Defense Metals Corp. (TSX-V:DEFN / OTCQB:DFMTF/ 35D: FSE) is pleased to provide an update for its ongoing diamond drilling at its Wicheeda REE deposit.
Defense Metals Corp. (TSX:DEFN.V)
VANCOUVER, BC , CANADA, August 9, 2022 /EINPresswire.com/ — Mining/Metals/ Green Energy Stock news on Investorideas.com Newswire – Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF/ 35D: FSE) is pleased to provide an update for its ongoing diamond drilling at its Wicheeda Rare Earth Element (REE) deposit. The 2022 resource infill and exploration diamond drill campaign is now complete and pit slope geotechnical drilling underway.
A total of 12 diamond drill holes totalling over 3,500 metres have been drilled to date within the northern and central areas of the Wicheeda REE Deposit preliminary economic assessment (PEA) mine plan ultimate pit area, with initial assays results from the earliest drill holes expected during September or October 2022.
All materials, instrumentation, and technical personnel have now been mobilized to site to commence geotechnical drilling for the purpose of open pit slope design optimization. A total of 5 geotechnical drill holes targeting the north, west, south, and east high walls of the Wicheeda PEA mine plan ultimate pit are planned (Figure 1). Data collection will include oriented drill core, field point load and laboratory-based intact rock and discontinuity strength testing, vibrating wire piezometer, and standpipe piezometer installation for hydrogeological investigations.
Kristopher Raffle, P.Geo., Director and QP of Defense Metals commented: “Defense Metals is very pleased with the progress of the 2022 infill and exploration drilling to date, and we look forward to gathering important pit slope geotechnical data to support future Wicheeda REE Deposit advanced economic studies.”
Management Site Visit
Concurrent with the commencement of geotechnical investigations Defense Metals’ management has arranged for a Wicheeda field visit during the week of August 15, 2022, to accompany strategic interested parties and capital market analysts.
About the Wicheeda REE Property
The 100% owned 4,244-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR . A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. 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.
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. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.
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 market, 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 Rare Earth Element Property 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”.
For further information, please contact:
Todd Hanas, Bluesky Corporate Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
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
Read in full at https://www.investorideas.com/news/2022/mining/08092DEFN-Diamond-Drilling-Update.asp
Paid News -Disclaimer/Disclosure: Disclosure : this news release featuring Defense Metals Corp. is a paid for service on Investorideas.com ($750) More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp
Sign up for free stock news alerts at Investorideas.com
Dawn Van Zant
+ +1 800 665 0411
email us here