VANCOUVER, BC, March 30, 2021 /CNW/ - Defense Metals Corp.
("Defense Metals") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is
pleased to announce that it has engaged SRK Consulting
(Canada) Inc. ("SRK") to conduct
an economic scenario analysis with respect to the Wicheeda Rare
Earth Element (REE) Project.
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.
The scenario analysis will facilitate decision making related to
performing a Preliminary Economic Assessment (PEA) with respect to
the Wicheeda REE Project. The scenario analysis will evaluate the
potential of multiple mine development scenarios through the
completion of economic trade-off studies, which subject to results,
will form the basis for the PEA.
SRK's initial scenario analysis work will comprise a detailed
data review; followed by scenario definition; pit optimization;
mine scheduling; mine costing; evaluation of mineral processing,
hydrometallurgy and separation costs; economic modelling, and
ultimately reporting. The PEA work will build on the scenario
analysis, with the addition of further geology and resource review;
process metallurgy Capex/Opex; infrastructure layout; wastewater
management; social, environmental, and permitting aspects;
marketing; economic analysis; and reporting.
SRK has assembled an exceptional project team and is ideally
suited to complete the work due to a wealth of REE experience,
including recent publicly reported REE work.
Craig Taylor, CEO of Defense
Metals, stated: "We are extremely pleased to have
engaged a mine engineering consultant of SRK's calibre to complete
our Wicheeda REE Deposit economic scenario analysis as we continue
to move towards our PEA. Their considerable REE experience will be
invaluable as we continue to unlock the potential of the Wicheeda
REE Project."
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.
__________________
|
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)
|
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.
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SOURCE Defense Metals Corp.