Business
District Closes the Acquisition of the Gruvberget Property
Vancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - District Metals Corp. (TSX...
About this update from District Metals Corp.
[{"type":"text","content":"District Closes the Acquisition of the Gruvberget PropertyVancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - District Metals Corp. (TSXV: DMX) (FSE: DFPP); (\"District\" or the \"Company\") is pleased to announce that further to its news release of July 28, 2021 the Company has completed its acquisition of a 100% interest in the polymetallic Gruvberget Property from Explora Mineral AB (\"Explora\"). The acquisition of the Gruvberget Property by the Company is hereinafter referred to as the \"Transaction\".Garrett Ainsworth, President & CEO of District, commented: \"The Gruvberget Property is an excellent addition to our robust portfolio of prospective polymetallic properties in the prolific Bergslagen District. The North and South zones at the Gruvberget Property comprise a one kilometer long mineralized trend with significant historic polymetallic drill intercepts that is open in most directions and provides compelling walk up drill targets. A detailed heliborne magnetic and electromagnetic survey (SkyTEM 312HP) is planned to commence at the Gruvberget Property before the end of the year, which will provide us will important geophysical data to follow up via mapping, prospecting, and geochemical sampling.\"As consideration for the Transaction, the Company: (a) issued to Explora 1,000,000 common shares in the capital of the Company (the \"Closing Shares\"); (b) paid to Explora cash consideration of CDN$20,000; (c) granted to Explora a 2.5% net smelter royalty on the Gruvberget Property subject to an option to repurchase the entire 2.5% NSR royalty for CAD$8,000,000 at any time; and (d) will incur CDN$500,000 of eligible work expenditures on the Gruvberget Property within two years from closing. Pursuant to applicable securities laws, the Closing Shares are subject to a four-month hold period from the closing date of the Transaction. Technical InformationAll scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Gruvberget Property. Mineralization on any ...