Defense Metals Corp. (TSXV:DEFN) has received additional partial Rare Earth Element (REE) assay results from one additional core hole, totalling 353m, collared within the northern area of Defense Metals’ 100% owned Wicheeda REE Deposit in British Columbia, Canada.
Infill drill hole WI22-69 (-50o dip / 230o azimuth) was drilled southwest within the northern area of the deposit intersected a broad zone of mineralised dolomite carbonatite averaging 2.14% total rare earth oxide (TREO) over 221m; including a higher-grade interval averaging 3.52% TREO over 111m.
With over 5,500 m 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 2,493 m in seven holes. Assays for the remaining 11 holes totalling 3,017m are expected in the coming weeks and months.
“With these additional assay results our 2022 drilling continues to yield significant intervals of the high-grade REE dolomite carbonatite (DC) lithology. Recent flotation variability testwork has shown this type of mineralisation consistently delivers high-grade mineral concentrates greater than 40% TREO, at recoveries in excess of 80%,” Luisa Moreno, President, and Director of Defense Metals, said.
“All the drill holes released to date have included significant REE mineralised DC intervals. As such Defense Metals is confident the 2022 drilling results will contribute positively to the planned Preliminary Feasibility Study (PFS).”
About the Wicheeda REE Property
The 100% owned 4,244-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 near infrastructure, including power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR3. A unique advantage of the Wicheeda REE Project is the production of a saleable high- grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within five years.
For further information please visit: https://www.defensemetals.com/
