results will not be consistent with Defense Metals expectations; (ix)
exploration and development risks, including risks related to accidents,
equipment breakdowns, labour disputes or other unanticipated difficulties with
or interruptions in exploration and development; (x) competition; (xi) the
potential for delays in exploration or development activities or the completion
of geologic reports or studies; (xii) the uncertainty of profitability based
upon Defense Metals history of losses; (xiii) risks related to environmental
regulation and liability; (xiv) risks associated with failure to maintain
community acceptance, agreements and permissions (generally referred to as
“social licence”), including local First Nations; (xv) risks relating to
obtaining and maintaining all necessary government permits, approvals and
authorizations relating to the continued exploration and development of Defense
Metals projects; (xvi) risks related to the outcome of legal actions; (xvii)
political and regulatory risks associated with mining and exploration; (xix)
risks related to current global financial conditions; and (xx) other risks and
uncertainties related to Defense Metals prospects, properties and business
strategy. These risks, as well as others, could cause actual results and events
to vary significantly.
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, the loss of key directors, employees, advisors or consultants,
adverse weather conditions, increase in costs, equipment failures, the
impact of Covid-19 or other viruses and diseases on the Company’s ability to
operate, failure to
maintain community acceptance (including First Nations), decrease in the price
of rare earth elements, litigation, failure of counterparties to perform their
contractual obligations and fees charged by service providers. Investors are
cautioned that forward-looking statements are not guarantees of future performance
or events and, accordingly are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty of such statements.
The forward-looking statements included in this news release are made as of the
date hereof and Defense Metals disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required by
applicable securities legislation.
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