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District Applies for Mineral License That Encompasses the Majority of the Polymetallic Viken Deposit in Central Sweden
Vancouver, British Columbia--(Newsfile Corp. - January 5, 2023) - District Metals Corp. (TSXV: D...
About this update from District Metals Corp.
[{"type":"text","content":"District Applies for Mineral License That Encompasses the Majority of the Polymetallic Viken Deposit in Central SwedenVancouver, British Columbia--(Newsfile Corp. - January 5, 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 a 2,302 hectare mineral license (Figure 1) to explore for vanadium, nickel, molybdenum, zinc, and other elements, covering approximately 68% of the polymetallic Viken Deposit located in Jämtland County, central Sweden. 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 101 mineral license application by the end of February 2023.Highlights:Mineral license application covers 68% of the Viken Deposit, which is a large polymetallic deposit containing economically significant levels vanadium (V), uranium (U), molybdenum (Mo), nickel (Ni), copper (Cu), and zinc (Zn).A 2010 Preliminary Economic Assessment (PEA) Technical Report1 on the Viken Deposit calculated historical mineral resource estimates for V2O5, U3O8, Mo, and Ni of:Indicated Mineral Resources: 23.6 million tonnes at an average grade of 0.31% V2O5, 0.019% U3O8, 0.028% Mo, and 0.032% Ni containing 162.8 million lbs of V2O5, 9.9 million lbs of U3O8, 14.7 million lbs of Mo, and 16.5 million lbs of Ni.Inferred Mineral Resources: 2.8 billion tonnes at an average grade of 0.27% V2O5, 0.017% U3O8, 0.024% Mo, and 0.032% Ni containing 16.7 billion lbs of V2O5, 1.0 billion lbs of U3O8, 1.5 billion lbs of Mo, and 2.0 billion lbs of Ni.A 2014 Updated Resource Estimate and PEA Technical Report2 on the Viken Deposit calculated historical mineral resource estimates for U3O8, Ni, Cu, and Zn of:Indicated Mineral Resources: 43.0 million tonnes at an average grade 0.019% U3O8, 0.034% Ni, 0.010% Cu, and 0.041% Zn containing 18.0 million lbs of U3O8, 32.0 million lbs of Ni, 10.0 million lbs Cu, and 38.0 million lbs Zn.Inferred Mineral Resources: 3.0 billion tonnes at an average grade 0.017% U3O8, 0.034% Ni, 0.012% Cu, and 0.042% Zn containing 1.15 billion ...