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Defense Metals Corp
Symbol DEFN
Shares Issued 176,652,545
Close 2022-04-27 C$ 0.28
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ORIGINAL: Defense Metals Corp. Drills Longest High-Grade Intercept To Date 3.09% Total Rare Earth Oxide Over 251 Metres; Including 3.92% Over 80 Metres at Wicheeda

2022-04-27 10:04 ET - News Release

VANCOUVER, BC, April 27, 2022 /PRNewswire/ - Defense Metals Corp. ("Defense Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce results for the final five diamond drill holes totalling 1,079 metres from the Company's 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-57 through WI21-61 were collared from the two sites within the eastern area of the Wicheeda Rare Earth Element (REE) deposit.

Resource definition drill hole WI21-58 in conjunction with WI21-59 collared from the same setup yielded two of the three highest grade x width intercepts of the 2021 drill campaign, with WI21-58 averaging3.09% TREO over 251 metres, including 3.92% TREO over 80 metres; and WI21-59 returning 2.76% TREO over 212 metres; including 3.25% TREO over 90 metres from surface.

Luisa Moreno, President, and Director of Defense Metals stated: "We are extremely pleased to publish the last assay results for our 2021 Wicheeda REE Deposit drill campaign with some of the highest-grade and widest drill intercepts encountered to date on the Project. Our first hole of 2021 yielded 3.17% TREO over 196 metres within the untested northern zone (WI21-33). With the final holes released today we have WI21-59 collared 200 metres to the south besting that result with exceptionally REE high grades over a 250-metre interval."

Infill drill hole WI21-57 (-50o dip / 290o azimuth) testing a gap within the central area of the Deposit returned a high-grade dolomite carbonate interval averaging 3.45% TREO over 116 metres from surface, giving way to mixed syenite at depth averaging 1.37% TREO over 96.5 metres along the western contact (Table 1 and Figure 1).

Delineation drill holes WI21-58 (-60o dip / 355o azimuth) and WI21-59(-70o dip / 015o azimuth) targeted inferred resources at depth along the eastern contact and intersected two of the three highest grade x width intercepts of the 2021 drill campaign, with WI21-58 averaging3.09% TREO over 251 metres, including 3.92% TREO over 80 metres; and WI21-59 returning 2.76% TREO over 212 metres; including 3.25% TREO over 90 metres from surface (Figure 2).

Infill drill hole WI21-60 (-55o dip / 205o azimuth) targeting the southern area of the Deposit returned 2.93% TREO over 154 metres; including 5.47% TREO over 39 metres from surface representing the third highest-grade reported drill intercept (Figure 3).

Like WI21-57, drill hole WI21-61 (-50o dip / 210o azimuth) targeted the central gap area from a pad 200 metres north. The hole collared into east side limestone host rock before intersecting a broad high-grade dolomite carbonatite interval averaging 3.44% TREO over 114 metres, giving way to mixed xenolithic carbonatite and syenite rocks at depth returning 0.93% TREO over 79 metres (Figure 4).

Table 1. Wicheeda REE Deposit 2021 Diamond Drill Intercepts

Hole ID

From (m)

To (m)

Interval (m)

TREO[1] (%)

Ce2O3 (%)

La2O3 (%)

Nd2O3 (%)

Pr2O3 (%)

Sm2O3 (ppm)

Gd2O3 (ppm)

Eu2O3 (ppm)

Dy2O3 (ppm)

Tb4O7 (ppm)

Ho2O3 (ppm)

WI21-57 (290/-50)

21.6

137.5

115.9

3.45

1.68

1.24

0.35

0.13

318

140

68

36

13

4

and

137.5

234

96.5

1.37

0.67

0.48

0.15

0.05

158

77

36

23

7

3

WI21-58 (355/-60)

1.8

252.6

250.8

3.09

1.51

1.08

0.33

0.12

315

134

62

29

11

3

including

51

131

80

3.92

1.93

1.39

0.40

0.14

358

153

71

34

13

3

WI21-59 (015/-70)

2.4

214

211.6

2.76

1.32

0.99

0.29

0.10

279

120

56

27

10

3

including

2.4

92

89.6

3.25

1.58

1.18

0.32

0.12

302

123

60

32

11

3

WI21-60 (205/-55)

1.3

154.9

153.6

2.93

1.43

1.01

0.31

0.11

320

145

67

36

12

4

including

1.3

40

38.7

5.47

2.69

1.93

0.55

0.21

490

217

99

56

18

6

WI21-61 (210/-50)

57

170

113

3.44

1.64

1.22

0.38

0.13

368

168

71

31

12

3

and

170

248.5

78.5

0.93

0.45

0.28

0.12

0.04

151

84

36

31

8

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

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

WI21-51 (030/-55)

4.25

92.7

88.45

2.47

1.18

0.88

0.26

0.09

267

127

56

25

9

3

and

92.7

251

158.3

1.27

0.62

0.39

0.17

0.05

206

103

46

32

9

4

WI21-52 (260/-45)

3.25

72.8

69.55

3.31

1.58

1.16

0.37

0.13

395

188

84

53

17

6

WI21-53 (260/-65)

2.7

83

80.3

3.06

1.48

1.08

0.32

0.12

319

148

68

37

13

4

WI21-54 (320/-45)

2.4

147

144.6

3.06

1.48

1.10

0.31

0.12

306

132

61

32

11

3

WI21-55 (320/-65)

2.2

119

116.8

3.81

1.85

1.36

0.39

0.15

364

169

77

36

13

4

including

2.2

41

38.8

4.33

2.11

1.51

0.46

0.17

459

208

92

45

16

5

including

67

104.5

37.5

4.87

2.36

1.79

0.47

0.18

403

188

87

39

14

4

WI21-56 (065/-45)

5.35

56.5

51.15

3.56

1.74

1.27

0.35

0.14

323

140

66

33

11

3

and

56.5

225.2

168.7

1.41

0.69

0.47

0.16

0.06

196

89

43

20

7

2

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% IRR 2. 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, 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.

____________________________

1TREO % sum of CeO2, La2O3, Nd2O3, Pr6O11, Sm2O3, Eu2O3, Gd2O3, Tb4O7, Dy2O3 and Ho2O3.

2 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).

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SOURCE Defense Metals Corp.

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