VANCOUVER, BC ,
March 23, 2021 /CNW/ - Defense
Metals Corp. ("Defense Metals") (TSXV: DEFN) (OTCQB: DFMTF)
(FSE: 35D) is pleased to announce that it has recently been
notified by Welsbach Holdings Pte Ltd. ("Welsbach") that is
has received requests from two interested third-part Rare Earth
Element (REE) processors for samples of high-grade REE mineral
concentrate for the purposes of evaluation prior to entering
discussions with respect to the negotiation of an initial
memorandum of understanding (MOU) and subsequent potential mineral
concentrate offtake agreements.
Defense Metals is currently advancing the road accessible
Wicheeda Critical Rare Earth Element (REE) Property, which is
located close to infrastructure approximately 80 kilometres
northeast of Prince George, British
Columbia (BC). 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.
Since completing its flotation pilot plant test-work resulting
in a 1,200 kilogram bulk concentrate sample (see Defense Metals
news release dated September 23,
2020), the Company and its advisors have contacted
several potential offtake and strategic partners. The two REE
processors requesting samples of Wicheeda REE mineral concentrate
represent major and mid-tier REE processors. The requests from each
potential buyer in Asia are for
2-6 kilogram size samples of REE concentrate. The requests resulted
from conversations held between the interested parties known to
Welsbach.
Defense Metals has initiated the process of preparing Canadian
government export permit documentation required to export these
critical REE mineral concentrate samples internationally.
Craig Taylor, CEO of Defense
Metals, stated: "We are extremely pleased that Welsbach
has successfully identified two REE processors interested in
receiving representative samples of our high-grade Wicheeda REE
Deposit mineral concentrate. These requests represent a major step
forward in our efforts to assess the market potential of long-term
REE mineral concentrate offtake sale agreements."
Mr. Brendan Jephcott of Weslbach says:
"Potential partners in Asia are
seeking a secure, long-term supply of rare earth concentrate to
cover projected shortages in NdFeB magnet supply as demand for
electric motors used in new energy vehicles continues to
grow."
________________________
|
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)
|
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.
Cautionary
Statement Regarding "Forward-Looking" Information
|
This news release
contains "forward–looking information or statements" within the
meaning of applicable securities laws, which may include, without
limitation, statements relating to potential MOU and offtake
agreements for REE mineral concentrate, obtaining government export
permits, plans for its Wicheeda Property, the advancement and
development of the Wicheeda Property, the technical, financial and
business prospects of the Company, its project and other matters.
All statements in this news release, other than statements of
historical facts, that address events or developments that the
Company expects to occur, are forward-looking statements. Although
the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
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 rare earth elements, the ability to achieve
its 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. Such
forward-looking information reflects the Company's views with
respect to future events and is subject to risks, uncertainties and
assumptions, including those filed under the Company's profile on
SEDAR at www.sedar.com. 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. 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, adverse weather conditions, failure to maintain or
obtain all necessary government permits, approvals and
authorizations, failure to maintain community acceptance (including
First Nations), decrease in the price of rare earth elements, the
impact of Covid-19 or other viruses and diseases on the Company's
ability to operate increase in costs, litigation, and failure of
counterparties to perform their contractual obligations. The
Company does not undertake to update forward–looking statements or
forward–looking information, except as required by law.
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/defense-metals-prepares-high-grade-rare-earth-element-concentrate-samples-for-shipment-to-multiple-potential-offtake-partners-301253428.html
SOURCE Defense Metals Corp.