The hole returned 83m at 4.43% light rare earth oxide (namely cerium, lanthanum, neodymium, praseodymium and samarium oxides), including 33m at 5.47% LREO.

"This drill result, in addition to those from previously released holes, clearly illustrates the potential to expand the Wicheeda REE deposit," CEO and president Craig Taylor said.

The company has the option to earn 100% of Wicheeda, which has an 11.37 million tonne inferred resources averaging 1.96% light rare earth elements.

It took a 30 tonne bulk sample earlier this year, with final metallurgical test results last month returning a 48.7% total rare earth oxide concentrate and 85.7% TREO recovery.

At the time, Taylor said with the assays coming in and hydromet testing in progress, 2020 would be a "banner year" for the company.

Rare earths have been in the spotlight this year, with the US looking to shore up access to critical minerals including REE outside of China as trade tensions between the two countries festered.

Defense Metals raised about C$1.1 million in June through the issue of units at priced 15c and flow-through shares at 20c.

Its shares were trading above 20c at the start of this year but fell to 6c in October.

They were unchanged yesterday at 12c to capitalise it at $3.6 million (US$2.7 million).