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Defense Metals Corp. Drills 3.79% Total Rare Earth Oxide Over 150 Metres

15.03.2022  |  CNW
Including 4.77% Over 60 Metres at Wicheeda - Hole WI21-49 Yields Highest Grade Single Assay To Date Of 1.41% Neodymium-Praseodymium Oxide At 10% Total Rare Earth Oxide

VANCOUVER, March 15, 2022 - Defense Metals Corp. ("Defense Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce results for an additional two diamond drill holes totalling 189 metres from the Company's 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-45 through WI21-48 were collared from the same site and within the northern area of the Wicheeda Rare Earth Element (REE) deposit.

Drill hole WI21-49 returned 3.79% TREO (total rare earth oxide) over 150 metres; including 4.77% TREO over 60 metres1. The drill hole was designed to further delineate at depth drill holes WI21-33 and WI21-40 that in conjunction with WI21-49 represent the three highest grade x width intercepts of the 2021 drilling to date. Together these three drill holes define a newly discovered zone of high-grade REE mineralization that occurs below both the current mineral resource and resource pit shells.

The Company continues to receive additional assay results from the 2021 Wicheeda REE Deposit resource expansion and delineation campaign that will be released in the coming weeks.

Luisa Moreno, President, and Director of Defense Metals stated: "We are excited with the consistently high-grade results to date. Wicheeda is emerging as a world class deposit, and we are fortunate to be part of the development of this project." She added: "Drilling within the northern Wicheeda Deposit has resulted in the discovery of an emerging zone of high grade REE mineralization at depth. This area of the deposit was first tested by WI19-32, the last drill hole of our 2019 drill campaign. Drilling during 2021 has now shown high grade REE mineralization extends a further 100 metres vertically below the bottom of WI19-32, and beyond the current mineral resource extents."

Delineation drill holes WI21-49 (-70o dip / 190o azimuth) expanded and further delineated broad intervals of REE mineralized dolomite-carbonatite intersected in drill holes WI21-33 and WI21-40, yielding 3.79% TREO over 150 metres; including 4.77% TREO over 60 metres1 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% TREO1 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 (Table 1 and Figure 1).

Drill holes WI21-50 (-50o dip / 215o azimuth) and WI21-48 (-60o dip / 280o azimuth) established the northwest margin of the Wicheeda Deposit in the near surface intercepting a broad mixed syenite and xenolithic carbonatite interval above resource cut-off grade averaging 1.60% TREO over 127metres; including a higher-grade interval of 3.34% TREO over 35 metres1. 2.50% TREO over 176 metres; including 6.14% TREO over 20 metres1 from surface (Figure 2).

Table 1. Wicheeda REE Deposit 2021 Diamond Drill Intercepts

Hole ID

From
(m)

To
(m)

Interval
(m)

TREO2
(%)

Ce2O3
(%)

La2O3
(%)

Nd2O3
(%)

Pr2O3
(%)

Sm2O3
(ppm)

Gd2O3
(ppm)

Eu2O3
(ppm)

Dy2O3
(ppm)

Tb4O7
(ppm)

Ho2O3
(ppm)

WI21-49
(190/-70)

33

183

150

3.79

1.80

1.36

0.41

0.14

430

197

86

45

16

5

including

82

142

60

4.77

2.28

1.71

0.51

0.18

520

228

103

54

18

5

WI21-50
(215/-50)

23

149.7

126.7

1.60

0.76

0.55

0.18

0.06

205

110

47

34

10

4

including

50.35

85.65

35.3

3.34

1.59

1.23

0.33

0.12

341

166

72

40

13

4

WI21-33
(350/-80)

5.00

201.00

196

3.17

1.52

1.07

0.37

0.13

382

181

81

42

14

4

including

5.00

55.25

50.25

3.63

1.74

1.26

0.41

0.14

396

181

84

52

16

6

including

146.00

201.00

55.00

4.29

2.07

1.48

0.47

0.17

489

232

112

52

18

5

WI21-34
(040/-55)

3.00

117.00

114.00

2.97

1.46

1.02

0.33

0.11

323

134

58

23

9

2

including

3.00

70.00

67.00

3.84

1.89

1.34

0.41

0.15

379

160

69

29

11

3

WI21-35
(080/-55)

1.20

121.00

119.80

3.87

1.87

1.34

0.43

0.15

434

200

88

52

17

6

WI21-36
(108/-80)

1.10

174.00

172.90

2.34

1.14

0.78

0.27

0.09

293

134

59

35

11

4

including

1.10

35.65

34.55

3.45

1.66

1.21

0.38

0.13

374

170

72

37

13

4

including

136.00

174.00

38.00

3.02

1.46

1.05

0.33

0.12

337

157

68

40

13

4

WI21-37
(108/-45)

2.00

139.85

137.85

3.19

1.56

1.10

0.35

0.12

351

144

66

30

11

3

including

2.00

57.00

55.00

4.00

1.96

1.38

0.42

0.15

427

164

76

35

12

3

WI21-38
(220/-70)

1.35

82.00

80.65

3.08

1.50

1.07

0.33

0.12

346

154

70

40

13

4

including

1.35

24.75

23.4

6.01

2.91

2.14

0.62

0.23

607

246

114

60

20

6

WI21-39
(285/-60)

4

114

110

2.62

1.28

0.87

0.30

0.10

320

158

73

42

13

5

and

114

224.8

110.8

0.72

0.35

0.21

0.10

0.03

129

75

31

30

8

4

WI21-40
(345/-65)

2.75

165

162.25

3.23

1.57

1.11

0.36

0.13

370

158

70

39

13

4

including

2.75

47.5

44.75

4.21

2.05

1.46

0.46

0.16

452

197

92

61

18

7

including

96

167

71

3.67

1.79

1.26

0.41

0.14

411

173

75

35

13

3

WI21-43
(045/-85)

10.75

124.1

113.35

0.55

0.26

0.17

0.07

0.02

121

84

33

35

9

5

WI21-44
(240/-60)

17.5

125.6

108.1

1.72

0.83

0.57

0.20

0.07

266

141

69

47

14

6

including

35

89

54

2.59

1.24

0.87

0.29

0.10

384

205

102

70

20

9

WI21-45
(240/-75)

47.8

106.9

59.1

1.46

0.67

0.51

0.17

0.06

230

134

83

43

13

6

including

47.8

74

26.2

2.48

1.13

0.88

0.29

0.10

384

225

151

67

21

8

WI21-46
(190/-50)

18.9

135.3

116.4

1.66

0.80

0.56

0.20

0.06

229

108

47

28

9

3

including

48

90

42

2.27

1.09

0.79

0.25

0.09

271

112

48

22

8

2

including

117.55

135.3

17.75

2.32

1.12

0.74

0.30

0.09

350

170

75

42

14

5

WI21-47
(280/-60)

17

98.36

81.36

0.58

0.28

0.18

0.08

0.02

108

67

30

29

7

4

WI21-48
(145/-45)

12

188

176

2.50

1.22

0.84

0.29

0.10

306

130

57

27

10

3

including

12

32

20

6.15

2.98

2.11

0.69

0.24

669

311

142

80

25

9

About the Wicheeda REE Property

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% IRR3. 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.

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. 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. (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.

About Defense Metals Corp.

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".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding "Forward-Looking" Information

This news release contains "forward-looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, the Company's plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company's profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.

___________________________________________________

1

The true width of REE mineralization is estimated to be 70-100% of the drilled interval.

2

TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.

3

Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.'s Issuer Profile on SEDAR (www.sedar.com).


SOURCE Defense Metals Corp.



Contact
Todd Hanas, Bluesky Corporate Communications Ltd., Vice President, Investor Relations, Tel: (778) 994 8072, Email: todd@blueskycorp.ca
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