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Defense Metals Corp
Symbol DEFN
Shares Issued 255,779,571
Close 2023-10-27 C$ 0.205
Market Cap C$ 52,434,812
Recent Sedar Documents

Defense Metals files Wicheeda NI 43-101 report

2023-10-30 13:56 ET - News Release

Mr. Todd Hanas reports

DEFENSE METALS FILES NI 43-101 MINERAL RESOURCE ESTIMATE TECHNICAL REPORT FOR THE WICHEEDA RARE EARTH ELEMENT PROJECT

Defense Metals Corp. has filed the detailed technical report of its updated mineral resource estimate for its 100-per-cent-owned Wicheeda rare earth element (REE) deposit located in British Columbia, Canada. The Technical Report is dated October 27, 2023, effective August 28, 2023, is entitled "Technical Report on the Wicheeda Property, British Columbia, Canada", and was prepared by APEX Geoscience Ltd.

The results of the updated 2023 MRE were previously disclosed in summary form in the Company's news release dated September 12, 2023. The Technical Report was prepared in accordance with the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and is available for review under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.defensemetals.com. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions, and exclusions.

Highlights of the 2023 Wicheeda REE Deposit Mineral Resource Estimate

  • The 2023 MRE comprises a:
    • 6.4 million tonne Measured Mineral Resource, averaging 2.86% Total Rare Earth Oxide (TREO1);
    • a 27.8 million tonne Indicated Mineral Resource, averaging 1.84 % TREO;
    • and an 11.1 million tonne Inferred Mineral Resource, averaging 1.02% TREO,
    • all reported at a cut-off grade of 0.5% TREO within a conceptual open pit shell (Figure 1);
  • Total Measured and Indicated (M+I) Mineral Resources of 34.2 million tonnes, averaging 2.02% TREO, is a significant upgrade representing a conversion of 101% of the 2021 MRE comprising some indicated and mostly inferred resources (see Defense Metals' news release of November 24, 2021) to M+I on a contained metal basis;
  • Measured and Indicated resources are inclusive of 17.8 million tonnes of dolomite carbonatite, averaging 2.92% TREO;
  • The 2023 MRE represents a 17% increase in TREO on a contained metal basis, or 31% tonnage increase, in comparison to the prior 2021 MRE.
  • The 2023 MRE is based on an updated geological model that incorporates an additional 10,350 metres of drillhole data, from 45 holes drilled by Defense Metals during 2021 and 2022.

Defense Metals to Attend New Orleans Investment Conference

Defense Metals also announces that it will be attending in the New Orleans Investment Conference in New Orleans, U.S., from November 1-4, 2023.

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. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of Defense Metals and a "Qualified Person" as defined in NI 43-101.

About the Wicheeda REE Property

Defense Metals 100% owned, 6,759-hectare (~16,702-acre) Wicheeda Project is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda REE Project is readily accessible by all-weather gravel roads and is near infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned Wicheeda Rare Earth Element Deposit located near Prince George, British Columbia, Canada. Defense Metals Corp. trades on the TSX Venture Exchange under the symbol "DEFN", in the United States, trading symbol "DFMTF" on the OTCQB and in Germany on the Frankfurt Exchange under "35D".

Defense Metals is a proud member of Discovery Group. For more information please visit: http://www.discoverygroup.ca/

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