Defense Metals Upgrades and Expands Mineral Resource Estimate for Wicheeda Rare Earth Element Project

13 September 2023

Defense Metals Corp. (TSXV: DEFN) (OTCQB: DFMTF) (FSE: 35D) is thrilled to announce a significant update in its Mineral Resource Estimate (the 2023 MRE) for the development of the Wicheeda Rare Earth Element (REE) deposit in British Columbia, Canada.

Key Highlights of the 2023 Wicheeda REE Deposit Mineral Resource Estimate:

  • Measured Mineral Resource of 6.4 million tonnes, averaging 2.86% Total Rare Earth Oxide (TREO).
  • Indicated Mineral Resource of 27.8 million tonnes, averaging 1.84% TREO.
  • Inferred Mineral Resource of 11.1 million tonnes, averaging 1.02% TREO.
  • These resources are reported at a cut-off grade of 0.5% TREO within a conceptual open pit shell.
  • Total Measured and Indicated (M+I) Mineral Resources amount to 34.2 million tonnes, averaging 2.02% TREO. This marks a significant upgrade, representing the conversion of 101% of the 2021 MRE (comprising some indicated and mostly inferred resources) to M+I on a contained metal basis.
  • Measured and Indicated resources include 17.8 million tonnes of dolomite carbonatite, averaging 2.92% TREO.
  • The 2023 MRE represents a 17% increase in TREO on a contained metal basis or a 31% tonnage increase compared to the previous 2021 MRE.
  • The 2023 MRE is based on an updated geological model that incorporates an additional 10,350 meters of drillhole data, from 45 holes drilled by Defense Metals during 2021 and 2022.

Craig Taylor, CEO of Defense Metals, expressed, "Defense Metals is excited to release our updated mineral resource estimate for the Wicheeda Deposit, one of North America's most advanced Rare Earth development projects. With over 10,000 meters of additional drilling completed since our 2021 mineral resource, we have now converted 100% of that resource to the measured and indicated categories, in addition to growing the overall resource by 17%. Importantly, we believe the upgrading of resources now demonstrates that we have established the tonnage and grades necessary to carry forward into our ongoing preliminary feasibility study."