Defense Metals Starts Wicheeda Rare Earth Element Drill Program
TSX VENTURE: DEFN
VANCOUVER, Aug. 12, 2019 /CNW/ - Defense Metals Corp. ("Defense Metals") (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE) announces the start of the 2019 diamond drill program at its 1,780 hectare (4,398 acre) Wicheeda Rare Earth Element (REE) Project located near Prince George, Canada.
Defense Metals expects to complete this 2,000 metre core drilling program in about six weeks. The purpose of the 2019 Wicheeda drill program is to further delineate, and potentially expand the Wicheeda REE carbonatite deposit leading to completion of an updated mineral resource estimate.
The current 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 Company'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.
The Wicheeda REE Deposit, as defined by previous drill campaigns, comprises an approximately 250 x 200 metre irregular shaped intrusive plug of relatively higher-grade REE-mineralized dolomite carbonatite extending from surface to vertical depths ranging from 30 to 100 metres, below which mixed dolomite carbonate and syenite breccia rocks occur to a currently drilled maximum vertical depth of 184 metres.
- The 2019 drilling program is designed to: test the northern, southern and western extent of the Wicheeda deposit where it is still open; further delineate the relatively higher-grade near surface dolomite carbonatite unit; and address select internal drilling gaps within the deposit.
- The diamond drill rig is currently setup within the southwest quadrant of the deposit where west and southwest oriented inclined drill holes should define the western limits of REE mineralization previously intersected within 2008 drill hole WI08-04 that returned 98.16 metres averaging 1.56% Ce (cerium), 0.72% La (lanthanum), and 0.26% Nd (neodymium) (2.54% LREE) from surface*.
- Drilling will then proceed eastward approximately 75m higher in elevation where a series of inclined drill holes should define near surface higher-grade dolomite carbonatite rocks and the southern margin of the deposit; where 2009 drill hole WI09-07 returned 105 metres averaging 1.50% Ce, 0.63% La, and 0.30% Nd (2.43% LREE) from surface*.
- Drilling at the northern end of the Wicheeda Deposit is designed to define the northern limit of the carbonatite where recently completed geologic mapping has confirmed the presence of carbonatite outcrops 30 metres beyond the northern limit of the current Mineral Resource Estimate block model. Nearby drill holes WI09-10 and WI09-13 completed in this area terminated within REE-mineralized dolomite carbonatite and carbonatite breccia rocks that returned 145.69 metres having grades averaging 1.08% Ce, 0.56% La, and 0.23% Nd (1.87% LREE), and 145.69 metres averaging 1.01% Ce, 0.51% La, and 0.24% Nd (1.8% LREE), respectively both from surface*.
*The relationship between drill intercept and true width of mineralization is not known
The scientific and technical information contained in this news release as it relates to the Wicheeda Rare Earth Element 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 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 1,780 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" within the meaning of applicable securities law, including without limitation, Defense Metal's plans for its properties/projects, upcoming drill program, potentially expanding the deposit, 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 the Company 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 the Company 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 the Company'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 the Company, 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 the Company 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 the Company 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 the Company'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 the Company'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 the Company'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 the Company'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 the Company 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.