Defense Metals announces more Rare Earth Assay Results from Wicheeda Project Drilling, including 30 metres of 3.77% TREO
Defense Metals announces more Rare Earth Assay Results from Wicheeda
Project Drilling, including 30 metres of 3.77% TREO
VANCOUVER
, BC
,
Jan. 17, 2023
/CNW/ - Defense Metals Corp. ("
Defense Metals
" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF) (FSE:35D) is pleased
to announce Rare Earth Element ("REE") assay results from an additional eight core drill holes, totalling 2,104 metres ("m"), completed during 2022 at its 100%
owned Wicheeda REE Deposit. These assay results are from two exploration, three resource delineation, and three pit slope geotechnical core drill holes, one of
which (hole WI22-73) returned the second longest REE-mineralized intercept of the 2021 and 2022 Wicheeda drilling campaigns (10,859 metres in 47 core holes).
Pit slope geotechnical drill hole WI22-74 (-65
o
dip at azimuth 139
o
) drilled into the south pit wall intersected high-grade mineralized dolomite carbonatite that
assayed 3.77% total rare earth oxide ("TREO") over 30 metres ("m") from surface and 2.52% TREO over
59 m
at mid-hole depths, within a broader zone
averaging 2.03% TREO over a
192 m
interval (see
Table 1
and
Figure 1
).
Resource delineation drill holes WI22-71 (-50
o
dip at 163
o
azimuth) and WI22-73 (-60
o
dip at azimuth 134
o
) drilled within the central area of the deposit similarly
intersected mineralized dolomite-carbonatite, from surface, assaying 2.83% TREO over
66 m
and 2.35% TREO over
81 m
, respectively; within broader
mineralized zones yielding 1.47% TREO over
207 m
, and 1.42% TREO over
222 m
, respectively (see
Table 1
and
Figure 1
).
Resource delineation and pit slope geotechnical drill holes WI22-76 (-55
o
dip at 242
o
azimuth) and WI22-77 (-70
o
dip at 348
o
azimuth) returned moderate-grade,
mixed syenite-xenolithic dolomite carbonatite intervals from the northern limit of the Wicheeda Deposit and north pit wall that assayed 0.64% TREO over
151 m
;
and 0.67% TREO over
76 m
, respectively (see
Table 1
and
Figure 1
).
Kristopher Raffle, P.Geo., Director of Defense Metals and a Qualified Person stated:
"We are excited to be nearing the release of our final drill results from a very successful year of drilling. It's very telling that one of our geotechnical drill
holes not only gave us important data about future open pit slope design, but also yielded one of the best drill intercepts of our 2021 and 2022 drill
programs. Following the receipt of assays from our two remaining geotechnical drill holes, we will update the Wicheeda mineral resource based on
more than 10,000 metres in the 47 drill holes Defense Metals has completed post-PEA. We firmly believe Wicheeda is one of the best rare earths
projects globally and we eagerly look forward to advancing the project during 2023."
High-wall pit slope geotechnical drill hole WI22-75 (-60
o
dip at 110
o
azimuth), collared
100 m
east of the Wicheeda Deposit, and greenfield exploration drill holes
WI22-65 (-60
o
dip at 140
o
azimuth) and WI22-66 (-60
o
dip at 140
o
azimuth), which targeted REE soil geochemical anomalies 500 m southwest and
1,000 m
northwest of the Wicheeda Deposit, did not return significant REE mineralization.
Table 1. Wicheeda REE Deposit 2022 Diamond Drill Intercepts
1
Hole ID
From
(m)
To
(m)
Interval
(m)
TREO
2
(%)
Ce
2
O
3
(%)
La
2
O
3
(%)
Nd
2
O
3
(%)
Pr
2
O
3
(%)
Sm
2
O
3
(ppm)
Gd
2
O
3
(ppm)
Eu
2
O
3
(ppm)
Dy
2
O
3
(ppm)
Tb
4
O
7
(ppm)
Ho
2
O
3
(ppm)
WI22-71
(163/-50)
3.5
210
206.5
1.47
0.72
0.48
0.18
0.06
203
99
43
31
9
4
including
3.5
69
65.5
2.83
1.38
0.96
0.32
0.11
327
147
66
36
12
4
WI22-73
(134/-60)
2.3
224
221.7
1.42
0.69
0.46
0.17
0.06
203
100
45
35
10
5
including
2.3
83.5
81.2
2.35
1.14
0.80
0.26
0.09
281
123
57
34
11
4
WI22-74
(139/-65)
2.5
194
191.5
2.03
0.99
0.68
0.23
0.08
247
111
50
30
9
4
including
2.5
32.5
30
3.77
1.83
1.33
0.39
0.15
342
144
68
38
12
4
and
59
115.8
56.8
2.52
1.22
0.87
0.27
0.10
279
120
55
30
10
4
WI22-76
(242/-55)
125
276
151
0.64
0.31
0.20
0.08
0.03
104
60
27
27
7
4
WI22-77
(348/-70)
16.5
93
76.5
0.67
0.32
0.20
0.09
0.03
160
104
44
45
11
6
Previously
Reported
WI22-62
(204/-50)
93
260
167
1.39
0.68
0.43
0.18
0.06
222
101
43
29
9
4
including
121
169
48
2.29
1.13
0.72
0.29
0.10
316
123
54
22
9
2
WI22-63
(204/-60)
148
187
39
2.29
1.12
0.79
0.25
0.09
246
120
47
26
9
3
including
175
184
9
5.08
2.45
1.84
0.52
0.19
472
215
91
49
17
5
WI22-64
(204/-65)
77
269.3
192.3
1.78
0.86
0.58
0.22
0.08
230
116
51
34
10
4
including
77
150
73
3.13
1.51
1.06
0.37
0.13
353
156
71
30
12
3
WI22-67
(197/-60)
30.7
137
106.3
2.53
1.22
0.87
0.28
0.10
307
149
66
36
13
4
including
41
100
59
3.42
1.65
1.19
0.37
0.14
381
184
80
40
16
4
WI22-68
(220/-55)
109.4
233
123.6
3.58
1.69
1.29
0.38
0.14
376
160
71
35
12
3
including
212
230
18
6.70
3.11
2.50
0.71
0.27
619
260
111
47
18
5
WI22-69
(230/-50)
93
314
221
2.14
1.02
0.74
0.24
0.09
260
126
56
36
11
4
including
93
204
111
3.52
1.68
1.25
0.37
0.14
390
181
81
45
16
5
WI22-70
(234/-55)
117
230
113
2.50
1.20
0.84
0.29
0.10
352
180
74
58
17
7
WI22-72
(167/-70)
3
125
122
2.56
1.25
0.85
0.29
0.11
308
139
63
40
12
5
including
3
58
55
3.02
1.47
1.02
0.34
0.12
345
135
69
34
12
4
and
125
222
97
0.90
0.44
0.27
0.12
0.04
152
80
35
30
8
4
1
The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
2
TREO % sum of CeO
2
, La
2
O
3
, Nd
2
O
3
, Pr
6
O
11
, Sm
2
O
3
, Eu
2
O
3
, Gd
2
O
3
, Tb
4
O
7
, Dy
2
O
3
and Ho
2
O
3
.
Figure 1. Wicheeda REE Deposit Long Section Looking East (CNW Group/Defense Metals Corp.)
Geotechnical drill hole data collected will support future pre-feasibility level mine planning studies (see Defense Metals' news release dated
May 24, 2022
). The
2022 Wicheeda REE Deposit resource delineation and pit slope geotechnical drill program comprised 18 core drill holes totalling
5,510 m
(~18,077 feet). Assay
results have been announced for a total of 16 holes to date, with results of the remaining two holes expected shortly.
About the Wicheeda REE Property
The 100% owned, 4,262-hectare (~10,532-acre) Wicheeda REE Property is located approximately 80 km northeast of the city of
Prince George, British
Columbia
; population 77,000. The Wicheeda project is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines,
gas pipelines, the Canadian National Railway, and major highways.
The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report ("PEA") outlined a robust after-tax net present value (NPV@8%) of
$517
million
and an 18% IRR
3
. 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.
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).
Methodology and Quality Assurance/Quality Control
The analytical work reported on herein was performed by ALS Canada Ltd. ("ALS") at their
Langley
(sample preparation) and
Vancouver
(ICP-MS fusion), B.C.
facilities. 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. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of
Edmonton, Alberta
, who is a director of Defense Metals and a "Qualified Person"
("QP") as defined in NI 43-101. Mr. Raffle has verified the data, which included a review of the sampling, analytical and test methods underlying the data,
information and opinions disclosed herein.
About
Defense Metals Corp.
Defense Metals Corp. is a company focused on the development of its 100% owned Wicheeda Rare Earth Element mineral deposit, located near
Prince George,
British Columbia
, Canada, that contains metals and elements commonly used in in green energy, aerospace, automotive and defense technologies. Rare earth
elements are especially important in the production of magnets used in wind turbines and in permanent magnet motors for electric vehicles. 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".
For further information, please contact:
Todd Hanas
, Bluesky Corporate Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email:
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, plans to complete a 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, 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 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 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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CNW 09:15e 17-JAN-23