DEFENSE METALS CORP - DFMTF STOCK NEWS

Defense Metals Corp. (TSXV: DEFN, OTCQB: DFMTF) announced positive comminution results from the Wicheeda deposit, essential for the planned development and upcoming pre-feasibility study (PFS). The tests confirmed the ore's soft nature, indicating low grinding energy costs with specific energy averaging 7 kWh/t and a Bond rod mill work index of 10 kWh/t. The results are consistent with a previous 2019 bulk sample, suggesting reliability in future processing plans. The company will also attend the PDAC convention from March 5-8, 2023, to discuss its future plans.

Defense Metals Corp. (OTCQB: DFMTF) announced the commencement of construction for its hydrometallurgical pilot plant, with commissioning set for late March 2023. Following successful laboratory tests, the company opted for an acid bake process that has shown better recovery rates compared to previous methods. This pilot plant aims to process roughly 600 kg of flotation concentrate from the Wicheeda deposit to produce high-purity rare earth materials. The completion of this project is vital for the planned pre-feasibility study and the economic assessment of the Wicheeda Rare Earth Project, which has a projected NPV of $517 million.

Defense Metals Corp. has successfully completed flotation tests on variability samples from its Wicheeda Rare Earth Element deposit in British Columbia. The tests yielded an average recovery rate of 81% to a concentrate grading 45% rare earth oxide, positioning Wicheeda among North America's top rare earth deposits. The flotation tests focused on three key lithologies, primarily the higher-grade dolomite carbonatite, which constitutes 73% of the deposit. This high recovery rate is crucial for favorable production economics, supporting an upcoming preliminary feasibility study (PFS). The findings indicate promising production efficiency backed by robust geological data.

Defense Metals Corp. (DFMTF) has engaged SRK Consulting to conduct site geotechnical investigations at its Wicheeda Rare Earth Element Project throughout 2023. This initiative aims to support a Preliminary Feasibility Study (PFS) by addressing key engineering and environmental factors, including geotechnical engineering and hydrology. Additionally, the company appointed Kevin Weston as Project Development Coordinator, leveraging his 40 years of industry experience. The Wicheeda project, located near Prince George, British Columbia, is notable for its robust economic potential, with a Preliminary Economic Assessment indicating an after-tax NPV of $517 million and an 18% IRR.

Defense Metals Corp. announced significant results from the final two core drill holes of its Wicheeda REE Deposit, totaling 295 meters drilled in 2022. The last hole, WI22-79, yielded a remarkable 3.66% total rare earth oxide (TREO) over 138 meters, marking the best intercept of the campaign. Hole WI22-78 also showed promising results with 2.63% TREO over 97 meters. These findings underscore the project's potential as part of the transition to electric vehicles. The company aims to advance the Wicheeda project through continued exploration and technical studies throughout 2023.

Defense Metals Corp. announced rare earth element (REE) assay results from eight core drill holes at its 100% owned Wicheeda REE Deposit, totaling 2,104 meters. Key highlights include significant mineralized intercepts such as 3.77% total rare earth oxide (TREO) over 30 meters from a geotechnical hole and 2.83% TREO over 66 meters from a resource delineation hole. The 2022 drilling campaign, with 47 holes totaling over 10,000 meters, aims to update the mineral resource. Despite some drill holes not returning significant mineralization, the company continues to see promising results, asserting that Wicheeda is among the top rare earths projects globally.

Defense Metals Corp. announced the appointment of Len Clough to its board of directors as part of its strategy to advance the Wicheeda Rare Earth Elements Project. Clough, who has extensive experience in capital markets and public company management, aims to leverage his expertise to enhance project development and capitalize on the growing demand for rare earth elements, particularly in light of Western efforts to diversify supply chains away from China. Concurrently, the company granted stock options to Clough and other consultants while thanking former director Max Sali for his contributions.

Defense Metals Corp. announced the appointment of John Robins as a strategic advisor, effective January 9, 2023. Robins, with over 35 years of experience in exploration and mining, previously facilitated the $1.8 billion sale of Great Bear Resources to Kinross. His role will support the advancement of the Wicheeda Rare Earth Elements project, which has a robust preliminary economic assessment showing an after-tax NPV of $517 million. The Wicheeda project, covering 4,244 hectares, is crucial for critical metal supply chains.

On November 15, 2022, Defense Metals Corp. announced additional partial assay results from the Wicheeda Rare Earth Element (REE) Deposit in British Columbia. Drill hole WI22-69 encountered a significant zone with an average of 2.14% total rare earth oxide (TREO) over 221 meters, including a higher-grade section of 3.52% TREO over 111 meters. A total of 5,500 meters have been drilled this year, with assays for 7 holes released and results for an additional 11 holes pending. The findings are expected to positively influence the upcoming Preliminary Feasibility Study.