VANCOUVER, BC, Sept. 8, 2021 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSXV:DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to announce commencement
of diamond drilling at its Wicheeda Rare Earth Element (REE)
deposit. The Company plans to complete 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. 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. The 2019 exploration
resulted in a 49% tonnage and 30% grade 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 in support of future advanced
economic studies. The 2021 drill program 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). A comprehensive campaign totalling 32 holes from seven
drill pads ranging in depth from 75 to 225 metres over a 400 metre
north-south strike extent is planned.
Craig Taylor, CEO of Defense
Metals, stated: "Defense Metals is excited to commence
its 2021 resource expansion and delineation diamond drilling at
Wicheeda. We expect completion of the 2021 campaign will further
solidify Wicheeda as one of the premier north American REE assets,
and subject to a successful PEA, leave us well positioned to
initiate further advanced economic studies."
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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 ongoing
optimization test work and the expected outcomes, operation of a
future hydrometallurgical pilot plant, plans for its Wicheeda
Property, 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 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.