Friday, March 24, 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, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Prelude to an updated mineral resource estimate. Defense Metals recently updated its 3-D geological model of the Wicheeda Rare Earth Element (REE) deposit. The update incorporated results from drilling completed during 2021 and 2022 that is not reflected in the January 2022 preliminary economic assessment (PEA), and will be used to update the mineral resource estimate and incorporated into a preliminary feasibility study (PFS) expected to be completed during the first quarter of 2024.
A lot of new information. Results for 47 holes representing 10,876 meters of drilling has now been included in the updated geological model. The drilling programs were designed to: 1) increase mineral resource confidence from inferred to indicated and measured categories, 2) define the northern endpoint of the Wicheeda carbonate complex, and 3) to provide detailed geotechnical and hydrogeological drilling data for advanced pit slope and mine design. By way of comparison, current resources outlined in the January 2022 preliminary economic assessment were based on a total of 27 diamond drill holes representing 4,249 meters of drilling.
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