Defense Metals Diamond Drilling Update - Infill and Exploration Drilling Complete And Pit Slope Geotechnical Drilling Underway
Defense Metals Diamond Drilling Update - Infill and Exploration Drilling
Complete And Pit Slope Geotechnical Drilling Underway
VANCOUVER, BC
,
Aug. 9, 2022
/CNW/ - Defense Metals Corp. ("
Defense Metals
" or the "
Company
") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased
to provide an update for its ongoing diamond drilling at its Wicheeda Rare Earth Element (REE) deposit. The 2022 resource infill and exploration diamond drill
campaign is now complete and pit slope geotechnical drilling underway.
A total of 12 diamond drill holes totalling over 3,500 metres have been drilled to date within the northern and central areas of the Wicheeda REE Deposit
preliminary economic assessment (PEA) mine plan ultimate pit area, with initial assays results from the earliest drill holes expected during September or
October
2022
.
All materials, instrumentation, and technical personnel have now been mobilized to site to commence geotechnical drilling for the purpose of open pit slope design
optimization. A total of 5 geotechnical drill holes targeting the north, west, south, and east high walls of the Wicheeda PEA mine plan ultimate pit are planned
(Figure 1). Data collection will include oriented drill core, field point load and laboratory-based intact rock and discontinuity strength testing, vibrating wire
piezometer, and standpipe piezometer installation for hydrogeological investigations.
Figure 1. Wicheeda REE Deposit PEA Ultimate Pit Geotechnical Drill Plan (CNW Group/Defense Metals Corp.)
Kristopher Raffle, P.Geo., Director and QP of Defense Metals commented:
"Defense Metals is very pleased with the progress of the 2022 infill and exploration
drilling to date, and we look forward to gathering important pit slope geotechnical data to support future Wicheeda REE Deposit advanced economic studies."
Management Site Visit
Concurrent with the commencement of geotechnical investigations Defense Metals' management has arranged for a Wicheeda field visit during the week of
August 15, 2022
, to accompany strategic interested parties and capital market analysts.
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% IRR
1
. 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.
____________________________
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.sedar.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. (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.
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:
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, Wicheeda site visit and expected 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 09:00e 09-AUG-22