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Defense Metals’ stock jumps on drill boost at Wicheeda rare earth property

Drilling at Wicheeda property. Image from Defense Metals.

Defense Metals (TSX-V:DEFN, FSE:35D) announced on Monday plans to mobilize a second diamond drill to expedite its ongoing Wicheeda Rare Earth Element (REE) deposit resource expansion and drill program in British Columbia.

Defense Metals is advancing the road accessible Wicheeda property, located close to infrastructure approximately 80 kilometres northeast of Prince George. Defense Metals began drill pad construction at the end of July in anticipation of starting its 2021 resource expansion.

The Wicheeda project has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO. Drilling at Wicheeda has completed over 1,500 metres in eight diamond drill holes completed to date since campaign started in September.

In January, the company commissioned the Saskatchewan Research Council (SRC) to complete an X-ray transmission sorting amenability study on mineralized feed sourced from Wicheeda.

Rig #1 is expected to continue drilling on the north end of the Wicheeda REE Deposit, while rig #2 is expected to commence coring a series of infill holes within the central deposit area by mid-week, the company said.

“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 positioned to commence coring by the mid-week,” Defense Metals CEO Craig Taylor said in a media statement.

Defense Metals’ stock was up over 7% by mid-afternoon in Toronto. Trading volume reached 335,440 – the daily average is 205, 349. The company has a $C24.1 million ($19.1m) market capitalization.

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