VANCOUVER, Feb. 21, 2020 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSX-V: DEFN/
DFMTF: OTCQB / 35D: FSE) is pleased to announce that it will
be attending this year's Prospector's and Developer's Annual
Convention (PDAC) in Toronto, Ontario,
Canada with Barrian Mining Ltd. (BARI:TSX-V) in the
Investors Exchange and Defense's solo invite to the Coreshack from
March 3-4, 2020.
Defense's Management team, P.Geo and members of the Board of
Directors / Advisor will be available during the convention
(www.pdac.ca/convention) and invite you to drop by the
Investors Exchange, Booth #2415B and at the Core Shack
Booth #3101B in the Metro Toronto Convention Center South, from
March 3-4, 2020 to discuss
recent corporate activities, the past and futures plans for
2020.
2019-2020 Wicheeda REE Project Highlights, as
per recent news releases.
- Collection of 30 Tonne Bulk-Sample: In late-2018, before
the onset of winter, a 30 tonne bulk sample was sent to SGS Canada
Inc. (SGS) in Lakefield, Ontario
for metallurgical and processing test work. Composite head assays
of the 30 tonne bulk sample returned a grade of 4.81% LREO
comprising Cerium, Lanthanum, Neodymium, and Praseodymium
oxides (see Defense Metals News Release March 14, 2019).
- Positive Flotation Metallurgy: SGS flotation test work
returned 48.7% LREO (light rare earth oxide) high grade
concentrate of Cerium, Lanthanum, Neodymium, and Praseodymium
oxides, at 85.7% recovery in locked cycle tests, 10.1
times upgrading ratio from head grade and attractive low
8.2% mass yield concentrate (see Defense Metals
News Release October 23,
2019).
- Successful Diamond Drilling Campaign: 13 core holes
totalling 2,005 metres further delineated the main body of
high-grade dolomite carbonatite and expended REE mineralization
northward with deposit open to expansion (Figure 1). One of
the highest grade REE intercepts to date within drill hole
WI19-31 yielded 4.43% LREO over 83 metres; including
5.47% LREO over a drill core interval of 33
metres1 (see Defense Metals News Release
December 12, 2019).
- Defense Metals has exceeded its Year 1 and Year 2
exploration spend commitments within 14 months of its option of
the Wicheeda REE Project demonstrating its commitment to rapid
advancement of this project (see Defense Metals News Release
January 14, 2020).
- Positive Hydrometallurgical Test Work: The
hydrometallurgical test results showed TREE extractions of
~90% from flotation concentrate into a chloride based leach
solution with opportunities identified to increase recoveries even
further. These results in conjunction with locked cycle flotation
tests conclude a very successful yearlong metallurgical flowsheet
optimization process (see Defense Metals News Release
February 18, 2020)
1
|
The true width of REE
mineralization is estimated to be 70-100% of the drilled
interval.
|
Going Forward at the Wicheeda REE Project in 2020.
- Initiation of Flotation Pilot Plant Processing of 30
tonne bulk-sample to establish viability of bench test results
during large-scale continuous operation.
- Update Wicheeda REE Project Mineral Resource Estimate.
- Diamond Drilling to
further define the Wicheeda REE Deposit, which remains open to
expansion to the north and at depth.
- Baseline Environmental Study scoping and
commencement.
- Initiate Economic Scoping Studies.
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. Mr. Raffle verified the data disclosed which
includes a review of the analytical and test data underlying the
information and opinions contained therein.
About Defense Metals Corp.
Defense Metals Corp. is an advanced 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. Defense Metals has an option to acquire 100% of the 1,708
hectare Wicheeda Rare Earth Element Property located near
Prince George, British Columbia,
Canada. Defense Metals Corp. 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".
ON BEHALF OF THE BOARD OF DIRECTORS,
Craig Taylor, President &
CEO
Defense Metals Corp.
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 or statements" within the meaning of
applicable securities law, including without limitation, Defense
Metals' expectations for an expanded resource, plans for its
properties/ projects, metallurgical testing and results,
commencement of pilot plant testing, including, but not limited to,
objectives, processes and results thereof, diamond drilling, as
well as other statements relating to the technical, financial and
business prospects of Defense Metals and its properties, 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 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 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
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.