VANCOUVER, BC, Aug. 25, 2021 /CNW/ - Defense Metals Corp.
("Defense Metals") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is
pleased to announce that it has completed steep terrain drill pad
construction in preparation for commencement of its 2021 Wicheeda
Rare Earth Element (REE) Deposit resource expansion and definition
diamond drill program.
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.
Defense Metals has now completed four timber drill pads in
preparation for the 2021 diamond drilling (Figure 1). The new pads,
in addition to three existing drill pads remaining from the highly
successful 2019 drill program, will facilitate successful execution
of the 2021 Wicheeda drill program which is expected to comprise a
minimum of 2,000 metres and up to 5,000 metres. The 2021
drilling will focus on expanding the zone of 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).
Figure 1. Completed Wicheeda 2021 Drill Pads
Drilling is expected to commence in early September. Further
details regarding the 2021 drill plans will be released at that
time.
The Company's ongoing economic scenario analysis is well
underway and progressing according to expectation with respect to
resource review, scenario definition, mine costing; and evaluation
of mineral processing, hydrometallurgy, and separation cost phases
(see Defense Metals news release dated March 30, 2021). Multiple scenarios are being
evaluated including mineral concentrate production, mixed REE
precipitate, and separated REO options.
The scenario analysis will facilitate decision making related to
performing a Preliminary Economic Assessment (PEA) with respect to
the Wicheeda REE Project. The scenario analysis will evaluate the
potential of multiple mine development scenarios through the
completion of economic trade-off studies, which subject to results,
will form the basis for the PEA.
Craig Taylor, CEO of Defense
Metals, stated: "We continue to make steady progress
towards commencement of our 2021 resource definition and expansion
drilling program despite record resource sector demand pressures in
BC. Our expectation is that we are well on the path to
delivering on our stated 2021 goals of expanding and increasing the
confidence in the existing Wicheeda REE Deposit mineral resource in
support of potential future advanced economic studies."
______________________________
1Technical 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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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 resource
expansion and definition drilling, plans for the Wicheeda Property,
the planned drilling, completion of PEA, 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 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 and climate 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,
equipment failures, 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.