VANCOUVER, BC, May 26, 2021 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to announce plans to complete
a diamond drill campaign during 2021 at its Wicheeda Rare Earth
Element (REE) deposit. The Company plans to complete a minimum of
2,000 metres and up to 5,000 metres of diamond drilling designed to
expand the deposit and further delineate existing resources.
The road accessible Wicheeda REE Property is located close to
infrastructure approximately 80 kilometres northeast of
Prince George, British Columbia
(BC). 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% LREO1.
During 2019, the Company completed 13 diamond drill holes
totalling 2,005 metres that expanded the Wicheeda deposit to the
north, where it remains open, and further delineated the relatively
higher-grade, near surface dolomite carbonatite unit within the
main southern part of the deposit. The 2019 drill campaign
yielded one of the highest grade REE intercepts to date within
drill hole WI19-31 that returned 4.43% LREO over 83 metres;
including 5.47% LREO over a drill core interval of 33 metres ending
in mineralization2, and culminated in the release of the
first three-dimensional geological model for the Wicheeda Deposit
and a significant increase in mineral resources (see Defense
Metals News Release Dated May 13,
2020).
The 2021 Wicheeda diamond drill program is designed to build on
the successes of the 2019 campaign and will focus on expanding the
zone REE mineralized dolomite-carbonatite to the north, in addition
to further delineating existing inferred resources within the
central and northwestern areas of the deposit (Figure
1).
Craig Taylor, CEO of Defense
Metals, stated: "Defense Metals is pleased
to announce its plans to complete further resource
expansion and delineation diamond drilling at Wicheeda. Building on
the success of our 2019 drill program we see a way forward to
expanding the deposit northward, which has the potential to provide
additional near surface resources, and to further delineation of
existing inferred resources."
__________________________
|
1
Technical Report on the Wicheeda Property, British Columbia,
effective June 27, 2020 and prepared by APEX Geoscience Ltd.
(Steven J. Nicholls, B.A. Sc., MAIG and Kristopher J. Raffle,
B.Sc., P.Geo.) is available under Defense Metals Corp.'s profile on
SEDAR (www.sedar.com)
|
2
The true width of REE mineralization is estimated to be
70-100% of the drilled interval. See Defense Metals News Release
Dated November 27, 2019.
|
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".
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 the planned
drilling on the Wicheeda Property and the expected outcomes, the
advancement and development of the Wicheeda Property, 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 ability to achieve its goals, that machinery,
equipment and personnel will be available if and when needed and on
reasonable terms, 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 those 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 conditions, failure to maintain or
obtain all necessary government permits, approvals and
authorizations, failure to maintain community acceptance (including
First Nations), 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, increase in costs, 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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SOURCE Defense Metals Corp.