Canadian #Mining #Stocks in
the News: Defense Metals (TSXV: $DEFN.V) (OTCQB: $DFMTF) Applauds Planned
Advancement of North American #REE Supply Chain; @DefenseMetals
Vancouver, British Columbia – November 18, 2020: Investorideas.com Newswire - Defense
Metals Corp. (“Defense Metals”)
(TSX-V:DEFN / OTCQB:DFMTF is pleased to
announce that on Friday November 13, 2020, Fortress Value Acquisition Corp. (“FVAC”) held a special meeting to
consider the previously announced business combination with MP Materials (“MP Materials”). MP Materials is the
owner and operator of Mountain Pass, the only rare earth element mining and
processing site of scale in North America[1].
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2020/mining/11181DEFN-North-American-REE.asp
The
FVAC-MP Materials special meeting represents a significant milestone in the
establishment of a North American critical magnet metals supply chain. If
approved, the combined company created by the FVAC-MP Materials merger would
have an estimated post-transaction equity value of approximately $1.5 billion[2].
Completion of the FVAC-MP Materials merger would signal a sea-change in ongoing
joint Canadian-U.S.A. government efforts towards the establishment of a North
American critical metals supply chain.
Defense
Metals anticipates the merger would have a positive impact on the advancement
of Canadian critical metals deposits, which includes Defense Metals Wicheeda
Rare Earth Element (REE) Property (Table 1).
The Wicheeda REE Project has
indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light
Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes
averaging 2.90% LREO[3].
Flotation pilot-plant processing of a 26-tonne bulk sample of Wicheeda REE
material yielded a mineral concentrate averaging 7.4% NdPr oxide (neodymium-praseodymium)
critical magnet metals[4].
Craig Taylor, CEO of Defense Metals, stated:
“The potential completion of the Fortress-MP Materials merger signals the
beginning of what Defense Metals believes will be the inevitable establishment
of a North American critical metals supply chain. This merger has the potential
to unlock significant value in other North American REE deposits like Wicheeda;
further buoyed by recent announcements by the state of California, Province of
Quebec, China and UK targeting year 2035 to ban or significantly reduce sales
of internal-combustion engine vehicles. The critical magnet metals, principally
NdPr, that occur at high concentration within the Wicheeda REE Deposit will
position Defense Metals to capitalize on the significant growth potential of
the rapidly emerging green energy-electric vehicle sector.”
Table 1. Comparison of
Mountain Pass Mine and Wicheeda REE Deposit[5]
|
PROJECT |
COUNTRY |
DEVELOPMENT STAGE |
RESOURCES / RESERVES CATEGORY |
DEPOSIT COMPARISON |
MINERAL CONCENTRATE COMPARISON |
||||
|
Million Tonnes |
NdPr-Oxide Deposit |
NdPr-Oxide Concentrate |
Feed Grade* |
Concentrate Grade (% LREO) |
Upgrade Ratio |
||||
|
Wicheeda |
Canada |
Resource and 26 Tonne Bulk Sample |
Indicated + Inferred |
17.0 |
0.43 |
7.4 |
4.81 |
52% |
10.8 |
|
Mountain Pass |
USA |
Production |
Proven + Probable |
19.2 |
1.12 |
9.5 |
7.06 |
60% |
8.5 |
*Feed grade for Wicheeda
derived from 26 tonne bulk sample head grade. Feed grade for Mountain Pass
represents combined proven+probable reserve grade
About the Wicheeda
REE Property
The 1,708 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 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.
Qualified Person
The
scientific and technical information contained in this news release as it
relates to the Wicheeda REE Property 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 Corp. 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. Defense Metals has an option to acquire 100% of the 1,708 hectare
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
Email: todd@blueskycorp.ca
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, the positive impact that the Mountain Pass merger and
listing will have on the rare earth elements industry, the growth potential of the green energy-electric
vehicle sector, other statements relating to the technical, financial and
business prospects of Defense Metals and its properties, 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
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; (x) 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, the
impact of Covid-19 or other viruses and diseases on the Company’s ability to
operate, failure to
maintain community acceptance (including First Nations), decrease in the price
of rare earth elements, 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.
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[1] www.businesswire.com
Fortress Value Acquisition Corp. and MP Materials Announce Effectiveness of
Registration Statement for Proposed Business Combination, October 27, 2020
[2] www.businesswire.com
MP Materials, a Leading Producer of Rare Earth Materials, to Be Listed on NYSE
Through Merger with Fortress Value Acquisition Corp., July 15, 2020
[3] Technical Report on the Wicheeda Property, British
Columbia, effective June 27, 2020 and prepared by APEX Geoscience Ltd. (Steven
J. Nicholls, B.A. Sc., MAIG and Kristopher J. Raffle, B.Sc., P.Geo.) is
available under Defense Metals Corp.’s profile on SEDAR (www.sedar.com)
[4] See Defense Metals News Release date September 23,
2020
[5]Source: www.sec.gov U.S. SEC Form S-4 for Fortress
Value Acquisition Corp., September 30, 2020. Mountain Pass data are for commercial
operations and Defense Metals’ current results are from large-scale pilot plant
testing. There is no guarantee similar results can be achieved in a commercial
production scenario. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. There is no guarantee that any part of the
mineral resources discussed herein will be converted into a mineral reserve in
the future.
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