Defense Metals Corp. (TSX-V: DEFN) (OTCQB: DFMTF) (FSE:35D) is pleased to announce Rare Earth Element assay results from an additional eight core drill holes, totalling 2,104 metres, completed during 2022 at its 100% owned Wicheeda REE Deposit. These assay results are from two exploration, three resource delineation, and three pit slope geotechnical core drill holes, one of which (hole WI22-73) returned the second longest REE-mineralized intercept of the 2021 and 2022 Wicheeda drilling campaigns (10,859 metres in 47 core holes).

Pit slope geotechnical drill hole WI22-74 (-65^o dip at azimuth 139^o) drilled into the south pit wall intersected high-grade mineralized dolomite carbonatite that assayed 3.77% total rare earth oxide over 30 metres from surface and 2.52% TREO over 59 m at mid-hole depths, within a broader zone averaging 2.03% TREO over a 192 m interval (see Table 1 and Figure 1).

Resource delineation drill holes WI22-71 (-50^o dip at 163^o azimuth) and WI22-73 (-60^o dip at azimuth 134^o) drilled within the central area of the deposit similarly intersected mineralized dolomite-carbonatite, from surface, assaying 2.83% TREO over 66 m and 2.35% TREO over 81 m, respectively; within broader mineralized zones yielding 1.47% TREO over 207 m, and 1.42% TREO over 222 m, respectively (see Table 1 and Figure 1).

Resource delineation and pit slope geotechnical drill holes WI22-76 (-55^o dip at 242^o azimuth) and WI22-77 (-70^o dip at 348^o azimuth) returned moderate-grade, mixed syenite-xenolithic dolomite carbonatite intervals from the northern limit of the Wicheeda Deposit and north pit wall that assayed 0.64% TREO over 151 m; and 0.67% TREO over 76 m, respectively (see Table 1 and Figure 1).

Kristopher Raffle, P.Geo., Director of Defense Metals and a Qualified Person stated:

“We are excited to be nearing the release of our final drill results from a very successful year of drilling. It’s very telling that one of our geotechnical drill holes not only gave us important data about future open pit slope design, but also yielded one of the best drill intercepts of our 2021 and 2022 drill programs. Following the receipt of assays from our two remaining geotechnical drill holes, we will update the Wicheeda mineral resource based on more than 10,000 metres in the 47 drill holes Defense Metals has completed post-PEA. We firmly believe Wicheeda is one of the best rare earths projects globally and we eagerly look forward to advancing the project during 2023.”

High-wall pit slope geotechnical drill hole WI22-75 (-60^o dip at 110^o azimuth), collared 100 m east of the Wicheeda Deposit, and greenfield exploration drill holes WI22-65 (-60^o dip at 140^o azimuth) and WI22-66 (-60^o dip at 140^o azimuth), which targeted REE soil geochemical anomalies 500 m southwest and 1,000 m northwest of the Wicheeda Deposit, did not return significant REE mineralization.

Table 1. Wicheeda REE Deposit 2022 Diamond Drill Intercepts¹

Geotechnical drill hole data collected will support future pre-feasibility level mine planning studies (see Defense Metals’ news release dated May 24, 2022). The 2022 Wicheeda REE Deposit resource delineation and pit slope geotechnical drill program comprised 18 core drill holes totalling 5,510 m (~18,077 feet). Assay results have been announced for a total of 16 holes to date, with results of the remaining two holes expected shortly.

About the Wicheeda REE Property

The 100% owned, 4,262-hectare (~10,532-acre) Wicheeda REE Property is located approximately 80 km northeast of the city of Prince George, British Columbia; population 77,000. The Wicheeda project is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, gas pipelines, the Canadian National Railway, and major highways.

The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report outlined a robust after-tax net present value (NPV@8%) of $517 million and an 18% IRR³. This PEA contemplated an open pit mining operation with a 1.75:1 (waste:mill feed) strip ratio providing a 1.8 Mtpa (“million tonnes per year”) mill throughput  producing an average of 25,423 tonnes REO annually over a 16 year mine life. 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.

Methodology and Quality Assurance/Quality Control

The analytical work reported on herein was performed by ALS Canada Ltd. at their Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. facilities. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (“QA/QC”) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.

Qualified Person

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. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle has verified the data, which included a review of the sampling, analytical and test methods underlying the data, information and opinions disclosed herein.

About Defense Metals Corp.

Defense Metals Corp. is a company focused on the development of its 100% owned Wicheeda Rare Earth Element mineral deposit, located near Prince George, British Columbia, Canada, that contains metals and elements commonly used in in green energy, aerospace, automotive and defense technologies. Rare earth elements are especially important in the production of magnets used in wind turbines and in permanent magnet motors for electric vehicles.

Figure 1. Wicheeda REE Deposit Long Section Looking East (CNW Group/Defense Metals Corp.)