#REE #Investor News Alert - Defense Metals
(TSX-V: $DEFN.V) (OTCQB: $DFMTF) Announces Update for Wicheeda Canada Light #RareEarthElement
Deposit Geological Model; @defensemetals
Vancouver,
British Columbia – March 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 report its technical team has completed updates to the Wicheeda Rare
Earth Element (REE) Deposit 3D geological model. The geological model and
resource estimation domain update, which incorporates over 10,000 metres of
additional drilling within 47 diamond drill holes completed during 2021 and
2022 following completion of the Wicheeda Deposit preliminary economic
assessment (PEA), is preparatory to updating the Wicheeda Deposit mineral
resource estimate (MRE) and is an essential input to the planned
pre-feasibility study (PFS).
Read this news, featuring DEFN and see
images at https://www.investorideas.com/news/2023/mining/03071DEFN-Wicheeda-Canada-REE.asp
Key Highlights of Updated Geological Model
Ø Updated geological model and resource estimation domains
incorporate over 10,000 metres of new drilling within 47 holes completed
post-PEA (Figure 1).
Ø New drilling designed to contribute to increase mineral
resource confidence from inferred to indicated and measured categories and
provide detailed pit-slope geotechnical drilling data for PFS purposes.
Ø Advanced understanding and confidence in primary
lithological and magmatic emplacement controls on mineralization within the
Wicheeda REE carbonatite deposit.
Ø Potential opportunities for mineral resources expansion, and
late mine-life grade support within north area of Wicheeda Deposit.
Ø Coordination of geological model, estimation domains and
geometallurgy present positive implications for further REE recovery
optimization.
Kristopher
Raffle, P.Geo., Director of Defense Metals and a Qualified Person stated: “The
updated Wicheeda REE Deposit geologic model incorporating of over 10,000 metres
of new post-PEA drilling represents a significant Project milestone and
culmination of two years’ worth of focussed exploration. This drilling has
yielded some of the longest and highest-grade drill intercepts to date on the
Project and led to the discovery of a new zone of high-grade mineralization at
depth that has the potential to positively impact an updated mineral resource
estimate. We look forward to next steps including final geological model
validation before proceeding to an updated mineral resource estimate, which we
hope to carry forward into the planned PFS.”
Geological
Model Details
Diamond
drilling during 2021 and 2022 comprising 47 diamond drill holes totalling
10,876 metres has now been incorporated into an updated geological model for
the Wicheeda Deposit. Most of the post-PEA drilling was designed to increase
mineral resource confidence from inferred to indicated and measured categories,
define the northern terminus of the Wicheeda carbonate complex, and to provide
detailed geotechnical and hydrogeological drilling data for advanced pit slope
and mine design for PFS purposes.
The
expansive 2021 and 2022 Wicheeda drill campaign resulted in some of the longest
and highest-grade drill intercepts returned from the Project; including
resource infill drill hole WI21-58 that returned 3.09% total rare
earth oxide (TREO) over 251 metres, and WI22-68 yielding 6.70%
TREO over 18 metres. Discovery of deep high-grade REE dolomite-carbonatite
within the north area of the Wicheeda Deposit during the 2021 drill campaign
yielding 3.17% TREO over 196 metres; including 4.29% TREO over 55 metres to
a depth of 201 metres extending 30 metres below the resource pit shell (see
Defense Metals news release dated March 2, 2022). This intercept, further
delineated during 2022, is considered to offer significant potential for
resource expansion and late mine-life resource grade support.
Post
PEA drilling has resulted in a significant improvement in confidence and
understanding of the primary lithological and magmatic emplacement controls on
mineralization within the Wicheeda REE carbonatite deposit. This manifests as
enhanced understanding of the role played by the volumetrically larger early
syenite complex rocks, followed by the interpreted emplacement of late REE
mineralized dolomite-carbonatite and attendant carbonatitic breccia zones that
may represent early syn-carbonatite ground preparation exploiting pre-existing zones
of structural weakness and/or a syn-carbonatite intrusion breccia halo.
The
recognition that significant REE grades occur within dolomite-carbonate rocks,
as coherent magmas within the core of the deposit, and as an extensive complex
network of proximal syenite-carbonatite breccia zones has important
geo-metallurgical implications that have been the focus of ongoing testwork
facilitated by the extent of post-PEA diamond drill campaigns (see Defense
Metals news release dated February 14, 2023).
The
2020 Wicheeda Deposit MRE was based on a total of 27 diamond drill holes
totalling 4,249 metres of drilling during 2019 by Defense Metals and 2008 and
2009 by previous operators. Drilling during 2019 by the Company of 13 holes
totalling 2,005 metres resulted in a 94% increase on a contained metal basis
versus the Company’s initial 2019 MRE (see Defense Metals news release dated
May 13, 2020).
The
updated PEA MRE based on the same drilling resulted in a further 36% increase
on a contained metal basis in comparison to the 2020 MRE due to the estimation
of additional economically significant medium and heavy REE’s and a lower
cut-off grade established
based
on consideration of TREO and concentrate payable, metallurgical recovery, and
operating cost assumptions[1].
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 the Wicheeda REE Property
Defense Metals 100% owned, 4,262-hectare
(~10,532-acre) Wicheeda Light 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% IRR1. 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 Light 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,
completion of the planned PFS, the Company’s plans for its Wicheeda REE
Project, expected results and outcomes from the updated MRE, 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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