March 21, 2023

Defense Metals Corp. has announced that its technical team has completed updates to the Wicheeda Rare Earth Element (REE) Deposit 3D geological model. The update incorporates over 10,000 metres of additional drilling within 47 diamond drill holes completed during 2021 and 2022 following completion of the Wicheeda Deposit preliminary economic assessment (PEA). The update is preparatory to updating the Wicheeda Deposit mineral resource estimate (MRE) and is an essential input to the planned pre-feasibility study (PFS).

The updated geological model and resource estimation domains highlight the potential of the Wicheeda Deposit to become a significant source of rare earth elements. The Wicheeda Deposit is located in British Columbia, Canada, and is one of the few known rare earth deposits in North America. Rare earth elements are critical components in many high-tech products, including electric vehicles, wind turbines, and smartphones.

Craig Taylor, CEO of Defense Metals, said, “We are excited to have completed the updates to the Wicheeda Deposit 3D geological model, which will provide a more accurate representation of the deposit’s potential. The updated model will be used to update the mineral resource estimate and will be an essential input to the planned pre-feasibility study.”

The Wicheeda Deposit has a current inferred mineral resource estimate of 4.89 million tonnes averaging 3.02% LREO (Light Rare Earth Elements) and 0.19% HREO (Heavy Rare Earth Elements). The deposit remains open in all directions and at depth, and the company plans to continue exploration to expand the resource.

Defense Metals is a mineral exploration company focused on the acquisition, exploration, and development of rare earth projects in North America. The company’s primary focus is the Wicheeda Deposit, but it also holds interests in other rare earth projects in British Columbia and Saskatchewan.

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