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We probably have more rare earth
deposits in Canada, or controlled by Canadian-listed juniors, than anywhere
in the world. But Spectrum Mining Corporation, a private company, controlled
one of the best - the Wicheeda Lake REE claims 80km north of Prince George,
BC.
Wicheeda Lake
In 2008 Spectrum contracted Falcon Drilling Ltd. of Prince George, B.C. to
drill 4 BTW size diamond drill holes, totaling 866 meters, at varying azimuths
and dips from 1 drilling platform into their Wicheeda Lake "Main
Zone" cerium soil anomaly.
All 4 drill holes intersected potentially economic Ce, Nd, Sm, Nb and La
rare earth mineralization over drill core lengths varying from 66m to 231m
starting at their collars.
In 2009, eleven NTW diamond drill holes totaling 1835m were drilled into
the "Main Zone” from 2 new drilling platforms.
Drill site 2009-A was located approximately 100m northeast of the 2008
drill site and seven 150m long drill holes were completed from it at various
azimuths and dips. All seven holes intersected significant intervals of rare
earth mineralization varying from 56m to 148m long starting at their collars.
Drill site 2009-B is located approximately 100m north of drill site 2009-A
and approximately 150m northeast of the 2008 drill site. Four drill holes
were completed from it at various azimuths and dips. Again all four holes
intersected significant intervals of rare earth mineralization varying from
95m to 147m long starting at their collars.
The Wicheeda Lake deposit is open in all directions.
Defense Metals Corp
(TSX.V:DEFN)
First Legacy Mining Corp.,
now Defense Metals Corp (TSX.V:DEFN) after a name change,entered into an
option agreement with Spectrum Mining Corp., for its Wicheeda Lake claims, in
November 2018.
DEFN resumes trading on January 2nd, 2019.
Conclusion
Wicheeda Lake is a very attractive
light rare earth deposit.
It has very simple mineralogy and therefore very easy
extraction/metallurgy. This deposit is less than a two-hour drive down major
roads from Prince George, BC, a major logistics center. Roads run right to
the deposit. It has power, water and a rail yard very close by. It also has
access to workers who are experienced miners and others experienced in
chemical handling.
Your author believes this is the perfect rare earth deposit. It has
exceptional mineralogy, easy metallurgy and location, location, location. And
it has all the infrastructure necessary for a very low capex (capital
expenditure) to be put into production. And the timing couldn’t be
better, the US and Europe are both overwhelmingly dependent on their REE
supply from China.
 
China dominates 80 percent of rare
earth mining and nearly 95 percent of rare earth refining – a position that
could easily be abused.
Rare
earths in the cross-hairs of new high-tech arms race
After a phone call with DEFN I have no doubt they will prioritize/fast
track the Wicheeda Lake REE deposit towards production. Good news indeed for
ahead of the herd investors who understand the highly critical nature of rare
earth elements to our economy, and our military. Many REE applications
are highly specific and substitutes are inferior or unknown.
For all these reasons Defense Metals Corp (TSX.V:DEFN), and its Wicheeda
Lake REE project, are on my radar screen.
Legal Notice / Disclaimer
This document is not and should not be construed as an offer to sell or
the solicitation of an offer to purchase or subscribe for any investment.
Richard Mills has based this document on information obtained from sources he
believes to be reliable but which has not been independently verified.
Richard Mills makes no guarantee, representation or warranty and accepts no
responsibility or liability as to its accuracy or completeness. Expressions
of opinion are those of Richard Mills only and are subject to change without
notice. Richard Mills assumes no warranty, liability or guarantee for the
current relevance, correctness or completeness of any information provided
within this Report and will not be held liable for the consequence of
reliance upon any opinion or statement contained herein or any omission.
Furthermore, I, Richard Mills, assume no liability for any direct or indirect
loss or damage or, in particular, for lost profit, which you may incur as a
result of the use and existence of the information provided within this
Report.
Richard does not own shares of Defense Metals Corp (CSE:DEFN).
DEFN is an advertiser on his site aheadoftheherd.com
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