VANCOUVER, Sept. 4, 2019 /CNW/ - Defense Metals Corp.
("Defense Metals") (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE)
is pleased to provide an operational update regarding the current
resource definition diamond drill program at its 1,708 hectare
(4,220 acre) Wicheeda Rare Earth Element (REE) Project located near
Prince George, Canada.
Subsequent to announcing the 2019 Wicheeda drill program (see
the Defense Metals' August 12, 2019
New Release), camp construction and site preparation for all
planned diamond drill locations was completed. Core drilling
started at the location of the Wicheeda 30 tonne bulk sample site,
which previously returned composite head assays of 1.77%
lanthanum-oxide, 2.34% cerium-oxide, 0.52% neodymium-oxide, and
0.18% praseodymium-oxide, for a total of 4.81% light rare-earth
oxide ("LREO"; see Defense Metals' March 14, 2019 News Release for a more detailed
description of the results).
To date, eight of a planned thirteen NQ-sized core drill holes
totalling 1,165 metres have been completed; an average of
approximately 2.5 days-per-hole, progress that Defense
Metals considers excellent. All holes drilled to date
have intersected significant widths of dolomite-carbonate
containing visible REE mineralization.
Defense Metals continues to advance its geologic understanding
of the Wicheeda Deposit. A detailed review of historical and
current drill core indicates the presence of multiple phases of REE
mineralized dolomite-carbonatite; one of which contains a visually
higher percentage of REE-bearing minerals. Subject to completion of
the remaining drilling and receipt of final assays results, Defense
Metals will evaluate the impact of these previously
unrecognized REE mineralized domains and their potential positive
contribution to the Wicheeda Deposit mineral resource estimate.
Craig Taylor, CEO and President
of Defense Metals Corp., commented: "We have intersected
REE mineralization within every drill hole of the current drill
program. Our 2019 resource definition drilling will allow for an
updated and enhanced geological model that Defense Metals believes
will substantially increase our confidence in the contained REE
mineral resources of the Wicheeda Rare Earth Deposit."
Qualified Person
The scientific and technical information contained in this news
release as it relates to the Wicheeda Rare Earth Element Project
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.
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, the ongoing and future drilling at the
Wicheeda Project, drill results, 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 Defense Metals 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 Defense Metals 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 Defense Metals' 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 Defense Metals, 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
Defense Metals 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 Defense Metals 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 Defense Metals' 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 Defense Metals' 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 Defense Metals' 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
Defense Metals' 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 Defense Metals
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.