Mike Fagan,
Editor
Oct. 6, 2021
Defense Metals (TSX-V: DEFN)(OTC: DFMTF) — currently trading around C$0.28 per share — is mobilizing a second diamond drill rig to its flagship Wicheeda Rare Earth Element (REE) project in British Columbia, Canada, to expedite its ongoing resource expansion and delineation drill program.
The current 32-hole, 5,000 meter program (see 2021 drill plan below) is being deployed with the aim of extending mineralization to the north while further delineating existing inferred resources within the central and northwestern areas of the deposit.
As you may recall from our earlier updates, the Wicheeda project currently boasts a resource of 4.9 million tonnes Indicated at 3.02% LREO plus 12.1 million tonnes Inferred at 2.90% LREO.
Defense Metals CEO, Craig Taylor, commented via press release:
“We are extremely pleased to have secured a second diamond drill to expedite completion of our Wicheeda REE Deposit resource expansion and delineation program. With this additional drilling capacity, we expect to be well-positioned to deliver on our 2021 exploration goals. Based on contractor negotiations, we expect the second drill rig to be in a position to commence coring by the mid-week.”
Defense is also on track to complete a PEA on the project by the midpoint of next month to be followed by pre-feasibility in 2022.
Additionally, in light of uranium’s impressive price performance of late, the company has initiated a technical review of its substantial uranium assets in Saskatchewan’s prolific Athabasca Basin.
Those assets include the 100%-owned Geiger North and Klaproth projects in the northeast Athabasca Basin. Defense plans to use the dataset gleaned from the upcoming technical review to initiate further exploration including the commissioning of project-wide airborne electromagnetic geophysical surveys to identify prospective basement conductive anomalies.
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Also, check out our feature report on Defense Metals by clicking here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest