Defense Metals Files NI 43-101 Pre-Feasibility Study Technical Report for Wicheeda Project
Defense Metals Files NI 43-101 Pre-Feasibility Study Technical Report
for Wicheeda Project
VANCOUVER, BC
,
April 7, 2025
/CNW/ -
Defense Metals Corp
. ("
Defense Metals
" or the "
Company
"); (TSXV: DEFN) (OTCQB: DFMTF) (FSE:
35D) is pleased to announce the filing of an independent Pre-Feasibility Study (PFS) technical report (the "Report") for its 100% owned Wicheeda
Rare Earth Element Deposit, located near
Prince George, British Columbia
, Canada. The effective date of the report is
February 28, 2025
.
The potential of the Wicheeda rare earth element deposit to drive regional prosperity and contribute to global supply chains is underscored by
comments from Chief
Harley Chingee
and Honourable Minister
Jagrup Brar
.
Chief
Harley Chingee
of the McLeod Lake Indian Band commented:
"
The positive economic outcomes from the Pre-Feasibility Study of the Wicheeda Project affirm our position and established commitment to
supporting its success. We look forward to continued collaboration with Defense Metals as we move forward together, creating long-term
economic opportunities and sustainable benefits for the McLeod Lake Indian Band and contributing to the prosperity of the wider regional
economy.
"
BC Minister of Mining and Critical Minerals,
Honourable
Jagrup Brar
, added:
"
The Government of
British Columbia
is pleased to see Defense Metals making significant progress with the Wicheeda rare earth deposit.
We understand that the project has the potential to become a significant global supplier of rare earth elements and we welcome the work
that Defense Metals is doing to advance their project. Our government is committed to improving permitting timelines and processes across
the Province
."
The Report, prepared in accordance with the Canadian Securities Administrators' National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (NI 43-101), supports the findings disclosed in the Company's
February 18, 2025
news release titled "Defense Metals – Robust Economics
from Wicheeda Rare Earth Deposit PFS." Since that news release, the rare earth elements evaluated in the Report, expanded from the four key
elements, Nd, Pr, Dy and Tb, to all those present at in the final mixed rare earth carbonate product. The resulting changes in mineral resources and
mineral reserves and financial outcomes are within 3.5% of the previous announcement and are not considered material differences. The Report
updates all technical and financial information on the Wicheeda Rare Earth Element Deposit and supersedes the information presented in the
February
18
news release.
The complete Report has been filed on
SEDAR+
and is also available on the Company's website at (
www.defensemetals.com
). The Report can also
be viewed on SEDAR+ within the Company's profile at
www.sedarplus.ca
. We encourage readers to review the Report in its entirety, including all
assumptions, risks, exclusions, and qualifications as individual sections may not fully convey the necessary context.
Mark Tory
, President and CEO of Defense Metals remarked;
"
The detail and quality of the Report is due to the work of renowned global experts Hatch and SRK and supporting group of consultants. I
would like to thank them all for the time and effort that has been put into this comprehensive Report
."
The Company's Interim CFO and SVP Corporate Development,
Alex Heath
, has resigned from his role to pursue other opportunities. Defense would
like to thank Alex for his contributions and wish him every success in his future endeavours.
Ryan Cheung
(previous CFO of the Company) will act as
CFO until a replacement is appointed.
About Defense Metals Corp. and its Wicheeda REE Deposit
Defense Metals Corp. is advancing its wholly-owned 11,800-hectare (~29,158-acre) Wicheeda Project situated on the traditional territory of the
McLeod Lake Indian Band in
British Columbia, Canada
.
The Wicheeda Project, approximately 80 kilometres (~50 miles) northeast of the city of
Prince George
, is readily accessible by a paved highway and
all-weather gravel roads and is close to infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National
Railway and major highways allow easy access to the strategically located port facilities in
Prince Rupert
.
For further information, please visit
www.defensemetals.com
or contact:
Mark Tory
President and CEO
Tel: +1 604-445-8179
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, any statements (expressed or implied) relating to: advancing the Wicheeda Project, the Pre-Feasibility Study (PFS) technical report for the
Wicheeda Project and other matters. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate,"
"intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other
similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. All statements in this news
release, other than statements of historical facts, that address events, contribution 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 and metallurgical
results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses
and those other risks filed under the Company's profile on SEDAR+ (
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 or obtain 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, engineering and pricing assumptions, decrease in the price of rare earth elements, the impact of
viruses and diseases on the Company's ability to operate, restriction on labour and international travel and supply chains, loss of key employees,
consultants, officers 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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CNW 07:00e 07-APR-25