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Defense Metals announces best Rare Earth Assay Results of 2022 from Wicheeda Project Drilling, including 138 metres of 3.66% TREO

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Defense Metals announces best Rare Earth Assay Results of 2022 from Wicheeda Project Drilling, including 138 metres of 3.66% TREO

 

 

 

 

 

Defense Metals Corp. (TSX-V: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce Rare Earth Element assay results from the final two core drill holes, totalling 295 metres, completed during 2022 at its 100% owned Wicheeda REE Deposit. These assay results are from two exploration geotechnical core drill holes. The final drill hole (WI22-79) returned the best drill intercept on a grade-times-width basis of the entire 18-hole 5,510 m (~18,077 feet) 2022 campaign.

 

Pit slope geotechnical drill hole WI22-78 (-60o dip at azimuth 200o) drilled into the west pit wall intersected well mineralized dolomite carbonatite that assayed 2.63% total rare earth oxide over 97 metres from surface within a broader mineralized one returning 2.03% TREO over 168 m (see Table 1 and Figure 1).

 

The final drill hole, WI22-79 (-65o dip at 095o azimuth), drilled within the central area of the Wicheeda Deposit and into the east pit wall intersected an upper high-grade mineralized dolomite-carbonatite interval from surface assaying 3.66% TREO over 138 m; and lower interval grading 0.50% TREO over 43 m (see Table 1 Figure 1, and Image 1).

 

The upper interval in WI22-79 represents the best mineralized intercept returned of all 2022 holes and ranks among the top 10 reported drill intercepts of the more than 10,000 m drilled in 47 holes Defense Metals has completed post-PEA (see “About the Wicheeda REE Project“).

 

Luisa Moreno, President, and Director of Defense Metals stated:

“The economic significance of the Wicheeda REE Project is underscored by the fact that the final drill hole yielded the best drill intercept of the 2022 campaign. Since the release of our positive PEA based on drilling completed up to the end of 2019, the last two years of exploration at Wicheeda has focused on resource expansion, delineation, and detailed pit slope geotechnical drilling designed to place us solidly on the path towards initiation of a Preliminary Feasibility Study (PFS). With critical minerals and particularly rare earth elements coming into sharper focus as part the rapidly accelerating transition to electric vehicles, Defense Metals looks forward to continuing to advance the social-environmental, metallurgical, engineering, and geotechnical aspects of the Wicheeda REE Project during 2023.”

 

Table 1. Final Wicheeda REE Deposit 2022 Diamond Drill Intercepts1

 

 

Hole ID From (m) To

(m)

Interval (m) TREO2 (%) Ce2O(%) La2O(%) Nd2O(%) Pr2O(%) Sm2O(ppm) Gd2O3 (ppm) Eu2O3 (ppm) Dy2O3 (ppm) Tb4O7 (ppm) Ho2O3 (ppm)
WI22-78 (200/-60) 4.6 172.3 167.7 2.03 0.99 0.70 0.21 0.08 221 102 48 25 9 3
including 4.6 101.6 97.0 2.63 1.29 0.93 0.26 0.10 253 113 54 26 9 3
WI22-79 (095/-65) 3 141 138.0 3.66 1.74 1.31 0.39 0.15 381 175 82 38 14 4
and 141 183.7 43 0.50 0.23 0.13 0.08 0.02 171 118 45 49 13 7
Previously Reported
WI22-62 (204/-50) 93 260 167 1.39 0.68 0.43 0.18 0.06 222 101 43 29 9 4
including 121 169 48 2.29 1.13 0.72 0.29 0.10 316 123 54 22 9 2
WI22-63 (204/-60) 148 187 39 2.29 1.12 0.79 0.25 0.09 246 120 47 26 9 3
including 175 184 9 5.08 2.45 1.84 0.52 0.19 472 215 91 49 17 5
WI22-64 (204/-65) 77 269.3 192.3 1.78 0.86 0.58 0.22 0.08 230 116 51 34 10 4
including 77 150 73 3.13 1.51 1.06 0.37 0.13 353 156 71 30 12 3
WI22-67 (197/-60) 30.7 137 106.3 2.53 1.22 0.87 0.28 0.10 307 149 66 36 13 4
including 41 100 59 3.42 1.65 1.19 0.37 0.14 381 184 80 40 16 4
WI22-68 (220/-55) 109.4 233 123.6 3.58 1.69 1.29 0.38 0.14 376 160 71 35 12 3
including 212 230 18 6.70 3.11 2.50 0.71 0.27 619 260 111 47 18 5
WI22-69 (230/-50) 93 314 221 2.14 1.02 0.74 0.24 0.09 260 126 56 36 11 4
including 93 204 111 3.52 1.68 1.25 0.37 0.14 390 181 81 45 16 5
WI22-70 (234/-55) 117 230 113 2.50 1.20 0.84 0.29 0.10 352 180 74 58 17 7
WI22-71 (163/-50) 3.5 210 206.5 1.47 0.72 0.48 0.18 0.06 203 99 43 31 9 4
including 3.5 69 65.5 2.83 1.38 0.96 0.32 0.11 327 147 66 36 12 4
WI22-72 (167/-70) 3 125 122 2.56 1.25 0.85 0.29 0.11 308 139 63 40 12 5
including 3 58 55 3.02 1.47 1.02 0.34 0.12 345 135 69 34 12 4
and 125 222 97 0.90 0.44 0.27 0.12 0.04 152 80 35 30 8 4
WI22-73 (134/-60) 2.3 224 221.7 1.42 0.69 0.46 0.17 0.06 203 100 45 35 10 5
including 2.3 83.5 81.2 2.35 1.14 0.80 0.26 0.09 281 123 57 34 11 4
WI22-74 (139/-65) 2.5 194 191.5 2.03 0.99 0.68 0.23 0.08 247 111 50 30 9 4
including 2.5 32.5 30 3.77 1.83 1.33 0.39 0.15 342 144 68 38 12 4
and 59 115.8 56.8 2.52 1.22 0.87 0.27 0.10 279 120 55 30 10 4
WI22-76 (242/-55) 125 276 151 0.64 0.31 0.20 0.08 0.03 104 60 27 27 7 4
WI22-77 (348/-70) 16.5 93 76.5 0.67 0.32 0.20 0.09 0.03 160 104 44 45 11 6

__________________________

The true width of REE mineralization is estimated to be 70-100% of the drilled interval.
TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.

 

 

About the Wicheeda REE Project

 

The 100% owned, 4,262-hectare (~10,532-acre) Wicheeda REE Project is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda project is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, gas pipelines, the Canadian National Railway, and major highways.

 

The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report outlined a robust after-tax net present value (NPV@8%) of $517 million and an 18% IRR3. This PEA contemplated an open pit mining operation with a 1.75:1 (waste:mill feed) strip ratio providing a 1.8 Mtpa (“million tonnes per year”) mill throughout producing an average of 25,423 tonnes REO annually over a 16 year mine life. 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.

 

Methodology and Quality Assurance/Quality Control

 

The analytical work reported on herein was performed by ALS Canada Ltd. at their Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. facilities. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (“QA/QC”) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.

 

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. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle has verified the data, which included a review of the sampling, analytical and test methods underlying the data, information and opinions disclosed herein.

 

__________________________

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).

 

About Defense Metals Corp.

 

Defense Metals Corp. is a company focused on the development of its 100% owned Wicheeda Rare Earth Element mineral deposit, located near Prince George, British Columbia, Canada, that contains metals and elements commonly used in in green energy, aerospace, automotive and defense technologies. Rare earth elements are especially important in the production of magnets used in wind turbines and in permanent magnet motors for electric vehicles.

 

 


Figure 1. Wicheeda REE Deposit Cross Section Looking North (CNW Group/Defense Metals Corp.)

 

 

 


Image 1: REE Mineralization Within WI22-79 (49-63.9m interval grades 5.47% TREO) (CNW Group/Defense Metals Corp.)

 

Posted January 24, 2023

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