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District Applies for Additional Mineral Licenses to Increase Land Position to the North and South of the Polymetallic Viken Mineral License in Central Sweden
Vancouver, British Columbia--(Newsfile Corp. - March 7, 2023) - District Metals Corp. (TSXV: DMX...
About this update from District Metals Corp.
[{"type":"text","content":"District Applies for Additional Mineral Licenses to Increase Land Position to the North and South of the Polymetallic Viken Mineral License in Central SwedenVancouver, British Columbia--(Newsfile Corp. - March 7, 2023) - District Metals Corp. (TSXV: DMX) (FSE: DFPP); (\"District\" or the \"Company\") is pleased to report that Bergslagen Metals AB (a 100% owned Swedish subsidiary of District) has applied for additional mineral licenses covering the area to the south and north of the original Viken nr 1 mineral license application that covers 68% of the polymetallic Viken Deposit located in Jämtland County, central Sweden (Figure 1). If granted, the additional licenses will applications will increase the area of the Viken Property from 2,302 hectares (ha) to 9,367 ha. The Viken Deposit is the largest undeveloped Alum Shale vanadium-uranium-molybdenum-nickel-copper-zinc deposit in Sweden, and amongst the largest deposits by total historic mineral resources of vanadium and uranium in the world. The Bergsstaten (Mining Inspectorate) is expected to reach a decision on the Company's Viken nr 1 mineral license application by May 2023.Highlights:Additional mineral license applications will increase the area of the Viken Property from 2,302 hectares (ha) to 9,367 ha.Expansion of the Viken Propery to the south (Viken nr 2) and north (Viken nr 3), will allow the Company to target mineralized Alum Shale that has been tectonically thickened from 20 to 30 m by thrusting and folding up to 180 m. Historical drill holes completed within the area of the Viken nr 2 and 3 mineral license applications returned grades and widths of mineralization that are consistent with drill results from within the Viken Deposit (Tables 1 to 3). Garrett Ainsworth, CEO of District, commented: \"These mineral license applications to the south and north of our original Viken nr 1 mineral license application, if approved, will give the Company a dominant land position in the Myrviken Energy Metals District. We have targeted areas that contain a ridge of thickened Alum Shale host rock that has returned significant mineralization and widths in historic drill holes, demonstrating that the Viken Deposit mineral resource estimate from 2014 has potential to become even larger.\" Table 1: Historical Drill Results from Viken nr 2Drill HoleDepths and IntervalAssay ResultsHo...