VANCOUVER, BC, Sept. 5,
2023 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF)
(FSE:35D) is pleased to announce that a recently completed ground
radiometric geophysical survey over the Wicheeda Rare Earth Element
(REE) deposit, located near Prince
George, Canada, has identified new anomalies that may
represent previously unknown REE mineralized carbonatite located
largely within the current mineral resource pit shells, as set
forth in the 2021 preliminary economic assessment
(PEA1).
Highlights:
- Based on extensive core drilling and surface geologic mapping
completed to advance Defense Metals' ongoing preliminary
feasibility study (PFS), the survey results closely map and further
define the surface extent of outcropping REE mineralization.
- Two previously unknown linear radiometric anomalies were
identified, each approximately 40 metres in width and extending
approximately 250 metres northwest from the main body of
the Wicheeda REE deposit (Figure 1).
- Ground truthing showed that the anomalies are overlain
entirely by surficial cover which occurs at lower elevations, along
the western portion of the Wicheeda deposit.
Kristopher Raffle, P.Geo., Director of Defense Metals and a
Qualified Person stated:
"We're excited to have identified two new
exploration targets so close to the Wicheeda deposit. The
radiometric surveys were initially designed to assist our geologic
mapping teams and it came as a surprise when we identified new
anomalies under cover having a similar geophysical expression to
known drilled and outcropping rare earth mineralization. After
reviewing the geophysical data in the context of our updated
Wicheeda 3D geological model we recognized the potential for
undiscovered near-surface, east-dipping carbonatite bodies. We look
forward to drill testing these anomalies."
Several resource definition drill holes undercut the southern
half of the eastern anomaly at >150 metre vertical depth
below surface and preclude a subvertical or steeply east dipping
source. Drill hole WI21-39 intersected relatively
higher-grade carbonatite at depth returning 2.91% total rare
earth oxide (TREO) over 45 metres from a depth of 69
metres2 downhole that is believed to represent the
downdip projection of the eastern radiometric anomaly.
The majority of the eastern and the entirety of the western
radiometric anomaly remain untested by core drilling. Defense
Metals plans to test the western geophysical anomaly during fall
2023 as part of an expanded program of pit geotechnical drilling
comprising a planned 915 metres in 4 holes (see Figure 1),
with additional drilling subject to initial results.
____________________________
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1
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.sedarplus.ca).
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____________________________
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2 See
Defense Metals News Release dated March 8, 2022
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Details of the Radiometric
Surveys
The recently completed Wicheeda ground radiometric survey
comprised a total of 20 line-km along 50 metre spaced, and locally
25 metre infill, east-west oriented survey lines completed over an
area of approximately 800 x 900 metres. A NUVIA Dynamics
PGIS-2 Gamma-ray spectrometer, equipped with a 0.347 Litre NaI
detector and 512-channel resolution ADC was used and data was
automatically synchronized with GPS, ensuring both time and
location accuracy. The spectrometer's self-stabilizing
capabilities on natural radioactive elements such as K, U, and Th
eliminated the need for frequent recalibration, assuring reliable
and accurate gamma-ray measurements. Given that gamma rays are
highly attenuated by overburden (approximately 90% attenuation at
20-30cm overburden depth) ground radiometric surveys are only
likely to detect outcropping or very near surface sources.
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. (B.C.), Principal and
Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of
Defense Metals and a "Qualified Person" as defined in NI
43-101.
About the Wicheeda REE
Property
Defense Metals 100% owned, 6,759-hectare (~16,702-acre) Wicheeda
Project is located approximately 80 km northeast of the city of
Prince George, British Columbia;
population 77,000. The Wicheeda REE Project is readily accessible
by all-weather gravel roads and is near infrastructure, including
hydropower transmission lines and gas pipelines. The nearby
Canadian National Railway and major highways allow easy access to
the deep-water port facilities at Prince
Rupert, the closest major North American port to
Asia.
The 2021 Wicheeda REE Project Preliminary Economic Assessment
technical report outlined an after-tax net present value (NPV@8%)
of $517 million and an 18%
IRR3. This PEA contemplated an open pit mining operation
with a 1.75:1 (waste: mill feed) strip ratio providing a
1.8 Mtpa ("million tonnes per year") mill throughput producing
an average of 25,423 tonnes REO annually over a 16-year mine life.
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.
____________________________
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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.sedarplus.ca).
|
About Defense Metals
Corp.
Defense Metals Corp. is a mineral exploration and development
company focused on the development of its 100% owned
Wicheeda Rare Earth Element Deposit located near Prince George, British Columbia, Canada.
Defense Metals Corp. trades on the TSX Venture Exchange under the
symbol "DEFN", in the United
States, trading symbol "DFMTF" on the OTCQB and in
Germany on the Frankfurt Exchange
under "35D".
Defense Metals is a proud member of Discovery Group. For more
information please visit: http://www.discoverygroup.ca/
For further information, please visit:
https://www.defensemetals.com or contact:
Todd Hanas, Bluesky Corporate
Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca
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, completion of additional geotechnical
work including pit geotechnical core holes and the expected
timelines, the potential of the anomalies to represent previously
unknown bodies of REE mineralized carbonatite, the expected
completion of the PFS, 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, accuracy of assay results, performance of
available laboratory and other related services, future operating
costs, interpretation of geological, engineering and metallurgical
data, 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,
engineering and metallurgical results, risks related to the
inherent uncertainty of exploration, metallurgy and development and
cost estimates, the potential for unexpected costs and expenses and
those other risks filed under the Company's profile on SEDAR+ at
www.sedarplus.ca. 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 personnel, 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,
metallurgical 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 and other viruses
and diseases on the business of the Company, 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 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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SOURCE Defense Metals Corp.