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District Receives Approval of Sågtjärn Mineral License Applications in Central Sweden
Vancouver, British Columbia--(Newsfile Corp. - July 31, 2023) - District Metals Corp. (TSXV: DMX...
About this update from District Metals Corp.
[{"type":"text","content":"District Receives Approval of Sågtjärn Mineral License Applications in Central SwedenVancouver, British Columbia--(Newsfile Corp. - July 31, 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 Sågtjärn nr 101 and 102 mineral license applications to explore for copper, zinc, lead silver, gold, molybdenum and cobalt over a 4,068 hectare (ha) area located in the Jämtland and Västernorrland Counties in central Sweden (Figure 1). The Sågtjärn mineral licenses are in good standing for a three-year term that ends on May 10, 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 May 10, 2026.Sågtjärn Property Highlights:Mineral license Sågtjärn nr 101 contains the Sågtjärn Uranium Deposit. A Technical Report prepared for Continental Precious Minerals Inc. by Telluride & Associates dated September 20, 2005 on the Sågtjärn Deposit calculated an historical mineral resource estimate for U3O8 of:Historical Inferred Mineral Estimate: 756,000 tonnes at a grade of 0.068% U3O8 containing 1,137,585 lbs of U3O8 using a 200 ppm uranium cut off1.The above mineral resource estimate is considered to be an \"historical estimate\" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\"). A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and the Company is not treating this historical estimates as a current Mineral Resource. The Company would need to conduct an exploration program, including twinning of historical drill holes in order to verify the Sågtjärn Deposit historical estimate as a current mineral resource.The Sågtjärn Deposit remains open in all directions, and contains the following drill result highlights:Hole SGT-77-007 intersected 8.7 m at 0.13% U3O8 from 60.3 to 69.0 m.Hole SGT-77-011 intersected 7.0 m at 0.18% U3O8 from 86.0 to 93.0 m.Hole SGT-79-011 intersec...