VANCOUVER, BC, April 12,
2023 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF)
(FSE: 35D) is pleased to announce that the Phase I of its
hydrometallurgical pilot plant at SGS Lakefield has been
successfully completed.
John Goode,
Consulting Metallurgist to Defense Metals and who attended the
pilot plant, commented:
"This first fully integrated pilot
plant demonstration of the proposed Wicheeda hydrometallurgical
process delivered exactly what was required of it. We have
confirmed the general workability of the process, optimized certain
design parameters, and identified areas that will be improved ahead
of the Phase II pilot plant. The SGS Lakefield team did an
excellent job of construction and operation of the circuit, and
their efforts are much appreciated."
The main objective of Phase I of the pilot plant
was to test the flowsheet for operability and identify any changes
that might be required before a longer test campaign. During the
five days of continuous operation, the parameters for the various
unit operations were varied slightly to allow optimization of the
circuit ahead of the Phase II pilot plant run scheduled for
late-April 2023.
Assays are still being received and evaluation of
the results has not yet been finalized. However, to date it can be
reported that the extraction of Pr (praseodymium) and Nd
(neodymium) from the acid bake calcine was in excess of 90%, the
impurity removal circuits were very efficient, and reagent
regeneration and water recirculation were effective. Minor changes
will be made to the circuit ahead of Phase II and an alternative
product precipitant will be used.
Methodology
The fully integrated Pilot Plant included
sulphuric acid baking, water leaching, three stages of impurity
removal, rare earth precipitation, magnesia regeneration and
recycling, and process water recycle. The plant ran continuously
and without interruption for 24 h/day over a total run time of 110
hours. Operations were handled by a total of ten SGS technicians
and metallurgists on each of two shifts managed by senior day-shift
staff.
Qualified Person
The scientific and technical information
contained in this news release, as it relates to the metallurgical
aspects of the Wicheeda Rare-Earth Project, has been reviewed and
approved by John Goode, P. Eng., who
is a Qualified Person as defined by National Instrument 43-101 and
who has provided the technical information relating to metallurgy
in this news release.
About the Wicheeda REE
Property
Defense Metals 100% owned, 4,262-hectare
(~10,532-acre) Wicheeda Light REE property is located approximately
80 km northeast of the city of Prince
George, British Columbia; population 77,000. The Wicheeda
REE Project is readily accessible by all-weather gravel roads and
is near infrastructure, including hydro power transmission lines
and gas pipelines. The nearby Canadian National Railway and major
highways allow easy access to the port facilities at Prince Rupert, the closest major North
American port to Asia.
The 2021 Wicheeda REE Project Preliminary
Economic Assessment technical report ("PEA") outlined a robust
after-tax net present value (NPV@8%) of $517
million and an 18% IRR1. This PEA contemplated an
open pit mining operation with a 1.75:1 (waste:mill feed) strip
ratio providing a 1.8 Mtpa ("million tonnes per year") mill
throughput producing an average of 25,423 tonnes REO annually over
a 16 year mine life. A Phase 1 initial pit strip ratio of 0.63:1
(waste:mill feed) would yield rapid access to higher grade surface
mineralization in year 1 and payback of $440
million initial capital within 5 years.
About Defense Metals
Corp.
Defense Metals Corp. is a mineral exploration and
development company focused on the acquisition, exploration and
development of mineral deposits containing metals and
elements commonly used in the electric power markets, defense
industry, national security sector and in the production of green
energy technologies, such as, rare earths magnets used in wind
turbines and in permanent magnet motors for electric vehicles.
Defense Metals owns 100% of the Wicheeda Light Rare Earth Element
Deposit 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".
Defense Metals is a proud member of Discovery
Group. For more information please visit:
http://www.discoverygroup.ca/
For further information, please
contact:
Todd Hanas, Bluesky Corporate
Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca
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 advancing the Wicheeda REE Project, the expected
benefits and outcomes of the hydrometallurgical pilot plant, the
expected completion of the hydrometallurgical pilot plant and the
expected timelines, 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 anticipated costs and expenditures, 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 the risks and uncertainties relating to the
interpretation of exploration and metallurgical results, risks
related to the inherent uncertainty of exploration and development
and cost estimates, the potential for unexpected costs and expenses
and those other risks 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 and climate conditions, failure to
maintain or obtain all necessary government permits, approvals and
authorizations, failure to maintain community acceptance (including
First Nations), risks relating to unanticipated operational
difficulties (including failure of equipment or processes to
operate in accordance with specifications or expectations, cost
escalation, unavailability of personnel, materials and equipment,
government action or delays in the receipt of government approvals,
industrial disturbances or other job action, and unanticipated
events related to health, safety and environmental matters), risks
relating to inaccurate geological, metallurgical and engineering
assumptions, 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, an inability to predict and counteract the
effects of COVID-19 on the business of the Company, including but
not limited to, the effects of COVID-19 on the price of
commodities, capital market conditions, restriction on labour and
international travel and supply chains, loss of key employees,
consultants, or directors, increase in costs, delayed results,
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.
____________________________
|
1
Independent Preliminary Economic Assessment for the Wicheeda Rare
Earth Element Project, British Columbia, Canada, dated January 6,
2022, with an effective date of November 7, 2021, and prepared by
SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.'s
Issuer Profile on SEDAR (www.sedar.com).
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/defense-metals-completes-successful-phase-i-pilot-plant-work-301795483.html
SOURCE Defense Metals Corp.