VANCOUVER, BC, Sept. 21, 2021 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to provide an update with
respect to its ongoing Wicheeda Rare Earth Element (REE) deposit
resource expansion and delineation diamond drill program. The first
drill hole of the 2021 campaign testing the North Zone of the
Wicheeda REE Deposit has intersected a 215-metre core interval of
visually REE mineralized carbonatite, the longest carbonatite
interval ever drilled on the Project (Figure 1). The program is
progressing on schedule and is currently on the 4th
drill hole, with over 750 metres drilled to date.
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% LREO[1].
Figure 1. REE Mineralized Carbonatite from WI21-33 (47-55
metres downhole)
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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)
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Drill hole WI21-33 (350az/-80o) was designed
to test the North Zone of the Wicheeda REE Deposit, which remains
open to expansion, and collared into visually REE mineralized
carbonatite, and remained in carbonatite to a depth of 220 metres
downhole. Significantly the intercept extends 120 metres vertically
below the bottom of nearest mineralized drill hole (WI19-32) and 70
metres and below the base of the current resource pit shell,
reinforcing that the north end of the Wicheeda REE Deposit is open
to expansion (Figure 2).
The drill hole was designed to follow-up and expand to depth
mineralization in nearby 2019 drill holes that yielded some of the
highest REE grades to date including hole WI19-31 that
intersected 4.43% LREO over 83 metres; including 5.47% LREO over
33 metres; and WI19-32 the final hole of the 2019
campaign that returned 4.01% LREO over 58
metres[2] (see Defense Metals News Release Dated
December 12, 2019).
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
Craig Taylor, CEO of Defense
Metals, stated: "Defense Metals is extremely pleased to
not only be making steady progress in completing our 2021 resource
expansion and delineation drill program, but to have out first hole
exceed our expectation in terms of visual indications of REE
mineralization and being the longest carbonatite interval drilled
to date on the Project. This reaffirms our believe in the
significant expansion potential of the Wicheeda REE
Deposit."
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.
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2 The
true width of REE mineralization is estimated to be 70-100% of the
drilled interval.
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Figure 2. Wicheeda REE Deposit Long Section Looking
West
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.