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Defense Metals Corp. Continues to Drill High Grade at Wicheeda With 3.23% Total Rare Earth Oxide Over 162 Metres; Including 4.21% Over 45 Metres From Surface - Confirms Significant Mineralization At Depth With Potential to Expand Mineral Resource

Mar 8, 2022

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VANCOUVER, BC, March 8, 2022 /CNW/ - Defense Metals Corp. ("Defense Metals" or the "Company") (TSX-V: DEFN)(OTCQB: DFMTF) (FSE: 35D) is pleased to announce results for an additional six diamond drill holes totalling 845 metres from the Company's 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-39 and WI21-40 collared from the same pad, and holes WI21-41 through WI21-44 sited 100 metres north were designed to further delineate the Wicheeda Rare Earth Element (REE) deposit.

Drill hole WI21-40 returned 3.23% TREO (total rare earth oxide) over 162 metres1. Along with previously reported drill hole WI21-33 on section grading 3.17% TREO over 196 metres, these two holes yielded the highest-grade x width of the 2021 drill program to date. In addition to significant composite mineralized widths, these holes continue to demonstrate the presence of higher-grade zones of carbonatite at surface and at depth extending below the current resource pit shell.

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 days and weeks. Luisa Moreno, President, and Director of Defense Metals commented: "Drilling at depth within the northern Wicheeda Deposit has intersected significant new zones of high-grade REE mineralization with the potential to expand the mineral resource, and importantly may also contribute to supporting higher grades across the range of potential mine life." Resource infill drill hole WI21-39 (-60o dip / 285o azimuth) returned assays of 2.62% TREO over 110 metres1 and in conjunction with WI21-36 and WI21-37 completes sectional drilling within the northern quarter of the Wicheeda Deposit confirming the presence of high-grade dolomite carbonatite within 2019 near surface drill holes to a vertical depth of 175 metres and horizontal width of 160 metres (Table 1 and Figure 1). Delineation drill hole WI21-40 (-60o dip / 285o azimuth) intersected mineralized dolomite carbonate from surface grading 3.23% TREO over 162 metres1; including higher grade intervals from surface of 4.21% TREO over 44.75 metres1, and at depth of 3.67% TREO over 71 metres1 extending 15 metres below the current resource pit shell (Figure 2). Importantly drill holes WI21-33, WI21-36, and WI21-40 establish the presence of a previously unrecognized zone of high-grade dolomite carbonate at depth within the northeast quadrant of the Wicheeda Deposit. Mineralized zones within WI21-40W and WI21-33 extend downhole 60 and 80 metres respectively below the current resource, and 15 and 32 metres below the resource pit shell providing the potential to expand mineral resources. _____________________________1 The true width of REE mineralization is estimated to be 70-100% of the drilled interval. Drill hole WI21-44 (-60o dip / 240o azimuth) collared 100 metres to the north intersected a mixed interval of dolomite carbonatite near surface and REE mineralized syenite at depth high averaging 1.72% TREO over 108 metres; including 2.59% TREO over 54 metres near surface (Figure 3).

A series of short drill holes WI21-41 (-55o dip / 025o azimuth), WI21-42 (-70o dip / 025o azimuth), and WI21-43 (-85o dip / 045o azimuth) totalling 285 metres successfully delineated the northeast margin of the deposit. Drill hole WI21-43 intersected several carbonate dykes, syenite and limestone host rocks above resource cut-off averaging 0.55% TREO over 113 metres (Figure 3).

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