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District Executes Definitive Agreement to Acquire the Gruvberget Property in the Bergslagen Mining District of Sweden
Vancouver, British Columbia--(Newsfile Corp. - July 28, 2021) - District Metals Corp. (TSXV: ...
About this update from District Metals Corp.
[{"type":"text","content":"District Executes Definitive Agreement to Acquire the Gruvberget Property in the Bergslagen Mining District of SwedenVancouver, British Columbia--(Newsfile Corp. - July 28, 2021) - District Metals Corp. (TSXV: DMX) (FSE: DFPP); (\"District\" or the \"Company\") is pleased to announce the Company has executed a definitive purchase agreement dated July 27, 2021 (the \"Purchase Agreement\") with Explora Mineral AB (\"Explora\") to acquire 100% ownership of the Gruvberget Property (Figures 1 to 3) in the prolific Bergslagen District of Sweden, which hosts Boliden's Garpenberg Mine and Lundin Mining's Zinkgruvan Mine. Upon closing the acquisition of the Gruvberget Property the Company's primary focus will remain on aggressively advancing the highly prospective Tomtebo Property.Garrett Ainsworth, CEO of District, commented: \"Gruvberget is another highly accretive advanced stage exploration property to our polymetallic portfolio within the renowned Bergslagen Mining District. We now have four mineral licenses situated in proximity to the historic Falun Mine and Boliden's producing Garpenberg Mine with our flagship Tomtebo Property continuing to be the priority. A core portion of the Gruvberget Property has seen significant polymetallic mineralization drilled along a strike length of 1 km that is open in most directions, while the remaining 14 km strike length within the Property is strewn with historic polymetallic mines and mineral occurrences that have not seen modern systematic exploration.\" Gruvberget Property HighlightsGruvberget is an advanced stage exploration property that covers an area of 5,286 ha and is located approximately 230 km northwest from the capital city of Stockholm in Sweden.Boliden's Garpenberg Mine is located 60 km to the southeast, and the historic Falun Mine is located 30 km to the east. Lundin's Zinkgruvan Mine is located 190 km to the south.Gruvberget is located 35 km to the northwest from District's Tomtebo Property, and contains similar host rocks, structure, alteration, and mineralization styles as the Garpenberg Mine, Historic Falun Mine, and the Tomtebo Property.Significant high grade polymetallic mineralization was discovered at Gruvberget around 1900. Mining at the South zone did not occur until 1987 where 40,000 tonnes at 90 g/t Ag, 5.1% Zn, 1.9% Pb, and 0.3% Cu1 was extracted via open pit mining, ...