VANCOUVER, Nov. 14, 2019 /CNW/ - Defense Metals Corp.
("Defense Metals") (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE)
announces assay results for an additional three holes from the
recently completed 2019 resource definition diamond drill program
at its 1,708 hectare (4,220 acre) Wicheeda Rare Earth Element (REE)
Project located near Prince George,
Canada.
Drill hole WI19-22, a vertical hole and part of a fan of
seven holes totalling 966 metres designed to increase confidence in
the geometry of REE mineralized dolomite-carbonatite rocks at a
higher elevation with the deposit, assayed 2.71% Total Rare
Earth Oxide (TREO; being cerium, lanthanum, neodymium,
praseodymium, and samarium oxides
(Ce2O3+La2O3+Nd2O3+
Pr2O3+Sm2O3) over a
drill core interval of 106 metres1 (Table 1).
Drill hole WI19-23 collared from the same drill pad
returned an average grade of 3.12% TREO over a drill core
interval of 105 metres1, expanding the eastern drill
defined edge of the Wicheeda REE Deposit a distance of 30 meters
beyond the limit of the 2019 Mineral Resource
Estimate2. Significantly, much of the WI19-23
mineralized intercept (a 39 metre core interval) also occurs inside
the 2019 Lerchs-Grossman (LG) pit shell within rocks previously
defined as waste.
Drill hole WI19-24, collared from the same pad and
drilled to the southeast returned an average grade of 2.43
TREO over a drill core interval of 80.1 metres1,
modestly expanding the eastern drill defined edge of the Wicheeda
REE Deposit a distance of 8 metres and providing an additional
pierce point of the carbonatite envelope as planned.
Table 1: Wicheeda REE Deposit 2019 Diamond
Drill Intercepts
Hole
ID
|
Released
|
From
(m)
|
To
(m)
|
Interval
(m)
|
TREO
(%)
|
Ce2O3
(%)
|
La2O3
(%)
|
Nd2O3
(%)
|
Pr2O3
(%)
|
Sm2O3
(%)
|
WI19-20
|
October
31,
2019
News
Release
|
4.6
|
68.8
|
64.2
|
4.32
|
2.10
|
1.54
|
0.46
|
0.18
|
0.04
|
WI19-21
|
3.9
|
114
|
110.1
|
3.26
|
1.57
|
1.16
|
0.36
|
0.14
|
0.04
|
WI19-22
|
Current
News
Release
|
7
|
113
|
106
|
2.71
|
1.31
|
0.98
|
0.28
|
0.11
|
0.03
|
WI19-23
|
4
|
109
|
105
|
3.12
|
1.49
|
1.14
|
0.34
|
0.13
|
0.03
|
WI19-24
|
2.9
|
83
|
80.1
|
2.43
|
1.18
|
0.83
|
0.29
|
0.10
|
0.03
|
Craig Taylor, CEO and President
of Defense Metals Corp., commented, "We are extremely
pleased with the results from these three additional drill holes,
in particular WI19-23 which intersected REE mineralized carbonatite
rocks outside the 2019 mineral resource envelope. The fact
that much of the REE mineralization intersected in hole WI19-23
also occurs within the 2019 LG pit shell within rocks previously
defend as waste is anticipated to have a positive impact on our
future updated Mineral Resource Estimate. We look forward to
releasing additional drill holes as assay results are received,
some of which also intersected visible REE mineralized carbonatite
rocks outside the 2019 resource model and LG pit shell. Defense
Metals is very much encouraged by the potential of these, and the
remaining, drill holes have to add significant value to the
Wicheeda REE Project."
The 2019 Wicheeda REE Deposit resource definition drill program
comprised 13 diamond drill holes totalling 2,005 metres that were
completed from three separate drill pads, designed to test the
northern, southern and western extent of the Wicheeda deposit where
it remains open, and to further delineate the relatively
higher-grade, near surface dolomite carbonatite unit.
Drill hole WI19-22 (-90o dip) is a vertical hole
collared at a higher elevation and part of a cluster of seven holes
totalling 966 metres designed to increase confidence in the
geometry of REE mineralized dolomite-carbonatite rocks at higher
elevations within the deposit. Hole WI19-22 intersected REE
mineralized carbonatite from a depth of 7.00 metres to a downhole
depth of 113.00 metres with medium- to coarse-grained visible REE
minerals (monazite and synchysite/parisite) forming millimetre to
centimetre-scale aggregates interstitial to coarse-grained
dolomite.
Drill hole WI19-23 (-45o dip / 100o
azimuth), collared from the same site as WI19-22 and drilled east,
was successful in expanding the drill defined edge of the Wicheeda
Deposit a distance of 30 meters beyond the limit of the 2019
Mineral Resource Estimate. Similar to the first hole, WI19-21
intersected REE mineralized carbonatite containing visible REE
mineralization from a depth of 4.0 metres to a downhole depth of
109 metres, with medium to coarse grained visible REE minerals
(monazite and synchysite/parisite) observed throughout the
interval.
Drill hole WI19-24 (-45o dip / 140o
azimuth), collared from the same site as WI19-22 and drilled
southeast, was successful in expanding the drill defined edge of
the Wicheeda REE Deposit a distance of 8 meters beyond the limit of
the 2019 Mineral Resource Estimate. WI19-21 intersected REE
mineralized carbonatite containing visible REE mineralization from
the start of sampling at 2.9 metres to a downhole depth of 83
metres.
Defense Metals looks forward to receipt of assay results for the
remaining 8 drill holes within the coming weeks and will provide
additional updates as they are received.
1
The true width of REE mineralization is estimated to be
70-100% of the drilled interval
|
|
2 The
Wicheeda REE Deposit Mineral Resource comprises an Inferred
Mineral Resource of 11,370,000 tonnes averaging 1.96%
LREE (Light Rare Earth Elements) reported at a cut-off grade
of 1.0% LREE (sum of cerium, lanthanum, neodymium and samarium
percentages). The resource is classified according to the CIM
"Estimation of Mineral Resources and Mineral Reserves Best Practice
Guidelines" dated November 23rd, 2003 and CIM "Definition
Standards for Mineral Resources and Mineral Reserves"
dated May 10th, 2014. Details with respect to the Mineral
Resource Estimate are summarized in the Defense's NI 43-101
technical report titled "Wicheeda Rare Earth Element Project,
British Columbia, Canada" effective date of June 20, 2019 available
on SEDAR at www.sedar.com
|
Methodology and QA/QC
The analytical work reported on herein was performed by ALS
Canada Ltd. (ALS) at Kamloops
(sample preparation) and Vancouver
(ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO
9001:2015 accredited geoanalytical laboratory and is independent of
the Defense Metals and the QP. Drill core samples were subject to
crushing at a minimum of 70% passing 2 mm, followed by pulverizing
of a 250 gram split to 85% passing 75 microns. A 0.1 gram sample
pulp was then subject to multi-element ICP-MS analysis via
lithium-borate fusion to determine individual REE content
(ME-MS81h). Defense Metals follows industry standard
procedures for the work carried out on the Wicheeda Project, with a
quality assurance/quality control (QA/QC) program. Blank, duplicate
and standard samples were inserted into the sample sequence sent to
the laboratory for analysis. Defense Metals detected no significant
QA/QC issues during review of the data. Defense Metals is not aware
of any drilling, sampling, recovery or other factors that could
materially affect the accuracy or reliability of the data referred
to herein.
Qualified Person
The scientific and technical information contained in this news
release as it relates to the Wicheeda Rare Earth Element Project
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 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, light weight, rare earth magnets. Defense Metals'
primary focus is to exercise its option to acquire 100% of the
1,708 hectare Wicheeda Rare Earth Element Project. Defense
Metals Corp. trades in Canada
under "DEFN" on the TSX Venture Exchange, the United States, under "DFMTF" on the OTCQB
and the German, Frankfurt Exchange under the symbol of "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, assays, drill results,
expectations for an expanded resource, other statements relating to
the technical, financial and business prospects of Defense Metals,
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", "should", "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, 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.
SOURCE Defense Metals Corp.