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District Receives Approval of Nianfors Mineral License Applications in Central Sweden
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2023) - District Metals Corp. (TSXV:...
About this update from District Metals Corp.
[{"type":"text","content":"District Receives Approval of Nianfors Mineral License Applications in Central SwedenVancouver, British Columbia--(Newsfile Corp. - September 5, 2023) - District Metals Corp. (TSXV: DMX) (FRA: DFPP); (\"District\" or the \"Company\") is pleased to report that Bergslagen Metals AB (a 100% owned Swedish subsidiary of District) has received approval from Bergsstaten (Mining Inspectorate) for the Nianfors nr 1 and 2 mineral license applications to explore for copper, zinc, molybdenum, yttrium and other rare earth elements (REEs) located in the Gävleborgs County, central Sweden (Figure 1).The Nianfors mineral licenses are in good standing for a three-year term that ends on June 30, 2026. Renewal for an additional three years will require payment of mineral license fees to the Swedish Mining Inspectorate, and the completion of at least some geological, geochemical, or geophysical work on the mineral license before June 30, 2026.Nianfors Property Highlights:Mineral license Nianfors nr 2 contains the Majsaberget uranium-yttrium-molybdenum occurrence that consists of 889 mineralized boulders over an approximate area of 500 m by 200 m1. Assay results from the Majsaberget mineralized boulders returned a weighted average of 0.16% U3O8 and 0.08% Y1. A 1982 report by the Swedish Geological Survey (SGU) reported mineralized boulder assays ranging from 0.01 to 1.4% U3O8, 0.08 to 0.69% Y, 0.05 to 0.22% Mo, and 0.02 to 0.31% Th2.The Majsaberget Occurrence was historically estimated to host at least 12,998,896 lbs U3O8 grading 0.07 to 0.14% U3O84. This historical exploration target estimate is based on a 1985 Report by the SGU, and the Company is not treating it as a current mineral resource estimate nor is the Company aware of any more current estimate. The potential quantity and grade is conceptual in nature, as there has not been sufficient exploration to define the target at this time; and it is uncertain that further exploration would result in the definition of a current resource. A moratorium on uranium mining and exploration in Sweden was imposed in 2018. The current Swedish Government has expressed a positive stance on re-evaluating the moratorium.Garrett Ainsworth, CEO of District, commented: \"We applied for the Nianfors mineral licenses based on the large boulder field and exploration target at the Majsaberget occurrence that has ...