Defense Metals reports best intercepts drilled to date at Wicheeda REE property in BC

Defense Metals (TSXV: DEFN; OTC: DFMTF) has received results for the final five holes totalling 1,079 metres from the 29-hole (5,349 metres) diamond drill program completed during fall 2021 at its Wicheeda rare earth element (REE) deposit located near Prince George, B.C. These drill holes (WI21-57 through WI21-61) were collared from the two sites within the eastern area of the project.

Resource definition drill holes WI21-58 and WI21-59 targeted inferred resources at depth along the eastern contact and intersected two of the three highest grade-width intercepts of the 2021 campaign. WI21-58 averaged 3.09% TREO (total rare earth oxides) over 251 metres, including 3.92% TREO over 80 metres, while WI21-59 returned 2.76% TREO over 212 metres, including 3.25% TREO over 90 metres from surface.

These assays eclipsed the long, high-grade intercept reported for the first drill hole of 2021, which yielded 3.17% TREO over 196 metres within the untested northern zone. WI21-59, in particular, which collared 200 metres to the south, bested that result with exceptionally REE high grades over a 250-metre interval.

Infill drill hole WI21-60 targeted the southern area of the deposit and returned 2.93% TREO over 154 metres, including 5.47% TREO over 39 metres from surface, representing the third highest-grade reported drill intercept.

Another infill drill hole, WI21-57, which tested a gap within the central area of the deposit, returned a high-grade dolomite carbonate interval averaging 3.45% TREO over 116 metres from surface, giving way to mixed syenite at depth averaging 1.37% TREO over 96.5 metres along the western contact.

Like WI21-57, drill hole WI21-61 targeted the central gap area from a pad 200 metres north. The hole collared into east side limestone host rock before intersecting a broad high-grade dolomite carbonatite interval averaging 3.44% TREO over 114 metres, giving way to mixed xenolithic carbonatite and syenite rocks at depth returning 0.93% TREO over 79 metres.

“We are extremely pleased to publish the last assay results for our 2021 Wicheeda REE deposit drill campaign with some of the highest grade and widest drill intercepts encountered to date on the project,” Luisa Moreno, president and director of Defense Metals, commented.

These results are expected to further support the company’s advanced economic studies for the Wicheeda deposit, including the development of an updated geological model and resource estimate.

According to a preliminary economic assessment released last year, Wicheeda currently contains 5 million tonnes of indicated resources grading 2.95% TREO and 29.5 million tonnes of inferred resources grading 1.83% TREO. The light rare earth deposit contains roughly equal proportions of monazite and a group of rare-earth carbonates (bastnaesite-parisite-synchysite).

The PEA study envisioned an open pit mine and 1.8 million tonne per year mill with a 19-year life, producing 25,423 tonnes of REO annually. The Wicheeda project has an after-tax net present value with an 8% discount of $517 million and an internal rate of return of 18%.