Defense Metals Corp. Update - Sept 22

Defense Metals Corp. Update - Sept 22

Postby dan_s » Thu Sep 22, 2022 2:44 pm

Defense Metals Corp. is hosting our webinar on Friday and the Company's President, Luisa Moreno will be speaking.

Points passed on to me by an EPG member in Canada.
I have no idea if any of this is true or not, but it will be interesting to hear the Defense Metals president’s talk tomorrow.
 Defense Metals is in advanced talks with a potential strategic partner with a market-cap of $7 billion.
 The Company’s next 13-hole drilling program should significantly increase their potential recoverable reserves.
 The Hydromet Pilot Plant scheduled to start up in Oct/Nov.
 Craig Taylor is going to be the keynote speaker at the 18th annual Rare Earths convention October 18 in Las Vegas.
 Flotation optimization showing variability final report from the SGS should be out shortly.
 Defense Metals is starting pre-feasibility report and will announce lead engineering firm soon.
 There are only 11 Rare Earths mines in the world, 7 of which are in China.
 Defense Metals believes they could be the 12th Rare Earths mine and ramp up to 10% of global production.
Dan Steffens
Energy Prospectus Group
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Re: Defense Metals Corp. Update - Sept 22

Postby dan_s » Thu Sep 22, 2022 6:29 pm

Today's press release:

Defense Metals Corp. ("Defense Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce results for the first two drill holes totalling 720 metres from the Company's 2022 diamond drill program that is still underway. To date, a total of 15 drill holes totalling 4,800 metres have been completed of a planned 18 holes totalling 5,000 metres (96% complete) designed to upgrade existing resource categories. Drill holes WI22-64 and WI22-62, the first and third holes drilled, were collared from the two sites within the northern area of the Wicheeda Rare Earth Element (REE) deposit.

Infill drill hole WI22-64 (-65o dip / 204o azimuth) drilled southwest to depth within central area of the deposit yield a broad mineralized intercept of high-grade dolomite carbonate higher in the hole, and mixed mineralized xenolithic dolomite carbonate and syenite at depth averaging 1.78% total rare earth oxide (TREO) over 192 metres; including 3.13% TREO over 73 metres1 (Figure 1). The assays reported for WI22-64, one of the deepest holes drilled to date on the Wicheeda Project are partial from surface to a downhole depth of 284 metres. Assay results for the remaining 101 metres to end of hole at 384.5 metres are expected in the coming days.

Drill hole WI21-64 (-50o dip / 204o azimuth) collared 120 metres to the north of WI21-64, intersected a 109 metre drilled interval of mineralized dolomite carbonatite above a mixed xenolithic dolomite carbonatite and syenite at depth returning 1.39% TREO over 167 metres; including 2.29% TREO over 48 metres1 (Figure 2).

Kristopher Raffle, P.Geo. and Director and QP of Defense Metals stated: "We are pleased to have started receiving assays for our ongoing 2022 Wicheeda REE Deposit infill drilling campaign. These initial results compare very favourably to our PEA mineral resource cut-off of 0.5% TREO and continue to demonstrate continuity of mineralization over significant widths. We expect additional results in the coming days, weeks, and months ahead. With the 2022 drill campaign now 96% complete, we look forward to finishing a small number of remaining pit slope geotechnical and hydrogeological holes designed to inform any Preliminary Feasibility Studies."

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 preliminary economic assessment technical report (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.

3 Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.'s Issuer Profile on SEDAR (www.sedar.com).

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (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.

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. (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".
Dan Steffens
Energy Prospectus Group
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Posts: 30149
Joined: Fri Apr 23, 2010 8:22 am


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