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Defense Metals’ Wicheeda rare earth drill results include 6.1% TREO
The company said all eleven drill holes intersected significant rare earth mineralization widths within the 2025 feasibility study pit limits, supporting a potential resource classification uplift.
Defense Metals reported new drilling results from its Wicheeda rare earths project in British Columbia, Canada, with one interval returning up to 6.1% total rare earth oxides (TREO). In hole WI26-96, the company said 20.3 metres graded 6.1% TREO within a 65-metre interval grading about 3% TREO, from 61 metres depth.
In another highlight, Defense Metals said hole WI26-93 returned 184 metres grading 1.7% TREO from 91.6 metres depth, including 57 metres at 2.5% TREO, after cutting across the southern margin of the Wicheeda deposit. The company added that it was exceptionally pleased that all eleven drill holes reported in the news release intersected significant widths of high to moderate grade rare earth element mineralization within the pit confines defined by its 2025 preliminary feasibility study.
The company said the Wicheeda project is road-accessible and sits about 80 km northeast of Prince George, near power, rail and gas infrastructure, unlike some larger rare earth deposits in remote northern regions. Based on the February 2025 preliminary feasibility study, Wicheeda is discounted at 8% and projects an after-tax net present value of C$1 billion and a post-tax internal rate of return of 19%, with initial capital costs of C$1.4 billion.
Defense Metals also outlined its development plans and financing, including $16.7 million secured through private placements in October and November for metallurgical work and to start a feasibility study. It said it received conditional approval for up to C$1.8 million from Natural Resources Canada’s Critical Minerals Infrastructure Fund in March, and it referenced a proposed C$346.6 million Export Development Canada loan announced last year, with details continuing beyond the provided text.