VANCOUVER - Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) has entered into a non-binding Memorandum of Understanding (MOU) with Ucore Rare Metals Inc. (TSXV: UCU) to pursue opportunities in developing a North American rare earth element (REE) supply chain. The companies are exploring collaborative efforts in commercialization, with Defense Metals planning to send a mixed rare earth carbonate sample from its Wicheeda REE project to Ucore's RapidSX™ Commercialization and Demonstration Facility (CDF) in Kingston, Ontario.
The sample, produced during 2023 hydrometallurgical piloting test work on concentrate from the Wicheeda REE project, will be shipped by SGS Canada Inc. from Lakefield, Ontario. This marks a significant step as Defense Metals aims to contribute to the Western world's REE supply chain, which is crucial for various industries including technology and renewable energy.
Craig Taylor, CEO of Defense Metals, expressed optimism about the upcoming shipment to Ucore's demonstration plant, highlighting the strategic importance of the Wicheeda project as a viable North American REE source. Pat Ryan, Chairman and CEO of Ucore, also emphasized the strategic alignment with Defense Metals and the potential of processing and refining the REE resources using Ucore's Canadian technology, RapidSX™.
The Wicheeda REE Project, wholly owned by Defense Metals, spans over 8,301 hectares and is situated near Prince George, British Columbia. The project benefits from access to key infrastructure, which is expected to facilitate its development and potential future distribution of REE materials.
Defense Metals Corp., part of the Discovery (NASDAQ:WBD) Group, is an exploration and development company focusing on the Wicheeda REE Deposit. It trades on the TSX Venture Exchange, the OTCQB, and the Frankfurt Exchange.
The information in this article is based on a press release statement and includes forward-looking information that involves risks and uncertainties. Defense Metals' forward-looking statements are based on assumptions that may not materialize, and actual results could differ from those projected. The company cautions that its projections are not guarantees of future performance.
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