Defense Metals (TSXV: DEFN) is taking steps to secure funding for the development of its flagship Wicheeda Rare Earth Element project in British Columbia.
The company as of this morning has begun a strategic funding review, appointing HCF International Advisors to lead the effort. The review is expected to assist the company in analyzing potential funding options or strategic partnerships for the development of the Wicheeda project.
The Wicheeda project currently contains a mineral resource estimate that amounts to 34.2 million tonnes measured and indicated, which contains 2.86% total rare earth oxides, amounting to 699 KT of contained TREO using a cut-off grade of 0.5% TREO. An additional 11.1 million tonne inferred resource at 1.02% TREO also exists for the property, which amounts to 113 KT of contained TREO. The estimate is based on 10,350 metres of drilling that has been conducted to date.
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A preliminary feasibility study is slated to be released for the project in the second quarter of 2024.
“Following our PFS, as we navigate the dynamic landscape of the metals and mining sector, having HCF’s expertise on board will be instrumental in evaluating and pursuing optimal funding and strategic partnership opportunities, especially in Europe,” commented Craig Taylor, CEO of Defense Metals.
Defense Metals last traded at $0.21 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
