Defense Metals Corp. (TSXV:DEFN) has obtained further high-grade Rare Earth Element (REE) assay results from one additional core hole, totalling 383m, collared within the northern area of Defense Metals’ 100% owned Wicheeda REE Deposit in British Columbia.
Infill drill hole WI22-70 (-55o dip / 234o azimuth) was drilled southwest within the northern area of the deposit intersected a broad zone of mineralised dolomite carbonatite averaging 2.50% total rare earth oxide (TREO) over 113 m.
The company has also confirmed the completion of the Wicheeda REE Deposit resource delineation and pit geotechnical diamond drilling campaign for the 2022 exploration season. This year a total of 5,500 m of diamond drilling was completed in 18 holes. The 2022 drilling included completion of five pit slope geotechnical and hydrogeologic holes totalling 1,150 m, which were designed in part to support a Preliminary Feasibility Study (PFS) expected to commence Q4 2022.
“The 2022 Wicheeda drilling continues to meet or exceed expectations, yielding broad zones of mineralized dolomite- carbonatite that in the case of WI22-70 announced today serves to support, and refine confidence in, our PEA mineralized volumes,” Kristopher Raffle, Director and QP of Defense Metals, said.
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
