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. 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, the technical, financial and business prospects of the Company, its project and other matters. 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.Ĭautionary Statement Regarding "Forward-Looking" Information Todd Hanas, Bluesky Corporate Communications Ltd. 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". Defense Metals owns 100% of the Wicheeda Rare Earth Element Deposit located near Prince George, British Columbia, Canada. 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 markets, 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. 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.ĭefense Metals Corp. 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 unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate.
The Wicheeda REE Project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-tax net present value ( %) of $517 million, and 18% IRR 3. 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. Wicheeda REE Deposit 2022 Diamond Drill Intercepts We look forward to receiving additional assay results of other resource infill drill holes from the northern and central Wicheeda Deposit that appear similar in terms of visually estimated REE mineralization percentage." Assays for WI22-68 were prioritized based on readily visible, coarse-grained REE mineralization.
Luisa Moreno, President, and Director of Defense Metals stated: "These two core drill holes, in particular WI22-68, once again demonstrate the potential for high REE grades over significant widths within the northern Wicheeda Deposit. Infill drill hole WI22-68 (-55 o dip / 220 o azimuth), the deepest hole to date on the Wicheeda Project at 395 metres, was drilled southwest within the northern area of the deposit and yielded a broad mineralized intercept of high-grade dolomite carbonatite averaging 3.58% total rare earth oxide ("TREO") over 124 metres including an exceptionally high-grade zone of 6.70% TREO over 18 m 1 that included one 3 m sample yielding 8.58% TREO (Figure 1, and Image 1).ĭrill hole WI22-63 (-60 o dip / 204 o azimuth) collared from the same drill site, tested the interpreted eastern contact of the carbonatite body at depth and returned 2.29% TREO over 39 m including 5.08% TREO over 9 m 1 (Figure 2). Drill Section Holes WI22-63 (CNW Group/Defense Metals Corp.)
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