Defense Metals
Prepares High-Grade Rare Earth Element Concentrate Samples
For
Shipment
To Multiple Potential Offtake Partners
News
Release - Vancouver,
British Columbia - March
23,
2021 -- InvestorsHub NewsWire
-- Defense
Metals Corp. ("Defense
Metals")
(TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to
announce
that
it
has
recently
been
notified by Welsbach Holdings Pte Ltd. ("Welsbach")
that is has received
requests from two interested third-part Rare Earth Element (REE)
processors for samples of high-grade REE mineral
concentrate for the purposes of evaluation prior to entering
discussions
with
respect to the negotiation
of an
initial
memorandum of understanding (MOU) and subsequent potential
mineral
concentrate offtake agreements.
Defense
Metals is currently advancing the road accessible Wicheeda Critical
Rare Earth Element (REE) Property, which is located close to
infrastructure approximately 80 kilometres northeast of Prince
George, British Columbia (BC).
The Wicheeda project has
indicated mineral resources of 4,890,000 tonnes averaging 3.02%
LREO (Light Rare Earth Elements) and inferred mineral resources
of 12,100,000
tonnes averaging 2.90% LREO[1].
Since completing
its flotation pilot plant test-work resulting in a
1,200
kilogram bulk concentrate
sample (see
Defense Metals news release dated September 23,
2020), the Company and
its advisors have contacted several potential offtake and strategic
partners. The two REE
processors requesting samples of Wicheeda REE mineral concentrate
represent major and mid-tier REE processors. The requests from
each potential buyer in Asia are for 2-6 kilogram
size
samples of REE concentrate. The requests resulted from
conversations held between the interested parties known
to
Welsbach.
Defense
Metals has initiated the process of preparing Canadian government
export permit documentation
required to export
these
critical REE
mineral concentrate samples internationally.
Craig
Taylor, CEO of Defense Metals, stated: "We
are extremely pleased that Welsbach has successfully identified two
REE processors interested in receiving representative samples of
our high-grade Wicheeda REE Deposit mineral concentrate.
These
requests
represent a major step forward
in our efforts to assess the market potential of long-term REE
mineral concentrate offtake
sale
agreements."
Mr. Brendan Jephcott
of
Weslbach
says:
"Potential
partners in Asia are seeking a secure, long-term supply of rare
earth concentrate to cover projected shortages in
NdFeB
magnet
supply as demand for electric motors used in new energy vehicles
continues to grow."
About
the Wicheeda REE
Property
The
1,708
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 nearby to infrastructure, including
power transmission lines, the CN railway and major
highways.
Geologically, the
property is situated in the Foreland Belt and within the Rocky
Mountain Trench, a major continental geologic feature. The Foreland
Belt contains part of a large alkaline igneous province, stretching
from the Canadian Cordillera to the southwestern United States,
which includes several carbonatite and alkaline intrusive complexes
hosting the Aley
(niobium), Rock
Canyon (REE), and Wicheeda (REE) deposits.
Qualified
Person
The scientific and
technical information contained in this news release as it relates
to the Wicheeda REE
Property has been
reviewed and approved by Kristopher
J. Raffle, P.Geo.
(BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton,
AB, a
director of Defense
Metals and a "Qualified Person"
as defined in National Instrument 43-101 - Standards
of Disclosure for
Mineral Projects.
Mr.
Raffle verified the data disclosed which includes a review of the
analytical and test data underlying the information and opinions
contained therein.
About Defense
Metals Corp.
Defense Metals
Corp.
is
a
mineral exploration company focused on the acquisition of
mineral deposits containing metals and elements
commonly used in the electric power market, military, national
security and the production of "GREEN"
energy technologies, such as,
high strength
alloys and
rare earth magnets.
Defense Metals
has an option to acquire 100% of the
1,708
hectare
Wicheeda Rare Earth Element
Property
located
near
Prince George, British Columbia, Canada.
Defense Metals Corp. trades in Canada under
the symbol
"DEFN" on the TSX Venture Exchange,
in the
United States, under "DFMTF" on the OTCQB and
in
Germany
on the
Frankfurt Exchange under "35D".
For
further information, please contact:
Todd
Hanas, Bluesky
Corporate
Communications Ltd.
Vice
President, Investor Relations
Tel:
(778) 994 8072
Email:
todd@blueskycorp.ca
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
release.
Cautionary
Statement Regarding "Forward-Looking" Information
This news release
contains "forward-looking information or statements" within the
meaning of applicable securities laws, which may include, without
limitation, statements relating to
potential MOU and
offtake agreements for REE mineral
concentrate,
obtaining
government export permits, plans for its
Wicheeda Property, the advancement and development of the Wicheeda
Property, the technical,
financial and business prospects of the Company, its project and
other matters. All statements in this news release, other than
statements of historical facts, that address events or developments
that the Company expects to occur, are forward-looking statements.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees
of
future performance and actual results may differ materially from
those in the forward-looking statements. Such statements and
information are based on numerous assumptions regarding present and
future business strategies and the environment in which the Company
will operate in the future, including the price of rare earth
elements, the ability to achieve its goals, that general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on
reasonable terms. Such forward-looking information reflects the
Company's views with respect to future events and is subject to
risks, uncertainties
and
assumptions, including those filed under the Company's profile on
SEDAR at www.sedar.com. While such
estimates and assumptions are considered reasonable by the
management of the Company, they are inherently subject to
significant business, economic, competitive
and
regulatory uncertainties and risks. Factors that could
cause actual results to differ materially from those in forward
looking statements include, but are not limited to, continued
availability of capital and financing and general economic, market
or business conditions, adverse weather conditions, failure to
maintain or obtain
all
necessary government permits, approvals and authorizations, failure
to maintain community acceptance (including First Nations),
decrease in the price of rare earth elements, the impact of
Covid-19 or other viruses and diseases on the Company's ability to
operate increase in costs, litigation, and failure of
counterparties to perform their contractual obligations. The
Company does not undertake to update forward-looking statements or
forward-looking information, except as required by
law.