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Defense Metals Corp
Symbol DEFN
Shares Issued 183,374,601
Close 2022-06-16 C$ 0.185
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Defense Metals drills first two holes at Wicheeda

2022-06-17 11:08 ET - News Release

Mr. Kristopher Raffle reports

DEFENSE METALS DIAMOND DRILLING UPDATE - PIT SLOPE GEOTECHNICAL PREPARATIONS UNDERWAY

Defense Metals Corp. has provided an update for continuing diamond drilling at its Wicheeda rare earth element (REE) deposit. The 2022 diamond drilling campaign commenced in the northern resource area, with the first two resource delineation drill holes totalling approximately 615 metres now nearing completion.

The initial two drill holes were collared from the same site oriented southwest at minus-50-degree and minus-60-degree dips. The holes are designed to establish the eastern carbonatite contact near surface and for the purpose of resource infill near 2021 drill hole WI21-33, which yielded 3.17 per cent TREO (total rare earth oxide) over 196 metres, including 4.29 per cent TREO over 55 metres at depth that expanded high-grade REE mineralization beyond the mineral resource pit shell. Both holes intersected significant intervals of visually REE mineralized dolomite carbonatite, as predicted by the geological model.

As announced in its June 7, 2022, drilling commencement news release, 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 test work.

Kristopher Raffle, PGeo, director and qualified person of Defense Metals, commented: "With the second drill hole of our 2022 resource infill campaign nearing completion, we look forward in the coming days to initiating co-purposed infill and pit slope geotechnical drill holes in the main deposit and PEA [preliminary economic assessment] mine schedule pit highwall areas, in addition to continuation of pad building for planned exploration holes. With 2022 drilling operations once again based at the Wicheeda deposit site field camp, we expect to be able to take advantage of logistical efficiencies -- most notably, a reduction on helicopter utilization."

Other company updates

The company attended the Prospectors & Developers Association of Canada (PDAC) convention in Toronto, Ont., from June 13, 2022, to June 15, 2022, and met with several industry stakeholders, including shareholders, investment firms and strategic industry companies.

Defense Metals recently staked additional mineral claims contiguous to the Wicheeda REE property. The 100-per-cent-owned Wicheeda REE property is now 4,244 hectares.

Further to the company's news release dated May 24, 2022, the company paid $100,000 (U.S.) to Digitonic Ltd., an arm's-length party, to provide investor relations services and to provide content creation, digital and video marketing services.

About the Wicheeda REE property

The 100-per-cent-owned, 4,244-hectare Wicheeda REE property, located approximately 80 kilometres northeast of the city of Prince George, B.C., is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the Canadian National railway and major highways.

The Wicheeda REE project yielded a robust 2021 PEA that demonstrated an after-tax net present value (discounted at 8 per cent) of $517-million and internal rate of return of 18 per cent. A unique advantage of the Wicheeda REE project is the production of a saleable high-grade flotation concentrate. The PEA contemplates a 1.8-million-tonne-per-year-mill-throughput open-pit mining operation with a 1.75:1 (waste to 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 to mill feed) would yield rapid access to higher-grade surface mineralization in year 1 and payback of $440-million initial capital within five years.

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, PGeo (British Columbia) principal and consultant of Apex Geoscience Ltd. of Edmonton, Alta., a director of Defense Metals and a qualified person as defined in National Instrument 43-101. Mr. Raffle verified the data disclosed, which include a review of the sampling, analytical and test data underlying the information and opinions contained therein.

About Defense Metals Corp.

Defense Metals 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, the defence industry and the national security sector and in the production of green energy technologies, such as rare earth magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100 per cent of the Wicheeda rare earth element property located near Prince George, B.C., Canada. Defense Metals trades in Canada on the TSX Venture Exchange under the symbol DEFN, in the United States on the OTCQB under the symbol DFMTF and in Germany on the Frankfurt Stock Exchange under the symbol 35D.

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