Defense Metals Corp. Receives Positive Results from Crushing and Grinding Tests on Wicheeda Rare Earth Deposit
Defense Metals Corp. has announced that the results of crushing and grinding tests on various samples extracted from the Wicheeda rare earth (RE) deposit were positive. The tests were conducted as part of the prefeasibility study (PFS) of the project in British Columbia, which is slated for completion in Q1/24.
According to a research note by Noble Capital Markets analyst Mark Reichman, the mined material at the project is amenable to conventional methods, which has “positive implications for [the] project cost profile.” This is another step toward the completion of the PFS, which will provide a comprehensive analysis of the project’s economic viability.
The Canadian exploration company is Outperform rated and now trading at about CA$0.25 per share. Noble’s target price on it, in comparison, is CA$0.70 per share. The difference in the two prices implies attractive gains for investors.
The new comminution test data is a significant milestone for Defense Metals Corp. and its shareholders. The positive results indicate that the Wicheeda rare earth deposit has the potential to become a significant source of rare earth elements, which are essential for a wide range of high-tech applications, including electric vehicles, wind turbines, and smartphones.
The Wicheeda rare earth deposit is located in British Columbia, Canada, and is one of the few rare earth deposits outside of China that has the potential to become a significant source of rare earth elements. The deposit contains high-grade neodymium and praseodymium, which are critical components in the production of permanent magnets used in electric vehicles and wind turbines.
Defense Metals Corp. is committed to developing the Wicheeda rare earth deposit in an environmentally responsible manner and has engaged with local communities and stakeholders to ensure that the project is developed in a sustainable and socially responsible way. The company is also exploring other rare earth deposits in Canada and the United States to diversify its portfolio and ensure a secure supply of rare earth elements for its customers.
