Auxico Resources, a Canadian mining company, recently signed a Memorandum of Understanding (MOU) to acquire an 85% equity interest in the past-producing El Benton niobium and tantalum mine located in Bolivia. This strategic acquisition provides Auxico with a rich source of critical minerals essential for emerging technologies.
Under the MOU, Auxico will make initial payments totaling $140,000 to the current owner of El Benton. Auxico will then hold majority 85% control of the mine as part of a joint venture arrangement.
The El Benton mine and adjacent Monte Verde concessions cover over 700 hectares in a proven mineral-rich region of Bolivia. Historic samples show valuable concentrations of niobium, tantalum, lithium, and rare earth elements.
By securing rights to El Benton, Auxico aims to restart production of niobium and tantalum concentrates. The company also plans to define the lithium potential and recover other critical minerals using advanced ultrasound extraction methods.
Gaining access to El Benton’s strategic mineral deposits boosts Auxico’s role as a major supplier of scarce metals needed for electric vehicle batteries, renewable energy infrastructure, electronics, and defense applications.
Owning the majority interest allows Auxico to implement efficient, sustainable extraction techniques at El Benton. This includes removing radioactive elements from concentrates using the Company’s proprietary ultrasound technology.
In summary, the deal gives Auxico substantial equity control of a mine rich in critical and rare earth minerals. Restarting efficient production can provide crucial supply to high-tech industries while generating profits.
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.
Licensing agreement. LithiumBank Resources executed an intellectual property license agreement with G2L Greenview Resources, a subsidiary of Go2Lithium Inc., encompassing direct lithium extraction (DLE) technologies based on ion-exchange that will be used to extract lithium salts from enriched brines present at LithiumBank’s projects in Alberta and Saskatchewan. LithiumBank expects to release an updated preliminary economic assessment for the Boardwalk project late in the fourth quarter of 2023 that will reflect test work using the technology and the impact of Canadian incentive tax credits for lithium brine processing.
Licensing and financial terms. The license is exclusive to LithiumBank in Alberta and Saskatchewan and may be sub-licensed by LithiumBank to an acquirer of any of its properties in Alberta or Saskatchewan subject to certain conditions. LithiumBank will issue up to 14 million common shares in staggered fashion to G2L upon satisfaction of certain milestones.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
An enormous lithium deposit estimated to hold up to 40 million metric tons has recently been discovered in the United States underneath an ancient supervolcano straddling the Nevada-Oregon border. This lithium trove, the largest known supply in the world, could provide major opportunities for lithium companies and boost renewable energy efforts as demand for lithium batteries is projected to skyrocket.
Lithium, an extremely light metallic element, is an essential component of rechargeable lithium-ion batteries used in electric vehicles, grid storage, smartphones, laptops and other key technologies. With electric vehicle adoption accelerating globally and increasing need for batteries to store solar and wind energy, lithium is becoming integral to a clean energy future.
For lithium companies, this huge deposit represents a potentially massive new source of supply to power growth. Lithium exploration and mining companies will likely ramp up operations in the region to benefit from burgeoning demand. Those able to cost-effectively extract lithium from the volcanic crater could be poised to reap sizable revenues.
Access to substantial lithium resources located within the US rather than relying heavily on imports could also help enhance energy security as the country moves away from fossil fuels. Domestic supply could additionally stabilize lithium prices and support US-based jobs.
The lithium deposit was uncovered within Oregon’s McDermitt Caldera, the remnants of an ancient supervolcano that exploded around 16 million years ago. With lithium demand expected to expand fivefold or more by 2030, this huge supply could be a game-changer, diversifying and elevating global lithium sources to meet increasing battery requirements.
For lithium companies and renewable energy companies alike, this deposit represents a monumental opportunity. Responsible extraction will be key to unlocking the full potential of this transformative mineral discovery.
Take moment to look at companies Lithium Bank and Century Lithium who are focused on exploration, development, and production of lithium.
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.
Pioneering innovation. Century Lithium has developed a proprietary system for lithium extraction that reflects innovations developed at its lithium extraction facility or pilot plant. Century Lithium received a provisional patent protecting the company’s system and methods for extracting lithium solids, including clay.
Extracting lithium from solids. The company’s patent pending system is based on the extraction of lithium from solids using products of a chlor-alkali process, including hydrochloric acid and sodium hydroxide. Exclusive of the direct lithium extraction (DLE) process where lithium is recovered, protected intellectual property includes the method of treating lithium-bearing solids with chloride solution and the handing of solutions, precipitates, and residues. DLE using Li-Pro is a component process proprietary to Koch Technology Solutions.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Metalla Royalty & Streaming Ltd. (TSXV: MTA) (NYSE American: MTA) and Nova Royalty Corp. (TSXV: NOVR) (OTCQB: NOVRF) have announced a definitive agreement to combine in an all-stock deal valued at approximately $190 million. The merger will create a larger royalty and streaming company focused on precious and base metals.
Under the agreement, Nova shareholders will receive 0.36 shares of Metalla for each Nova share they own. This represents a premium of 25% based on recent share prices.
The combined company will hold a portfolio of over 100 royalties and streams on mine projects operated by major miners like Barrick, Newmont, and Glencore. The deal is intended to boost scale, diversify assets, and enhance access to capital.
Nova recently conducted a strategic review process with the goal of maximizing shareholder value. After considering options, the Nova Board determined the merger with Metalla offered the best opportunity.
Both companies’ Boards have unanimously approved the transaction. It still requires shareholder and regulatory approvals before expected completion in late 2023. The merged entity will trade on the NYSE American exchange.
An investment firm called Beedie Capital is investing $15 million and expanding Metalla’s convertible loan facility by $35 million in conjunction with the deal. This will provide capital to fund further acquisitions and growth.
Brett Heath, CEO of Metalla, said the combination creates a clear path to becoming an intermediate royalty company. Nova interim CEO Hashim Ahmed noted the merger provides improved scale, cash flow, and trading liquidity.
The companies believe the increased diversification into copper along with gold and silver will give shareholders exposure to critical metals needed for the energy transition. According to management, the merged portfolio will have peer-leading growth potential.
September 7, 2023 – Vancouver, Canada – Century Lithium Corp. (TSXV:LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or the Company) is pleased to report it has obtained a provisional patent with the U.S. Patent and Trademark Office, U.S. Department of Commerce. The provisional patent is titled System and Method for Extracting Lithium from Clay and Other Materials in a Chloride Solution Using Individualized Pretreatments. The patent pending process encompasses the Company’s flowsheet, as developed at its Lithium Extraction Facility (“Pilot Plant”) in Amargosa Valley, Nevada, USA and protects the Company’s intellectual property (IP) pertaining to the handling of solutions derived from the treatment of solid materials including clays from the Company’s Clayton Valley Lithium Project (Project) in Nevada.
“Through the excellent work of Century Lithium’s team, we have developed a system for lithium extraction which is proprietary to the Company” said Bill Willoughby, President, and CEO of Century Lithium. “Our system incorporates innovations made during our team’s work at the Pilot Plant. The provisional patent provides protection of our system and its IP as we move forward with our Feasibility Study.”
The Company’s patent pending system is based on the extraction of lithium from solids using both products of a chlor-alkali process; hydrochloric acid and sodium hydroxide. Under the provisional patent, the Company’s protected IP includes the method of treating lithium-bearing solids with chloride solution and the handling of solutions, precipitates, and residues, exclusive of a lithium recovery stage (Direct Lithium Extraction) a component process proprietary to Koch Technology Solutions.
Key steps of the provisional patent include:
Conditioning solids prior to leaching; this step uses recycled process solution and sodium hydroxide, a by-product of the process, which acts as a dispersant and chemical reactant with clay-sized particles
Leaching slurried pulp in a hydrochloric acid solution; this step includes capture of carbon dioxide which is used for the precipitation of calcium and magnesium later in the process
Method of treating the post-leach slurry to remove iron and aluminum in a manner that allows pressure filtration of the solids and minimizes the use of flocculants and counter-current decantation
Treatment of post-DLE spent solution to provide feed stock of sodium chloride solution to a chlor-alkali plant and recycle solution to the conditioning step
Qualified Person
Todd Fayram, MMSA-QP is the qualified persons as defined by National Instrument 43-101 and have approved the technical information in this release.
About Century Lithium Corp.
Century Lithium Corp. (formerly Cypress Development Corp.) is an advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in west-central Nevada, USA. Century Lithium is currently in the pilot stage of testing on material from its lithium-bearing claystone deposit at its Lithium Extraction Facility in Amargosa Valley, Nevada and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
ON BEHALF OF CENTURY LITHIUM CORP. WILLIAM WILLOUGHBY, PhD., PE President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be “forward-looking statements”. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” “scheduled,” and other similar words. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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 or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration, and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company atwww.sedar.com for further information.
ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.
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.
Strategic investment. Alliance invested $25 million in Ascend Elements, Inc., a U.S.-based manufacturer of sustainable, engineered battery materials for electric vehicles. The investment was part of a $460 million Series D funding round which, combined with $480 million in grants awarded by the Department of Energy and $82 million of earlier investments, will advance construction of a commercial-scale facility in Kentucky using a patented process known as hydro-to-cathode direct precursor synthesis to manufacture NMC cathode precursor material (pCAM) and cathode active material (CAM) recovered from used lithium-ion batteries and battery gigafactory manufacturing scrap for use in electric vehicle batteries.
Project is supported by a multi-year supply agreement. The manufacturing facility will produce enough cathode material for 750,000 electric vehicles per year. Ascend Elements recently executed a multi-year contract to supply approximately $1 billion worth of sustainable pCAM for use in a major U.S. company’s battery manufacturing process beginning in the fourth quarter of 2024. The customer has the option to expand the contract to a larger quantity with a value of up to $5 billion.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Enbridge Inc.’s agreement to acquire three natural gas utilities from Dominion Energy for $14 billion presents opportunities for smaller companies in the sector.
The Canadian pipeline giant will dramatically expand its regulated gas distribution business in the U.S. through the purchase of Questar Gas, East Ohio Gas and Public Service Company of North Carolina.
But the deal also creates an opening for nimble smaller utilities to grow amidst consolidation. Regulators may require certain assets to be divested as conditions for merger approval.
Smaller players could potentially gain customers, infrastructure and new geographies by acquiring these divested assets. Companies in the energy sector may be well positioned.
The agreement comes as Dominion reviews its business mix. Other major utilities are also rationalizing assets, setting the stage for smaller competitors.
Small operators boast strong community ties and localized expertise. They have advantages in customer service and responsiveness.
While lacking scale, these firms can thrive by focusing resources on targeted markets and infrastructure modernization. Many also offer renewable natural gas and other next-gen offerings.
TULSA, Okla.–(BUSINESS WIRE)– Alliance Resource Partners, L.P. (NASDAQ: ARLP) (“ARLP” or the “Partnership”) announced today that it has invested $25 million in Ascend Elements, Inc. (“Ascend Elements”), a U.S.-based manufacturer and recycler of sustainable, engineered battery materials for electric vehicles, as part of its $460 million Series D funding round. This capital, combined with $480 million in total grants awarded by the Department of Energy, will advance construction of North America’s first commercial-scale manufacturing facility, located near Hopkinsville, Kentucky, producing cathode materials for electric vehicle batteries.
“We are excited about our strategic investment in Ascend Elements, which has become a proven leader in the rapidly growing battery and critical material sector supporting electrification of transportation,” said Joseph W. Craft III, ARLP’s Chairman, President, and Chief Executive Officer. “We see a significant need for recycling solutions outside of China and U.S.-based production of cathode materials to address the growing demand for critical battery materials. Ascend Elements’ experienced management team, proprietary technology, and recent commercial success with high-quality OEMs give us the confidence they are well positioned to meet these growing needs while delivering attractive risk-adjusted returns.”
In close proximity to ARLP’s western Kentucky operations, when complete, the 1-million-square-foot manufacturing facility will produce enough cathode materials for 750,000 electric vehicles per year. Underpinning the financing and initial capacity of its operation, Ascend Elements signed a $1 billion contract earlier this year to supply cathode materials in the fourth quarter of 2024 with options to expand the multi-year contract to a larger volume valued up to $5 billion.
Mr. Craft closed, “Beyond this initial investment, we look forward to exploring more strategic opportunities with Ascend Elements to expand our investment in the battery recycling industry and leverage our unique operational expertise, geographic footprint, and strategic relationships in Kentucky and the surrounding battery-belt states to further unlock value and growth for both companies.”
About Alliance Resource Partners, L.P.
ARLP is a diversified energy company that is currently the largest coal producer in the eastern United States, supplying reliable, affordable energy domestically and internationally to major utilities, metallurgical and industrial users. ARLP also generates operating and royalty income from mineral interests it owns in strategic coal and oil & gas producing regions in the United States. In addition, ARLP is evolving and positioning itself as a reliable energy partner for the future by pursuing opportunities that support the advancement of energy and related infrastructure.
News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission (“SEC”), are available at www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7673 or via e-mail at investorrelations@arlp.com.
About Ascend Elements, Inc
Based in Westborough, Mass., Ascend Elements is the leading provider of sustainable, closed-loop battery materials solutions. From EV battery recycling to commercial-scale production of lithium-ion battery precursor (“pCAM”) and cathode active materials (“CAM”), Ascend Elements is revolutionizing the production of sustainable lithium-ion battery materials. Its proprietary Hydro-to-Cathode® direct precursor synthesis technology produces new pCAM from spent lithium-ion cells more efficiently than traditional methods, resulting in reduced cost, improved performance, and lowered GHG emissions. With fewer batteries going to landfill and a cleaner manufacturing process, Ascend Elements is taking the lithium-ion battery industry to a higher level of sustainability.
Cary P. Marshall Senior Vice President and Chief Financial Officer 918-295-7673 investorrelations@arlp.com
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.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Western Midstream Partners, LP (NYSE: WES) is set to expand its footprint in the Powder River Basin through the acquisition of Meritage Midstream Services II, LLC (Meritage). This all-cash transaction comes with a price tag of $885 million and is expected to close in the fourth quarter of 2023, subject to regulatory approvals.
Meritage, headquartered in Denver, Colorado, operates a substantial natural gas gathering and processing business in Wyoming’s Powder River Basin. The acquisition will significantly increase WES’s natural gas processing capacity, taking it to 440 MMcf/d. Additionally, it will diversify WES’s customer base with long-term contracts and acreage dedications from reputable counterparties.
The Powder River Basin has attracted considerable investment due to its multi-stacked pay horizon potential, making it an appealing prospect for energy companies. As part of this acquisition, WES aims to enhance its position in the basin and pursue additional acreage dedications and business development opportunities.
Upon completing the transaction, WES anticipates recommending a Base Distribution increase of $0.0125 per unit, providing a potential boost for its investors.
This strategic move represents a significant step for WES in expanding its presence in a region with promising energy prospects.
The Timken Company (NYSE: TKR), a global leader in engineered bearings and industrial motion products, has announced its acquisition of Des-Case Corp., a Nashville-based manufacturer specializing in filtration products for industrial lubricants. Founded in 1983, Des-Case serves various industrial sectors, and it is expected to generate approximately $40 million in revenue in 2023.
Des-Case is recognized for its innovative filtration solutions that complement Timken’s automatic lubrication systems. This acquisition opens up opportunities for synergy, such as cross-selling and international expansion. Des-Case’s product range includes breathers, filter elements, condition monitoring, lubrication storage, and filter systems, all of which play a crucial role in improving equipment reliability, reducing downtime, and extending the lifespan of customer systems.
Des-Case employs around 120 individuals and operates manufacturing facilities in both Tennessee and the Netherlands. The acquisition was funded through a combination of cash reserves and Timken’s existing revolving credit facility.
Timken, with over a century of experience and innovation, designs and manufactures engineered bearings and industrial motion products. In 2022, the company achieved $4.5 billion in sales and has a global workforce of more than 19,000 employees across 46 countries. Timken has received recognition as one of America’s Most Responsible Companies, World’s Most Ethical Companies, America’s Most Innovative Companies, and America’s Best Large Employers by various prestigious organizations.
VANCOUVER, BC, Sept. 5, 2023 /CNW/ – Defense Metals Corp. (“Defense Metals” or the “Company“) (TSXV: DEFN) (OTCQB: DFMTF) (FSE:35D) is pleased to announce that a recently completed ground radiometric geophysical survey over the Wicheeda Rare Earth Element (REE) deposit, located near Prince George, Canada, has identified new anomalies that may represent previously unknown REE mineralized carbonatite located largely within the current mineral resource pit shells, as set forth in the 2021 preliminary economic assessment (PEA1).
Highlights:
Based on extensive core drilling and surface geologic mapping completed to advance Defense Metals’ ongoing preliminary feasibility study (PFS), the survey results closely map and further define the surface extent of outcropping REE mineralization.
Two previously unknown linear radiometric anomalies were identified, each approximately 40 metres in width and extending approximately 250 metres northwest from the main body of the Wicheeda REE deposit (Figure 1).
Ground truthing showed that the anomalies are overlain entirely by surficial cover which occurs at lower elevations, along the western portion of the Wicheeda deposit.
Kristopher Raffle, P.Geo., Director of Defense Metals and a Qualified Person stated:
“We’re excited to have identified two new exploration targets so close to the Wicheeda deposit. The radiometric surveys were initially designed to assist our geologic mapping teams and it came as a surprise when we identified new anomalies under cover having a similar geophysical expression to known drilled and outcropping rare earth mineralization. After reviewing the geophysical data in the context of our updated Wicheeda 3D geological model we recognized the potential for undiscovered near-surface, east-dipping carbonatite bodies. We look forward to drill testing these anomalies.”
Several resource definition drill holes undercut the southern half of the eastern anomaly at >150 metre vertical depth below surface and preclude a subvertical or steeply east dipping source. Drill hole WI21-39 intersected relatively higher-grade carbonatite at depth returning 2.91% total rare earth oxide (TREO) over 45 metres from a depth of 69 metres2 downhole that is believed to represent the downdip projection of the eastern radiometric anomaly.
The majority of the eastern and the entirety of the western radiometric anomaly remain untested by core drilling. Defense Metals plans to test the western geophysical anomaly during fall 2023 as part of an expanded program of pit geotechnical drilling comprising a planned 915 metres in 4 holes (see Figure 1), with additional drilling subject to initial results.
____________________________
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.sedarplus.ca).
____________________________
2 See Defense Metals News Release dated March 8, 2022
Details of the Radiometric Surveys
The recently completed Wicheeda ground radiometric survey comprised a total of 20 line-km along 50 metre spaced, and locally 25 metre infill, east-west oriented survey lines completed over an area of approximately 800 x 900 metres. A NUVIA Dynamics PGIS-2 Gamma-ray spectrometer, equipped with a 0.347 Litre NaI detector and 512-channel resolution ADC was used and data was automatically synchronized with GPS, ensuring both time and location accuracy. The spectrometer’s self-stabilizing capabilities on natural radioactive elements such as K, U, and Th eliminated the need for frequent recalibration, assuring reliable and accurate gamma-ray measurements. Given that gamma rays are highly attenuated by overburden (approximately 90% attenuation at 20-30cm overburden depth) ground radiometric surveys are only likely to detect outcropping or very near surface sources.
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 hydropower transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the deep-water port facilities at Prince Rupert, the closest major North American port to Asia.
The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report outlined an after-tax net present value (NPV@8%) of $517 million and an 18% IRR3. This PEA contemplated an open pit mining operation with a 1.75:1 (waste: mill feed) strip ratio providing a 1.8 Mtpa (“million tonnes per year”) mill throughput producing an average of 25,423 tonnes REO annually over a 16-year mine life. 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.
____________________________
3 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.sedarplus.ca).
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/
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, completion of additional geotechnical work including pit geotechnical core holes and the expected timelines, the potential of the anomalies to represent previously unknown bodies of REE mineralized carbonatite, the expected completion of the PFS, the technical, financial and business prospects of the Company, its 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, accuracy of assay results, performance of available laboratory and other related services, future operating costs, interpretation of geological, engineering and metallurgical data, 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, engineering and metallurgical results, risks related to the inherent uncertainty of exploration, metallurgy and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. 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 personnel, 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, metallurgical 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 and other viruses and diseases on the business of the Company, 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 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.
