VANCOUVER, BC, Oct. 3, 2023
/CNW/ - Defense Metals Corp. ("Defense Metals" or the
"Company"; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased
to announce it has commenced Phase 2 of its planned infrastructure
and open pit geotechnical drilling. Sonic overburden
characterization (site infrastructure geotechnical) and diamond
core drilling (open pit geotechnical and near resource exploration)
is expected to be complete within 4 to 6 weeks, with results to
follow. The work, with the support of the Defense Metals' technical
team and APEX Geoscience Ltd., is being completed by SRK Consulting
(Canada) Inc. ("SRK") one
of the principal consultants for the preliminary feasibility study
("PFS") regarding the Company's Wicheeda Rare Earth Element
(REE) Project located near Prince George,
Canada.
Craig Taylor, CEO of Defense
Metals, commented:
"We are pleased to commence Phase 2 geotechnical
investigations. This work will provide critical inputs for the
ongoing PFS study, and in the case of exploration targets have the
potential to expand resources. The Company's technical teams and
principal Engineering contractors continue to push forward keeping
us on track for a planned PFS completion by the end of Q2
2024."
As previously reported (see Defense Metals news release dated
August 16, 2023) the SRK
geotechnical investigation includes the following scopes:
- Geotechnical engineering (waste rock, tailings,
contact water pond, and site infrastructure geotechnical
investigation),
- Tailings alternative assessment prior to advancing
into PFS-level design of a preferred alternative, and
- Geochemical characterization (to support mine
planning/waste management and to develop preliminary water
chemistry predictions for the main mine facilities).
Currently two rigs, sonic and core drills, are operating at the
Project, with sonic operations focused on overburden and bedrock
characterization within the potential waste rock storage (WSF)
footprint (see Image 1), and geotechnical core drilling
underway with the east highwall of the proposed open pit (see
Image 2).
With WSF drilling nearing completion, sonic operations are
expected to transition to the proposed contact water pond (CWP),
and crusher and conveyor footprints, followed by tailing storage
facility (TSF) and TSF alternative geotechnical investigations.
In pit geotechnical core drilling will progress from current
drilling on the east highwall, followed by south, north, and west
pit walls. Drilling into the south pit wall is expected to collar
in REE mineralized dolomite carbonatite. In addition, geotechnical
core drilling of the west pit wall is co-purposed with testing of a
high priority ground radiometric geophysical anomaly with the
potential to represent undiscovered carbonatite body (see
Defense Metals' news release dated September
5, 2023).
Qualified Person
The scientific and technical information contained in this news
release as it relates to the Wicheeda REE Project has been reviewed
and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and
Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of
Defense Metals and a "Qualified Person" as defined in NI
43-101.
About the Wicheeda REE
Property
Defense Metals 100% owned, 6,759-hectare (~16,702-acre) Wicheeda
Project 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.
About Defense Metals
Corp.
Defense Metals Corp. is a mineral exploration and development
company focused on the development of its 100% owned
Wicheeda Rare Earth Element Deposit located near Prince George, British Columbia, Canada.
Defense Metals Corp. trades on the TSX Venture Exchange under the
symbol "DEFN", in the United
States, trading symbol "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 visit www.defensemetals.com
or 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 completion of the PFS and
the expected timeline, the completion and expected timelines for
sonic and geotechnical drilling and the expected results and
outcomes (including the potential for undiscovered carbonatite),
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, accuracy of assay
results, performance of available laboratory and other related
services, future operating costs, interpretation of geological and
metallurgical data, 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, metallurgy 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.sedarplus.ca.
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 and other viruses and diseases on the business
of the Company, 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.
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SOURCE Defense Metals Corp.