Defense Metals Corp. (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D/ Forum) announced that it has recently been notified by Welsbach Holdings Pte Ltd. that is has received requests from two interested third-party Rare Earth Element 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 and subsequent potential mineral concentrate offtake agreements.
Defense Metals is currently advancing the road accessible Wicheeda Critical Rare Earth Element Property, which is located close to infrastructure approximately 80 kilometres northeast of Prince George, British Columbia. 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% LREO1.
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 Disclosurefor 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”.
[1] Technical Report on the Wicheeda Property, British Columbia, effective June 27, 2020 and prepared by APEX Geoscience Ltd. (Steven J. Nicholls, B.A. Sc., MAIG and Kristopher J. Raffle, B.Sc., P.Geo.) is available under Defense Metals Corp.’s profile on SEDAR (www.sedar.com)
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