Defense Metals Diamond Drilling Update
Defense Metals Diamond Drilling Update
- Pit Slope Geotechnical Preparations
Underway
VANCOUVER, BC, June 17, 2022 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSX-V: DEFN) (OTCQB:
DFMTF) (FSE: 35D) is pleased to provide an update for
ongoing diamond drilling at its Wicheeda Rare Earth Element (REE)
deposit. The 2022 diamond drilling campaign commenced in the
northern resource area with the first two resource delineation drill
holes totalling approximately 615 metres now nearing completion.
The initial two drill holes were collared from the same site oriented
southwest at -50 and -60 degree dips. The holes are designed to
establish the eastern carbonatite contact near surface, and for the
purpose of resource infill near 2021drill hole WI21-33 that yielded
3.17% TREO over 196 metres; including 4.29% TREO over 55
metres1 at depth that expanded high-grade REE mineralization
beyond the mineral resource pit shell. Both holes intersected
significant intervals of visually REE mineralized dolomite carbonatite
between as predicted by the geological model (Image 1).
Visibly REE Mineralized Dolomite Carbonatite from Drill Hole WI22-62
(approximately 120 metres downhole) (CNW Group/Defense Metals
Corp.)
Visibly REE Mineralized Dolomite Carbonatite from Drill Hole WI22-62
(approximately 120 metres downhole) (CNW Group/Defense Metals
Corp.)
As announced in its June 7, 2022, drilling commencement news
release, the Company plans to complete up to 5,000 metres of
diamond drilling designed to further delineate existing resources,
assess near deposit exploration targets, collect geotechnical and
hydrogeological drilling for the purpose of optimization of open pit
slope design, and generate additional REE mineralized material for
continued metallurgical testwork.
Kristopher Raffle, P.Geo., Director and QP of Defense Metals
commented: "With the second drill hole of our 2022 resource infill
campaign nearing completion, we look forward in the coming days to
initiating co-purposed infill and pit slope geotechnical drill holes in the
main deposit and PEA mine schedule pit highwall areas, in addition to
continuation of pad building for planned exploration holes. With 2022
drilling operations once again based at the Wicheeda Deposit site field
camp, we expect to be able to take advantage of logistical efficiencies;
most notably a reduction on helicopter utilization."
________________________________
1 The true width of REE mineralization is estimated to be 70-100% of the drilled interval
Other Company Updates
The Company attended the Prospectors & Developers Association of
Canada Convention (PDAC) in Toronto, Ontario from June 13, 2022 to
June 15, 2022 and met with several industry stakeholders including
shareholders, investment firms, and strategic industry companies.
Defense Metals recently staked additional mineral claims contiguous
to the Wicheeda REE Property. The 100% owned Wicheeda REE
Property is now 4,244-hectares.
Further to the Company's news release dated May 24, 2022, the
Company paid US$100,000 to Digitonic Limited, an arm's-length party
to provide investor relations services and to provide content creation,
digital and video marketing services.
About the Wicheeda REE Property
The 100% owned 4,244-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% IRR2. 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.
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.
____________________________
2 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).
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".
For further information, please contact:
Todd Hanas, Bluesky Corporate Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email: [email protected]
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 drilling, receipt of 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 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 08:30e 17-JUN-22