DFMTF - Defense Metals (DFMTF)(DEFN:CA) - Line of Sight on an Expanded and Upgraded Resource

Fall 2021 drilling program. Defense Metals released results for the final five diamond drill holes, representing 1,079 meters of drilling, associated with the company’s 29-hole, 5,349-meter diamond drill program completed during the Fall of 2021. All 29-holes yielded positive results. Drill holes WI21-57 through WI21-61 were collared from two sites within the eastern area of the Wicheeda Rare Earth Element deposit. A complete listing of drill results may be found in the company’s press release.Results speak for themselves. Resource definition drill holes WI21-58 and WI21-59 yielded two of the three highest grade and width intercepts of the 2021 drill campaign. WI21-58 averaged 3.09% total rare earth oxide (TREO) over 251 meters, including 3.92% TREO over 80 meters. WI21-59 returned 2.76% TREO over 212 meters, including 3.25% TREO over 90 meters from surface. Infill drill hole WI21-60 targeted the southern area of the deposit and returned 2.93% TREO over 154 meters, including 5.47% TREO over 39 meters from surface, representing the third highest-grade drill intercept.Upcoming drill program. Defense Metals expects to commence a 5,300-meter infill drilling program in May or June to expand and upgrade resources which will be incorporated, along with results from the 2021 drill program, into a preliminary feasibility study (PFS) to be released during the first half of 2023.Rating is Outperform. In our view, the Wicheeda Rare Earth Project is shaping up nicely and progress-to-date bodes well for a compelling preliminary feasibility study. Based on outstanding results from the Fall 2021 program along with planned drilling, the potential to expand and upgrade the resource is significant. We anticipate interest in off-take agreements and/or strategic partnerships to grow as the company advances toward a PFS, and we expect Defense Metals to further optimize the flotation process to produce high-grade concentrate. Read More >>