Defense Metals Corp. announced it has completed the previously announced Phase 2 open pit diamond core and sonic infrastructure geotechnical drilling program. The work, with the support of APEX Geoscience Ltd., was completed by SRK Consulting (Canada) Inc. (SRK) one of the principal consultants for the ongoing preliminary feasibility study (PFS) regarding the company's Wicheeda Rare Earth Element (REE) Project located near Prince George, Canada.

In addition, the company commissioned Precision GeoSurveys Inc. to complete a 503 line-km airborne magnetic and radiometric survey over a 45 square-km are of the Wicheeda Project. The data has been delivered to the Defense Metals' technical team and is currently under review for ranking of exploration targets, which the company will release as they become available. The ongoing Wicheeda Project PFS study remains on target for completion at the end of second quarter of 2024, and the data gathered as part of this drilling campaign will provide key inputs to inform the open pit slope design work by SRK.

Highlights of the recently completed phase 2 drill program and upcoming works include: Completion of 6 diamond drill holes totaling 1,182 metres within the Wicheeda REE Deposit pit shell; inclusive of 4 open pit geochemical drill holes totaling 920 metres; and additional 2 near-mine exploration holes totaling 262 metres. South and west pit wall drill holes WI23-81 and WI23-82 intersected significant widths of visibly REE mineralized dolomite carbonatite from surface over core intervals of 54 metres (WI23-81), and 21 metres followed by a 65-metre core interval of xenolithic-dolomite carbonatite, respectively. Drilling of WI23-82 into the west pit wall of the Wicheeda Deposit was successful tested a new ground radiometric anomaly.

Assay results are pending and are expected in the coming months. Completion of 9 sonic overburden drill holes totaling 160 metres, and 14 test pits totaling 62 metres designed to support the characterization of the shallow soil subsurface and bedrock foundations of potential future waste rock storage, mineralization stockpile, contact water pond (CWP), crusher, processing plant, and tailings storage facility (TSF) locations. Mobilization is currently underway for completion of the final Phase 3 sonic overburden and test pit campaign which will comprise 10 sonic overburden drill holes and 3 test pits with the CWP, TSF and TSF alternatives area.

The Phase 3 drilling and test pit program is expected to be completed within 4 weeks time.