News Release – Vancouver, British Columbia – July 16, 2021: Defense Metals Corp. (“Defense Metals”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce that it has engaged the services of an experienced British Columbia-based diamond drill pad construction contractor to begin steep-terrain drill pad construction in anticipation of commencing its 2021 Wicheeda Rare Earth Element (REE) Deposit resource expansion and definition diamond drill program.

The Company expects pad siting and construction to commence at the end of July 2021. To support these activities Defense Metals project management and surface geologic mapping teams are preparing to mobilize, and sufficient timber and rough lumber quantities have already been ordered from area mills and are scheduled to arrive on site.

Defense Metals is currently advancing the road accessible Wicheeda Critical Rare Earth Element (REE) Property, which is located close to infrastructure approximately 80 kilometres northeast of Prince George, British Columbia (BC). The Wicheeda project has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO[1].

The Defense Metals technical team, subject to its own internal review, is currently in the process of finalizing drill site locations designed to build on the successes of the 2019 campaign. The 2021 Wicheeda drill program comprising a minimum of 2,000 metres and up to 5,000 metres will focus on expanding the zone REE mineralized dolomite-carbonatite to the north, in addition to further delineating existing inferred resources within the central and northwestern areas of the deposit (see Defense Metals news release dated May 26, 2021).
Details of the upcoming drill plan for 2021 will be released in the weeks to come.

Grants Stock Options

The Company also announces the granting of incentive stock options (“Options”) to certain of its directors, officers and consultants to purchase up to an aggregate 950,000 common shares of the Company at a price of $0.25 per common share for a period of three years. 50,000 Options granted to Bluesky Corporate Communications Ltd. will vest in stages over a period of 12 months in equal portions every three months starting on the date of grant. The remaining Options vest on the date of grant.


Updates on REE Mineral Concentrate Samples for Shipment to Potential Partners

Further to the Company’s March 23, 2021 and April 12, 2021 news releases, Defense Metals’ application for export permitting for its REE mineral concentrate samples remains under consultation and review by the Canadian government.

Engages North Equities for Marketing

The Company also announces that it has entered into a seven-month consulting agreement (the “Consulting Agreement”) with North Equities Corp. (“North Equities”), a marketing firm based in Toronto, Canada. North Equities has been engaged to provide digital marketing services and expand the Company’s current social media presence. In accordance with the terms of the Consulting Agreement, as compensation for North Equities’ services, the Company agreed to pay a cash fee of CAD$100,000 and grant 400,000 Options.

Craig Taylor, CEO of Defense Metals, stated:“We have seen that the mining and mineral exploration season is again extremely busy in BC this year. Exploration contractors, and technical personal are all in high demand.  The announcement that we that we will be commencing drill site preparations in the coming weeks is a key milestone that places us on the path to completing our goals of expanding and increasing the confidence in the existing Wicheeda REE Deposit mineral resource in support of potential future advanced economic studies”.

About the Wicheeda REE Property

The 1,708 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.

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 Disclosurefor 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 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 1,708 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