VANCOUVER, Aug. 12, 2019 /CNW/ - Defense Metals
Corp. ("Defense Metals") (DEFN: TSX-V / DFMTF: OTCQB / 35D:
FSE) announces the start of the 2019 diamond drill
program at its 1,780 hectare (4,398 acre) Wicheeda Rare Earth
Element (REE) Project located near Prince
George, Canada.
Defense Metals expects to complete this 2,000 metre core
drilling program in about six weeks. The purpose of the 2019
Wicheeda drill program is to further delineate, and potentially
expand the Wicheeda REE carbonatite deposit leading to completion
of an updated mineral resource estimate.
The current Wicheeda REE Deposit Mineral Resource comprises
an Inferred Mineral Resource of 11,370,000 tonnes averaging
1.96% LREE (Light Rare Earth Elements) reported at a
cut-off grade of 1.0% LREE (sum of cerium, lanthanum, neodymium and
samarium percentages). The resource is classified according to
the CIM "Estimation of Mineral Resources and Mineral Reserves
Best Practice Guidelines" dated November
23rd, 2003 and CIM "Definition Standards for Mineral
Resources and Mineral Reserves" dated May 10th, 2014. Details
with respect to the Mineral Resource Estimate are summarized in the
Company's NI 43-101 technical report titled "Wicheeda Rare Earth
Element Project, British Columbia,
Canada" effective date of June 20,
2019 available on SEDAR at www.sedar.com.
The Wicheeda REE Deposit, as defined by previous drill
campaigns, comprises an approximately 250 x 200 metre irregular
shaped intrusive plug of relatively higher-grade REE-mineralized
dolomite carbonatite extending from surface to vertical depths
ranging from 30 to 100 metres, below which mixed dolomite carbonate
and syenite breccia rocks occur to a currently drilled maximum
vertical depth of 184 metres.
- The 2019 drilling program is designed to: test the northern,
southern and western extent of the Wicheeda deposit where it is
still open; further delineate the relatively higher-grade near
surface dolomite carbonatite unit; and address select internal
drilling gaps within the deposit.
- The diamond drill rig is currently setup within the southwest
quadrant of the deposit where west and southwest oriented inclined
drill holes should define the western limits of REE mineralization
previously intersected within 2008 drill hole WI08-04 that
returned 98.16 metres averaging 1.56% Ce (cerium), 0.72% La
(lanthanum), and 0.26% Nd (neodymium) (2.54% LREE) from
surface*.
- Drilling will then proceed eastward approximately 75m higher in elevation where a series of
inclined drill holes should define near surface higher-grade
dolomite carbonatite rocks and the southern margin of the deposit;
where 2009 drill hole WI09-07 returned 105 metres averaging
1.50% Ce, 0.63% La, and 0.30% Nd (2.43% LREE) from surface*.
- Drilling at the northern end of the Wicheeda Deposit is
designed to define the northern limit of the carbonatite where
recently completed geologic mapping has confirmed the presence of
carbonatite outcrops 30 metres beyond the northern limit of the
current Mineral Resource Estimate block model. Nearby drill holes
WI09-10 and WI09-13 completed in this area terminated within
REE-mineralized dolomite carbonatite and carbonatite breccia rocks
that returned 145.69 metres having grades averaging 1.08% Ce,
0.56% La, and 0.23% Nd (1.87% LREE), and 145.69 metres averaging
1.01% Ce, 0.51% La, and 0.24% Nd (1.8% LREE), respectively both
from surface*.
*The relationship
between drill intercept and true width of mineralization is not
known
|
Qualified Person
The scientific and technical information contained in this news
release as it relates to the Wicheeda Rare Earth Element 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 Defense Metals Corp.
Defense Metals 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, light weight, rare earth magnets. Defense Metals'
primary focus is to exercise its option to acquire 100% of the
1,780 hectare Wicheeda Rare Earth Element Project. Defense
Metals Corp. trades in Canada
under "DEFN" on the TSX Venture Exchange, the United States, under "DFMTF" on the OTCQB
and the 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, Defense Metal's plans
for its properties/projects, upcoming drill program, potentially
expanding the deposit, other statements relating to the technical,
financial and business prospects of Defense Metals, 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", "should", "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 the Company 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 the Company will operate in the future,
including the price of metals and elements, 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
the Company'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 the
Company, 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 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 the
Company 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 the Company 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 the Company'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 the Company'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 the Company'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 the
Company'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 the Company
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.