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

Mar 15, 2022

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VANCOUVER, BC, March 15, 2022 /CNW/ - 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 WI21-49 and WI21-50 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).

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