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Defense Metals Corp. Drills 3.17% Total Rare Earth Oxide Over 196 Metres

Defense Metals Corp. ("Defense Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is pleased to announce results for an initial four diamond drill holes totalling 795 metres from the Company's 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-33 through WI21-36, collared from the same pad, were designed to expand the Wicheeda Rare Earth Element (REE) deposit and further upgrade existing resource categories.

All four holes intersected high-grade REE mineralization over significant widths above the 0.5% TREO (total rare earth oxide) mineral resource lower cut-off from near surface to a maximum vertical depth of 200 metres. The Company expects to receive additional assay results from the 2021 Wicheeda REE Deposit resource expansion and delineation campaign in the coming days and weeks.

Luisa Moreno, President and Director of Defense Metals commented: “We are encouraged by the results of these initial four drill holes that have not only returned exceptionally high grade REE intervals but have also expanded mineralization beyond the mineral resource pit shell. We look forward to being able to release results as they are received from the remaining 25 diamond drill holes in the coming days and weeks. The 2021 drilling is expected to contribute to the expansion and upgrading of mineral resources we so recently demonstrated in our positive Wicheeda REE Project PEA.”

Drill hole WI21-33 (-80o dip / 350o azimuth), the first hole of the 2021 drill program, intersected mineralized dolomite carbonatite to a depth of 201 metres downhole returning assays of 3.17% TREO over 196 metres (Table 1, and Figure 1); including higher grade intervals of 3.63% TREO over 50 metresnear surface, and significantly 4.29% TREO over 55 metres at depth expanding high-grade REE mineralization 32 metres beyond the current mineral resource pit shell. Drill hole WI21-33 was collared near the northern drilled extent of the Wicheeda REE Deposit and was designed to expand and further delineate inferred resources at depth where the final hole WI19-32 of the Company’s highly successful 2019 drill campaign yielded assays of 3.76% TREO over 75 metres[1].

Drill hole WI21-34 (-55o dip / 040o azimuth), drilled northeast to intermediate depths below WI19-32 intersected mineralized dolomite carbonatite to a depth of 117 metres downhole grading 2.97% TREO over 114 metres; including a higher grade near surface interval averaging 3.84% TREO over 67 metres (Figure 2).

Resource delineation drill holes WI21-35 (-55o dip / 080o azimuth) and WI21-36 (-55o dip / 080o azimuth), drilled on section under 2019 drill hole WI19-31 that returned 4.57% TREO over 83 metres, established continuity of significantly REE mineralized dolomite carbonatite at depth with WI21-35yielding 3.87% TREO over 120 metres; and WI21-36 intersecting a mixed-country rock bearing interval grading 2.35% TREO over 172 metres; including higher grade near surface and at depth intervals of 3.45% TREO over 35 metres and 3.02% TREO 38 metres, respectively (Figure 3).

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[1]. 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.

Within drill holes WI21-34 and WI21-36 occur two zones of poor core recovery averaging 13-15% over an interval of 9.15 metres between 89.95 and 99.1 metres, and 35.65 an d44.80 metres, respectively. Drill core from these intervals was combined into a single 9.15 metre composite for assay. The returned assay results of 1.27% TREO (WI21-34) and 1.84% TREO (WI21-36) are consistent with assays results above and below in the drill holes and as a result are considered reasonable and reliable. Defense Metals is not aware of any other drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein.

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”.

For further information, please contact:

Todd Hanas, Bluesky Corporate Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072


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