Defense Metals
Retains SRK Consulting
(Canada) Inc.
to Complete Wicheeda Rare Earth Element Project Economic Scenario
Analysis
Vancouver,
British Columbia, Canada -- March 30, 2021 -- InvestorsHub NewsWire
-- Defense Metals Corp.
("Defense
Metals") (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to
announce
that
it
has
engaged
SRK Consulting (Canada) Inc. ("SRK")
to
conduct an economic scenario analysis with respect to the Wicheeda
Rare Earth Element (REE) Project.
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].
The scenario analysis
will
facilitate decision making related to performing a
Preliminary Economic Assessment (PEA)
with respect to
the
Wicheeda REE Project.
The scenario analysis
will evaluate the potential of multiple mine development scenarios
through
the completion of
economic trade-off studies,
which subject to results, will form
the basis for the PEA.
SRK's initial
scenario analysis
work will comprise a detailed data review;
followed by scenario
definition;
pit optimization;
mine scheduling;
mine costing;
evaluation of mineral processing, hydrometallurgy and separation
costs;
economic modelling, and ultimately reporting.
The
PEA work will build on
the
scenario analysis,
with the addition of further geology and resource review; process
metallurgy Capex/Opex;
infrastructure layout;
wastewater
management;
social,
environmental,
and permitting aspects;
marketing; economic
analysis; and
reporting.
SRK
has assembled an exceptional project team and
is ideally suited to complete
the work
due to a wealth of REE experience,
including
recent publicly
reported
REE
work.
Craig
Taylor, CEO of Defense Metals, stated: "We
are extremely pleased to
have engaged a
mine engineering consultant of SRK's calibre to
complete our Wicheeda REE Deposit economic scenario analysis
as
we continue to move towards our PEA.
Their
considerable
REE
experience will
be invaluable as we continue to unlock the potential of the
Wicheeda REE Project."
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.