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'Compelling' PFS Expected for Rare Earth Project

Source: Mark Reichman

 

August 15, 2022 (Investorideas.com Newswire) There is significant potential to expand Defense Metals Corp.'s current resource and extend the mine life, noted a Noble Capital Markets report.

Defense Metals Corp.'s (DEFN:TSX.V; DFMTF:OTCQB; 35D:FSE) upcoming prefeasibility study (PFS) of its Wicheeda rare earth project is expected to be "compelling," given the progress made and the results of exploration work done there thus far, purported Noble Capital Markets analyst Mark Reichman in an August 10, 2022 research note. The PFS is due out in H1/23.

"In addition to significant potential to expand the resource and extend the mine life beyond 19 years, we expect grade enhancement and the meaningful conversion of Inferred to Indicated and potentially Measured resources," Reichman wrote.

The resource used in the Wicheeda preliminary economic assessment (PEA) is 5,000,000 tons of total rare earth oxides averaging 2.95% (Indicated) and 29,500,000 tons of total rare earth oxides averaging 1.83% (Inferred), Reichman reiterated.

The analyst opined that as Defense Metals continues advancing Wicheeda toward the PFS, the project will likely attract companies looking to enter an offtake agreement or form a strategic partnership.

As for the upcoming PFS, Reichman noted, it will include results of Defense Metals' just completed 2022 resource infill and exploration drill program. Efforts consisted of 12 holes over 3,500 meters drilled in the central and northern part of the conceptual open pit area outlined in the mining plan of the Wicheeda PEA. Drill data are currently pending and should become available in the next month or two.

The PFS will also reflect the results of Defense Metals' 2021 diamond drill program conducted at Wicheeda.

Now, with infill and exploration drilling behind it, the Canadian critical metals company is shifting to geotechnical drilling at Wicheeda, noted Reichman.

Defense Metals plans a total of five holes to be placed in the north, south, east, and west walls of the PEA open pit to inform pit slope design for the PFS.

Noble has an Outperform rating and a $0.70 per share target price on Defense Metals, the current share price of which is around $0.19.

Disclosures:

1) Doresa Banning wrote 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 Corp. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with: Defense Metals Corp.Please click here for more information.

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.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

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 decision to publish an article until three business days after the publication of the 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 Corp., a company mentioned in this article.

Noble Capital Partners, Defense Metals Corp., August 10, 2022

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