Defense Metals Completes Resource Expansion Drilling Program
Defense Metals Completes Resource Expansion Drilling
Program
VANCOUVER, BC
,
Nov. 9, 2021
/CNW/ - Defense Metals Corp. ("
Defense Metals
" or the "
Company
") (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to announce the completion of the 2021 drilling program at its Wicheeda Rare
Earth Element (REE) deposit. The Company drilled a total of 5,349 metres in 29 holes designed to expand the deposit and
further upgrade existing resource to measured and indicated categories.
Currently, the Wicheeda deposit has
indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light
Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO
1
.
The Company's previous, and highly successful, 2019 drilling campaign resulted in a 49% increase in tonnage and a 30%
increase in resource grade (
see Defense Metals News Release Dated
May 13, 2020
). The now complete 2021 drilling
program successfully accomplished the Company's goal of identifying the expansion of the REE mineralized dolomite-
carbonatite zone to the north, in addition to further delineating existing resources mineralization zones within the central and
northwestern areas of the deposit (
Figure 1
).
Drilling within the northern sector of the Deposit occurred over an area of approximately 200 x 100 metres where multiple
drill holes intersected visually mineralized dolomite carbonatite beyond depths predicted in the geological model, both
laterally and vertically (
see Defense Metals news release dated
September 21, 2021
). Drilling within the southern area of
the deposit, primarily designed to upgrade existing inferred and indicated resources, has also confirmed and in some cases
expanded the mineralized dolomite carbonatite zone.
Samples will be sent to ALS Canada Ltd. (ALS), an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical
laboratory, for analysis by ICP-MS fusion. The Company expects to release the drilling results as they are received during
Q1 2022.
Craig Taylor
, CEO of Defense Metals, stated:
"We are pleased to have completed our 2021 drilling campaign. Our
expectation is of expanding and upgrading the current Wicheeda REE Deposit mineral resource. We believe the 2021
drilling results, once released, will firmly place the Wicheeda REE Deposit among the most significant rare earth deposits
in
North America
."
Figure 1. Wicheeda REE Deposit 2021 Drill Plan (CNW Group/Defense Metals Corp.)
About the Wicheeda REE Property
The 1,708 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.
Geologically, the property is situated in the Foreland Belt and within the Rocky Mountain Trench, a major continental
geologic feature. The Foreland Belt contains part of a large alkaline igneous province, stretching from the Canadian
Cordillera to the southwestern
United States
, which includes several carbonatite and alkaline intrusive complexes hosting the
Aley (niobium), Rock Canyon (REE), and Wicheeda (REE) deposits.
Qualified Person
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Property 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 National Instrument 43-101 –
Standards
of Disclosure
for Mineral Projects
. Mr. Raffle verified the data disclosed which includes a review of the analytical and test
data underlying the information and opinions contained therein.
About
Defense Metals Corp.
Defense Metals Corp. is a mineral exploration company focused on the acquisition 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 has an option to acquire 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 the plans for its Wicheeda Property, shipment of samples,
assays, drill results and expected timelines, results and outcomes, expanded resource and scale of expanded resource, the
completion of the preliminary economic assessment, the advancement and development of the Wicheeda Property, 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 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 conditions, failure to maintain or obtain all
necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First
Nations), 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, 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
Technical Report on the Wicheeda Property, British Columbia, effective June 27, 2020 and prepared by APEX Geoscience Ltd. (Steven J. Nicholls, B.A. Sc., MAIG and Kristopher J. Raffle, B.Sc., P.Geo.) is available
under Defense Metals Corp.'s profile on SEDAR (
www.sedar.com
)
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For further information:
Todd Hanas, Bluesky Corporate Communications Ltd., Vice President, Investor Relations, Tel:
(778) 994 8072, Email: [email protected]
CO: Defense Metals Corp.
CNW 09:00e 09-NOV-21