VANCOUVER, BC, Oct. 4, 2021 /CNW/ - Defense Metals Corp.
("Defense Metals") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is
pleased announce plans for the mobilization of a second diamond
drill to expedite its ongoing Wicheeda Rare Earth Element (REE)
deposit resource expansion and delineation 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% LREO[1].
Drilling to date at Wicheeda has been progressing rapidly with
over 1,500 metres in eight diamond drill holes completed to date
since commencement of the drill campaign less than four weeks ago.
Rig #1 is expected to continue drilling on the north end of the
Wicheeda REE Deposit, while Rig #2 is expected to commence coring a
series of infill holes within the central deposit area by mid-week
(Figure 1).
Craig Taylor, CEO of Defense
Metals, stated: "We are extremely pleased to have
secured a second diamond drill to expedite completion of our
Wicheeda REE Deposit resource expansion and delineation program.
With this additional drilling capacity, we expect to be well
positioned to deliver on our 2021 exploration goals. Based on
contractor negotiations, we expect the second drill rig to be
in a positioned to commence coring by the mid-week."
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.
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)
|
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 drilling and the expected timelines, 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.