VANCOUVER, BC, Sept. 23, 2021
/CNW/ - Defense Metals Corp. ("Defense Metals" or the
"Company") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is
pleased to announce that in light of renewed and sustained uranium
interest which has driven uranium spot prices to multi-year highs,
it has commenced an updated internal technical review of its
Athabasca Basin uranium project
holdings.
During 2018, Defense Metals acquired 100% of the Geiger North
and Klaproth projects for a combination of cash and share payments;
with Geiger North being subject to a 2% net smelter return royalty.
The projects comprise a total of five mineral claims totalling
9,363 hectares (ha) located in the northeast Athabasca Basin, with the Geiger North claims
(1,233 ha) being in good standing until summer-fall 2022, and
Klaproth (8,130 ha) in good standing until early 2023.
The Geiger North and Klaproth projects are located
approximately 35 kilometres northwest of the McClean Lake mine
and mill, in a relatively under-explored area of the Athabasca Basin adjacent to the
Wollaston-Mudjatik transition zone – a major crustal suture related
to most of the major uranium deposits in the eastern Athabasca Basin.
The Geiger North and Klaproth projects are surrounded by
multiple major mining companies, giving the company a strategic
foothold in a proven and prolific uranium mining district.
Uranium mineralization in the northeast Athabasca Basin and vicinity of the Geiger and
Klaproth projects is typically associated sheared graphitic-gneiss
basement rocks that present as prominent conductive anomalies.
Defense Metals is currently initiating an updated review of
historical exploration (diamond drilling, ground, and airborne
magnetic and electromagnetic geophysical, and geochemical surveys)
completed within the projects. The expectation is that results of
the data review will form the basis for go-forward justification
for renewed exploration up to and including commissioning of
project wide airborne electromagnetic geophysical surveys to
identify prospective basement conductive anomalies.
Craig Taylor, CEO of Defense
Metals, stated: "The renewed interest in uranium has
prompted Defense Metals to reassess its considerable land position
in the prolific northeast Athabasca Basin. While the Company's focus
remains on advancing it flagship Wicheeda REE Deposit near
Prince George, British Columbia,
we look forward to further capitalizing on the shareholder value
brought by the Geiger North and Klaproth Projects."
Qualified Person
The scientific and technical information contained in this news
release 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. Past results or discoveries on
proximate land are not necessarily indicative of the results that
may be achieved on the Company's properties.
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 Geiger
North and Klaproth projects including any potential work programs,
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 and the price of
uranium, 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 the risks and
uncertainties relating to the interpretation of exploration
results, risks related to the inherent uncertainty of exploration
and cost estimates and the potential for unexpected costs and
expenses and those other risks 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 or
uranium, 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.