Defense Metals Provides 2019 Exploration Review for Wicheeda Rare Earth Element Project and Outlines Strategy and Goals for 2020

Vancouver, British Columbia — January 14, 2020 – Defense Metals Corp. (“Defense Metals”) (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE) is pleased to provide a review of 2019 exploration and advancement of its 1,708 hectare (4,220 acre) Wicheeda Rare Earth Element (REE) Project located near Prince George, Canada. Defense Metals’ focus in 2020 will be to complete development of the Wicheeda Deposit hydrometallurgical flowsheet, initiate flotation pilot plant processing of the recently collected 30 tonne bulk-sample, and update the Wicheeda REE Deposit Mineral Resource based on its highly successful 2019 drill campaign.

Craig Taylor, President and CEO of Defense Metals, commented: “I am extremely pleased with our progress in 2019, and proud of each past and present member of the Defense Metals team. During the year, we remained focused on ensuring each step was strategic to provide a clear path to adding real value to the Wicheeda REE Project, which we believe is one of the highest quality North American REE assets. Defense Metals stands to benefit from upward REE demand pressures as the world moves toward widespread adoption of electric vehicles; in addition to being strategically positioned as a domestic North American REE source the importance of which is highlighted by the recent announcement of finalization of the Canada-US Joint Action Plan on Critical Minerals Collaboration, designed to advance our mutual interest in securing critical mineral supply chains. I would like to thank each of our shareholders for their support during 2018-19 and in addition to the dedication of our amazing team in British Columbia. We expect 2020 to be a watershed year of significant re-rating for Defense Metals, and an elevated presence amongst our peers.”

2019 Wicheeda REE Project Highlights

  • Collection of 30 Tonne Bulk-Sample In late-2018, before the onset of winter, a 30 tonne bulk sample was sent to SGS Canada Inc. (SGS) in Lakefield, Ontario for metallurgical and processing test work.
  • Positive Flotation Metallurgy: SGS flotation test work returned 48.7% LREO (light rare earth oxide) high grade concentrate of cerium, lanthanum, neodymium, and praseodymium oxides, at 85.7% recovery in locked cycle tests, 10.1 times upgrading ration from head grade of 4.81% LREO, low 8.2% mass yield concentrate1.
  • Hydrometallurgical Studies Initiated: initial indications from SGS are that high REE extractions can be achieved through acid leaching and caustic conversion techniques. Impurity removal tests are positive. 
  • Successful Diamond Drilling Campaign: 13 core holes totalling 2,005 metres further delineated the main body of high-grade dolomite carbonatite and expended REE mineralization northward with deposit open to expansion (Figure 1). One of the highest grade REE intercepts to date within drill hole WI19-31 yielded 4.43% LREO over 83 metres; including 5.47% LREO over a drill core interval of 33 metres2,3.
  • Defense Metals has exceeded its Year 1 and Year 2 exploration spend commitments within 12 months of its option of the Wicheeda REE Project demonstrating its commitment to rapid advancement of this project.

See Defense Metals News Release Dated October 23, 2019.

The true width of REE mineralization is estimated to be 70-100% of the drilled interval.

See Defense Metals News Release Dated December 12, 2019.

Kris Raffle, P.Geo., Director and Manger of Exploration for Defence Metals commented: “During 2019, Defense Metals metallurgical studies have shown the Wicheeda REE Deposit material exhibits exceptional flotation performance, and diamond drilling has further delineated and expanded the zone of high grade REE mineralization. Defense Metals will continue to de-risk and prove-out the value of the deposit during 2020.  We see the potential to increase the size, and our confidence in, the Wicheeda REE Deposit mineral resource based on the strength of the 2019 diamond drill results; in addition to capturing additional up-side through incorporation of potentially economically significant praseodymium values, which were not assayed for historically.”

Going Forward at the Wicheeda REE Project in 2020

  • Completion of detailed Hydrometallurgical Test Work
  • Initiation of Flotation Pilot Plant Processing of 30 tonne bulk-sample to establish viability of bench test results during large-scale continuous operation. 
  • Update Wicheeda REE Project Mineral Resource Estimate.
  • Diamond Drilling to further define newly discovery North Zone of Wicheeda REE Deposit.
  • Baseline Environmental Study scoping and commencement.
  • Initiate Economic Scoping Studies

Figure 1: Wicheeda REE Deposit 2019 Diamond Drill Plan

VRIC Conference in Vancouver, January 19-20, 2020

Come visit Defense Metals at booth #307 at the (VRIC) Vancouver Resource Investment Conference, Sunday, Monday, January 19th and 20th, 2020 (10am-5pm) at the Vancouver Convention Centre West., 1055 Canada Place, Vancouver, BC, V6C 0C3 Canada.

PDAC 2020

Also, please come visit Defense Metals at booth #3101B at PDAC 2020 Core Shack on Tuesday, Wednesday, March 3rd and 4th, 2020.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda Rare Earth Element 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein. 

About Defense Metals Corp.

Defense Metals is an advanced mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as, high strength, light weight, rare earth magnets. Defense Metals’ primary focus is to exercise its option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Project. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, the United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under the symbol of “35D”.

For further information, please visit https://defensemetals.com/  or contact:

Todd Hanas, Bluesky Corporate Communications Ltd. 

Vice President, Investor Relations 

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information  

This news release includes certain statements that constitute “forward-looking information or statements” within the meaning of applicable securities law, including without limitation, Defense Metals’ expectations for an expanded resource, plans for its properties/projects, including but not limited to: completion of detailed hydrometallurgical test work; initiation of flotation pilot plant processing of 30 tonne bulk-sample to establish viability of bench test results during large-scale continuous operation; update Wicheeda REE Project mineral resource estimate; diamond drilling to further define newly discovery north zone of Wicheeda REE Deposit; baseline environmental study scoping and commencement; and initiate economic scoping studies, as well as other statements relating to the technical, financial and business prospects of Defense Metals and other matters. 

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of Defense Metals to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Defense Metals will operate in the future, including the price of metals and elements, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct Defense Metals’ planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of Defense Metals, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. 

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to rare earth elements, and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that Defense Metals may lose or abandon its property interests or may fail to receive necessary licences and permits;  (vi) that environmental laws and regulations may become more onerous;  (vii) that Defense Metals may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with Defense Metals’ expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon Defense Metals’ history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of Defense Metals’ projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to Defense Metals’ prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.

Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and Defense Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. 

DEFENSE METALS CORP. CLOSES PRIVATE PLACEMENT

Vancouver, British Columbia – December 20, 2019: Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V: DEFN/ DFMTF: OTCQB / 35D: FSE) is pleased to announce that further to its news release on December 13, 2019, it has closed a non-brokered private placement of 6,615,000 units (each a “Unit”) for gross proceeds of $661,500 (the “Private Placement”). As previously disclosed, each Unit was priced at $0.10 and is comprised of one common share and one common share purchase warrant (“Warrant”). Each Warrant is exercisable to purchase one common share of the Company at a price of $0.20 per share for a period of 12 months from the date of closing the Private Placement.    

The Company also announces that it has closed a non-brokered private placement of 2,280,634 flow-through common shares(“FT Shares”) at a price of $0.15 per FT Share for gross proceeds of $342,095 (the “FT Private Placement”).       

The Company paid cash finder’s fees of $24,586.55 and issued 204,410 non-transferable finder warrants to certain brokers on a portion of the private placements. The finder warrants otherwise have the same terms as the Warrants.

Three directors of the Company participated in the Private Placement and the FT Private Placement.  Participation by insiders of the Company in the private placements constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Because the Company’s shares trade on the TSX Venture Exchange (“TSXV”), the issuance of securities is exempt from the formal valuation requirements of section 5.4 of MI 61-101 pursuant to subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of section 5.6 of MI 61-101 pursuant to subsection 5.7(1)(a) and (b) of MI 61-101.

All securities issued pursuant to the private placements are subject to a four month hold period from the closing date in accordance with applicable securities laws. 

The proceeds from these private placements will be used for exploration on the Company’s Wicheeda rare earth element project located in Prince George, British Columbia and for general working capital purposes. 

About Defense Metals Corp.

Defense Metals is an advanced mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as, high strength, light weight, rare earth magnets. Defense Metals’ primary focus is to exercise its option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Project. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, the United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under the symbol of “35D”.

For further information, please visit https://defensemetals.com/  or contact:

Todd Hanas, Bluesky Corporate Communications Ltd. 

Vice President, Investor Relations 

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Cautionary Statement Regarding Forward Looking Information 

This news release includes certain statements that constitute “forward-looking information or statements” within the meaning of applicable securities law, including without limitation, Defense Metals’ plans for its properties/projects, the use of funds from the private placements, other statements relating to the technical, financial and business prospects of Defense Metals, and other matters. 

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of Defense Metals to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Defense Metals will operate in the future, including the price of metals and elements, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct Defense Metals’ planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of Defense Metals, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. 

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to rare earth elements, and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that Defense Metals may lose or abandon its property interests or may fail to receive necessary licences and permits;  (vi) that environmental laws and regulations may become more onerous;  (vii) that Defense Metals may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with Defense Metals’ expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon Defense Metals’ history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of Defense Metals’ projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to Defense Metals’ prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.

Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and Defense Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. 

Defense Metals Drills 4.01% Light Rare Earth Oxide Over 58 Metres at Wicheeda Rare Earth Element Deposit

Vancouver, British Columbia — December 12, 2019 – Defense Metals Corp. (“Defense Metals”) (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE) announces assay results for the final two drill holes of the recently completed 2019 resource definition diamond drill program at its 1,708 hectare (4,220 acre) Wicheeda Rare Earth Element (REE) Project located near Prince George, Canada. 

Drill hole WI19-30 (-55o dip / 250o azimuth) was drilled to test the northern extension of the Wicheeda REE Deposit and intersected a broad zone of mineralization returning 2.59% Light Rare Earth Oxide (LREO; being cerium, lanthanum, neodymium, praseodymium, and samarium oxides (Ce2O3+La2O3+Nd2O3+ Pr2O3+Sm2O3over a drill core interval of 130.8 metres; including an interval assaying 4.43% LREO over a drill core interval of 27 metres (Table 1). Drill hole WI19-32 (-55o dip / 300o azimuth) drilled from the same collar as WI19-30 was the final hole of the 2019 resource definition program and northernmost drill hole testing the Wicheeda REE Deposit returned 4.01% LREOover a drill core interval of 58 metres; within a broader zone of mineralization assaying 3.63% LREO over a drill core interval of 75 metres; in addition to an upper mineralized intercept assaying 2.71% LREO over a drill core interval of 28 metres 1 (Figure 1)


Craig Taylor, CEO and President of Defense Metals Corp., commented, “With the release of our last two holes of the 2019 Wicheeda REE Deposit drill campaign we continue to establish the potential for expansion of the Wicheeda REE Deposit.  Significant REE mineralization occurs within WI19-32 our northernmost drill hole completed on the Project to date, which is both open north and at depth.”

The 2019 Wicheeda REE Deposit resource definition drill program comprised 13 diamond drill holes totalling 2,005 metres that were completed from three separate drill pads, designed to test the northern, southern and western extent of the Wicheeda deposit where it remains open, and to further delineate the relatively higher-grade, near surface dolomite carbonatite unit. 

The true width of REE mineralization is estimated to be 70-100% of the drilled interval.

Figure 1: Wicheeda REE Deposit 2019 Diamond Drill Plan

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Kamloops (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. Defense Metals is not aware of any 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 Rare Earth Element 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein. 

About Defense Metals Corp.

Defense Metals is an advanced mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as, high strength, light weight, rare earth magnets. Defense Metals’ primary focus is to exercise its option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Project. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, the United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under the symbol of “35D”.

For further information, please visit https://defensemetals.com/  or contact:

Todd Hanas, Bluesky Corporate Communications Ltd. 

Vice President, Investor Relations 

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information  

This news release includes certain statements that constitute “forward-looking information or statements” within the meaning of applicable securities law, including without limitation, Defense Metals’ plans for its properties/projects, expectations for an expanded resource, other statements relating to the technical, financial and business prospects of Defense Metals, and other matters. 

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of Defense Metals to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Defense Metals will operate in the future, including the price of metals and elements, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct Defense Metals’ planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of Defense Metals, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. 

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to rare earth elements, and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that Defense Metals may lose or abandon its property interests or may fail to receive necessary licences and permits;  (vi) that environmental laws and regulations may become more onerous;  (vii) that Defense Metals may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with Defense Metals’ expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon Defense Metals’ history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of Defense Metals’ projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to Defense Metals’ prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.

Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and Defense Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. 

Defense Metals Drills 3.01% Light Rare Earth Oxide Over 89 Metres and Continues to Expand the Wicheeda Rare Earth Element Deposit


Vancouver, British Columbia — December 4, 2019 Defense Metals Corp. (“Defense Metals”) (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE) announces assay results for drill holes WI19-28 and WI19-29 from the recently completed 2019 resource definition diamond drill program at its 1,708 hectare (4,220 acre) Wicheeda Rare Earth Element (REE) Project located near Prince George, Canada. 

Drill hole WI19-28 (-45o dip / 045o azimuth) was a definition drill hole designed to cut the northeastern contact of the dolomite-carbonatite and returned 2.46% Light Rare Earth Oxide (LREO; being cerium, lanthanum, neodymium, praseodymium, and samarium oxides (Ce2O3+La2O3+Nd2O3+ Pr2O3+Sm2O3over a drill core interval of 69.5 metres (Table 1 and Figure 1)

Drill hole WI19-29 (-45o dip / 190o azimuth) tested the northern extension of the Wicheeda REE Deposit and returned 3.01% Light Rare Earth Oxide (LREO; being cerium, lanthanum, neodymium, praseodymium, and samarium oxides (Ce2O3+La2O3+Nd2O3+ Pr2O3+Sm2O3over a drill core interval of 89 metres 1. WI19-29 successfully expanded drill defined REE mineralized dolomite-carbonate a distance of 45 metres in an area of limited historical drilling.  This drill hole in conjunction with high grade REE mineralized intercept returned from drill hole WI19-31 serves to underscore the significance of the newly discovered Wicheeda North zone.

Craig Taylor, CEO and President of Defense Metals Corp., commented, “With the release of drill hole WI19-29 we continue to demonstrate the significant upside potential of the Wicheeda North zone.  Defense Metals 3D geologic modelling predicted the presence of additional REE mineralized dolomite-carbonatite here, which was borne-out by the results released today.  The Wicheeda North zone remains under-evaluated, and it’s clear that additional drill testing there will be the way forward to the possible expansion of the Wicheeda Deposit during 2020. We continue to be encouraged by significant advances made during 2019 on both the metallurgical and resource drilling fronts”.

The 2019 Wicheeda REE Deposit resource definition drill program comprised 13 diamond drill holes totalling 2,005 metres that were completed from three separate drill pads, designed to test the northern, southern and western extent of the Wicheeda deposit where it remains open, and to further delineate the relatively higher-grade, near surface dolomite carbonatite unit. 

Defense Metals looks forward to receipt of assay results for the remaining 2 drill holes within the coming weeks and will provide additional updates as they are received.

The true width of REE mineralization is estimated to be 70-100% of the drilled interval.

Figure 1: Oblique View Wicheeda Deposit 2019 Diamond Drill 

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Kamloops (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. Defense Metals is not aware of any 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 Rare Earth Element 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein. 

About Defense Metals Corp.

Defense Metals is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as, high strength, light weight, rare earth magnets. Defense Metals’ primary focus is to exercise its option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Project. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, the United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under the symbol of “35D”.

For further information, please visit https://defensemetals.com/  or contact:

Todd Hanas, Bluesky Corporate Communications Ltd. 

Vice President, Investor Relations 

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information  

This news release includes certain statements that constitute “forward-looking information or statements” within the meaning of applicable securities law, including without limitation, Defense Metals’ plans for its properties/projects, assays, drill results, expectations for an expanded resource, other statements relating to the technical, financial and business prospects of Defense Metals, and other matters. 

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of Defense Metals to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Defense Metals will operate in the future, including the price of metals and elements, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct Defense Metals’ planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of Defense Metals, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. 

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to rare earth elements, and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that Defense Metals may lose or abandon its property interests or may fail to receive necessary licences and permits;  (vi) that environmental laws and regulations may become more onerous;  (vii) that Defense Metals may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with Defense Metals’ expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon Defense Metals’ history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of Defense Metals’ projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to Defense Metals’ prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.

Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and Defense Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. 

Defense Metals Drills 4.43% Light Rare Earth Oxide Over 83 Metres the Highest Grade Drill Intercept to Date at Wicheeda Rare Earth Element Deposit

Vancouver, British Columbia — November 27, 2019 Defense Metals Corp. (“Defense Metals”) (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE) announces assay results for drill hole WI19-31 from the recently completed 2019 resource definition diamond drill program at its 1,708 hectare (4,220 acre) Wicheeda Rare Earth Element (REE) Project located near Prince George, Canada. 

Drill hole WI19-31 (-55o dip / 275o azimuth) was drilled to test the northern extension of the Wicheeda REE Deposit and returned 4.43% Light Rare Earth Oxide (LREO; being cerium, lanthanum, neodymium, praseodymium, and samarium oxides (Ce2O3+La2O3+Nd2O3+ Pr2O3+Sm2O3over a drill core interval of 83 metres; including an interval assaying 5.47% LREO over a drill core interval of 33 metres (Table 1). 

Drill hole WI19-31 occurs to the north of the 2019 Wicheeda Mineral Resource Estimate, but within the constraining 2019 Lerchs-Grossman (LG) pit shell2 (Figure 1). Unfortunately WI19-31 was terminated in mineralization at a downhole depth of 138.5 metres due to poor ground conditions and loss of circulation. Assays for additional drill holes (WI19-30 and WI19-32) targeting this area are pending.  

Craig Taylor, CEO and President of Defense Metals Corp., commented, “The 2019 Wicheeda REE Deposit drill campaign continues to yield exceptional results.  With WI19-31 we have cut the highest grade drill intercept to date on the Project. The results are particularly significant given that WI19-31 occurs at the north end of the Wicheeda Deposit in an area where no prior drilling has been completed. This drill result, in addition to those from previously released holes; clearly illustrates the potential to expand the Wicheeda REE deposit.  Defense Metals plans to complete additional drilling of the relatively untested northern zone of the Wicheeda REE Deposit during 2020.”

The 2019 Wicheeda REE Deposit resource definition drill program comprised 13 diamond drill holes totalling 2,005 metres that were completed from three separate drill pads, designed to test the northern, southern and western extent of the Wicheeda deposit where it remains open, and to further delineate the relatively higher-grade, near surface dolomite carbonatite unit. 

Defense Metals looks forward to receipt of assay results for the remaining 4 drill holes within the coming weeks and will provide additional updates as they are received.

The true width of REE mineralization is estimated to be 70-100% of the drilled interval.

The Wicheeda REE Deposit Mineral Resource comprises an Inferred Mineral Resource of 11,370,000 tonnes averaging 1.96% LREE (Light Rare Earth Elements) reported at a cut-off grade of 1.0% LREE (sum of cerium, lanthanum, neodymium and samarium percentages). The resource is classified according to the CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 23rd, 2003 and CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10th, 2014. Details with respect to the Mineral Resource Estimate are summarized in the Defense’s NI 43-101 technical report titled “Wicheeda Rare Earth Element Project, British Columbia, Canada” effective date of June 20, 2019 available on SEDAR at www.sedar.com.

DEFENSE METALS DRILLS 3.12% TOTAL RARE EARTH OXIDE OVER 105 METRES AND EXTENDS MINERALIZED ZONE AT WICHEEDA RARE EARTH ELEMENT DEPOSIT

Defense Metals Drills 3.12% Total Rare Earth Oxide Over 105 Metres and Extends Mineralized Zone at Wicheeda Rare Earth Element Deposit 
Vancouver, British Columbia — November 14, 2019 Defense Metals Corp. (“Defense Metals”) (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE) announces assay results for an additional three holes from the recently completed 2019 resource definition diamond drill program at its 1,708 hectare (4,220 acre) Wicheeda Rare Earth Element (REE) Project located near Prince George, Canada.

Drill hole WI19-22, a vertical hole and part of a fan of seven holes totalling 966 metres designed to increase confidence in the geometry of REE mineralized dolomite-carbonatite rocks at a higher elevation with the deposit, assayed 2.71% Total Rare Earth Oxide (TREO; being cerium, lanthanum, neodymium, praseodymium, and samarium oxides(Ce2O3+La2O3+Nd2O3+ Pr2O3+Sm2O3) over a drill core interval of 106 metres(Table 1).

Drill hole WI19-23 collared from the same drill pad returned an average grade of 3.12% TREO over a drill core interval of 105 metres1expanding the eastern drill defined edge of the Wicheeda REE Deposit a distance of 30 meters beyond the limit of the 2019 Mineral Resource Estimate2. Significantly, much of the WI19-23 mineralized intercept (a 39 metre core interval) also occurs inside the 2019 Lerchs-Grossman (LG) pit shell within rocks previously defined as waste.

Drill hole WI19-24, collared from the same pad and drilled to the southeast returned an average grade of 2.43 TREO over a drill core interval of 80.1 metres1, modestly expanding the eastern drill defined edge of the Wicheeda REE Deposit a distance of 8 metres and providing an additional pierce point of the carbonatite envelope as planned. 

Craig Taylor, CEO and President of Defense Metals Corp., commented, “We are extremely pleased with the results from these three additional drill holes, in particular WI19-23 which intersected REE mineralized carbonatite rocks outside the 2019 mineral resource envelope.  The fact that much of the REE mineralization intersected in hole WI19-23 also occurs within the 2019 LG pit shell within rocks previously defend as waste is anticipated to have a positive impact on our future updated Mineral Resource Estimate. We look forward to releasing additional drill holes as assay results are received, some of which also intersected visible REE mineralized carbonatite rocks outside the 2019 resource model and LG pit shell. Defense Metals is very much encouraged by the potential of these, and the remaining, drill holes have to add significant value to the Wicheeda REE Project.” 

The 2019 Wicheeda REE Deposit resource definition drill program comprised 13 diamond drill holes totalling 2,005 metres that were completed from three separate drill pads, designed to test the northern, southern and western extent of the Wicheeda deposit where it remains open, and to further delineate the relatively higher-grade, near surface dolomite carbonatite unit. 

Drill hole WI19-22 (-90o dip) is a vertical hole collared at a higher elevation and part of a cluster of seven holes totalling 966 metres designed to increase confidence in the geometry of REE mineralized dolomite-carbonatite rocks at higher elevations within the deposit.  Hole WI19-22 intersected REE mineralized carbonatite from a depth of 7.00 metres to a downhole depth of 113.00 metres with medium- to coarse-grained visible REE minerals (monazite and synchysite/parisite) forming millimetre to centimetre-scale aggregates interstitial to coarse-grained dolomite 
Drill hole WI19-23 (-45o dip / 100o azimuth), collared from the same site as WI19-22 and drilled east, was successful in expanding the drill defined edge of the Wicheeda Deposit a distance of 30 meters beyond the limit of the 2019 Mineral Resource Estimate. Similar to the first hole, WI19-21 intersected REE mineralized carbonatite containing visible REE mineralization from a depth of 4.0 metres to a downhole depth of 109 metres, with medium to coarse grained visible REE minerals (monazite and synchysite/parisite) observed throughout the interval.

Drill hole WI19-24 (-45o dip / 140o azimuth), collared from the same site as WI19-22 and drilled southeast, was successful in expanding the drill defined edge of the Wicheeda REE Deposit a distance of 8 meters beyond the limit of the 2019 Mineral Resource Estimate. WI19-21 intersected REE mineralized carbonatite containing visible REE mineralization from the start of sampling at 2.9 metres to a downhole depth of 83 metres. 

Defense Metals looks forward to receipt of assay results for the remaining 8 drill holes within the coming weeks and will provide additional updates as they are received.

1  The true width of REE mineralization is estimated to be 70-100% of the drilled interval. 

2  The Wicheeda REE Deposit Mineral Resource comprises an Inferred Mineral Resource of 11,370,000 tonnes averaging 1.96% LREE (Light Rare Earth Elements) reported at a cut-off grade of 1.0% LREE (sum of cerium, lanthanum, neodymium and samarium percentages). The resource is classified according to the CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 23rd, 2003 and CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10th, 2014. Details with respect to the Mineral Resource Estimate are summarized in the Defense’s NI 43-101 technical report titled “Wicheeda Rare Earth Element Project, British Columbia, Canada” effective date of June 20, 2019 available on SEDAR at www.sedar.com. 

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Kamloops (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. Defense Metals is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.  
Qualified PersonThe scientific and technical information contained in this news release as it relates to the Wicheeda Rare Earth Element 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.  

About Defense Metals Corp.
Defense Metals is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as, high strength, light weight, rare earth magnets. Defense Metals’ primary focus is to exercise its option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Project. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, the United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under the symbol of “35D”. 

For further information, please visit https://defensemetals.com/  or contact:
Todd Hanas, Bluesky Corporate Communications Ltd. 
Vice President, Investor Relations  
Tel: (778) 994 8072 
Email: todd@blueskycorp.ca 

Defense Metals Drills 4.32% Total Rare Earth Oxide Over 64 Metres From Surface And Extends Mineralized Zone At Wicheeda Rare Earth Element Deposit

VANCOUVER, British Columbia, Oct. 31, 2019 (GLOBE NEWSWIRE) — Defense Metals Corp. (“Defense Metals”) (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE) announces assay results for the first two diamond drill holes of the recently completed 2019 resource definition diamond drill program at its 1,708 hectare (4,220 acre) Wicheeda Rare Earth Element (REE) Project located near Prince George, Canada.

Drill hole WI19-20, collared from the 2018 Wicheeda bulk sample site (see Defense Metals News Release dated March 14, 2019), assayed 4.32% Total Rare Earth Oxide (TREO; being cerium, lanthanum, neodymium, praseodymium, and samarium oxides (Ce2O3+La2O3+Nd2O3+ Pr2O3+Sm2O3)) over a drill core interval of 64 metresfrom surface (Table 1).

Drill hole WI19-21 collared from the same drill pad returned an average grade of 3.26% TREO over 110 metres1 from surface, expanding the southwestern drill defined edge of the Wicheeda REE Deposit a distance of 25 meters beyond the limit of the 2019 Mineral Resource Estimate2.

Craig Taylor, CEO and President of Defense Metals Corp., commented, “We are extremely pleased to see extensive REE mineralization in the core from the first two drill holes of our 2019 resource definition program at Wicheeda. The assay results confirm Defense Metals’ exploration strategy of adding value to the Wicheeda REE Deposit by focusing on expansion and further delineation of relatively higher-grade, near surface REE mineralized carbonatite. With the intercept grade of WI19-20 being more than twice the average grade of the current Wicheeda REE Deposit mineral resource estimate it’s clear these results could have a positive impact on a future revised mineral resource estimate. We believe the new drill results, together with our recently released positive metallurgical recoveries and high concentrate grades, have excellent potential to positively influence future economic studies.  We eagerly await results from the remaining 11 drill holes.”

The 2019 Wicheeda REE Deposit resource definition drill program comprised 13 diamond drill holes totalling 2,005 metres that were completed from three separate drill pads, designed to test the northern, southern and western extent of the Wicheeda deposit where it remains open, and to further delineate the relatively higher-grade, near surface dolomite carbonatite unit.

Drill hole WI19-20 (-55o dip / 290o azimuth) was collared at the 2018 Wicheeda bulk sample site and drilled southwestward in an effort to further define the limit of the Wicheeda REE Deposit.  The hole intersected REE mineralized carbonatite from the start of sampling at 4.60 metres to a downhole depth of 64.2 metres with medium- to coarse-grained visible REE minerals (monazite and synchysite/parisite) forming millimetre to centimetre-scale aggregates interstitial to coarse-grained dolomite

Drill hole WI19-21 (-55o dip / 230o azimuth), collared from the same site and drilled northwest, was successful in expanding the drill defined edge of the Wicheeda Deposit a distance of 25 meters beyond the limit of the 2019 Mineral Resource Estimate. Similar to the first hole, WI19-21 intersected REE mineralized carbonatite containing visible REE mineralization from the start of sampling at 3.9 metres to a downhole depth of 114 metres, with medium to coarse grained visible REE minerals (monazite and synchysite/parisite) observed throughout the interval.

The true width of REE mineralization is estimated to be 60-70% of the drilled interval.

The Wicheeda REE Deposit Mineral Resource comprises an Inferred Mineral Resource of 11,370,000 tonnes averaging 1.96% LREE(Light Rare Earth Elements) reported at a cut-off grade of 1.0% LREE (sum of cerium, lanthanum, neodymium and samarium percentages). The resource is classified according to the CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 23rd, 2003 and CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10th, 2014. Details with respect to the Mineral Resource Estimate are summarized in the Defense’s NI 43-101 technical report titled “Wicheeda Rare Earth Element Project, British Columbia, Canada” effective date of June 20, 2019 available on SEDAR at www.sedar.com.

Defense Metals looks forward to receipt of assay results for the remaining 11 drill holes within the coming weeks and will provide additional updates as they are received.

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Kamloops (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. Defense Metals is not aware of any 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 Rare Earth Element 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.

About Defense Metals Corp.

Defense Metals is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as, high strength, light weight, rare earth magnets. Defense Metals’ primary focus is to exercise its option to acquire 100% of the 1,780 hectare Wicheeda Rare Earth Element Project. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, the United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under the symbol of “35D”.

For further information, please visit https://defensemetals.com/ or contact:

Todd Hanas, Bluesky Corporate Communications Ltd. 
Vice President, Investor Relations 
Tel: (778) 994 8072
Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information

This news release includes certain statements that constitute “forward-looking information or statements” within the meaning of applicable securities law, including without limitation, Defense Metals’ plans for its properties/projects, assays, drill results, expanded resource, other statements relating to the technical, financial and business prospects of Defense Metals, and other matters. 

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of Defense Metals to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Defense Metals will operate in the future, including the price of metals and elements, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct Defense Metals’ planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of Defense Metals, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. 

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to rare earth elements, and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that Defense Metals may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that Defense Metals may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with Defense Metals’ expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon Defense Metals’ history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of Defense Metals’ projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to Defense Metals’ prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.

Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and Defense Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Defense Metals Metallurgy Study Returns 48.7% Rare Earth Oxide Concentrate Grade and 85.7% Recovery for Wicheeda Rare Earth Element Property

Vancouver, British Columbia – October 23rd, 2019: Defense Metals Corp. (“Defense Metals”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce that it has received final metallurgical test results for the Wicheeda Rare Earth Element Property (“Wicheeda”) from SGS Canada Inc. (“SGS”). Results from a total 40 batch flotation tests designed to produce an optimized Wicheeda process flowsheet through iterative test procedures with varying process conditions informed the final Locked-Cycle Test (“LCT”) that successfully produced (Table 1):

  • 48.7% total rare earth oxide (TREO) high grade concentrate of cerium, lanthanum, neodymium, and praseodymium oxides (Ce2O3+La2O3+Nd2O3+ Pr2O3)
  • 85.7% TREO metallurgical recovery
  • 10.1 times upgrading ratio from head grade of 4.81% TREO
  • 8.2% concentrate mass yieldAccording to the SGS Executive Summary for the metallurgical test results, “Excellent results were achieved through the flotation process, including a high scale-up ratio, to a high-grade concentrate at high recoveries. The downstream hydrometallurgical process is expected to benefit significantly from this quality of flotation concentrate grade” (See Table 2 provided by SGS).Craig Taylor, CEO of Defense Metals, stated; “With assays coming shortly from our 2019 drill program and hydromet testing in progress 2020 will be a banner year for Defense Metals.”With the conclusion of SGS flotation testwork Defense Metals has achieved its initial goal of confirming the reproducibility of previous 2011 metallurgical test work, and improving on those results by targeting a >40% TREO concentrate grade and >80% recovery. The Wicheeda testwork flowsheet evaluated well-established direct froth flotation, which ultimately produced strong rare earth mineral beneficiation performance, and there remains very good potential to further simplify the flowsheet and reduce operational cost with further optimization of grind size, conditioning/flotation temperature and depressant dosage.

Batch flotation testwork was designed to evaluate the 2011 flowsheet, to further optimize the final Wicheeda flowsheet towards de-risking full-scale pilot plant processing of the entire 30 tonne bulk sample. Batch tests successfully quantified the effects of replacing analytical grade reagents with commercial reagents (collector/activators), varying reagent dosage, flotation kinematics, desliming methods, temperature, grind size, alternative depressant, and water chemistry.

Optimum conditions developed in 2 kg batch flotation tests were successfully scaled-up to generate 10 kg concentrate production tests, where the best test (B19) produced a concentrate grading 52% TREO with 78% TREO recovery.

In addition to flotation testwork, preliminary heavy liquid separation (HLS) tests on stage-ground (-250 μm to +106 μm) coarse head material showed good potential for upgrading REO by gravity separation with gravity concentrate grade of 46.9% TREO and 84.8% TREO recovery.

These are commercial operations and the results of Defense Metals’ current results are from controlled lab testing and are not comparable.


About the Wicheeda REE Property

The 1,780 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 nearby to infrastructure, including power transmission lines, the CN railway and major highways.

Geologically, the property is situated in the Foreland Belt and within the Rocky Mountain Trench, a major continental geologic feature. The Foreland Belt contains part of a large alkaline igneous province, stretching from the Canadian Cordillera to the southwestern United States, which includes several carbonatite and alkaline intrusive complexes hosting the Aley (niobium), Rock Canyon (REE), and Wicheeda (REE) deposits.

The Wicheeda REE Property is underlain by Kechika Group metasedimentary rocks that are intruded by the southeast-trending Wicheeda carbonatite; a deformed plug or sill approximately 250 metres in diameter that hosts significant REE mineralization. This intrusion comprises a ferroan dolomite carbonatite core, which passes gradationally outward into calcite carbonatite. The REE mineralization is primarily hosted by the dolomitic carbonatite.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Property 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.

Methodology and QA/QC

The Wicheeda flotation test charges were prepared by SGS from the 30 tonne Wicheeda sample which was crushed to nominal 12.7 mm (1/2”) using a combination of jaw and cone crushers. The crushed material was homogenized using a front-end loader over a period of several hours. Approximately 300 kg (two drums) of crushed material was collected by selecting 5-10 kg aliquots from random location in the homogenized pile.

A sub-sample of the head sample was submitted for abrasion index testing, and the remainder crushed to 100% passing 12.7 mm and 25 kg sample was taken for Bond Rod Mill Work Index (RWI) AND Bond Ball Mill Work Index (BWI) testwork. The resto of the sample was further crushed to 100% passing 3.3 mm. The less than 3.3 mm sample was split into 2 kg and 10 kg charges for batch and bulk concentrate flotation production tests. Flotation charges were stage-ground to 100% passing 106 μm or 150 μm based on mineralogical data and SGS’s prior experience with REE flotation testwork programs.

For the locked-cycle test, a stability check reveals that reasonable stability was achieved quickly for all elements, and three cycles were deemed suitable for projected mass balance calculation, to simulate the metallurgical performance that would be achieved in a continuous operation.

Head grade, batch, and locked-cycle concentrate products for cerium, lanthanum, neodymium and praseodymium oxides were determined via lithium-borate fusion of a 0.5 gram sample analyzed via wavelength dispersion X-ray fluorescence (WD-XRF). The remaining rare earth elements for the head sample were determined via 0.5 gram sodium-peroxide fusion multi-element ICP-MS.

The SGS analysis included a quality assurance / quality control (QA/QC) program including the insertion of rare earth element standard and blank samples. Defense Metals detected no significant QA/QC issues during review of the data. Defense Metals is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. SGS Minerals Lakefield is an ISO/IEC 17025 and ISO9001:2015 accredited. SGS is independent of Defense Metals Corp.

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of “GREEN” energy technologies, such as, high strength alloys and rare earth magnets. Defense Metals has an option to acquire 100% of the 1,780 hectare 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
Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information

This news release includes certain statements that constitute “forward-looking information or statements” within the meaning of applicable securities law, including without limitation, Defense Metals plans for its properties/ projects, metallurgical testing and results, receipt of assays from drilling, other statements relating to the technical, financial and business prospects of Defense Metals and its properties, and other matters.

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of Defense Metals to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Defense Metals will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct Defense Metals planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of Defense Metals, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks.

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to uranium, rare earth elements, and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that Defense Metals may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that Defense Metals may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with Defense Metals expectations; (ix) exploration

and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon Defense Metals history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of Defense Metals projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to Defense Metals prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.

Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and Defense Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Defense Metals Submits Wicheeda Rare Earth Element Project Drill Core for Analysis

Vancouver, BC – October 1, 2019:  Defense Metals Corp. (TSX-V: DEFN, US-OTCQB: DFMTF, FSE: 35D)(“Defense Metals”) is pleased to announce it has submitted an initial batch of 124 core samples from its successful 13 hole, 2,005 metre summer 2019 Wicheeda Rare Earth Element Deposit diamond drill program to ALS Canada Ltd. (“ALS”) analytical laboratories in Kamloops, BC. 

At ALS  the Wicheeda samples will undergo multi-element ICP-MS analysis via lithium-borate fusion to determine individual Rare Earth Element (REE) content.ALS is an International Standard (ISO/IEC) 17025:2005 and ISO 9001:2015 certified analytical testing facility.   

Defense Metals expects the balance of 2019 drill core samples will be submitted to ALS within the next two weeks. As previously reported all 13 drill holes intersected significant intercepts of visibly REE mineralized dolomite-carbonatite rocks (see Defense Metals’  September 23, 2019 News Release). Defense Metals will provide assay results as analytical work progresses. 

Craig Taylor, President and CEO of Defense Metals, commented:“Based on the presence of visually encouraging REE mineralization we look forward to receiving the results of REE analysis from our first batch of core samples submitted to ALS and releasing these results to market as they become available over the coming weeks. Our exploration crews are working hard to expedite logging, cutting and sampling of the remaining drill core from our highly successful 2019 Wicheeda Project diamond drill campaign. We expect to generate additional news flow over the coming months as we continue to receive results from the drilling and metallurgical test-work the first phase of which is rapidly nearing completion.”

Qualified Person 

The scientific and technical information contained in this news release as it relates to the Wicheeda Rare Earth Element 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects

ON BEHALF OF THE BOARD OF DIRECTORS,

Craig Taylor, President & CEO

About Defense Metals 

Defense Metals is a mineral exploration company focused on the acquisition ofmineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as, high strength, light weight, rare earth magnets. Defense Metals primary focus is to exercise its option to acquire 100% of the 1,780 hectare Wicheeda REE Project. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, The United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under the symbol of “35D”.

For further information, please visit https://defensemetals.com/ or contact:

Todd Hanas, Bluesky Corporate Communications Ltd. 

Vice President, Investor Relations 

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information  

This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, Defense Metals’ plans for its properties/projects, assays, drill results, other statements relating to the technical, financial and business prospects of Defense Metals, and other matters. 

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of Defense Metals to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Defense Metals will operate in the future, including the price of metals and elements, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct Defense Metals’ planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of Defense Metals, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. 

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to rare earth elements, and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that Defense Metals may lose or abandon its property interests or may fail to receive necessary licences and permits;  (vi) that environmental laws and regulations may become more onerous;  (vii) that Defense Metals may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with Defense Metals’ expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon Defense Metals’ history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of Defense Metals’ projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to Defense Metals’ prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.

Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and Defense Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. 

DEFENSE METALS COMPLETES DRILLING AND EXTENDS MINERALIZED ZONES AT WICHEEDA RARE EARTH ELEMENT DEPOSIT

Vancouver, British Columbia — September 23, 2019 Defense Metals Corp. (“DefenseMetals” or the “Company”) (DEFN: TSX-V / DFMTF: OTCQB / 35D: FSE) is pleased to announce completion of the 2019 resource definition diamond drill program at its 1,708 hectare (4,220 acre) Wicheeda Rare Earth Element (REE) Project located near Prince George, Canada.

Subsequent to announcing commencement of the 2019 Wicheeda drill program (see the Defense Metals’ August 12, 2019 New Release) the Company completed 13 diamond drill holes totalling 2,005 metres.  The diamond drill, camp and exploration crew have now demobilized from the field, and APEX Geoscience Ltd. geologists have transported the remaining drill core to Prince George to complete the balance of logging and sampling. The Company will provide additional updates as work progresses.

The 13 diamond drill holes were completed from three separate drill pads, designed to test the northern, southern and western extent of the Wicheeda deposit where it is still open, and to further delineate the relatively higher-grade near surface dolomite carbonatite unit.

All 13 drill holes intersected significant intercepts of visibly REE element mineralized dolomite-carbonatite rocks. The key takeaways from the highly successful 2019 Wicheeda REE Carbonatite Deposit diamond drill program were:

  • Diamond drilling at the northern margin of the 2019 Wicheeda Deposit Resource area was successful in delineating and expandingthe northern margin of the deposita distance of 100 metres, which represents an approximately 40% increase in the drill defined north-south strike extent of the Wicheeda Deposit (Figure 1).  
  • Significantly, the final hole of the 2019 program (WI19-32) intersected a 130 metre core length interval of visibly REE mineralized dolomite-carbonatiteleaving the deposit still open for expansion to the north. The true width of the interval is interpreted to be approximately 80% of the drilled intercept. 
  • Infill drilling in the east central area of the deposit resulted in expansion of the edge of the deposit 45 metres beyond the limit of the 2019 Resource Model (WI19-29).
  • Delineation drilling in the southwest area of the deposit extended the limit of dolomite-carbonatite rocks a further 25 metres beyond the 2019 Resource Model (WI19-20 and WI19-21).
  • Resource definition drilling successfully increased confidence in the geometry of REE mineralized dolomite-carbonate rocks at higher elevation with the deposit, in addition to providing multiple pierce points from which to further refine the Wicheeda carbonatite envelope. 

Defense Metals looks forward to receipt of assayresults, and incorporating these new diamond drill results into anupdated and potentiallyexpanded mineral resource estimate for the Wicheeda Deposit. 

Craig Taylor, CEO and President of Defense Metals Corp., commented,We have intersected REE mineralization within every drill hole of the 2019 drill program. Our 2019 resource definition drilling has exceeded our expectations in significantly expanding the drilled extent of REE mineralized dolomite-carbonatite, and meeting our primary goal of increasing drill hole density within the higher REE grade upper portions of the Wicheeda Mineral Resource

Figure 1: Wicheeda Deposit 2019 Diamond Drill Plan

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda Rare Earth Element 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects

About Defense Metals Corp.

Defense Metals is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of green energy technologies, such as, high strength, light weight, rare earth magnets. Defense Metals’ primary focus is to exercise its option to acquire 100% of the 1,780 hectare Wicheeda Rare Earth Element Project. Defense Metals Corp. trades in Canada under “DEFN” on the TSX Venture Exchange, the United States, under “DFMTF” on the OTCQB and the German, Frankfurt Exchange under the symbol of “35D”.

For further information, please visit https://defensemetals.com/ or contact:

Todd Hanas, Bluesky Corporate Communications Ltd. 

Vice President, Investor Relations 

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information  

This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, Defense Metals’ plans for its properties/projects, assays, drill results, expanded resource, other statements relating to the technical, financial and business prospects of Defense Metals, and other matters. 

Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of Defense Metals to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Defense Metals will operate in the future, including the price of metals and elements, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct Defense Metals’ planned exploration activities will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of Defense Metals, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. 

Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to rare earth elements, and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that Defense Metals may lose or abandon its property interests or may fail to receive necessary licences and permits;  (vi) that environmental laws and regulations may become more onerous;  (vii) that Defense Metals may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with Defense Metals’ expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon Defense Metals’ history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as “social licence”), including local First Nations; (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of Defense Metals’ projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to Defense Metals’ prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly.

Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, adverse weather conditions, increase in costs, equipment failures, litigation, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and Defense Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.