VANCOUVER, BC, March 8, 2022 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSX-V:
DEFN)(OTCQB: DFMTF) (FSE: 35D) is pleased to announce results for
an additional six diamond drill holes totalling 845 metres from the
Company's 29 hole, 5,349 metre diamond drill program completed
during fall 2021. Drill holes WI21-39 and WI21-40 collared from the
same pad, and holes WI21-41 through WI21-44 sited 100 metres north
were designed to further delineate the Wicheeda Rare Earth Element
(REE) deposit.
Drill hole WI21-40 returned 3.23% TREO (total
rare earth oxide) over 162 metres1. Along with
previously reported drill hole WI21-33 on section grading 3.17%
TREO over 196 metres, these two holes yielded the highest-grade x
width of the 2021 drill program to date. In addition to significant
composite mineralized widths, these holes continue to demonstrate
the presence of higher-grade zones of carbonatite at surface and at
depth extending below the current resource pit shell.
The Company continues to receive additional assay results from
the 2021 Wicheeda REE Deposit resource expansion and delineation
campaign that will be released in the coming days and weeks.
Luisa Moreno, President, and
Director of Defense Metals commented: "Drilling at depth within
the northern Wicheeda Deposit has intersected significant new zones
of high-grade REE mineralization with the potential to expand the
mineral resource, and importantly may also contribute to supporting
higher grades across the range of potential mine life."
Resource infill drill hole WI21-39 (-60o dip /
285o azimuth) returned assays of 2.62% TREO over
110 metres1 and in conjunction with
WI21-36 and WI21-37 completes sectional drilling within the
northern quarter of the Wicheeda Deposit confirming the presence of
high-grade dolomite carbonatite within 2019 near surface drill
holes to a vertical depth of 175 metres and horizontal width of 160
metres (Table 1 and Figure 1).
Delineation drill hole WI21-40 (-60o dip /
285o azimuth) intersected mineralized dolomite
carbonate from surface grading 3.23% TREO over 162
metres1; including higher grade intervals from
surface of 4.21% TREO over 44.75 metres1, and at
depth of 3.67% TREO over 71 metres1 extending 15
metres below the current resource pit shell (Figure 2).
Importantly drill holes WI21-33, WI21-36, and WI21-40
establish the presence of a previously unrecognized zone of
high-grade dolomite carbonate at depth within the northeast
quadrant of the Wicheeda Deposit. Mineralized zones within WI21-40W
and WI21-33 extend downhole 60 and 80 metres respectively below the
current resource, and 15 and 32 metres below the resource pit shell
providing the potential to expand mineral resources.
_____________________________
|
1 The
true width of REE mineralization is estimated to be 70-100% of the
drilled interval.
|
Drill hole WI21-44 (-60o dip /
240o azimuth) collared 100 metres to the north
intersected a mixed interval of dolomite carbonatite near surface
and REE mineralized syenite at depth high averaging 1.72% TREO
over 108 metres; including 2.59% TREO over 54 metres
near surface (Figure 3).
Table 1. Wicheeda REE Deposit 2021 Diamond Drill
Intercepts
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
TREO2 (%)
|
Ce2O3 (%)
|
La2O3 (%)
|
Nd2O3 (%)
|
Pr2O3 (%)
|
Sm2O3 (ppm)
|
Gd2O3 (ppm)
|
Eu2O3 (ppm)
|
Dy2O3 (ppm)
|
Tb4O7 (ppm)
|
Ho2O3 (ppm)
|
WI21-39
(285/-60)
|
4
|
114
|
110
|
2.62
|
1.28
|
0.87
|
0.30
|
0.10
|
320
|
158
|
73
|
42
|
13
|
5
|
and
|
114
|
224.8
|
110.8
|
0.72
|
0.35
|
0.21
|
0.10
|
0.03
|
129
|
75
|
31
|
30
|
8
|
4
|
WI21-40
(345/-65)
|
2.75
|
165
|
162.25
|
3.23
|
1.57
|
1.11
|
0.36
|
0.13
|
370
|
158
|
70
|
39
|
13
|
4
|
including
|
2.75
|
47.5
|
44.75
|
4.21
|
2.05
|
1.46
|
0.46
|
0.16
|
452
|
197
|
92
|
61
|
18
|
7
|
including
|
96
|
167
|
71
|
3.67
|
1.79
|
1.26
|
0.41
|
0.14
|
411
|
173
|
75
|
35
|
13
|
3
|
WI21-43
(045/-85)
|
10.75
|
124.1
|
113.35
|
0.55
|
0.26
|
0.17
|
0.07
|
0.02
|
121
|
84
|
33
|
35
|
9
|
5
|
WI21-44
(240/-60)
|
17.5
|
125.6
|
108.1
|
1.72
|
0.83
|
0.57
|
0.20
|
0.07
|
266
|
141
|
69
|
47
|
14
|
6
|
including
|
35
|
89
|
54
|
2.59
|
1.24
|
0.87
|
0.29
|
0.10
|
384
|
205
|
102
|
70
|
20
|
9
|
WI21-33
(350/-80)
|
5.00
|
201.00
|
196
|
3.17
|
1.52
|
1.07
|
0.37
|
0.13
|
382
|
181
|
81
|
42
|
14
|
4
|
including
|
5.00
|
55.25
|
50.25
|
3.63
|
1.74
|
1.26
|
0.41
|
0.14
|
396
|
181
|
84
|
52
|
16
|
6
|
including
|
146.00
|
201.00
|
55.00
|
4.29
|
2.07
|
1.48
|
0.47
|
0.17
|
489
|
232
|
112
|
52
|
18
|
5
|
WI21-34
(040/-55)
|
3.00
|
117.00
|
114.00
|
2.97
|
1.46
|
1.02
|
0.33
|
0.11
|
323
|
134
|
58
|
23
|
9
|
2
|
including
|
3.00
|
70.00
|
67.00
|
3.84
|
1.89
|
1.34
|
0.41
|
0.15
|
379
|
160
|
69
|
29
|
11
|
3
|
WI21-35
(080/-55)
|
1.20
|
121.00
|
119.80
|
3.87
|
1.87
|
1.34
|
0.43
|
0.15
|
434
|
200
|
88
|
52
|
17
|
6
|
WI21-36
(108/-80)
|
1.10
|
174.00
|
172.90
|
2.34
|
1.14
|
0.78
|
0.27
|
0.09
|
293
|
134
|
59
|
35
|
11
|
4
|
including
|
1.10
|
35.65
|
34.55
|
3.45
|
1.66
|
1.21
|
0.38
|
0.13
|
374
|
170
|
72
|
37
|
13
|
4
|
including
|
136.00
|
174.00
|
38.00
|
3.02
|
1.46
|
1.05
|
0.33
|
0.12
|
337
|
157
|
68
|
40
|
13
|
4
|
WI21-37
(108/-45)
|
2.00
|
139.85
|
137.85
|
3.19
|
1.56
|
1.10
|
0.35
|
0.12
|
351
|
144
|
66
|
30
|
11
|
3
|
including
|
2.00
|
57.00
|
55.00
|
4.00
|
1.96
|
1.38
|
0.42
|
0.15
|
427
|
164
|
76
|
35
|
12
|
3
|
WI21-38
(220/-70)
|
1.35
|
82.00
|
80.65
|
3.08
|
1.50
|
1.07
|
0.33
|
0.12
|
346
|
154
|
70
|
40
|
13
|
4
|
including
|
1.35
|
24.75
|
23.4
|
6.01
|
2.91
|
2.14
|
0.62
|
0.23
|
607
|
246
|
114
|
60
|
20
|
6
|
A series of short drill holes WI21-41 (-55o dip /
025o azimuth), WI21-42 (-70o dip /
025o azimuth), and WI21-43 (-85o dip /
045o azimuth) totalling 285 metres successfully
delineated the northeast margin of the deposit. Drill hole
WI21-43 intersected several carbonate dykes, syenite and
limestone host rocks above resource cut-off averaging 0.55% TREO
over 113 metres (Figure 3).
________________________
|
2TREO %
sum of CeO2, La2O3,
Nd2O3, Pr6O11,
Sm2O3, Eu2O3,
Gd2O3, Tb4O7,
Dy2O3 and
Ho2O3.
|
About the Wicheeda REE Property
The 100% owned 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%
IRR3. 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.
Methodology and QA/QC
The analytical work reported on herein was performed by ALS
Canada Ltd. (ALS) at Langley
(sample preparation) and Vancouver
(ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO
9001:2015 accredited geoanalytical laboratory and is independent of
the Defense Metals and the QP. Drill core samples were subject to
crushing at a minimum of 70% passing 2 mm, followed by pulverizing
of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample
pulp was then subject to multi-element ICP-MS analysis via
lithium-borate fusion to determine individual REE content
(ME-MS81h). Defense Metals follows industry standard procedures for
the work carried out on the Wicheeda Project, with a quality
assurance/quality control (QA/QC) program. Blank, duplicate, and
standard samples were inserted into the sample sequence sent to the
laboratory for analysis. Defense Metals detected no significant
QA/QC issues during review of the data.
_______________________
|
3 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).
|
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
sampling, analytical and test data underlying the information and
opinions contained therein.
About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration and development
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/assays, 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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