VANCOUVER, BC,
July 16, 2021 /CNW/ -
Defense Metals Corp. ("Defense Metals") (TSXV: DEFN) (OTCQB:
DFMTF) (FSE: 35D) is pleased to announce that it has engaged the
services of an experienced British
Columbia-based diamond drill pad construction contractor to
begin steep-terrain drill pad construction in anticipation of
commencing its 2021 Wicheeda Rare Earth Element (REE) Deposit
resource expansion and definition diamond drill program.
The Company expects pad siting and construction to commence at
the end of July 2021. To support
these activities Defense Metals project management and surface
geologic mapping teams are preparing to mobilize, and sufficient
timber and rough lumber quantities have already been ordered from
area mills and are scheduled to arrive on site.
Defense Metals is currently advancing the road accessible
Wicheeda Critical Rare Earth Element (REE) Property, which 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.
The Defense Metals technical team, subject to its own internal
review, is currently in the process of finalizing drill site
locations designed to build on the successes of the 2019 campaign.
The 2021 Wicheeda drill program comprising a minimum of 2,000
metres and up to 5,000 metres 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 (see Defense Metals news
release dated May 26, 2021).
Details of the upcoming drill plan for 2021 will be released in
the weeks to come.
Grants Stock Options
The Company also announces the granting of incentive stock
options ("Options") to certain of its directors, officers
and consultants to purchase up to an
aggregate 950,000 common shares of the Company at a price
of $0.25 per common share for a
period of three years. 50,000 Options granted to Bluesky Corporate
Communications Ltd. will vest in stages over a period of 12 months
in equal portions every three months starting on the date of grant.
The remaining Options vest on the date of grant.
Updates on REE Mineral Concentrate Samples for Shipment to
Potential Partners
Further to the Company's March 23,
2021 and April 12, 2021 news
releases, Defense Metals' application for export permitting for its
REE mineral concentrate samples remains under consultation and
review by the Canadian government.
Engages North Equities for Marketing
The Company also announces that it has entered into a
seven-month consulting agreement (the "Consulting
Agreement") with North Equities Corp. ("North
Equities"), a marketing firm based in Toronto, Canada. North Equities has been
engaged to provide digital marketing services and expand the
Company's current social media presence. In accordance with the
terms of the Consulting Agreement, as compensation for North
Equities' services, the Company agreed to pay a cash fee of
CAD$100,000 and grant 400,000
Options.
Craig Taylor, CEO of Defense
Metals, stated: "We have seen that the mining and
mineral exploration season is again extremely busy in BC this year.
Exploration contractors, and technical personal are all in high
demand. The announcement that we that we will be commencing
drill site preparations in the coming weeks is a key milestone that
places us on the path to completing our goals of expanding and
increasing the confidence in the existing Wicheeda REE Deposit
mineral resource in support of potential future advanced economic
studies".
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, plans for the Wicheeda Property,
the planned drilling, completion of test-work, shipment of
concentrate samples, statements relating to potential memorandum of
understanding and subsequent potential offtake agreements for REE
mineral concentrate, the advancement and development of the
Wicheeda Property, services to be provided by North Equities
pursuant to the Consulting Agreement, the technical, financial and
business prospects of the Company, its projects 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 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 atwww.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, failure to obtain equipment,
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.
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)
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SOURCE Defense Metals Corp.