VANCOUVER, May 6, 2019 /CNW/ - Defense Metals Corp.
("Defense Metals") (TSX-V:DEFN / OTCQB: DFMTF / FSE:
35D) is pleased to announce that it has received a Mineral
Exploration Permit from the British Columbia Ministry of Energy,
Mines and Petroleum Resources that allows for the establishment of
up to 51 separate drill site locations at the Wicheeda Rare Earth
Element ("REE") Property. Each individual drill pad site may be
used for multiple diamond drill holes if warranted.
The Mineral Exploration Permit for the Wicheeda Property is
valid until February 25, 2024 and
during this period of about 5 years, Defense Metals plans to
complete additional drilling, starting in the summer of 2019. The
primary goal of this drill program will be to:
- Further delineate the Wicheeda carbonatite intrusion that hosts
important REE mineralization of the Wicheeda Deposit. This
carbonatite body is currently open to the southeast, north, and
west; where it is interpreted to be potentially down-dropped by
faulting.
- Provide further REE-mineralized samples from depth for
additional metallurgical testing to establish continuity of the
process flow-sheet currently being determined by SGS
- Canada Inc. from the 30 tonne surface bulk sample collected in
late 2018 (see Defense Metals news releases of March 13, February
25, January 23 and
January 8, 2019); and
- Explore the many identified soil geochemical REE and airborne
radiometric anomalies that have not yet been drill tested, which
may represent either extensions to, or additional targets separate
from, the known Wicheeda Deposit.
Details of this program will be provided prior to the
commencement of drilling.
Craig Taylor, CEO of Defense
Metals, stated; "With the very encouraging initial results from our
bulk sample testing, we look forward to drilling additional core
holes to further delineate the Wicheeda REE Deposit, in addition to
evaluating existing high-priority REE exploration targets within
the Property."
About the Wicheeda Property
The Wicheeda 1,780 Hectare Property, is 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.
The Wicheeda Property is underlain by Kechika Group
metasedimentary rocks that are intruded by the southeast-trending
Wicheeda carbonatite; a deformed plug or sill approximately 250
metres in diameter that hosts significant REE mineralization. This
intrusion comprises a ferroan dolomite carbonatite core, which
passes gradationally outward into calcite carbonatite. The REE
mineralization is hosted by the dolomite carbonatite.
Qualified Person
The scientific and technical information contained in this news
release as it relates to the Wicheeda Property has been reviewed
and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and
Consultant of APEX Geoscience Ltd. of Edmonton, AB, a "Qualified Person"
as defined in National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
About the Company
Defense Metals Corporation 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. The Company (i) Working on and has an option to acquire
100% of the 1,780 Hectare Wicheeda Rare Earth Element Project
located in Prince George, British
Columbia, Canada (ii) Owns a 100% interest in prospective
uranium claims in the N.E. section of the prolific Athabasca Basin, Saskatchewan and (iii) Has an option to
acquire 100% of the Lac Burge gold property located northeast of
Val d'Or, Quebec. Defense
Metals Corp. trades in Canada
under "DEFN" on the TSX Venture Exchange,
The United States, under
"DFMTF" on the OTCQB and German, Frankfurt Exchange
under the symbol of "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.
Forward Looking Information
This news release includes certain statements that constitute
"forward-looking information" within the meaning of applicable
securities law, including without limitation, DEFN's plans for its
properties/projects, exploration and drilling on the Wicheeda
Property, bulk sample testing and results, metallurgical testing,
other statements relating to the technical, financial and business
prospects of DEFN, and other matters.
Forward-looking statements address future events and conditions
and are necessarily based upon a number of estimates and
assumptions. These statements relate to analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved), and variations of such words, and
similar expressions are not statements of historical fact and may
be forward-looking statements. Forward-looking statement are
necessarily based upon a number of factors that, if untrue, could
cause the actual results, performances or achievements of DEFN to
be materially different from future results, performances or
achievements express or implied by such statements. Such statements
and information are based on numerous assumptions regarding present
and future business strategies and the environment in which DEFN
will operate in the future, including the price of metals,
anticipated costs and the ability to achieve 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, and that third party contractors,
equipment and supplies and governmental and other approvals
required to conduct DEFN's planned exploration activities will be
available on reasonable terms and in a timely manner. While such
estimates and assumptions are considered reasonable by the
management of DEFN, they are inherently subject to significant
business, economic, competitive and regulatory uncertainties and
risks.
Forward-looking statements are subject to a variety of risks and
uncertainties, which could cause actual events, level of activity,
performance or results to differ materially from those reflected in
the forward-looking statements, including, without limitation: (i)
risks related to gold, copper, uranium, rare earth elements, and
other commodity price fluctuations; (ii) risks and uncertainties
relating to the interpretation of exploration results; (iii) risks
related to the inherent uncertainty of exploration and cost
estimates and the potential for unexpected costs and expenses; (iv)
that resource exploration and development is a speculative
business; (v) that DEFN may lose or abandon its property interests
or may fail to receive necessary licences and permits; (vi) that
environmental laws and regulations may become more onerous; (vii)
that DEFN may not be able to raise additional funds when necessary;
(viii) the possibility that future exploration, development or
mining results will not be consistent with DEFN's expectations;
(ix) exploration and development risks, including risks
related to accidents, equipment breakdowns, labour disputes or
other unanticipated difficulties with or interruptions in
exploration and development; * competition; (xi) the potential for
delays in exploration or development activities or the completion
of geologic reports or studies; (xii) the uncertainty of
profitability based upon DEFN's history of losses; (xiii) risks
related to environmental regulation and liability; (xiv) risks
associated with failure to maintain community acceptance,
agreements and permissions (generally referred to as "social
licence"), including local First Nations; (xv) risks relating to
obtaining and maintaining all necessary government permits,
approvals and authorizations relating to the continued exploration
and development of DEFN's projects; (xvi) risks related to the
outcome of legal actions; (xvii) political and regulatory risks
associated with mining and exploration; (xix) risks related to
current global financial conditions; and (xx) other risks and
uncertainties related to DEFN's prospects, properties and business
strategy. These risks, as well as others, could cause actual
results and events to vary significantly.
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, the loss of key
directors, employees, advisors or consultants, adverse weather
conditions, increase in costs, equipment failures, litigation,
failure of counterparties to perform their contractual obligations
and fees charged by service providers. Investors are cautioned that
forward-looking statements are not guarantees of future performance
or events and, accordingly are cautioned not to put undue reliance
on forward-looking statements due to the inherent uncertainty of
such statements. The forward-looking statements included in this
news release are made as of the date hereof and DEFN disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable securities
legislation.
SOURCE Defense Metals Corp.