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Defense Metals Corp. (DFMTF) is a mineral exploration and development company focusing on the Wicheeda Rare Earth Element Deposit in British Columbia. The company recently signed collaboration agreements with Ucore Rare Metals Inc. and the McLeod Lake Indian Band, securing equity partnerships and codesign alignments for the Wicheeda Project. Defense Metals aims to be a vital contributor to North American rare earth element supply chain, emphasizing clean energy transitions and collaborative project development with First Nations.
Defense Metals Corp. has engaged SRK Consulting to facilitate geotechnical drilling at its Wicheeda Rare Earth Element (REE) Project in 2022. SRK's role includes planning and executing a pre-feasibility level drilling program aimed at assessing technical risks for open pit slope design. The drilling program will aid in geotechnical characterization and model development to enhance future mine planning. The Wicheeda REE Project boasts a 2021 preliminary economic assessment showing an after-tax NPV@8% of $517 million and an 18% IRR. The project is strategically located near existing infrastructure.
On May 23, 2022, Defense Metals retained Digitonic Limited for investor relations services for approximately four months at a cost of US$100,000. This involves content creation, digital, and video marketing. The company's Wicheeda REE Property, located in British Columbia, has a PEA demonstrating an after-tax net present value of $517 million and an 18% IRR. The agreement is pending approval from the TSX Venture Exchange.
Defense Metals Corp. announced the final results from its 2021 diamond drill program at the Wicheeda Rare Earth Element (REE) deposit, totaling 1,079 metres across five drill holes. Highlights include drill hole WI21-58, which achieved 3.09% TREO over 251 metres, and WI21-59, with 2.76% TREO over 212 metres. The company identified two of the three highest grade x width intercepts during this campaign. Overall, the results indicate significant potential for resource expansion and high-grade mineralization.
Defense Metals Corp. announced results for six diamond drill holes from its 2021 drilling program at the Wicheeda Rare Earth Element deposit, covering 879 metres. Significant intersections were reported, including 3.06% TREO over 145 metres in WI21-54, extending the known zone of high-grade mineralization. The drilling confirms and expands inferred resources, enhancing the geological model. Assay results from the 2021 campaign continue to be released, with additional results expected next week.
On April 5, 2022, Defense Metals Corp. closed a non-brokered private placement, raising $4,558,049.57. This included the issuance of 6,340,057 flow-through common shares at $0.35 each and 8,996,267 units at $0.26 per unit. The proceeds will fund the exploration of the Wicheeda Rare Earth Element Project in British Columbia. The company issued 487,087 finder warrants and incurred finder fees of $162,152.92. Notably, an insider participated in the placement, qualifying as a related party transaction, exempt from formal valuation.
Defense Metals Corp. announced positive results from two diamond drill holes totaling 189 metres at its Wicheeda Rare Earth Element (REE) deposit. Drill hole WI21-49 showed significant results of 3.79% TREO over 150 metres, including 4.77% TREO over 60 metres. This finding indicates a newly discovered zone of high-grade REE mineralization beneath current resource levels. Another drill hole, WI21-50, averaged 1.60% TREO over 126.7 metres. The company continues to receive assay results from its 2021 drilling campaign, which may further enhance resource estimates.
Defense Metals announced promising results from four diamond drill holes at the Wicheeda Rare Earth Element deposit in British Columbia. With a total of 615 meters drilled, hole WI21-48 showed a significant 2.50% TREO over 176 meters, including 6.14% TREO over 20 meters from the surface. Drilling results indicate high-grade REE mineralization, particularly in the north central area. Additional assay results are expected soon as part of a 29-hole drill program aimed at resource expansion.
Defense Metals announced results from six diamond drill holes totaling 845 meters at the Wicheeda Rare Earth Element (REE) deposit. Notable findings include drill hole WI21-40 with 3.23% TREO over 162 meters and WI21-33 with 3.17% TREO over 196 meters, marking the highest grades reported in the 2021 program. The drilling indicates a significant presence of high-grade mineralization and potential resource expansion. Further assay results are pending from the ongoing resource expansion campaign.
Defense Metals Corp. announced significant results from its recent drilling at the Wicheeda Rare Earth Element (REE) deposit. Drill holes WI21-37 and WI21-38 intersected the highest-grade REE mineralization to date, with WI21-38 yielding 6.01% TREO over 23.4 metres and WI21-37 returning 3.19% TREO over 138 metres. These results align with geological models, confirming the economic potential of the resource. The company anticipates further assay results in the near future, highlighting ongoing efforts in resource expansion.
Defense Metals Corp. announced promising results from the initial four drill holes of a 29-hole diamond drill program at the Wicheeda Rare Earth Element deposit, totaling 795 meters. Notably, drill hole WI21-33 reported 3.17% TREO over 196 meters and extended mineralization beyond the current resource pit shell. The company anticipates further assay results in the coming weeks, which could enhance the existing resource categories. The project's economic assessment projects a substantial net present value of $517 million and an 18% internal rate of return.
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