Business
Discovery Group Announces Defense Metals as New Member Company
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2023) - Discovery Group is pleased to an...
About this update from Defense Metals Corp.
[{"type":"text","content":"Discovery Group Announces Defense Metals as New Member CompanyVancouver, British Columbia--(Newsfile Corp. - April 11, 2023) - Discovery Group is pleased to announce that Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) has joined the group's alliance of public companies, led by Mr. John Robins and Mr. Jim Paterson. Defense Metals is an exploration company focused on the advancement of the Wicheeda REE Property and the acquisition of mineral deposits containing rare earth elements.John Robins, Co-Founder and Principal of Discovery Group, commented: \"We are excited to welcome Defense Metals, along with their newest addition to the Board of Directors, Dale Wallster, into Discovery Group. Viewed as being one of the highest-grade deposits globally, and led by a strong management and technical team, Defense has all the attributes we look for in a Discovery Group company. The addition of Defense to our roster of companies will round out the Discovery Group portfolio, and will elevate the exposure of all our member companies, as we continue to educate and inform shareholders about market opportunities that exist with high quality junior mining explorers.\"About the Wicheeda REE PropertyDefense Metals' 100% owned, 4,262-hectare (~10,532-acre) Wicheeda Light REE property is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda REE Project is readily accessible by all-weather gravel roads and is near infrastructure, including hydro power transmission lines and gas pipelines. The nearby Canadian National Railway and major highways allow easy access to the port facilities at Prince Rupert, the closest major North American port to Asia.The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report (\"PEA\") outlined a robust after-tax net present value (NPV@8%) of $517 million and an 18% IRR1.This PEA contemplated an open pit mining operation with a 1.75:1 (waste: mill feed) strip ratio providing a 1.8 Mtpa (\"million tonnes per year\") mill throughput, producing an average of 25,423 tonnes REO annually over a 16 year mine life. A Phase 1 initial pit strip ratio of 0.63:1 (waste: mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years. About Defense Metal...