Defense Metals Completes Quarterly Baseline Environmental Monitoring Work At Its Wicheeda Rare Earth Element Carbonatite Deposit

Rhea-AI Summary

Defense Metals Corp. announced successful completion of quarterly stream flow measurements and water quality sampling at its Wicheeda Rare Earth Element property, located 80 km northeast of Prince George, BC. Despite challenging ice conditions, environmental monitoring was completed as part of a two-year baseline program. The Wicheeda project has indicated resources of 4.89 million tonnes averaging 3.02% LREO and inferred resources of 12.1 million tonnes averaging 2.90% LREO. The company plans to continue advancing the project with future economic modeling and a PEA in 2021.

Positive

• Completion of quarterly environmental monitoring and baseline data collection at Wicheeda REE Property.
• Engagement of Northern Spruce Contracting, a 100% aboriginal owned company, for environmental services.
• Indicated resources of 4.89 million tonnes at 3.02% LREO and inferred resources of 12.1 million tonnes at 2.90% LREO.

Negative

• Challenging ice conditions hindered some field operations.
• Potential risks related to weather conditions impacting future monitoring activities.

VANCOUVER, BC, Feb. 22, 2021 /PRNewswire/ - Defense Metals Corp. ("Defense Metals") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce completion of quarterly stream flow measurements, and water quality sample collection; in addition to installation of snow survey markers, weather station data download, and equipment checks at its Wicheeda Rare Earth Element (REE) Property.

The road accessible Wicheeda REE Property is located close to infrastructure approximately 80 kilometres northeast of Prince George, British Columbia (BC). The Wicheeda project has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO¹.

Despite higher than normal winter temperatures creating challenging ice conditions, with most stream sites still experiencing open water, environmental monitoring crews were able to complete the planned stream flow measurements and water chemistry sampling.

Quarterly site visits, scheduled as part of a two year program of baseline environmental data monitoring initiated during summer 2020, are completed by Defense Metals' environmental consultants; EDI (Environmental Dynamics Inc.) and Hydrologica Environmental Consulting Inc. Defense metals is also pleased to announce the engagement of Northern Spruce Contracting Ltd., a 100% aboriginal owned company established in 2010 to provide environmental contracting services throughout northern British Columbia.

Craig Taylor, CEO of Defense Metals, stated: "Continuation of baseline environmental monitoring and ensuring we remain on schedule with completion of quarterly field visits demonstrates our commitment to advancing the Wicheeda REE Project.  Defense Metals continues to be one of the most active companies in the rapidly emerging REE space as we work in parallel on all facets of project development including: baseline environmental, pilot-scale metallurgical studies; in addition to economic modelling and scenario analysis as we work towards completion of a PEA during 2021."

About Northern Spruce

Northern Spruce Contracting Ltd., a 100% aboriginal owned company, was established in 2010 to provide environmental contracting services throughout northern British Columbia. Northern Spruce is owned by Cheryl Chingee and Marcel Gagnon, members of the McLeod Lake Indian Band and the Lheidli T'enneh First Nation, respectively. Northern Spruce's vision is to be a valued resource and service provider for clients working in northern BC. Northern Spruce's mission is to create a long-term sustainable business that provides the field services required by natural resource industry clients to minimize environmental impacts; and give back to our communities by providing employment and training opportunities when possible.

About the Wicheeda REE Property

The 1,708 hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is nearby to infrastructure, including power transmission lines, the CN railway and major highways.

Geologically, the property is situated in the Foreland Belt and within the Rocky Mountain Trench, a major continental geologic feature. The Foreland Belt contains part of a large alkaline igneous province, stretching from the Canadian Cordillera to the southwestern United States, which includes several carbonatite and alkaline intrusive complexes hosting the Aley (niobium), Rock Canyon (REE), and Wicheeda (REE) deposits.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Property has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.  

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of "GREEN" energy technologies, such as, high strength alloys and rare earth magnets. Defense Metals has an option to acquire 100% of the 1,708 hectare 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".

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 completion of the PEA, plans for the Wicheeda Property, the advancement and development of the Wicheeda Property, 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 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 those filed under the Company's profile on SEDAR at www.sedar.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 conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), 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 increase in costs, 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.

1 Technical Report on the Wicheeda Property, British Columbia, effective June 27, 2020 and prepared by APEX Geoscience Ltd. (Steven J. Nicholls, B.A. Sc., MAIG and Kristopher J. Raffle, B.Sc., P.Geo) is available under Defense Metals Corp.'s profile on SEDAR (www.sedar.com)

 

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SOURCE Defense Metals Corp.

FAQ

What recent activities has Defense Metals Corp. announced for DFMTF?

Defense Metals announced the completion of quarterly stream flow measurements and water quality sampling at the Wicheeda REE property.

What are the indicated and inferred resources at Wicheeda for DFMTF?

Wicheeda has indicated resources of 4.89 million tonnes averaging 3.02% LREO and inferred resources of 12.1 million tonnes averaging 2.90% LREO.

What challenges did Defense Metals face during their recent environmental monitoring?

The company faced challenging ice conditions that affected some stream sites during environmental monitoring.

Who has Defense Metals partnered with for environmental contracting services?

Defense Metals engaged Northern Spruce Contracting Ltd., a 100% aboriginal owned company, for environmental services.

What is the timeline for the upcoming PEA for the Wicheeda project under DFMTF?

Defense Metals aims to complete an economic modeling and a Preliminary Economic Assessment (PEA) during 2021.