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District Announces Inferred Mineral Resource Estimate of 4.3 Billion Tonnes at a Grade of 161 ppm U3O8 Containing 1.5 Billion Pounds U3O8 for the Viken Energy Metals Deposit in Sweden
Vancouver, British Columbia--(Newsfile Corp. - April 29, 2025) - District Metals Corp. (TSXV: DM...
About this update from District Metals Corp.
[{"type":"text","content":"District Announces Inferred Mineral Resource Estimate of 4.3 Billion Tonnes at a Grade of 161 ppm U3O8 Containing 1.5 Billion Pounds U3O8 for the Viken Energy Metals Deposit in SwedenVancouver, British Columbia--(Newsfile Corp. - April 29, 2025) - District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) (FSE: DFPP); (\"District\" or the \"Company\") is pleased to announce a NI 43-101 Inferred and Indicated Mineral Resource Estimate (\"MRE\") for the Viken Energy Metals Deposit located within District's 100% owned and royalty free Viken Property in central Sweden.Garrett Ainsworth, CEO of District, commented: \"With the current NI 43-101 Inferred and Indicated MRE the Viken Energy Metals Deposit is officially the second largest uranium deposit in the world1, and it also contains an immense inventory of important and critical raw materials that will be required for the green energy transition. The stunning growth of the current Viken MRE from the 2006 to 2012 drill data is a testament to the continuity in grade and thickness of the mineralized Alum Shale Formation found across the Viken Deposit.The possibility to increase the Inferred MRE at the Viken Deposit is overwhelmingly positive, however, any future economic studies will focus on a comparatively smaller-scale mining operation that will aim to lower capital expenditures, support positive social license, and optimize the economic output metrics. The strategic nature of the Viken Energy Metals Deposit cannot be understated as a Mineral Resource of important and critical raw materials for Sweden, Europe, and rest of the world that seeks to obtain a low to no carbon footprint. We have included additional important and critical raw materials in the current Viken MRE; however, the historical drill hole geochemical results did not include analysis on the full suite of Rare Earth Elements, which have potential to create additional value for future economic studies. We will make a decision on moving forward with a Preliminary Economic Assessment for the Viken Deposit in Q4 2025, which will be influenced by the outcome of the Swedish Government's proposal to lift the current ban on uranium mining.\"The MRE for uranium oxide, in addition to vanadium oxide, molybdenum, nickel, copper and zinc is summarized in the Table 1 below. Additional elements reported (not c...