Defense Metals Corp. (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) announced in a news release it filed the technical report for an updated mineral resource on its Wicheeda rare earth elements (REEs) project in British Columbia.
Now, the resource consists of 4,890,000 tons (4.89 Mt) averaging 3.02% light rare earth oxide (LREO) in the Inferred category and 12.1 Mt averaging 2.9% LREO in the Indicated category, at a cutoff grade of 1.5% light rare earth elements.
As far as changes compared to the initial Wicheeda mineral resource estimate, overall tonnage grew 49% in the update due to the incorporation of 2019 diamond drilling results. Also, the average grade rose by 30%, as the new estimate takes into account previously excluded praseodymium.
The new estimate contains 730,000 more Inferred tons than before along with 4.89 Mt of Indicated resources that were converted from Inferred resources.
The company noted that there remains potential for Wicheeda to be expanded, as it remains open to the north, to the west and downplunge.
Read what other experts are saying about:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Defense Metals. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Defense Metals, a company mentioned in this article.