Defense Metals to Mobilize Second Drill to Wicheeda Rare Earth Element Project
Defense Metals to Mobilize Second Drill to Wicheeda Rare Earth
Element Project
VANCOUVER, BC
,
Oct. 4, 2021
/CNW/ - Defense Metals Corp. ("
Defense Metals
") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is
pleased announce plans for the mobilization of a second diamond drill to expedite its ongoing Wicheeda Rare Earth Element (REE) deposit
resource expansion and delineation diamond drill program.
Defense Metals is currently advancing the road accessible Wicheeda Critical Rare Earth Element (REE) Property, which is located close to
infrastructure approximately 80 kilometres northeast of
Prince George, British Columbia
(BC). The Wicheeda project 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]
.
Drilling to date at Wicheeda has been progressing rapidly with over 1,500 metres in eight diamond drill holes completed to date since
commencement of the drill campaign less than four weeks ago. Rig #1 is expected to continue drilling on the north end of the Wicheeda REE
Deposit, while Rig #2 is expected to commence coring a series of infill holes within the central deposit area by mid-week (
Figure 1
).
Craig Taylor
, CEO of Defense Metals, stated:
"We are extremely pleased to have secured a second diamond drill to expedite
completion of our Wicheeda REE Deposit resource expansion and delineation program. With this additional drilling capacity, we expect to
be well positioned to deliver on our 2021 exploration goals. Based on contractor negotiations, we expect the second drill rig to be in a
positioned to commence coring by the mid-week."
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 nearby to 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.
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
)
Figure 1. 2021 Wicheeda REE Deposit 2021 Drill Plan (CNW Group/Defense Metals Corp.)
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, 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 completion of drilling and the expected timelines, results and outcomes, plans for its Wicheeda
Property, the advancement and development of the Wicheeda Property, the technical, financial and business prospects of the Company, its
projects 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, the interpretation of technical and scientific data, risks related to
the inherent uncertainty of exploration and development and cost estimates and the potential for unexpected costs and expenses and
including 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, 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:
Todd Hanas, Bluesky Corporate Communications Ltd., Vice President, Investor Relations, Tel: (778) 994 8072,
Email: [email protected]
CO: Defense Metals Corp.
CNW 08:30e 04-OCT-21