Defense Metals Corp. (TSXV:DEFN) has obtained additional positive Rare Earth Element (REE) assay results from one additional core hole, totalling 374m, collared within the central area of the Wicheeda REE Deposit in British Columbia, Canada.
This drill hole represents the deepest hole to date drilled at Wicheeda, terminating 360m vertically below surface and 150m below the mineral resource pit shell.
Infill drill hole WI22-72 was drilled south within the central area of the deposit intersected high-grade mineralized dolomite carbonate from surface grading 3.02% total rare earth oxide (TREO) over 55m within a broader zone averaging 2.56% TREO over a 122m; in addition to a well mineralized mixed lithology lower zone grading 0.9% TREO over 97m
With over 5,500m of drilling in 18 holes now complete as part of the 2022 Wicheeda resource delineation and pit geotechnical programme, the company has released assays for a total of 2,867m in 8 holes. Assays for the remaining 10 holes totalling 2,643m are expected in the coming weeks and months.
“The 2022 Wicheeda Deposit resource infill drilling continues to yield high-grade REE intercepts from surface exceeding 3% TREO,” CEO, and Director, Craig Taylor, said.
“The drill results are doubly significant in that they represent the deepest test of the Wicheeda Deposit to date, which yielded a broad mixed lithology interval averaging nearly two-times the mineral resource cut-off grade ending 50 m below the current pit shell. The fact that we continue to see potentially economic REE grades at these depths is extremely encouraging.”
Private Placement Financing
The company also announced a non-brokered private placement offering for total gross proceeds of up to C$6 million to advance the Wicheeda Rare Earth Elements Project.
The gross proceeds from the issuance of FT Shares will be used by Defense Metals to incur eligible Canadian exploration expenses (CEE) that will qualify as “flow-through expenditures”, as such terms are defined in the Income Tax Act (Canada) related to Wicheeda, Rare Earth Element Project. The net proceeds from the sale of Units will be used for advancing the Wicheeda project, and general corporate and working capital purposes.
For further information please visit: https://www.defensemetals.com/
