VANCOUVER, BC, Sept. 26,
2024 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company"; (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to announce the signing of a
Memorandum of Understanding ("MOU") with The Saskatchewan Research
Council ("SRC") that will benefit both parties by promoting a
collaborative and strategic approach to help strengthen the rare
earth element ("REE") supply chain within Canada.
Guy de Selliers, Executive
Chairman of Defense Metals, commented:
"We are excited to collaborate with The
Saskatchewan Research Council, a recognized leader in rare earth
processing and technology development. This MOU represents a
significant step forward in our goal of becoming part of a secure
and sustainable supply chain for rare earth elements in
North America. By working together
with SRC, we believe we can make substantial progress toward
closing the rare earth supply chain loop and ensuring the
availability of these critical materials for green energy and
defence applications that are essential for national
security."
The MOU outlines a framework for Defense Metals and SRC to
leverage their respective capabilities and interests in the supply
and processing of rare earth materials that are especially critical
to the production of rare earth magnets. The proposed objectives of
this collaboration include:
- Exploring potential collaborations using each Participant's
respective capabilities and interests in the process and supply of
rare earth products used in the rare earths magnet value
chain;
- Enabling discussions in connection with the separation of the
Defense Metal's mixed rare earth carbonates into separated rare
earth oxides employing SRC's separation technology design,
installation, and operational expertise; and
- Facilitating negotiations of a long-term agreement with SRC for
the sale and purchase of Defense Metal's mixed rare earth
carbonate.
This collaboration aligns with the broader Canadian Critical
Minerals Strategy, which is focused on developing a domestic
industry, reducing reliance on foreign sources of critical minerals
and bolstering national security. Furthermore, it supports broader
North American goals for economic competitiveness and technological
innovation in clean energy and defence technologies.
About The Saskatchewan Research Council
SRC is Canada's second-largest
research and technology organization, providing services and
products to its 1,400 clients in 22 countries around the world for
more than 77 years
Since 2020, SRC's Rare Earth Processing Facility in Saskatoon has received $71 million in funding from the Government of
Saskatchewan, as well as
$30 million in combined funding from
the Government of Canada. This
funding has been instrumental in helping SRC construct a vertically
and laterally integrated "minerals to metals" facility equipped
with state-of-the-art, proprietary technology developed by SRC.
Development of the facility continues ahead of schedule, producing
rare earth metals at a commercial scale in the summer of 2024 –
making Saskatchewan the first and
only jurisdiction to do so in North
America.
About Defense Metals Corp. and its Wicheeda Rare Earth
Element Deposit
Defense Metals Corp. is focused on the development of its 100%
owned Wicheeda REE deposit, for which a mineral resource estimate
was reported in 2023 in a Technical Report prepared in accordance
with the Canadian Securities Administrators' National Instrument
43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"),
which is available for review on the Company's profile on SEDAR+ at
www.sedarplus.ca and the Company's website at
www.defensemetals.com.
The 8,301-hectare (~20,534-acre) Wicheeda Project, located
approximately 80 kilometres (~50 miles) northeast of the city of
Prince George on the traditional
territory of the McLeod Lake Indian Band in British Columbia, Canada, is readily
accessible by a paved highway and all-weather gravel roads. Nearby,
superior infrastructure includes hydro power transmission lines,
gas pipelines, the Canadian National Railway and major highways
that allow easy access to the port facilities at Prince Rupert, the closest major North
American port to Asia.
Defense Metals is a proud member of Discovery Group. For more
information please visit: www.discoverygroup.ca.
For further information, please visit www.defensemetals.com
or contact:
Alex Heath
Senior Vice President, Corporate Development & Interim CFO
Tel: +1 604-354-2491
Email: alex@defensemetals.com
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Notice Regarding the Wicheeda REE Deposit Mineral Resource
Estimate
The mineral resource estimate for the Wicheeda rare earth
element (REE) deposit is disclosed in a Technical Report dated
October 27, 2023, effective
August 28, 2023, entitled "Technical
Report on the Wicheeda Property, British
Columbia, Canada", which was prepared by APEX Geoscience
Ltd. The results of the 2023 MRE were previously disclosed in
summary form in the Company's news release dated September 12, 2023. The Technical Report was
prepared in accordance with the Canadian Securities Administrators'
National Instrument 43-101 Standards of Disclosure for Mineral
Projects ("NI 43-101") and is available for review on the Company's
profile on SEDAR+ at www.sedarplus.ca and the Company's website at
www.defensemetals.com. Readers are encouraged to read the Technical
Report in its entirety, including all qualifications, assumptions,
and exclusions.
Cautionary Statement Regarding "Forward-Looking"
Information
This news release contains "forward-looking information" or
"forward-looking statements" within the meaning of applicable
securities laws. All statements in this news release, other than
statements of historical facts, that address events or developments
that the Company expects to occur, are forward-looking. Although
the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
statements. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
the environment in which the Company will operate in the future,
including the price of rare earth elements, the anticipated costs
and expenditures, the ability to achieve its goals, that general
business and economic conditions will not change in a material
adverse manner, that financing will be available if and when needed
and on reasonable terms. Such forward-looking information reflects
the Company's views with respect to future events and is subject to
risks, uncertainties and assumptions, including the risks and
uncertainties relating to the interpretation of exploration and
metallurgical results, risks related to the inherent uncertainty of
exploration and development and cost estimates, the potential for
unexpected costs and expenses and those other risks filed under the
Company's profile on SEDAR+ (www.sedarplus.ca/). While such
estimates and assumptions are considered reasonable by the
management of the Company, they are inherently subject to
significant business, economic, competitive and regulatory
uncertainties and risks. Factors that could cause actual results to
differ materially from those in forward looking statements include,
but are not limited to, continued availability of capital and
financing and general economic, market or business conditions,
adverse weather and climate conditions, failure to maintain or
obtain all necessary government permits, approvals and
authorizations, failure to maintain or obtain community acceptance
(including First Nations), risks relating to unanticipated
operational difficulties (including failure of equipment or
processes to operate in accordance with specifications or
expectations, cost escalation, unavailability of personnel,
materials and equipment, government action or delays in the receipt
of government approvals, industrial disturbances or other job
action, and unanticipated events related to health, safety and
environmental matters), risks relating to inaccurate geological,
metallurgical, engineering and pricing assumptions, decrease in the
price of rare earth elements, the impact of viruses and diseases on
the Company's ability to operate, restriction on labour and
international travel and supply chains, loss of key employees,
consultants, officers or directors, increase in costs, delayed
results, litigation, and failure of counterparties to perform their
contractual obligations. The Company does not undertake to update
forward-looking statements or forward-looking information, except
as required by law.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/defense-metals-and-the-saskatchewan-research-council-enter-into-a-mou-to-enhance-the-domestic-rare-earth-element-supply-chain-302260621.html
SOURCE Defense Metals Corp.
