Defense Metals Corp. (TSXV: DEFN | OTCQB: DFMTF | FSE:35D) has announced an updated mineral resource estimate (MRE) for 2023 and the development of its Wicheeda rare earth element (REE) deposit located in British Columbia, Canada.
“Defense Metals is excited to release our updated mineral resource estimate for the Wicheeda Deposit, one of North Americas most advanced rare earth development projects,” commented Craig Taylor, CEO of Defense Metals.
“With over 10,000m of additional drilling completed since our 2021 mineral resource, we have now converted 100% of the that resource to the measured and indicated categories, in addition to growing the overall resource by 17%. Importantly, we believe the upgrading of resources now demonstrates that we have established the tonnage and grades necessary to carry forward into our ongoing preliminary feasibility study.”
The MRE includes a 6.4Mt measured resource, averaging 2.86% total rare earth oxide (TREO), a 27.8Mt indicated resource, averaging 1.84 % TREO, and an 11.1Mt inferred resource, averaging 1.02% TREO, all reported at a cut-off grade of 0.5% TREO within a conceptual open pit shell.
The total measured and indicated (M+I) resources come out to 34.2Mt, averaging 2.02% TREO, a significant upgrade representing a conversion of 101% of the 2021 MRE comprising some indicated and mostly inferred resources to M+I on a contained metal basis.
The measured and indicated resources are inclusive of 17.8Mt of dolomite carbonatite, averaging 2.92% TREO.
The new MRE represents a 17% increase in TREO on a contained metal basis (or 31% tonnage increase) in comparison to the prior 2021 MRE and is based on an updated geological model that incorporates an additional 10,350m of drillhole data, from 45 holes drilled by Defense Metals during 2021 and 2022.
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