23:01:06 EDT Wed 14 Apr 2021
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Defense Metals Corp
Symbol DEFN
Shares Issued 58,808,889
Close 2021-02-10 C$ 0.445
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Defense Metals hires Welsbach to boost Wicheeda

2021-02-11 07:33 ET - News Release

Mr. Craig Taylor reports


Defense Metals Corp. has engaged Welsbach Holdings Pte. Ltd. to assist in building awareness for its Wicheeda rare earth element (REE) property, providing physical product market research, introductions to supply chain partners and assistance in commercial negotiations.

The road-accessible Wicheeda REE property is located close to infrastructure approximately 80 kilometres northeast of Prince George, B.C. The Wicheeda project has indicated mineral resources of 4,890,000 tonnes averaging 3.02 per cent LREO (light rare earth elements) and inferred mineral resources of 12.1 million tonnes averaging 2.90 per cent LREO (1). Flotation pilot plant processing of a 26-tonne bulk sample of Wicheeda REE material yielded a mineral concentrate averaging 7.4 per cent NdPr oxide (neodymium-praseodymium) critical magnet metals (2).

Craig Taylor, chief executive officer of Defense Metals, stated: "The engagement of Welsbach will enable Defense Metals to leverage their extensive experience and relationships in the Asia-Pacific region (Australia, Singapore, China, Japan and South Korea), continental Europe and the United States towards engaging in one-on-one discussions with REE refiners and separators. The goal is the successful negotiation of one or more binding commercial REE offtake and/or other supply chain agreements with respect to the Wicheeda REE deposit. Welsbach will immediately commence its work aiding with respect to strategic partner identification, business introductions and ultimately commercial negotiations."

Brendan Jephcott, Welsbach's Asia advisory partner, said: "We are pleased to engage with Defense Metals Corp. regarding the Wicheeda project. The current global situation requires supply chains to strengthen their resilience and increase their capacity, in order to respond to growing demand. Part of our mission at Welsbach is to support the efforts of junior mining companies and assist them in their commercial processes. Welsbach is a specialist in the energy transition metals supply chain and we are keen to bring [the] Defense Metals Corp. project to our network of mid- and downstream partners."

(1) Technical report on the Wicheeda property, British Columbia, effective June 27, 2020, and prepared by APEX Geoscience Ltd. (Steven J. Nicholls, BASc, MAIG, and Kristopher J. Raffle, BSc, PGeo) is available under Defense Metals' profile on SEDAR.

(2) See Defense Metals news release dated Sept. 23, 2020.

About the Wicheeda REE property

The 1,708-hectare Wicheeda REE property, located approximately 80 km northeast of the city of Prince George, B.C., 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, PGeo (B.C.), principal and consultant of APEX Geoscience Ltd. of Edmonton, Alta., 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 include a review of the analytical and test data underlying the information and opinions contained therein.

About Defense Metals Corp.

Defense Metals 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 per cent of the 1,708-hectare Wicheeda rare earth element property located near Prince George, B.C., Canada.

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