VANCOUVER, BC, Oct. 30,
2023 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF)
(FSE: 35D) is pleased to announce that it has filed the detailed
Technical Report (the "Technical Report") of its updated
Mineral Resource Estimate ("2023 MRE") for its 100% owned
Wicheeda Rare Earth Element (REE) deposit located in British Columbia, Canada. The Technical Report
is dated October 27, 2023, effective
August 28, 2023, is entitled
"Technical Report on the Wicheeda Property, British Columbia, Canada", and was prepared by
APEX Geoscience Ltd.
The results of the updated 2023 MRE were previously disclosed in
summary form in the Company's news release dated September 12, 2023. The Technical Report was
prepared in accordance with the Canadian Securities Administrators'
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") and is available for review under the
Company's profile on SEDAR+ at www.sedarplus.ca and on the
Company's website at www.defensemetals.com. Readers are encouraged
to read the Technical Report in its entirety, including all
qualifications, assumptions, and exclusions.
Highlights of the 2023 Wicheeda REE Deposit Mineral Resource
Estimate
- The 2023 MRE comprises a:
- 6.4 million tonne Measured Mineral Resource, averaging
2.86% Total Rare Earth Oxide (TREO1);
- a 27.8 million tonne Indicated Mineral Resource, averaging
1.84 % TREO;
- and an 11.1 million tonne Inferred Mineral Resource,
averaging 1.02% TREO,
all reported at a cut-off grade of 0.5% TREO within a conceptual
open pit shell (Figure 1);
- Total Measured and Indicated (M+I) Mineral Resources of 34.2
million tonnes, averaging 2.02% TREO, is a significant upgrade
representing a conversion of 101% of the 2021 MRE comprising some
indicated and mostly inferred resources (see Defense Metals' news
release of November 24, 2021) to M+I
on a contained metal basis;
- Measured and Indicated resources are inclusive of 17.8 million
tonnes of dolomite carbonatite, averaging 2.92% TREO;
- The 2023 MRE represents a 17% increase in TREO on a contained
metal basis, or 31% tonnage increase, in comparison to the prior
2021 MRE.
- The 2023 MRE is based on an updated geological model that
incorporates an additional 10,350 metres of drillhole data, from 45
holes drilled by Defense Metals during 2021 and 2022.
___________________________
1 TREO % is the sum of CeO2,
La2O3, Nd2O3,
Pr6O11, Sm2O3,
Eu2O3, Gd2O3,
Tb4O7, Dy2O3 and
Ho2O3 %.
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Defense Metals to Attend New Orleans Investment
Conference
Defense Metals also announces that it will be attending in the
New Orleans Investment Conference in New
Orleans, U.S., from November 1-4,
2023.
For additional information on the conference please visit the
following link:
https://neworleansconference.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. (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
hydro power transmission lines and gas pipelines. The nearby
Canadian National Railway and major highways allow easy access to
the port facilities at Prince
Rupert, the closest major North American port to
Asia.
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 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
The Company previously completed a preliminary economic
assessment NI 43-101 technical report on January 6, 2022, effective November 21, 2021 ("PEA"), however, given the
exploration work completed since and the new mineral resource
estimate of August 28, 2023 and
included in the Technical Report, the Company does not consider the
PEA current and therefore the Wicheeda REE Project is no longer
considered an "advanced property" as that term is defined under
applicable securities laws.
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, the Technical Report and the 2023 MRE,
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 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 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.