VANCOUVER, BC, Nov. 9, 2021 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to announce the completion of
the 2021 drilling program at its Wicheeda Rare Earth Element (REE)
deposit. The Company drilled a total of 5,349 metres in 29 holes
designed to expand the deposit and further upgrade existing
resource to measured and indicated categories.
Currently, the Wicheeda deposit 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.
The Company's previous, and highly successful, 2019 drilling
campaign resulted in a 49% increase in tonnage and a 30% increase
in resource grade (see Defense Metals News Release Dated
May 13, 2020). The now complete
2021 drilling program successfully accomplished the Company's goal
of identifying the expansion of the REE mineralized
dolomite-carbonatite zone to the north, in addition to further
delineating existing resources mineralization zones within the
central and northwestern areas of the deposit (Figure
1).
Drilling within the northern sector of the Deposit occurred over
an area of approximately 200 x 100 metres where multiple drill
holes intersected visually mineralized dolomite carbonatite beyond
depths predicted in the geological model, both laterally and
vertically (see Defense Metals news release dated September 21, 2021). Drilling within the
southern area of the deposit, primarily designed to upgrade
existing inferred and indicated resources, has also confirmed and
in some cases expanded the mineralized dolomite carbonatite
zone.
Samples will be sent to ALS Canada Ltd. (ALS), an ISO-IEC
17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory,
for analysis by ICP-MS fusion. The Company expects to release the
drilling results as they are received during Q1 2022.
Craig Taylor, CEO of Defense
Metals, stated: "We are pleased to have completed our
2021 drilling campaign. Our expectation is of expanding and
upgrading the current Wicheeda REE Deposit mineral resource. We
believe the 2021 drilling results, once released, will firmly place
the Wicheeda REE Deposit among the most significant rare earth
deposits in North
America."
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 near 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, defense
industry, national security sector and in the production of green
energy technologies, such as, rare earths magnets used in wind
turbines and in permanent magnet motors for electric vehicles.
Defense Metals has an option to acquire 100% of the 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 plans
for its Wicheeda Property, shipment of samples, assays, drill
results and expected timelines, results and outcomes, expanded
resource and scale of expanded resource, the completion of the
preliminary economic assessment, 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 the risks and uncertainties relating to the
interpretation of exploration results, risks related to the
inherent uncertainty of exploration and cost estimates, 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 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, delayed drilling results, 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.
1
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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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SOURCE Defense Metals Corp.