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, defense industry, national security sector, and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element (REE) Property located near Prince George, British Columbia, Canada.
Defense Metals Overview
Wicheeda Rare Earth Element (REE) Project, British Columbia
The 2,008-hectare Wicheeda REE property, located approximately 80 kilometres northeast of the city of Prince George, B.C., is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway and major highways.
Highlights of 2021 accomplishments:
(See news release dated January 20, 2022)
Management and Directors
Craig Taylor, CEO & Director
Since 1994 Mr. Taylor has been President and CEO of Vanville Projects Ltd. Mr. Taylor was a director of Saber Capital Corp. and Advantage Lithium Corp. and Clear Mountain Resources Corp. (now named Patriot One Technologies Inc.). Mr. Taylor has also served as director and officer of several other public companies engaged in mineral exploration and development.
Dr. Luisa Moreno, PhD, President and Director
Dr. Moreno is a physics engineer and has held positions as senior analyst, at Toronto-based investment banks and as an investment research analyst at a global investment research firm. She is known as a leading analyst in rare earths and strategic minerals specialist. Currently, Dr. Moreno is the chief executive officer of Graphano Energy Ltd. and the managing director of Tahuti Global Inc., a company that she founded. Dr. Moreno is also on the board of directors of several companies developing strategic minerals and green technologies.
Ryan Cheung, CPA, CA, CFO & Director
Mr. Cheung has been providing accounting, management, securities regulatory compliance services to private and public-listed companies. Mr. Cheung also serves as an officer and/or director of a number of public-listed companies.
Kristopher J. Raffle, B.Sc., P.Geo., QP & Director
Mr. Raffle is also a current director of New Placer Dome Gold Corp. Mr. Raffle is a Partner and Principal Geologist with APEX Geoscience Ltd. Mr. Raffle has over 20 years’ experience conducting property evaluation, intensive exploration data analysis, exploration program design, and geological modelling with respect to Archean and Calrin-type gold, copper-gold porphyry, gold-silver epithermal, volcanic-hosted massive sulphide (VMS), rare earth element and kimberlite diamond deposits throughout Canada, USA, and Mexico.
Maximilian Sali, Director
Mr. Sali has been in the capital markets for 10 years managing private family assets. He is the president of Baccarat Investments Inc.
Andrew Burgess, CA, CPA, Director
Mr. Burgess is currently the CFO of Spectrum Mining Corporation. He is an experienced professional with more than 35 years accounting, finance and financial reporting experience with listed companies. Mr. Burgess has a broad base of experience with natural resource, service and industrial companies. He has extensive public company and IPO experience.
Dr. William Bird, Director
Dr. Bird has a unique combination of business credentials and mineral industry expertise and has a broad experience as officer and independent director for publicly traded mineral resource companies. For instance, he was the chief executive officer of two publicly traded rare earths companies. Recently, he has focused on developing low-cost, long-term supplies of the rare earth elements.
Alex Knox, M.Sc., P.Geo. & Advisor
Chris Graf, P.Eng. & Advisor
Andrew Leland, Strategic Advisor
Jamie Spratt, Strategic Advisor
Karl T. Wanger, Strategic Advisor
Dale Wallster, Advisor
On November 22, 2022, Defense Metals Corp. announced that the additional Rare Earth Element (“REE”) assay results from one additional core hole, totalling 374 metres (m), collared within the central area of Defense Metals’ 100% owned Wicheeda REE Deposit. This drill hole represents the deepest hole to date drilled at Wicheeda, terminating 360 m vertically below surface and 150 m below the mineral resource pit shell.
Infill drill hole WI22-72 (-70o dip / 167o azimuth) was drilled south within the central area of the deposit intersected high-grade mineralized dolomite carbonate from surface grading 3.02% total rare earth oxide (“TREO”) over 55 metres (m) within a broader zone averaging 2.56% TREO over a 122; in addition to a well mineralized mixed lithology lower zone grading 0.9% TREO over 97 m (Figure 1).
With over 5,500 m of drilling in 18 holes now complete as part of the 2022 Wicheeda resource delineation and pit geotechnical program, the Company has released assays for a total of 2,867 m in 8 holes. Assays for the remaining 10 holes totalling 2,643 m are expected in the coming weeks and months.
On November 15, 2022, Defense Metals Corp. announced that the additional partial Rare Earth Element ("REE") assay results from one additional core hole, totalling 353 metres (m), collared within the northern area of Defense Metals' 100% owned Wicheeda REE Deposit.
Infill drill hole WI22-69 (-50o dip / 230o azimuth) was drilled southwest within the northern area of the deposit intersected a broad zone of mineralized dolomite carbonatite averaging 2.14% total rare earth oxide ("TREO") over 221 metres (m)1; including a higher-grade interval averaging 3.52% TREO over 111 m.
With over 5,500 m of drilling in 18 holes now complete as part of the 2022 Wicheeda resource delineation and pit geotechnical program, the Company has released assays for a total of 2,493 m in 7 holes. Assays for the remaining 11 holes totalling 3,017 m are expected in the coming weeks and months.
On October 17, 2022, Defense Metals Corp. announced that the flotation results yields high grade mineral concentrate at Various Grades and Lithologies. Craig Taylor, CEO, and Director of Defense Metals stated:
"Flotation results from the on-going program of testwork at SGS Lakefield confirm the basis of the Preliminary Economic Assessment (PEA)1 and show that the Wicheeda deposit can produce a high-grade rare earths mineral concentrate at high recovery rates with conventional flotation from a range of lithologies and grades. These are some of the best flotation results among rare earths development projects. We are encouraged with the exploration and metallurgy results to date, and confident that the pre-feasibility study, which we anticipate will commence shortly, will show that Wicheeda is well positioned to become one of the next rare earths producers in North America."
On September 22, 2022, Defense Metals Corp. announced that the results for the first two drill holes totalling 720 metres from the Company's 2022 diamond drill program that is still underway. To date, a total of 15 drill holes totalling 4,800 metres have been completed of a planned 18 holes totalling 5,000 metres (96% complete) designed to upgrade existing resource categories. Drill holes WI22-64 and WI22-62, the first and third holes drilled, were collared from the two sites within the northern area of the Wicheeda Rare Earth Element (REE) deposit. The initial Drilling Results Yield 1.78% Over 192 Metres Total Rare Earth Oxide at Wicheeda; Including 3.13% Over 73 Metres
On September 07, 2022, Defense Metals Corp. announced that it has entered into a Mineral Exploration Agreement (the "Agreement") with the McLeod Lake Indian Band regarding its Wicheeda Rare Earth Element ("REE") exploration project located 80 kilometres northeast of Prince George, Canada.
The Agreement addresses the immediate interests of the parties with respect to mineral exploration activities related to the project, and puts into place a framework for communication and cooperation going forward. In addition to providing McLeod Lake Indian Band with meaningful input into how these activities are to proceed, the Agreement provides current economic opportunities for the community and establishes a roadmap for potential future commercial involvement as the exploration activities advance.
On August 09, 2022, Defense Metals Corp. provided an update for its ongoing diamond drilling at its Wicheeda Rare Earth Element (REE) deposit. The 2022 resource infill and exploration diamond drill campaign is now complete and pit slope geotechnical drilling underway.
A total of 12 diamond drill holes totalling over 3,500 metres have been drilled to date within the northern and central areas of the Wicheeda REE Deposit preliminary economic assessment (PEA) mine plan ultimate pit area, with initial assays results from the earliest drill holes expected during September or October 2022.
All materials, instrumentation, and technical personnel have now been mobilized to site to commence geotechnical drilling for the purpose of open pit slope design optimization.
On June 17, 2022, Defense Metals Corp. has provided an update for continuing diamond drilling at its Wicheeda rare earth element (REE) deposit. The 2022 diamond drilling campaign commenced in the northern resource area with the first two resource delineation drill holes totalling approximately 615 metres now nearing completion.
The initial two drill holes were collared from the same site oriented southwest at -50 and -60 degree dips. The holes are designed to establish the eastern carbonatite contact near surface, and for the purpose of resource infill near 2021 drill hole WI21-33 that yielded 3.17% TREO over 196 metres; including 4.29% TREO over 55 metres 1 at depth that expanded high-grade REE mineralization beyond the mineral resource pit shell. Both holes intersected significant intervals of visually REE mineralized dolomite carbonatite between as predicted by the geological model.
On June 07, 2022, Defense Metals Corp. announced that the commencement of diamond drilling at its Wicheeda Rare Earth Element (REE) deposit. The Company plans to complete up to 5,000 metres of diamond drilling designed to further delineate existing resources, assess near deposit exploration targets, collect geotechnical and hydrogeological drilling for the purpose of optimization of open pit slope design, and generate additional REE mineralized material for continued metallurgical testwork.
The 2022 Wicheeda REE diamond drill campaign is expected to include up to 1,500 metres of pit geotechnical and hydrogeological drilling, 1,500 metres of further resource delineation and near resource exploration drilling, and up to 2,000 metres of 8.5 cm diameter PQ core for continued metallurgical testing.
On May 31, 2022, Defense Metals Corp. announced that the initial results of alternative Acid Bake process testwork underway at SGS Lakefield on Wicheeda Rare Earth Element (REE) Project mineralized feed. The initial testwork shows that adoption of the Acid Bake process results in improved REE extraction, and potentially improvements in capital and operating costs.
On May 24, 2022, Defense Metals Corp. has retained SRK Consulting (Canada) Inc. to assist with planning and executing geotechnical drilling investigations at the Wicheeda rare earth element (REE) project during 2022. The objective of SRK's work will be to assist Defense Metals with planning and implementing a pre-feasibility level geotechnical field drilling program. The objective of the field program is to collect data for the subsequent analysis, and assessment of technical risks with regards to open pit slope design. SRK will assist in the planning, set-up, training, and support towards design of the geotechnical program including determining optimal drill hole locations (co-purposed with further resource drill holes where possible), data collection methods and downhole surveying.
Also, Defense Metals Corp. has retained Digitonic Ltd., an arm's-length party to the company and a leading investor relations and marketing firm, to provide investor relations services. Under the Agreement, Digitonic is to provide content creation, digital and video marketing services over a period of approximately four months for a total cost of US$100,000, with the fees to be allocated to media spending and for management fees. As of the date hereof, to the Company's knowledge Digitonic (including its directors and officers) does not own any securities of the Company.
On May 20, 2022, Defense Metals Corp. has closed a non-brokered private placement for gross proceeds of $1.5-million, consisting of 4,545,456 flow-through common shares of the company at a price of 33 cents per FT share. Each FT share is a flow-through share within the meaning of the Income Tax Act (Canada).
The proceeds of the private placement will be used for the exploration and development of the company's Wicheeda rare earth element project located near Prince George, B.C.
On April 27, 2022, Defense Metals Corp. has released results for the final five diamond drill holes totalling 1,079 metres from the company's 29-hole, 5,349-metre diamond drill program completed during fall 2021. Drill holes WI21-57 through WI21-61 were collared from the two sites within the eastern area of the Wicheeda rare earth element (REE) deposit.
Resource definition drill hole WI21-58 in conjunction with WI21-59 collared from the same setup yielded two of the three highest-grade-by-width intercepts of the 2021 drill campaign, with WI21-58 averaging 3.09 per cent TREO (total rare earth oxides) over 251 metres, including 3.92 per cent TREO over 80 metres; and WI21-59 returning 2.76 per cent TREO over 212 metres, including 3.25 per cent TREO over 90 metres from surface.
On April 05, 2022, Defense Metals Corp. announced that it has closed a non-brokered private placement for gross proceeds of $4,558,049.57, consisting of 6,340,057 flow-through common shares of the Company (each, a "FT Share") at a price of $0.35 per FT Share and 8,996,267 units of the Company (each, a "Unit") at a price of $0.26 per Unit.
The proceeds of the Private Placement will be used for the exploration and development of the Company's Wicheeda Rare Earth Element Project located near Prince George, British Columbia and for general working capital purposes.
On March 15, 2022, Defense Metals Corp. has released results for an additional two diamond drill holes totalling 189 metres from the company's 29-hole, 5,349-metre diamond drill program completed during fall 2021. Drill holes WI21-45 through WI21-48 were collared from the same site and within the northern area of the Wicheeda rare earth element (REE) deposit.
Drill hole WI21-49 returned 3.79% TREO (total rare earth oxide) over 150 metres; including 4.77% TREO over 60 metres 1 . The drill hole was designed to further delineate at depth drill holes WI21-33 and WI21-40 that in conjunction with WI21-49 represent the three highest grade x width intercepts of the 2021 drilling to date. Together these three drill holes define a newly discovered zone of high-grade REE mineralization that occurs below both the current mineral resource and resource pit shells.
On March 10, 2022, Defense Metals Corp. has released results for an additional four diamond drill holes totalling 615 metres from the cmpany's 29-hole, 5,349-metre diamond drill program completed during fall 2021. Drill holes WI21-45 through WI21-48 were collared from the same site and within the northern area of the Wicheeda rare earth element (REE) deposit.
Drill hole WI21-48 returned 2.50% TREO (total rare earth oxide) over 176 metres; including 6.14% TREO over 20 metres from surface 1 . The drill hole terminated on the east side of the deposit 30 metres beyond the mineral resource block model.
On March 08, 2022, Defense Metals Corp. announced the results for an additional six diamond drill holes totalling 845 metres from the Company’s 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-39and WI21-40 collared from the same pad, and holes WI21-41 through WI21-44 sited 100 metres north were designed to further delineate the Wicheeda Rare Earth Element (REE) deposit.
Drill hole WI21-40returned3.23% TREO (total rare earth oxide) over 162 metres . Alongwith previously reported drill hole WI21-33 on section grading 3.17% TREO over 196 metres, these two holesyielded the highest-grade x width of the 2021 drill program to date. In addition to significant composite mineralized widths, these holes continue to demonstrate the presence of higher-grade zones of carbonatite at surface and at depth extending below the current resource pit shell.
On March 03, 2022, Defense Metals Corp. announced the results for an additional two diamond drill holes totalling 324 metres from the Company's 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-37 and WI21-38 collared from the same pad on section were designed to further delineate and upgrade existing resource categories of the Wicheeda Rare Earth Element (REE) deposit.
The two infill holes intersected the highest grade REE mineralization intersected to date at Wicheeda with drill hole WI21-38 returning 6.01% TREO over 23.4 metres1 and significant widths of mineralization above the 0.5% TREO (total rare earth oxide) mineral resource lower cut-off in good agreement with geology and block modelled TREO grades.
On March 02, 2022, Defense Metals Corp. announced the results for an initial four diamond drill holes totalling 795 metres from the Company's 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-33 through WI21-36, collared from the same pad, were designed to expand the Wicheeda Rare Earth Element (REE) deposit and further upgrade existing resource categories.
All four holes intersected high-grade REE mineralization over significant widths above the 0.5% TREO (total rare earth oxide) mineral resource lower cut-off from near surface to a maximum vertical depth of 200 metres. The Company expects to receive additional assay results from the 2021 Wicheeda REE Deposit resource expansion and delineation campaign in the coming days and weeks.
On February 07, 2022, Defense Metals Corp. has added John Goode, PEng, an internationally recognized rare earth element processing expert, to the Defense Metals advisory board.
Mr. Goode has been responsible for design, monitoring and interpretation of several programs of beneficiation and hydrometallurgical testwork, engineering, and economic evaluations of new and existing processing operations for the recovery of rare earth element (REE), gold, base metals, uranium and other elements from ore and other sources.
On February 2, 2022, Defense Metals Corp. announced that 1,576 core samples representing 23 drill holes totalling approximately 3,900 metres of diamond drill core have been shipped and received by ALS Canada Ltd. (ALS) from its Wicheeda rare earth element (REE) Project.
Samples shipped to date represent more than 70% of the 2021 drilled meterage from the Company’s highly successful 29 hole, 5,349 metre diamond drill program designed to expand the Wicheeda REE deposit and further upgrade existing resource categories (see Defense Metals news release dated November 8, 2021). Core samples from the remaining six diamond drill holes are expected to be shipped to ALS within one week’s time.
On January 20, 2022, Defense Metals Corp. highlighted the accomplishments of 2021 and outlining the Company's key goals for 2022.
Highlights of 2021 accomplishments:
On January 17, 2022, Defense Metals Corp. announced the appointment of Dr. Luisa Moreno as president of Defense Metals, and the nomination of Dr. William Bird to the board of directors.
On January 14, 2022, Defense Metals Corp. announced that it has completed the acquisition of Spectrum Mining Corp., the holder of a 100% interest in the Wicheeda rare earth element (REE) property.
On January 6, 2022, Defense Metals Corp. announced that the Preliminary Economic Assessment NI 43-101 Technical Report on the Wicheeda Rare Earth Element Project in British Columbia (the “Technical Report”) has been filed on SEDAR. The Technical Report, which is dated January 6, 2022, has an effective date of November 7, 2021, and is entitled “Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project” and was prepared by SRK Consulting (Canada) Inc.