The Wicheeda North Property, the main property of interest, consists of six mineral claims, which encompass 2135.6 ha, immediately northwest of the Wicheeda Property, which hosts the Wicheeda Carbonatite, currently being explored by Defense Metals Corp. This brings the company’s total land holdings within the WRMB to just over 4,423.8 ha across a total of 18 claims.
The Wicheeda Carbonatite Deposit, held by Defense Metals Corp., is host to an indicated resource of 4.89 million tonnes (Mt) at 3.02% light rare earth oxide (LREO) and an inferred resource of 12.1 Mt at 2.90% LREO, using a cut-off grade of 1.5% total metal (see “Technical Report on the Wicheeda Property, British Columbia, Canada” with an Effective Date of June 27th, 2020). Management cautions that past results or discoveries on proximal properties (i.e. the Wicheeda Carbonatite Deposit) may not necessarily be indicative to the presence of mineralization on the Company’s properties (i.e. Wicheeda North).
The property was originally acquired to cover a distinct, oval, aeromagnetic feature. The magnetic feature is flanked by two areas of above-background magnetics, indicating a complex magnetic environment, similar to that observed at Wicheeda.
The properties are located within an approximately 40 km long belt of carbonatite and related rocks, including the Wicheeda Carbonatite – Rare Earth Element (REE) Project at the northwest end and the Cap Carbonatite – Rare Metal (RM) Project near the southeast end. The Wicheeda Rare Metal Belt (WRMB) covers a multitude of REE and RM bearing carbonatites and syenites that form as either elongate to elliptical or sub-circular bodies intruding Proterozoic and/or Paleozoic sedimentary rocks. No carbonatite occurrences have been documented on the Company’s properties to date; however, the geology is considered favourable to host such mineralization styles associated with carbonatites.