VANCOUVER, BC, Nov. 18, 2020 /CNW/ - Defense Metals Corp.
("Defense Metals") (TSXV: DEFN) (OTCQB: DFMTF) (FSE:
35D) is pleased to announce that as part of its ongoing baseline
environmental monitoring program (see Defense Metals News
Release dated July 8, 2020) it has recently completed
meteorological station installation, stream flow monitoring, and a
property-wide high resolution airborne LiDaR (Light Detection and
Ranging) survey at its 1,708 hectare (4,220 acre) Wicheeda Rare
Earth Element (REE) Property ("Wicheeda") located close to
existing infrastructure near Prince
George, British Columbia (BC).
Craig Taylor, CEO of Defense
Metals, stated:
"Defense Metals continues to
advance the Wicheeda REE Project through completion of its highly
successful 2020 updated mineral resource estimate, 26 tonne
flotation pilot plant, and long-term baseline environmental
mentoring programs. In addition, completion of high-resolution
airborne LiDaR surveys allow for enhanced planning of critical
project infrastructure as we look forward to the potential
development of the Wicheeda REE Project. The Fortress Value
Acquisition Corp.'s US$1.4 billion
merger with MP Materials/Mountain Pass and listing on the NYSE has
further added awareness to the REE industry and we anticipate that
this sector will continue to attract the attention of investors,
governments, and consumers all around the world."
The Wicheeda project has indicated mineral resources of
4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements)
and inferred mineral resources of 12,100,000 tonnes averaging
2.90% LREO1. Flotation pilot-plant processing of a
26-tonne bulk sample of Wicheeda REE material yielded a
mineral concentrate averaging 7.4% NdPr oxide
(neodymium-praseodymium) critical magnet metals2.
_________________________________
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1 Technical Report on the Wicheeda
Property, British Columbia, effective June 27, 2020 and prepared by
APEX Geoscience Ltd. (Steven J. Nicholls, B.A. Sc., MAIG and
Kristopher J. Raffle, B.Sc., P.Geo) is available under Defense
Metals Corp.'s profile on SEDAR (www.sedar.com)
|
2 See
Defense Metals News Release date September 23, 2020
|
Hydologica Environmental Consulting Inc. and
Swiftwater Consulting Ltd. of Vancouver, BC were commissioned to complete an
assessment of regional climate data to support baseline monitoring
activities and meteorological station installation at the Wicheeda
REE Project. The regulatory requirement is for a minimum of two
years of project-specific baseline data collection. As the Wicheeda
REE Project advances, these data are analyzed along with regional
climate data to characterize the project area and provide inputs to
design and permitting. The Wicheeda site meteorological station
install allows for continuous real-time telemetry monitored data
collection including; precipitation, barometric pressure, solar
radiation snow depth, wind speed and direction parameters.
Defense Metals retained subsequently Eagle Mapping Ltd.
of Port Coquitlam, BC to collect
LiDAR and color aerial photography over the Wicheeda REE Project.
The LiDAR will be collected at a minimum density of 8
points-per-square-metre. Expected absolute accuracies of the LiDAR
data will be less than +/- 15cm in the vertical and +/- 30cm in the
horizontal. The color photography will be triangulated and
orthorectified to the LiDAR bare earth model to produce an
orthophoto mosaic with a 13 cm pixel resolution.
In addition to real-time climate monitoring and LiDaR survey,
EDI Environmental Dynamics Inc. of Prince George, BC has completed hydrometric
station installs within the Wicheeda REE Project. Hydrometric
stations area designed to collect stream flow data in accordance
with BC hydrometric standards for Grade A provincial standards in
support of potential future project applications including: major
mine permit applications proceeding through the BC
Environmental Assessment Act, or regional mine permit applications
via the Mines Act.
About the Wicheeda REE Property
The 1,708 hectare Wicheeda REE Property, 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.
Qualified Person
The scientific and technical information contained in this news
release as it relates to the Wicheeda REE Property 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 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.
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".
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 plans for its properties/projects, the advancement and
development of the Wicheeda REE Project, increase in awareness of
the REE industry, 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 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, the impact of
Covid-19 or other viruses and diseases on the Company's ability to
operate, failure to maintain community acceptance (including First
Nations), decrease in the price of rare earth elements, 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.
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SOURCE Defense Metals Corp.