Defense Metals Corp. (TSXV:DEFN; OTCQB:DFMTF) has released an updated Mineral Resource Estimate (MRE) for its Wicheeda Rare Earth Element (REE) deposit located in British Columbia, Canada, on Tuesday. The 2023 MRE is based on an updated geological model incorporating additional 10,350 meters of drillhole data from 45 holes drilled by the company during 2021 and 2022.
The updated estimate comprises a 6.4 million tonne Measured Mineral Resource, averaging 2.86% Total Rare Earth Oxide (TREO), a 27.8 million tonne Indicated Mineral Resource, averaging 1.84% TREO, and an 11.1 million tonne Inferred Mineral Resource, averaging 1.02% TREO. All these are reported at a cut-off grade of 0.5% TREO within a conceptual open pit shell.
The total Measured and Indicated (M+I) Mineral Resources of 34.2 million tonnes, averaging 2.02% TREO, represents a significant upgrade from the previous estimate in November 24, 2021. The new estimate shows a conversion of 101% of the previous mostly inferred resources to M+I on a contained metal basis.
The updated MRE also shows that the Wicheeda deposit contains inclusive resources of 17.8 million tonnes of dolomite carbonatite, averaging 2.92% TREO. This represents a 17% increase in TREO on a contained metal basis or a 31% tonnage increase compared to the prior MRE in 2021.
Craig Taylor, CEO of Defense Metals, expressed optimism about the resource upgrade and its implications for the project's future development. "With over 10,000 metres of additional drilling completed since our 2021 mineral resource we have now converted 100% of that resource to the measured and indicated categories, in addition to growing the overall resource by 17%. Importantly, we believe the upgrading of resources now demonstrates that we have established the tonnage and grades necessary to carry forward into our ongoing preliminary feasibility study," Taylor said.
The Wicheeda REE deposit is a southeast-trending, north to northeast dipping syenite-carbonatite intrusive complex with dimensions of approximately 450 m north-south by 250 m east-west. The deposit is located approximately 80 km northeast of the city of Prince George, British Columbia, Canada, and is readily accessible by all-weather gravel roads and is near infrastructure, including hydropower transmission lines and gas pipelines.
The effective date of the 2023 MRE is August 28, 2023. A technical report relating to the Preliminary Economic Assessment (PEA) will be filed on SEDAR within 45 days of this news release. The 2023 MRE was prepared by APEX Geoscience Ltd. (APEX).
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