Defense Metals Revaluates Its Athabasca Basin Uranium Projects
Defense Metals Revaluates Its Athabasca Basin Uranium
Projects
VANCOUVER, BC,
Sept. 23, 2021
/CNW/ - Defense Metals Corp. ("
Defense Metals
" or the "
Company
") (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to announce that in light of renewed and sustained uranium interest which has
driven uranium spot prices to multi-year highs, it has commenced an updated internal technical review of its
Athabasca
Basin
uranium project holdings.
During 2018, Defense Metals acquired 100% of the Geiger North and Klaproth projects for a combination of cash and share
payments; with Geiger North being subject to a 2% net smelter return royalty. The projects comprise a total of five mineral
claims totalling 9,363 hectares (ha) located in the northeast
Athabasca
Basin, with the Geiger North claims (1,233 ha) being
in good standing until summer-fall 2022, and Klaproth (8,130 ha) in good standing until early 2023.
Figure 1. Defense Metals Athabasca Basin Uranium Projects (CNW Group/Defense Metals Corp.)
The Geiger North and Klaproth projects are located approximately 35 kilometres northwest of the McClean Lake mine and
mill, in a relatively under-explored area of the
Athabasca
Basin adjacent to the Wollaston-Mudjatik transition zone – a major
crustal suture related to most of the major uranium deposits in the eastern
Athabasca
Basin.
The Geiger North and Klaproth projects are surrounded by multiple major mining companies, giving the company a strategic
foothold in a proven and prolific uranium mining district.
Uranium mineralization in the northeast
Athabasca
Basin and vicinity of the Geiger and Klaproth projects is typically
associated sheared graphitic-gneiss basement rocks that present as prominent conductive anomalies. Defense Metals is
currently initiating an updated review of historical exploration (diamond drilling, ground, and airborne magnetic and
electromagnetic geophysical, and geochemical surveys) completed within the projects. The expectation is that results of the
data review will form the basis for go-forward justification for renewed exploration up to and including commissioning of
project wide airborne electromagnetic geophysical surveys to identify prospective basement conductive anomalies.
Craig Taylor
, CEO of Defense Metals, stated:
"The renewed interest in uranium has prompted Defense Metals to
reassess its considerable land position in the prolific northeast
Athabasca
Basin. While the Company's focus remains on
advancing it flagship Wicheeda REE Deposit near
Prince George, British Columbia
, we look forward to further capitalizing
on the shareholder value brought by the Geiger North and Klaproth Projects."
Qualified Person
The scientific and technical information contained in this news release 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. Past results or discoveries on proximate land are not necessarily indicative of the results that may be
achieved on the Company's properties.
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, military, national security and the production of "GREEN" energy
technologies, such as, high strength alloys and rare earth magnets. Defense Metals has an option to acquire 100% of the
1,708 hectare 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 Geiger North and Klaproth projects including any potential
work programs, plans for its Wicheeda Property, 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 and the price of uranium, 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 and 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), decrease in the price of rare earth elements or uranium, the impact of Covid-19 or other viruses and diseases
on the Company's ability to operate, increase in costs, 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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For further information:
please contact: Todd Hanas, Bluesky Corporate Communications Ltd., Vice President, Investor
Relations, Tel: (778) 994 8072, Email: [email protected]
CO: Defense Metals Corp.
CNW 08:00e 23-SEP-21