VANCOUVER, BC, Sept. 29, 2021 /CNW/ - Defense Metals Corp.
("Defense Metals") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is
pleased to provide a progress update with respect to its ongoing
Wicheeda Rare Earth Element (REE) Project economic scenario
analysis being conducted by SRK Consulting (Canada) Inc. ("SRK").
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.
As previously reported (see Defense Metals news release dated
March 30, 2021) the purpose of
the scenario analysis is to evaluate the potential of multiple mine
development scenarios through the completion of economic trade-off
studies that will establish the basis for conducting a preliminary
economic assessment ("PEA").
Site visits for SRK resource and mining qualified persons (QP's)
have been scheduled for the 1st and 4th weeks
of October 2021 to coincide with
ongoing core drilling operations. SRK has now completed
several key elements that will inform the scenario analysis
including:
- Detailed data review (completed at sufficient detail to
ensure no fatal flaws);
- Scenario definition (complete);
- Evaluation of mineral processing, hydrometallurgy and
separation costs (complete);
- Pit optimization (complete); and
- Mine scheduling (in preparation).
The mine costing and economic modelling phases are subject to
completion of the mine scheduling now underway. Subject to a
successful scenario analysis, the PEA work will build on the
scenario analysis, with the addition of further geology and
resource review; process metallurgy Capex/Opex; infrastructure
layout; wastewater management; social, environmental, and
permitting aspects; marketing; economic analysis; and
reporting.
Craig Taylor, CEO of Defense
Metals, stated: "We are extremely pleased with the
progress of the defined stages of the scenario analysis.
Subject to successful results of the completed scenario analysis
our goal is to be in a position to report our PEA to market by
mid-November of this year."
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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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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
completion of the PEA and the expected results and outcomes, plans
for its Wicheeda Property, the advancement and development of the
Wicheeda Property, 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 the risks and
uncertainties relating to the interpretation of exploration
results, the interpretation of technical and scientific data, risks
related to the inherent uncertainty of exploration and development
and cost estimates and the potential for unexpected costs and
expenses and including 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, 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.