#REE #Stock Defense Metals (TSX-V: $DEFN.V) (OTCQB:
$DFMTF) Retains SRK Consulting to assist with
planning geotechnical drilling investigations at Wicheeda Rare Earth Element
Project during 2022; @defensemetals
Vancouver,
British Columbia – May 25, 2022:
Investorideas.com Newswire, Mining/Metals/ Green Energy Stock News- Defense
Metals Corp. (TSX-V:DEFN / OTCQB:DFMTF/ 35D: FSE) is pleased to announce that it has retained SRK Consulting
(Canada) Inc. (“SRK”) to assist with planning and executing geotechnical
drilling investigations at the Wicheeda Rare Earth Element (REE) Project during
2022.
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2022/mining/05251DEFN-Geotechnical-Drilling.asp
The
objective of SRK’s work will be to assist Defense Metals with planning and
implementing a pre-feasibility level geotechnical field drilling program. The
objective of the field program is to collect data for the subsequent analysis,
and assessment of technical risks with regards to open pit slope design. SRK
will assist in the planning, set-up, training, and support towards design of
the geotechnical program including determining optimal drill hole locations
(co-purposed with further resource drill holes where possible), data collection
methods and downhole surveying.
The
SRK team will be led by Project Manager Andy Thomas, P.Eng., M.Eng., a mining rock
mechanics engineer with over 16 years’ experience; and Project Practice Leader,
Jarek Jakubec, C.Eng., FIMMM, corporate consultant and practice leader of the
SRK mining and geology group in Vancouver with experience in the mining
industry since 1984. Jarek has travelled extensively to complete studies for
over 160 mining projects in 36 countries. He regularly leads teams in technical
or operational audits, feasibility studies, bankable due diligence studies, and
is a sought-after member of geotechnical review boards for operating mines.
The
purpose of the 2022 Wicheeda REE Project’s geotechnical and hydrogeological
drill program is to contribute data to the advance geotechnical
characterization, and the development of comprehensive structural, hydrogeological,
and rock strength models to support future advanced pre-feasibility level mine
planning studies. The geotechnical and hydrological drilling is expected to
include, but not be limited to, acoustic/optical televiewer downhole survey,
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.
Kris Raffle, P.Geo, Director of Defense Metals commented:
“SRK was a natural fit to assist in the continued advancement of the Wicheeda
REE Deposit having worked so closely with the Defense Metals technical team
during the recent PEA study. SRK is well-positioned to build on the successful
PEA mine plan and guide the collection of advanced geotechnical and
hydrogeological data that will contribute to an enhanced understating of
geotechnical risk and refinement of future project development scenarios.”
About the Wicheeda REE Property
The 100% owned 2,008-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[1].
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.
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
SRK
SRK
is an independent, global network of consulting practices in over 45 countries
on six continents. Its experienced engineers and scientists work with clients
in multi-disciplinary teams to deliver integrated, sustainable solutions across
a range of sectors – mining, water, environment, infrastructure and energy.
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
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.
Cautionary
Statement Regarding “Forward-Looking” Information
This
news release contains “forward‐looking information
or statements” within the meaning of applicable securities laws,
which may include, without limitation, statements relating to advancing the
Wicheeda REE Project, completing the geotechnical and hydrogeological drill
program and the expected results and outcomes, the Company’s plans for its
Wicheeda REE Project including other studies and development work, expected
results and outcomes, the technical, financial and business prospects of the
Company, its REE project and other matters. All statements in this news
release, other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking statements.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements
are not guarantees of future performance and actual results may differ
materially from those in the forward-looking 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 rare earth elements, the anticipated costs
and expenditures, the ability to achieve its 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. Such
forward-looking information reflects the Company’s views with respect to future
events and is subject to risks, uncertainties and assumptions, including the risks
and uncertainties relating to the interpretation of exploration results, risks
related to the inherent uncertainty of exploration and cost estimates, the
potential for unexpected costs and expenses and those other risks filed under the Company’s
profile on SEDAR at www.sedar.com.
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. 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,
adverse weather and climate conditions, failure to maintain or obtain all
necessary government permits, approvals and authorizations, failure to maintain
community acceptance (including First Nations), risks relating to
unanticipated operational difficulties (including failure of equipment or
processes to operate in accordance with specifications or expectations, cost
escalation, unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial disturbances or other
job action, and unanticipated events related to health, safety and
environmental matters), risks
relating to inaccurate geological and engineering assumptions, decrease in the
price of rare earth elements, the impact of Covid-19 or other viruses and
diseases on the Company’s ability to operate, an inability to predict and
counteract the effects of COVID-19 on the business of the Company, including
but not limited to, the effects of COVID-19 on the price of commodities,
capital market conditions, restriction on labour and international travel and
supply chains, loss of key employees, consultants, or directors, increase in
costs, delayed drilling results, litigation, and failure of counterparties to
perform their contractual obligations. The Company does not undertake to update
forward‐looking statements or forward‐looking
information, except as required by law.
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[1] 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).
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