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.
Appointment of corporate financial adviser. Defense Metals appointed HCF International Advisers Ltd., a London-based corporate financial advisory firm, to conduct a strategic funding review for the company’s Wicheeda Rare Earth Elements Project. The review will help Defense Metals analyze and evaluate potential funding and strategic partnership options associated with the development of the Wicheeda Project post completion of its preliminary feasibility study (PFS). HCF’s experience in financing globally recognized mining projects include its role as financial adviser to Arafura Rare Earths Limited (ASX: ARU) in the financing of the Nolan Project in Australia.
Upcoming preliminary feasibility study. Defense Metals expects to complete a PFS in the second calendar quarter of 2024 for which metallurgical test work has been completed. Bench-scale and hydrometallurgical pilot plant test work indicates the planned acid bake process will deliver approximately 90% total rare earth oxide (TREO) extraction from the mineral concentrate to a mixed rare earth carbonate product.
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*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.
VANCOUVER, BC, March 19, 2024 /PRNewswire/ – Defense Metals Corp. (“Defense Metals” or the “Company“; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce the appointment of HCF International Advisers Limited (“HCF“), a leading global independent corporate finance advisory boutique based in London, UK, to conduct a strategic funding review for the Company’s wholly-owned Wicheeda Rare Earth Element (REE) Project located in British Columbia, Canada.
HCF specializes in providing comprehensive financial advisory services with a primary focus on the metals and mining sector. The strategic funding review will, among other things, assist Defense Metals in thoroughly analyzing potential funding options and strategic partnerships for the development and advancement of the Wicheeda REE Project beyond the completion of its Preliminary Feasibility Study (PFS) expected in Q2 2024.
Craig Taylor, CEO of Defense Metals, commented:
“We are thrilled to collaborate with HCF International Advisers for a strategic funding review of our Wicheeda REE Project. Following our PFS, as we navigate the dynamic landscape of the metals and mining sector, having HCF’s expertise on board will be instrumental in evaluating and pursuing optimal funding and strategic partnership opportunities, especially in Europe.”
About HCF International Advisers
HCF International Advisers is a leading independent corporate finance advisory boutique based in London, UK, specializing in providing strategic financial advice to companies in the metals and mining sector. With a commitment to excellence, HCF has a proven track record of assisting clients in navigating complex financial landscapes.
HCF is led by Guy de Sellier de Moranville, President and Co-founder, and Sean Gorman, CEO and Managing Director. HCF’s expertise in the financing of internationally recognized mining projects and, in particular, critical minerals, is evidenced by its involvement as financial adviser to projects in Canada, Africa and in particular to Arafura Rare Earths Limited on the financing of the Nolans NdPr Project (Northern Territory, Australia).
Guy de Selliers de Moranville – President and Co-founder of HCF
Guy is a seasoned finance professional with a distinguished career. He served as a Senior Advisor to the Atlantic Council’s Future Europe Initiative and played key roles in advising the European Commission and co-chairing a joint European/Russian task force for strategic energy projects. Mr de Selliers has held executive positions at Robert Fleming and Co Ltd, was a member of the senior executive team which created the European Bank for Reconstruction and Development (EBRD), and served as Senior Vice President at Lehman Brothers.
He has been a member of the board of directors of many influential organizations such as Solvay Group, Ageas Group, AG Insurance Belgium, Ivanhoe Mining, Pamplona, I Pulse, The Cranemere Group Ltd, Renewable Energy Foundation, and Drive Forward. Mr de Selliers, with a Master’s degree in engineering and a Master’s degree in economics from Louvain University in Belgium, is widely respected for his diverse expertise across various sectors, making him a valuable asset in the international business community.
Sean Gorman – CEO & Managing Director of HCF
Sean has over 30 years of experience in the natural resources sector. As a Chartered Engineer, he led the design and construction of oil refineries and onshore gas plants around the world prior to moving into banking, where he worked in project finance and debt restructuring for the power sector. Subsequent to that he was Head of Business Development for a renewable energy company involved in equity investment prior to a successful sale of the company. As CEO of HCF Sean has worked on the financing for a wide range of projects across multiple jurisdictions and commodities though in recent years has had a strong focus on critical minerals and is leading the financing of the Arafura NdPr Project in Australia.
About Defense Metals Corp. and its Wicheeda Rare Earth Element Project
Defense Metals Corp. is focused on the development of its 100% owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.
The Wicheeda REE Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by a paved highway and all-weather gravel roads and is close to 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.
Defense Metals is a proud member of Discovery Group. For more information please visit: 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 the engagement of HCF, potential funding options and strategic partnerships, completion of a preliminary feasibility study on the Wicheeda REE Project, advancing the Wicheeda REE Project, the expectations and plans for the Wicheeda REE Project, 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, 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 and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ (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 or obtain 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, engineering and pricing assumptions, decrease in the price of rare earth elements, the impact of viruses and diseases on the Company’s ability to operate, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers 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.
VANCOUVER, BC, March 4, 2024 /PRNewswire/ – Defense Metals Corp. (“Defense Metals” or the “Company“; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce that samples of mixed rare earth carbonate (“MREC“) have been shipped to two major Rare Earth Element (“REE“) companies. Samples generated by SGS Canada Inc. in Lakefield, Ontario during 2023 hydrometallurgical piloting test work performed on concentrate produced by earlier flotation pilot plant testing of a 26-tonne bulk sample taken from the Company’s wholly-owned Wicheeda deposit have now been sent to almost every REE separator in the world.
MREC samples shipped to the recipients are independently verifying the high-quality of the REE product from the Wicheeda deposit, and further establishing Defense Metals’ Wicheeda REE Project as a critically important, future North American source of rare earths.
Craig Taylor, CEO of Defense Metals, commented:
“Defense Metals continues to advance the Wicheeda Project, establishing it as one of the few western world REE projects that has the key characteristics required for a viable REE project including: (1) location and superior logistics, (2) minerology, metallurgy, and grade, (3) the ability to produce a REE product as established by pilot plant operations , (4) significant potential mine life, and (5) social licence and support of the McLeod Lake Indian Band. Defense Metals believes strongly that Wicheeda will play a key role in establishing North American REE supply chains; first and foremost, with respect to mining and hydrometallurgical processing, and ultimately with respect to the onshoring of downstream REE separation, refining and metallizing capabilities. Defense Metals is positioned as one of the very few North American REE companies having true ability to achieve this vision.”
Defense Metals to Attend the Prospectors & Developers Association of Canada Convention
Defense Metals will be attending the Prospectors & Developers Association of Canada (PDAC) Convention in Toronto, Canada from March 3 to March 6, 2024, and invites interested parties to visit the Company at Booth #2500 and at Discovery Group’s Booth #2630.
Qualified Person
This news release has been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), a Principal of APEX Geoscience Ltd., of Edmonton, Alberta, a technical consultant to the Company, and a “Qualified Person” as defined in NI 43-101.
About Defense Metals Corp. and its Wicheeda Rare Earth Element Project
Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.
The Wicheeda REE Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by a paved highway and all-weather gravel roads and is close to 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.
Defense Metals is a proud member of Discovery Group. For more information please visit: 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 attending PDAC and related meetings, advancing the Wicheeda REE Project, the expectations and plans for the Wicheeda REE Project, 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, 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 and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ (www.sedarplus.com). 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 or obtain 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, engineering and pricing 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, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers 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–loo
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.
Significant milestone ahead. Defense Metals expects to complete a preliminary feasibility study (PFS) in the second calendar quarter of 2024 for which metallurgical test work has been completed. Bench-scale and hydrometallurgical pilot plant test work indicate that the planned acid bake process will deliver approximately 90% total rare earth oxide (TREO) extraction from the mineral concentrate to a mixed rare earth carbonate product. Eleven mixed rare earth precipitate samples from the hydrometallurgical test-work have been sent to potential partners, processors, or end users.
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.
VANCOUVER, BC, Feb. 13, 2024 /PRNewswire/ – Defense Metals Corp. (Defense Metals or the Company) (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to provide an update on the metallurgical work programs, undertaken by SGS Canada Inc. (SGS) and the ongoing Preliminary Feasibility Study (PFS) work by SRK Consulting (Canada) Inc. (SRK) and Hatch Limited (Hatch), for its wholly-owned Wicheeda Rare Earth Element Project located in British Columbia, Canada.
Highlights of Metallurgical Test Work and PFS-related Matters
The metallurgical test work required for the PFS has been completed. Multiple bench-scale flotation and flotation pilot plant test work resulted in the production of a high-grade mineral concentrate containing 50% Total Rare Earth Oxide (TREO) with an 80% recovery rate, which will be included in the PFS for the first 8 years of mine-life.
Bench-scale and hydrometallurgical pilot plant test work shows that the planned acid bake process will deliver approximately 90% TREO extraction from the mineral concentrate to a Mixed Rare Earth Carbonate product.
The PFS plant flowsheets are completed, based on the metallurgical test work, and equipment specifications have been issued to vendors for cost quotations.
The field-based geotechnical, geochemical and environmental test work required for the PFS has been completed and lab-based studies are in progress.
Other PFS tasks, including open pit mine design and tailings storage trade-off studies, are well advanced.
Economic evaluation and cashflow modelling are in progress.
PFS report completion in the second quarter of 2024 is on schedule.
Eleven mixed rare earth precipitate samples from the hydrometallurgical test work have been sent to potential partners, processors or end-users.
Over the past 5 years, Defense Metals drilled 58 core holes totalling 12,073 metres (m; ~39,610 feet) to define the Wicheeda Rare Earth Element (REE) deposit and provide samples for metallurgical test work. This work resulted in measured and indicated (M+I) resources of 34.2 million tonnes, averaging 2.02% TREO1, inclusive of 17.8 million tonnes of high-grade dolomite carbonatite averaging 2.92% TREO, in addition to inferred resources of 11.1 million tonnes, averaging 1.02% TREO. This represents a 260% increase over the Defense Metals initial 2019 mineral resource estimate, and a conversion to M+I of 101% of the prior 2021 mineral resource estimate.
Total expenditures on the Wicheeda REE Project since 2019, including costs for mineral resource estimate definition, all metallurgical test work, earlier studies and the remaining PFS-related costs are in excess of CAD $17.5 million.
Defense Metals has entered into a strategic Co-Design Agreement with the McLeod Lake Indian Band (MLIB), the First Nations community having the traditional territory on which the Wicheeda Project sits.
____________________________________ 1 TREO % is the sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3 percentages.
Craig Taylor, CEO of Defense Metals, stated:
“Continuing positive results from our technical studies suggest that our wholly-owned Wicheeda REE Project has the potential to become the next producer of rare earth elements in North America accounting for a significant amount of the rare earths needed for the western world’s future magnet metal production. We look forward to completing and filing the PFS for the Wicheeda REE Project in Q2-2024 and, subject to financing, moving directly into our feasibility study.”
Metallurgical Test Work
Extensive comminution, beneficiation, hydrometallurgical, and environmental tests have been completed and the resulting data have been applied in the PFS. These tests have studied development and optimization of milling and hydrometallurgical processes and the response of twenty-one variability samples representing different REE grades, lithologies and locations within the deposit.
From 2018 to date, about CAD$5 million has been spent on metallurgical test work and the development of the metallurgical flowsheets for the Wicheeda REE Project.
Thirty-one samples of deposit material, flotation and hydrometallurgical products have been subjected to detailed mineralogical examination.
Twenty-one samples have been subjected to Bond milling index and SMC comminution tests.
210 open circuit flotation tests and seven locked cycle flotation tests, of samples ranging from 1 to 12 kilograms (kg), and a 26-tonne pilot flotation operation have been completed.
Sixty-three static acid bake tests, sixteen short-duration acid bake kiln runs with associated water leach tests were completed. Additionally, SGS completed a total of 15 days of continuous kiln operation (in one 5-day and one 10-day segment) as part of a fully integrated hydrometallurgical pilot plant operation that processed 560 kg of flotation concentrate.
Approximately 40 bench-scale impurity removal tests were done as well as about 40 rare earth precipitation tests and results incorporated in the integrated hydrometallurgical pilot plant operation and the project process design criteria.
Many other small-scale tests examined water recycle options and other aspects of the metallurgical flowsheets.
The liquid-solid separation characteristics of the flotation plant products and those of the hydrometallurgical plant have been determined through appropriate thickening and filtration tests.
____________________________ Technical Report for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated October 27, 2023, with an effective date of August 28, 2023, and prepared by APEX Geoscience Ltd. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR+ (www.sedarplus.com) and on the Company’s website at www.defensemetals.com.
PFS Plant Design
Results from the metallurgical test work have been used to develop flowsheets for the planned comminution, beneficiation and hydrometallurgical plants. These flowsheets have been completed, reviewed and used to generate major equipment specifications for grinding mills, kilns, etc., which have been issued to equipment suppliers for quotes.
The metallurgical process design, engineering and costing is on track to allow completion of the PFS in Q2 of 2024.
Optimization of Open Pit Mining
Geotechnical investigation work for the mine design and pit optimization was performed by SRK and completed in December 2023. This work included sixteen geotechnical drill holes totaling 225.5 m, and twenty excavated overburden geotechnical test pits. Within the Wicheeda REE deposit pit shell, six diamond drill holes totaling 1,182 m were completed, inclusive of 4 open pit geotechnical drill holes totaling 920 m, and in-pit exploration holes totaling 262 m.
Pit design work is underway, incorporating the latest geotechnical information provided from the 2023 geotechnical drilling program.
Community Engagement
Defense Metals entered into a Co-Design Agreement with the McLeod Lake Indian Band (MLIB) (see news release dated January 17, 2024), thus solidifying a joint commitment to the successful advancement of the Wicheeda REE Project. The Co-Design Agreement emphasizes a joint planning approach, empowering MLIB to play an integral part in the design and decision-making process in the technical, social, engineering and environmental aspects of the Wicheeda REE Project. This agreement expands upon the Mineral Exploration Agreement Memorandum of Understanding previously entered into with MLIB.
The McLeod Lake Indian Band purchased an equity stake in Defense Metals, signalling their long-term commitment to the success of the Wicheeda REE Project.
Infrastructure and Tailings Management Studies
Tradeoff studies are being performed on the various options being considered for tailings management and infrastructure locations are being determined.
The Wicheeda REE Project has excellent infrastructure and logistics, which are expected to allow for lower operating and capital costs, including:
The future mine site and beneficiation plant will be located:
along a permitted Forest Service Road approximately 38 km east from the paved John Hart Provincial Highway at the community of Bear Lake.
~37 km from the Canadian National Railway mainline.
~36 km from the main natural gas distribution pipeline..
~34 km from high-voltage powerlines that supply BC with abundant green hydroelectric power.
~ 110 km from an international airport in Prince George
British Columbia has a long history of mining and its industry participants are recognized worldwide as expert in open pit mining and mineral processing.
Prince George is a major industrial center supplying both the mining and wood products industries. Most of the equipment that will be required for the mining operation will be supplied by companies already established in the area.
Multiple options exist for location of the hydrometallurgical plant site close to reagent supply.
Easy access to the year-round port of Prince Rupert, the closest North American port to Asian markets.
Environmental Test Work and Field Studies
Environmental and geochemical test work has been performed on both flotation and hydrometallurgical plant products and mixtures thereof. Data have been used by SRK in the design of facilities.
Surface water sampling and field investigations commenced in 2022 and will continue through 2024. The results of these and future environmental investigations will be used to inform siting, design, and mitigation planning as well as to prepare technical data reports to support Environmental Assessment and permitting processes.
Qualified Persons
The scientific and technical information concerning metallurgy and processing contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by J.R. Goode, P.Eng., a metallurgical consultant to the Company and a “Qualified Person” as defined in NI 43-101. This news release has also been reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), a technical consultant to the Company, a Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, and a “Qualified Person” as defined in NI 43-101.
About Defense Metals Corp. and its Wicheeda Rare Earth Element Project
Defense Metals Corp. is a mineral exploration and development company focused on the development of its 100% owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project that is located on the traditional territory of the McLeod Lake Indian Band in British Columbia, Canada.
The Wicheeda REE Project, approximately 80 kilometres (~50 miles) northeast of the city of Prince George, is readily accessible by a paved highway and all-weather gravel roads and is close to 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.
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: 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 or Statements
This news release contains “forward–looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to completion of the PFS and the expected timelines, the completion of additional work and studies and the expected timelines, advancing the Wicheeda REE Project, completing the PFS and progressing towards a feasibility study, 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, 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 and metallurgical results, risks related to the inherent uncertainty of exploration and development and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ (www.sedarplus.com). 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 or obtain 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, engineering and pricing 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, restriction on labour and international travel and supply chains, loss of key employees, consultants, officers 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.
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.
Co-Design agreement with the McLeod Lake Indian Band (MLIB). Defense Metals entered into a Co-Design agreement with the McLeod Lake Indian Band to collaborate on the design of the Wicheeda Rare Earth Element Project and consider the band’s interests and priorities in future feasibility studies and environmental assessments. Budgets and work plans will be developed cooperatively. The MLIB is a First Nations community and part of the Tse’khene group of Aboriginal people in British Columbia, Canada.
MLIB strategic investment. The McLeod Lake Indian Band will make a strategic investment in Defense Metals through a private placement of 2,557,795 common shares of the company at a price of C$0.26 per share for aggregate proceeds of C$665,026.70. The transaction will be completed following approval by the TSX Venture Exchange, and the common shares issued will be subject to a two-year voluntary hold period from the date of issuance. The net proceeds will be used to advance the Wicheeda Project. As of September 30, 2023, Defense Metals had 255,779,571 shares outstanding. We will adjust our financial model once the transaction closes.
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.
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.
Collaboration with Ucore Rare Metals. Defense Metals recently executed a non-binding Memorandum of Understanding (MOU) with Ucore Rare Metals Inc. (TSXV: UCU, OTCQX: UURAF) to explore collaborative opportunities to advance each companies’ commercial objectives. Within the next few weeks, Defense Metals will ship a mixed rare earth carbonate sample from its Wicheeda rare earth project to Ucore’s Kingston, Ontario RapidSX commercialization and demonstration facility for testing.
Who is Ucore? Ucore seeks to provide separation products and services to the critical metals industry. Through strategic partnerships, Ucore’s plan includes: 1) developing a vertically integrated North American rare earth element (REE) supply chain, 2) establishing long-term feedstock supply relationships, 3) developing a heavy and light rare earth processing facility in Louisiana, 4) developing subsequent strategic metals complexes in the United States and Canada, 5) establishing long-term relationships with metal/alloy and magnet makers, and 6) the longer-term development of Ucore’s heavy REE mineral resource at Bokan Mountain on Prince of Wales Island, Alaska.
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.
Vancouver, BC, Jan. 9, 2024 /CNW/ – Defense Metals Corp. (“Defense Metals” or the “Company“; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce the Q4-2023 execution of a non-binding Memorandum of Understanding (“MOU“) with Ucore Rare Metals Inc. (TSXV: UCU) (“Ucore“) to explore collaborative opportunities as both companies move towards their respective commercialization efforts for a North American rare earth element (“REE“) supply chain. As one of the first projects under this MOU, Defense Metals will ship a mixed rare earth carbonate sample from its Wicheeda REE project to Ucore’s Kingston, Ontario, RapidSX™ Commercialization and Demonstration Facility (“CDF“).
SGS Canada Inc. in Lakefield, Ontario, will ship the sample to Ucore’s CDF on behalf of Defense Metals. This sample was generated during 2023 hydrometallurgical piloting test work performed on concentrate produced by earlier flotation pilot plant testing of a 26-tonne bulk sample from Defense Metals’ wholly-owned Wicheeda REE project in British Columbia.
Craig Taylor, CEO of Defense Metals, commented:
“We expect to ship a mixed rare earth carbonate sample in the next few weeks to Ucore’s demonstration plant for testing. The Wicheeda project is being developed as a viable source of REE from North America and as more processing and separation facilities become operational in the future, the demand for REE feedstock will be increasingly important. This MOU with Ucore is a further step in that direction to be part of the Western world’s REE supply chain.”
Pat Ryan, P.Eng., Chairman and CEO of Ucore, stated:
“The opportunity to align closer with Defense Metals is strategically important. The MOU lays out the framework wherein Defense Metals’ technically strong and readily accessible North American REE resource can be further processed and refined using Ucore’s Canadian-founded technology, RapidSX™. Receiving the sample mixed rare earth carbonate at our Kingston CDF will start the process of determining what may be possible between the companies as we collectively look to fuel the 21st-century energy transition.”
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, and a consultant to the Company, who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About the Wicheeda Rare Earth Element Project
Defense Metals’ 100% owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. Wicheeda 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/
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, the expected shipment of the sample to Ucore and the expected timeline, the potential collaboration with Ucore, 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, 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.
All information in this news release concerning Ucore has been provided for inclusion herein by Ucore. Although the Company has no knowledge that would indicate that any information contained herein concerning Ucore is untrue or incomplete, the Company assumes no responsibility for the accuracy or completeness of any such information.
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.
Preliminary feasibility study (PFS) on track for 2Q’24 completion. Defense Metals has completed its 2023 Phase III geotechnical program and collected all requisite geotechnical field data needed to support the Wicheeda Rare Earth Element (REE) Project PFS which is on track for completion during the second quarter of 2024. The geotechnical work was completed by SRK Consulting (Canada) and supported by APEX Geoscience Limited.
Phase II program yielded successful outcomes. The Phase II program yielded successful outcomes, including intersecting significant widths of visibly REE mineralized dolomite carbonatite. Data gathered from the Phase II drilling program highlighted the significant potential to expand the Wicheeda REE Project mineral resource base.
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.
27 Dec, 2023, 05:00 ETVANCOUVER, BC, Dec. 27, 2023 /PRNewswire/ – Defense Metals Corp. (“Defense Metals” or the “Company“; (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) announces that it has completed all infrastructure geotechnical field data collection in support of the preliminary feasibility study (“PFS“) for its 100% owned Wicheeda Rare Earth Element (“REE“) Project located near Prince George, B.C., Canada.
Craig Taylor, CEO of Defense Metals, commented:
Image 1: Heli-Sonic Overburden Drilling in PFS Tailings Option Study Area (CNW Group/Defense Metals Corp.)
Image 2: Temporary Bridge Installation to Access Tailings Study Area (CNW Group/Defense Metals Corp.)
Image 3: Excavated Overburden Test Pits Underway in Tailings Study Area (CNW Group/Defense Metals Corp.)
“We are very excited to have completed our 2023 Phase 3 geotechnical program. I would like to congratulate the APEX and SRK teams for their safe and professional execution of this work. These multi-phase programs started in early summer and we now have all field geotechnical data in hand necessary for the completion of our PFS study which we expect to be finished in Q2 2024.”
Highlights of the 2023 Wicheeda REE Project infrastructure geotechnical programs include:
16 helicopter and track sonic overburden geotechnical drill holes totalling 225.5 metres (Image 1and Image 2);
6 diamond drill holes totalling 1,182 metres within the Wicheeda REE deposit pit shell; inclusive of 4 open pit geochemical drill holes totalling 920 metres, and in pit exploration holes totalling 262 metres;
Shipment of a 2,700 kg metallurgical sample, collected from drill core, to SGS Lakefield, Ontario for continued flotation and hydrometallurgical optimization test-work;
Initiation of humidity cell testwork on 17 samples, and 250 kg sample selection for on-site kinetic leach (barrel) testing of samples representative of anticipated mine waste rock to assess metal leaching and acid rock drainage potential in support of environmental assessment.
The geotechnical work was completed by SRK Consulting (Canada) Inc. (“SRK“) with the support of APEX Geoscience Ltd. (“APEX“).
Image 1: Heli-Sonic Overburden Drilling in PFS Tailings Option Study Area
Image 2: Temporary Bridge Installation to Access Tailings Study Area
Image 3: Excavated Overburden Test Pits Underway in Tailings Study Area
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 “Qualified Person” as defined in NI 43-101.
About the Wicheeda Rare Earth Element Project
Defense Metals’ 100% owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. Wicheeda 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/
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, the expected completion of the PFS and the expected timeline, the receipt of assays from drilling, continued optimization test-work, 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.
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.
Phase II drilling program. Defense Metals completed Phase II open pit diamond core and sonic infrastructure geotechnical drilling. The program consisted of six diamond drill holes totaling 1,182 meters within the Wicheeda rare earth element (REE) deposit pit shell, inclusive of four open pit geochemical drill holes totaling 920 meters, and two near-mine exploration holes totaling 262 meters. Nine sonic overburden drill holes, and 14 test pits designed to help characterize the soil subsurface and bedrock foundations of future waste rock storage, contact water pond, crusher, processing plant, and tailings storage facility locations were also completed. A final Phase 3 drilling program will entail 10 sonic overburden drill holes and three test pits.
Successful outcomes. South and west pit wall drill holes WI23-81 and WI23-82 intersected significant widths of visibly REE mineralized dolomite carbonatite. Hole WI23-82 drilled into the west pit wall of the Wicheeda Deposit tested a new ground radiometric anomaly. Assay results are pending.
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.
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.
Mineral resource update. Defense Metals recently filed a NI 43-101 compliant mineral resource estimate (MRE) technical report for the Wicheeda Rare Earth Element (REE) Project. The 2023 mineral resource estimate, discussed in our research note dated September 13, represents an 18.2% increase in total rare earth oxide (TREO) and a 31.3% in tonnage compared to the 2021 MRE. Total measured and indicated mineral resources of 34.2 million tonnes, averaging 2.02% TREO is a significant upgrade compared to the previous estimate and can be included in the mine plan for the preliminary feasibility study that is expected to be completed in the first half of 2024.
Laying the ground work for off-take agreements. On Defense Metals’ behalf, SGS Canada shipped samples of mixed rare earth oxide and mixed rare earth carbonate to select processors, refiners, and metals traders in North America (2), Europe (2), and Asia (2). The shipments represent an important step toward future off-take agreements or strategic partnership opportunities. The company estimates a universe of 10 to 12 potential customers and so another set of shipments is expected.
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.
Wednesday, November 29, 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.
Mineral resource update. Defense Metals recently filed a NI 43-101 compliant mineral resource estimate (MRE) technical report for the Wicheeda Rare Earth Element (REE) Project. The 2023 mineral resource estimate, discussed in our research note dated September 13, represents an 18.2% increase in total rare earth oxide (TREO) and a 31.3% in tonnage compared to the 2021 MRE. Total measured and indicated mineral resources of 34.2 million tonnes, averaging 2.02% TREO is a significant upgrade compared to the previous estimate and can be included in the mine plan for the preliminary feasibility study that is expected to be completed in the first half of 2024.
Laying the ground work for off-take agreements. On Defense Metals’ behalf, SGS Canada shipped samples of mixed rare earth oxide and mixed rare earth carbonate to select processors, refiners, and metals traders in North America (2), Europe (2), and Asia (2). The shipments represent an important step toward future off-take agreements or strategic partnership opportunities. The company estimates a universe of 10 to 12 potential customers and so another set of shipments is expected.
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.
VANCOUVER, BC, Oct. 30, 2023 /CNW/ – Defense Metals Corp. (“Defense Metals” or the “Company“) (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce that it has filed the detailed Technical Report (the “Technical Report“) of its updated Mineral Resource Estimate (“2023 MRE“) for its 100% 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.
Figure 1: Cross Section of the Wicheeda RE Deposits 2023 MRE (CNW Group/Defense Metals Corp.)
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.
___________________________ 1 TREO % is the sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3 %.
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.
For additional information on the conference please visit the following link:
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/
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
The Company previously completed a preliminary economic assessment NI 43-101 technical report on January 6, 2022, effective November 21, 2021 (“PEA”), however, given the exploration work completed since and the new mineral resource estimate of August 28, 2023 and included in the Technical Report, the Company does not consider the PEA current and therefore the Wicheeda REE Project is no longer considered an “advanced property” as that term is defined under applicable securities laws.
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, the Technical Report and the 2023 MRE, 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 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 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.
