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District Receives Approval of Mineral License Application that Encompasses the Majority of the Polymetallic Viken Deposit in Central Sweden
Vancouver, British Columbia--(Newsfile Corp. - April 12, 2023) - District Metals Corp. (TSXV: DM...
About this update from District Metals Corp.
[{"type":"text","content":"District Receives Approval of Mineral License Application that Encompasses the Majority of the Polymetallic Viken Deposit in Central SwedenVancouver, British Columbia--(Newsfile Corp. - April 12, 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 received approval from the Bergsstaten (Mining Inspectorate) for the Viken nr 1 mineral license application that covers approximately 68% of the polymetallic Viken Deposit located in Jämtland County, central Sweden (Figure 1). 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. On March 7, 2023 the Company reported (see news release) that additional mineral license applications have been submitted to the Mining Inspectorate that cover areas to the south (Viken nr 2) and north (Viken nr 3) of the original Viken nr 1 mineral license (Figure 1). Approval of the Viken nr 2 and 3 mineral licenses will increase the area of the Viken Property from 2,302 hectares (ha) to 9,367 ha where historical drill holes have returned grades and widths of polymetallic mineralization that are consistent with drill results from within the Viken Deposit. The application process for Viken nr 2 and 3 is ongoing.Highlights:The approved Viken nr 1 mineral license application covers 68% of the Viken Deposit, which is a large polymetallic deposit containing economically significant levels of vanadium (V), uranium (U), molybdenum (Mo), nickel (Ni), copper (Cu), and zinc (Zn).Mineral license applications to the south (Viken nr 2) and north (Viken nr 3) of Viken nr 1 (Figure 1) 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.Garrett Ainsworth, CEO of District, commented: \"We are pleased with the approval of our Viken nr 1 mineral license application that covers the majority of the polymetallic Viken Deposit. This low-cost application resulted in the Company being granted a three-year term and secures an asset with substantial exploration and development expenditures that resulted in the definition of large histo...