VANCOUVER, BC, March 3, 2021 /CNW/ - District Metals
Corp. (TSXV: DMX) (FRA: DFPP); ("District" or the
"Company") is pleased to announce that it has recently obtained
13 historical drill logs and assay data from the Lövås-Nyberget
Area located within District's polymetallic Tomtebo Property in the
Bergslagen Mining District of south-central Sweden. These historic drill results from the
Dammsjön and Flyttjebasen zones were obtained from the Geological
Survey of Sweden (SGU), and are
from drilling campaigns carried out by Boliden Gruvförvaltningen in
1953 and 1972.
The Lövås-Nyberget Area is situated at the northeast end of the
Tomtebo Property (Figure 1), and is approximately 12 km northeast
from the former Tomtebo Mine where the Company is scheduled to
commence a 5,000 m drill program this
month.
Garrett Ainsworth, CEO of
District, commented: "The exploration potential of the Tomtebo
Property continues to improve with these additional historic drill
results. There is a relatively high density of historic mines and
mineral occurrences across Tomtebo that suggests profuse metal
leakage has occurred along controlling structures and geological
units. The Lövås-Nyberget area represents another highly
prospective target for District in a part of the license area with
little to no modern previous systematic exploration."
The reported historic drill highlights are from the Dammsjön and
Flyttjebasen zones, which are located 530
m north and 960 m
northeast-east from the former Lövås Mine. Shallow drilling
of these zones to depths between 63.3 to 140.1 m encountered narrow to wide intervals of
stacked polymetallic mineralization with low to moderate base metal
and silver values in 10 out of 13 holes, and mineralization remains
wide open along strike and at depth. Significant gold values
are known in the area, but historically were not often
assayed.
- Hole 21 – Dammsjön zone – 15.9
m at 1.3% Cu, 0.6% Zn, and 0.3% Pb (47.4 to 63.3 m).
- Hole 25 – Flyttjebasen zone – 4.8
m at 1.1% Zn, 1.8% Pb, 0.1% Cu, and 44.3 g/t Ag (83.2 to
88.0 m).
- Hole 31 – Flyttjebasen zone – 11.1
m at 1.6% Zn, 0.8% Pb, 0.1% Cu, and 11.2 g/t Ag (72.9 to
84.0 m).
This historic drilling has confirmed that polymetallic
mineralization strikes northwest-west to southeast-east for 1.5 km
from the Dammsjön and Flyttjebasen zones, and magnetic high
anomalies suggest this mineralized trend continues for more than
2.4 km.
For additional details, including a full table of the historical
results, together with an overlay of the 2020 SkyTEM magnetic data,
which will impact future exploration planning and potential, please
refer to Company's website.
Mineral License Extension
On February 10, 2021 the Swedish
Government approved a proposal to grant a one-year extension of all
valid mineral licenses due to the Covid-19 pandemic. This
approval will provide an extra year for District's Tomtebo and
Trollberget Properties at no cost. Since the future effects of
the pandemic remain unknown there may be additional easements for
exploration companies operating in Sweden. This initiative
taken by the Swedish Government is an excellent example of why
Sweden is such a good jurisdiction
to operate in.
Technical Information
All 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
Tomtebo Property. Mineralization on any other properties
referred to herein is not necessarily indicative of mineralization
on the Tomtebo Property.
The drill results reported in this news release are historical
in nature. District has not undertaken any independent
investigation of the sampling nor has it independently analyzed the
results of the historical exploration work in order to verify the
results. The author of the NI 43-101 Technical Report on the
Tomtebo Property has completed historical data verification and
validation work, and has concluded that the historical drill
results at the Tomtebo Mine do not conform to the presently
accepted industry standards. District considers these historical
drill results relevant as the Company will use this data as a guide
to plan future exploration programs. The Company also considers the
data to be reliable for these purposes, however, the Company's
future exploration work will include verification of the data
through drilling.
About District Metals Corp.
District Metals Corp. is led by industry professionals with a
track record of success in the mining industry. The Company's
mandate is to seek out, explore, and develop prospective mineral
properties through a disciplined science-based approach to create
shareholder value and benefit other stakeholders.
The advanced exploration stage Tomtebo Property is located in
the Bergslagen Mining District of south-central Sweden is the Company's main focus. Tomtebo
comprises 5,144 ha, and is situated between the historic Falun Mine
and Boliden's Garpenberg Mine that are located 25 km to the
northwest and southeast, respectively. Two historic polymetallic
mines and numerous polymetallic showings are located on the Tomtebo
Property along an approximate 17 km trend that exhibits similar
geology, structure, alteration and VMS/SedEx style mineralization
as other significant mines within the district. Mineralization that
is open at depth and along strike at the historic mines on the
Tomtebo Property has not been followed up on, and modern systematic
exploration has never been conducted on the Property.
On Behalf of the Board of Directors
"Garrett Ainsworth"
President and Chief Executive Officer
(604) 288-4430
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Statement Regarding "Forward-Looking"
Information.
This news release contains certain statements that may be
considered "forward-looking statements" within the meaning of
applicable securities laws. In some cases, but not necessarily in
all cases, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "targets",
"expects" or "does not expect", "is expected", "an opportunity
exists", "is positioned", "estimates", "intends", "assumes",
"anticipates" or "does not anticipate" or "believes", or variations
of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might", "will" or "will be
taken", "occur" or "be achieved" and other similar expressions. In
addition, statements in this news release that not historical facts
are forward looking statements including anticipated results of
future exploration and the results of additional compilation
work.
These statements and other forward-looking information are
based on assumptions and estimates that the Company believes are
appropriate and reasonable in the circumstances, including, without
limitation, assumptions about the reliability of historical data
and the accuracy of publicly reported information regarding past
and historic mines in the Bergslagen District the Company's ability
to raise sufficient capital to fund planned exploration activities,
maintain corporate capacity and satisfy the exploration
expenditure requirements required by the definitive purchase
agreement between the Company and the vendor of the Tomtebo
property (the "Definitive Purchase Agreement") by the times
specified therein (failing which the Tomtebo Property will be
forfeited without any repayment to the Company); and stability in
financial and capital markets.
There can be no assurance that such statements will prove to
be accurate and actual results, and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Company's expectations include; the risk that historic data
regarding the Tomtebo property is unreliable, the risk that
information concerning production and mineralization at current and
historic mines within the Bergslagen District proves to be
inaccurate; the risk that the Company will be unable to raise
sufficient capital to finance planned exploration (including
incurring prescribed exploration expenditures required by the
Definitive Purchase Agreement, failing which the Tomtebo Property
will be forfeited without any repayment of the purchase price);
future metal prices, general economic, market or business
conditions, and other exploration or other risks detailed
herein and from time to time in the filings made by the Company
with securities regulators, including those described under the
heading "Risks and Uncertainties" in the Company's MD&A for the
financial year ended June 30,
2020. The Company does not undertake to update or revise any
forward-looking statements, except in accordance with applicable
law. Readers are cautioned not to put undue reliance on these
forward-looking statements.
SOURCE District Metals Corp.