Defense Metals Receives 51 Drill Site / Five Year Exploration Permits, for Wicheeda Rare Earth Property
TSX VENTURE: DEFN
VANCOUVER, May 6, 2019 /CNW/ - Defense Metals Corp. ("Defense Metals") (TSX-V:DEFN / OTCQB: DFMTF / FSE: 35D) is pleased to announce that it has received a Mineral Exploration Permit from the British Columbia Ministry of Energy, Mines and Petroleum Resources that allows for the establishment of up to 51 separate drill site locations at the Wicheeda Rare Earth Element ("REE") Property. Each individual drill pad site may be used for multiple diamond drill holes if warranted.
The Mineral Exploration Permit for the Wicheeda Property is valid until February 25, 2024 and during this period of about 5 years, Defense Metals plans to complete additional drilling, starting in the summer of 2019. The primary goal of this drill program will be to:
- Further delineate the Wicheeda carbonatite intrusion that hosts important REE mineralization of the Wicheeda Deposit. This carbonatite body is currently open to the southeast, north, and west; where it is interpreted to be potentially down-dropped by faulting.
- Provide further REE-mineralized samples from depth for additional metallurgical testing to establish continuity of the process flow-sheet currently being determined by SGS
- Canada Inc. from the 30 tonne surface bulk sample collected in late 2018 (see Defense Metals news releases of March 13, February 25, January 23 and January 8, 2019); and
- Explore the many identified soil geochemical REE and airborne radiometric anomalies that have not yet been drill tested, which may represent either extensions to, or additional targets separate from, the known Wicheeda Deposit.
Details of this program will be provided prior to the commencement of drilling.
Craig Taylor, CEO of Defense Metals, stated; "With the very encouraging initial results from our bulk sample testing, we look forward to drilling additional core holes to further delineate the Wicheeda REE Deposit, in addition to evaluating existing high-priority REE exploration targets within the Property."
About the Wicheeda Property
The Wicheeda 1,780 Hectare Property, is 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.
The Wicheeda Property is underlain by Kechika Group metasedimentary rocks that are intruded by the southeast-trending Wicheeda carbonatite; a deformed plug or sill approximately 250 metres in diameter that hosts significant REE mineralization. This intrusion comprises a ferroan dolomite carbonatite core, which passes gradationally outward into calcite carbonatite. The REE mineralization is hosted by the dolomite carbonatite.
The scientific and technical information contained in this news release as it relates to the Wicheeda Property has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About the Company
Defense Metals Corporation 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. The Company (i) Working on and has an option to acquire 100% of the 1,780 Hectare Wicheeda Rare Earth Element Project located in Prince George, British Columbia, Canada (ii) Owns a 100% interest in prospective uranium claims in the N.E. section of the prolific Athabasca Basin, Saskatchewan and (iii) Has an option to acquire 100% of the Lac Burge gold property located northeast of Val d'Or, Quebec. Defense Metals Corp. trades in Canada under "DEFN" on the TSX Venture Exchange, The United States, under "DFMTF" on the OTCQB and 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" within the meaning of applicable securities law, including without limitation, DEFN's plans for its properties/projects, exploration and drilling on the Wicheeda Property, bulk sample testing and results, metallurgical testing, other statements relating to the technical, financial and business prospects of DEFN, 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", "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 DEFN 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 DEFN will operate in the future, including the price of metals, 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 DEFN's 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 DEFN, 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 gold, copper, uranium, 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 DEFN 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 DEFN 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 DEFN's 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 DEFN's 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 DEFN's 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 DEFN's 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 DEFN 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.