VANCOUVER, BC, Feb. 2, 2022 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to announce that 1,576 core
samples representing 23 drill holes totalling approximately 3,900
metres of diamond drill core have been shipped and received by ALS
Canada Ltd. (ALS) from its Wicheeda rare earth element (REE)
Project.
Samples shipped to date represent more than 70% of the 2021
drilled meterage from the Company's highly successful 29 hole,
5,349 metre diamond drill program designed to expand the Wicheeda
REE deposit and further upgrade existing resource categories
(see Defense Metals news release dated November 8, 2021). Core samples from the
remining six diamond drill holes are expected to be shipped to ALS
within one week's time.
Of the 1,576 samples submitted to ALS, an ISO-IEC 17025:2017 and
ISO 9001:2015 accredited geoanalytical laboratory, a total of 1,206
samples have been crushed and pulverized in preparation for
multi-element ICP-MS fusion analysis. The Company expects to
receive initial assay results from the first four diamond drill
holes of the 2021 campaign, subject to QA/QC review, by
mid-February with additional results news flow by end of February
and thereafter.
Luisa Moreno, President and
Director of Defense Metals commented: "We look forward to
receiving the initial assays results from our ambitious 5,349 metre
2021 Wicheeda REE deposit diamond drill campaign. The 2021 drilling
is expected to contribute to the expansion and upgrading of mineral
resources we so recently demonstrated in our positive Wicheeda REE
Project PEA."
About the Wicheeda REE Property
The 2,008-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.
The Wicheeda REE Project yielded a robust 2021 PEA that
demonstrated an after-tax net present value (NPV@8%) of
$517 million, and 18%
IRR1. A unique advantage of the Wicheeda REE Project is
the production of a saleable high-grade flotation-concentrate. The
PEA contemplates a 1.8 Mtpa (million tonnes per year) mill
throughput open pit mining operation with 1.75:1 (waste:mill feed)
strip ratio over a 19 year mine (project) life producing and
average of 25,423 tonnes REO annually. A Phase 1 initial pit strip
ratio of 0.63:1 (waste:mill feed) would yield rapid access to
higher grade surface mineralization in year 1 and payback of
$440 million initial capital within 5
years.
Qualified Person
The scientific and technical information contained in this news
release as it relates to the Wicheeda REE Project 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 NI 43-101. 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, exploration and development 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 owns 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 advancing
the Wicheeda REE Project, drill results including anticipated
timeline of such results, the Company's plans for its Wicheeda REE
Project, expanded resource and scale of expanded resource, expected
results and outcomes, 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 anticipated costs
and expenditures, 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 and climate conditions, failure to
maintain or obtain all necessary government permits, approvals and
authorizations, failure to maintain community acceptance (including
First Nations), risks relating to unanticipated
operational difficulties (including failure of equipment or
processes to operate in accordance with specifications or
expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters), risks relating to inaccurate geological and
engineering assumptions, 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, an inability to predict and
counteract the effects of COVID-19 on the business of the Company,
including but not limited to, the effects of COVID-19 on the price
of commodities, capital market conditions, restriction on labour
and international travel and supply chains, loss of key employees,
consultants, or directors, 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.
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Independent
Preliminary Economic Assessment for the Wicheeda Rare Earth Element
Project, British Columbia, Canada, dated January 6, 2022, with an
effective date of November 7, 2021, and prepared by SRK Consulting
(Canada) Inc. is filed under Defense Metals Corp.'s Issuer Profile
on SEDAR (www.sedar.com).
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SOURCE Defense Metals Corp.