Wednesday, September 06, 2023
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”.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Geophysical survey reveals two new exploration targets. Defense Metals completed a ground radiometric geophysical survey over the Wicheeda rare earth element (REE) deposit and identified new anomalies that may represent rare earth element mineralized carbonatite within the current mineral resource pit shells defined in the 2021 preliminary economic assessment (PEA). Two previously unknown anomalies were identified, each approximately 40 meters in width and extending approximately 250 meters northwest from the main body of the Wicheeda REE deposit. The survey further defined the surface extent of outcropping REE mineralization.
New targets offer resource expansion potential. The two anomalies are under cover and have a similar geophysical expression to known drilled and outcropping rare earth mineralization. Recall Hole WI21-39 intersected relatively higher-grade carbonatite at depth returning 2.91% total rare earth oxide (TREO) over 45 meters from a depth of 69 meters downhole that is believed to represent the downdip projection of the eastern anomaly.
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