DFMTF - Breaking News: Defense Metals Commences 2022 Wicheeda Rare Earth Element Deposit Pit Slope Geotechnical Resource Delineation And Exploration

Defense Metals Corp. (OTCQB: DFMTF) (TSX-V: DEFN) (FSE: 35D) is pleased to announce the commencement of diamond drilling at its Wicheeda Rare Earth Element (REE) deposit. The Company plans to complete up to 5,000 metres of diamond drilling designed to further delineate existing resources, assess near deposit exploration targets, collect geotechnical and hydrogeological drilling for the purpose of optimization of open pit slope design, and generate additional REE mineralized material for continued metallurgical testwork.

The 2022 Wicheeda REE diamond drill campaign is expected to include up to 1,500 metres of pit geotechnical and hydrogeological drilling, 1,500 metres of further resource delineation and near resource exploration drilling, and up to 2,000 metres of 8.5 cm diameter PQ core for continued metallurgical testing ( Figure 1 ).

The 2022 drill program has commenced from existing drill pads prepared during 2021 in the northern area of the Wicheeda REE Deposit that returned some of the highest grade x width intercepts of the 2021 drilling ( Figure 2 ). Drill holes WI21-33 and WI21-40 yielded 3.79% TREO over 150 metres; including 4.77% TREO over 60 metres ¹ that extends 80 metres beyond the current mineral resource and 40 metres beyond the constraining pit shell. This higher-grade interval includes 12 metres averaging 8.06% TREO ¹ from 84 to 96 metres downhole, which contained the highest single (3 metre) combined neodymium-praseodymium (Nd-Pr) oxide assay value to date on the Wicheeda Project of 1.41% Nd-Pr Oxide at 10% TREO ² .

North area drilling will be followed by near resource exploration drilling immediately west of the Wicheeda Deposit targeting combined REE in soil geochemical and radiometric anomalies in the vicinity of historical 2009 exploration holes that revealed visual indication of potential REE mineralization when recently reviewed by the Defense Metals technical team.

As previously announced the Company has retained SRK Consulting ( Canada ) Inc. (“ SRK “) to assist with planning and executing geotechnical drilling investigations ( see the Defense Metals News Release dated May 24, 2022 ). Senior SRK engineering personnel are expected to conduct a two-day field site visit to Wicheeda to conduct bedrock and structural mapping, view drill core, and establish geotechnical data collection protocols, testing, and instrumentation installation procedures.

Luisa Moreno , President, and Director of Defense Metals commented: “Defense Meal is excited to once again get back to drilling at Wicheeda. Given the success of last years 5,349 metre diamond drill program, we look forward to continuing to define the Wicheeda Deposit, in particular the high grade north area, testing near resource exploration targets, and commencing our pre-feasibility level geotechnical studies. As announced last week, metallurgical optimizations continue at pace at the SGS Lakefield site, and we look forward to releasing results of that testwork as information becomes available.”

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The 100% owned 2,008-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia , is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.

The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million , and 18% IRR ³ . A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.

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The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB , a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia , Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States , under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

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