VANCOUVER, BC, March 15, 2022 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to announce results for an
additional two diamond drill holes totalling 189 metres from the
Company's 29 hole, 5,349 metre diamond drill program completed
during fall 2021. Drill holes WI21-45 through WI21-48 were collared
from the same site and within the northern area of the Wicheeda
Rare Earth Element (REE) deposit.
Drill hole WI21-49 returned 3.79% TREO (total
rare earth oxide) over 150 metres; including 4.77% TREO over 60
metres1. The drill hole was designed to further
delineate at depth drill holes WI21-33 and WI21-40
that in conjunction with WI21-49 represent the three highest
grade x width intercepts of the 2021 drilling to date. Together
these three drill holes define a newly discovered zone of
high-grade REE mineralization that occurs below both the current
mineral resource and resource pit shells.
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 weeks.
Luisa Moreno, President, and
Director of Defense Metals stated: "We are excited with the
consistently high-grade results to date. Wicheeda is emerging as a
world class deposit, and we are fortunate to be part of the
development of this project." She added: "Drilling within
the northern Wicheeda Deposit has resulted in the discovery of an
emerging zone of high grade REE mineralization at depth. This area
of the deposit was first tested by WI19-32, the last drill hole of
our 2019 drill campaign. Drilling during 2021 has now shown high
grade REE mineralization extends a further 100 metres vertically
below the bottom of WI19-32, and beyond the current mineral
resource extents."
Delineation drill holes WI21-49 (-70o dip /
190o azimuth) expanded and further delineated broad
intervals of REE mineralized dolomite-carbonatite intersected in
drill holes WI21-33 and WI21-40, yielding 3.79%
TREO over 150 metres; including 4.77% TREO over 60
metres1 that extends 80 metres beyond the current
mineral resource and 40 metres beyond the constraining pit shell.
This higher-grade interval includes 12 metres averaging 8.06%
TREO1 from 84 to 96 metres downhole, which contained
the highest single (3 metre) combined neodymium-praseodymium
(Nd-Pr) oxide assay value to date on the Wicheeda Project of 1.41%
Nd-Pr Oxide at 10% TREO (Table 1 and Figure 1).
Drill holes WI21-50 (-50o dip / 215o
azimuth) and WI21-48 (-60o dip / 280o
azimuth) established the northwest margin of the Wicheeda
Deposit in the near surface intercepting a broad mixed syenite and
xenolithic carbonatite interval above resource cut-off grade
averaging 1.60% TREO over 127metres; including a
higher-grade interval of 3.34% TREO over 35
metres1. 2.50% TREO over 176 metres; including
6.14% TREO over 20 metres1 from surface
(Figure 2).
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)
|
WI21-49
(190/-70)
|
33
|
183
|
150
|
3.79
|
1.80
|
1.36
|
0.41
|
0.14
|
430
|
197
|
86
|
45
|
16
|
5
|
including
|
82
|
142
|
60
|
4.77
|
2.28
|
1.71
|
0.51
|
0.18
|
520
|
228
|
103
|
54
|
18
|
5
|
WI21-50
(215/-50)
|
23
|
149.7
|
126.7
|
1.60
|
0.76
|
0.55
|
0.18
|
0.06
|
205
|
110
|
47
|
34
|
10
|
4
|
including
|
50.35
|
85.65
|
35.3
|
3.34
|
1.59
|
1.23
|
0.33
|
0.12
|
341
|
166
|
72
|
40
|
13
|
4
|
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
|
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
|
WI21-45
(240/-75)
|
47.8
|
106.9
|
59.1
|
1.46
|
0.67
|
0.51
|
0.17
|
0.06
|
230
|
134
|
83
|
43
|
13
|
6
|
including
|
47.8
|
74
|
26.2
|
2.48
|
1.13
|
0.88
|
0.29
|
0.10
|
384
|
225
|
151
|
67
|
21
|
8
|
WI21-46
(190/-50)
|
18.9
|
135.3
|
116.4
|
1.66
|
0.80
|
0.56
|
0.20
|
0.06
|
229
|
108
|
47
|
28
|
9
|
3
|
including
|
48
|
90
|
42
|
2.27
|
1.09
|
0.79
|
0.25
|
0.09
|
271
|
112
|
48
|
22
|
8
|
2
|
including
|
117.55
|
135.3
|
17.75
|
2.32
|
1.12
|
0.74
|
0.30
|
0.09
|
350
|
170
|
75
|
42
|
14
|
5
|
WI21-47
(280/-60)
|
17
|
98.36
|
81.36
|
0.58
|
0.28
|
0.18
|
0.08
|
0.02
|
108
|
67
|
30
|
29
|
7
|
4
|
WI21-48
(145/-45)
|
12
|
188
|
176
|
2.50
|
1.22
|
0.84
|
0.29
|
0.10
|
306
|
130
|
57
|
27
|
10
|
3
|
including
|
12
|
32
|
20
|
6.15
|
2.98
|
2.11
|
0.69
|
0.24
|
669
|
311
|
142
|
80
|
25
|
9
|
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.
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.
___________________________________________________
1
|
The true width of
REE mineralization is estimated to be 70-100% of the drilled
interval.
|
2
|
TREO % sum of
CeO2, La2O3,
Nd2O3, Pr6O11,
Sm2O3, Eu2O3,
Gd2O3, Tb4O7,
Dy2O3 and
Ho2O3.
|
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).
|
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