District and Boliden Joint Technical Committee Approve 2025 Exploration Budget on the Tomtebo and Stollberg Properties and Commence Drilling at the Tomtebo Property in Sweden
District Metals Corp. (DMXCF) and Boliden Minerals have approved a CDN$3.0M exploration budget for the Tomtebo and Stollberg Properties in 2025, marking a 50% increase from 2024. The budget will be equally divided between both properties.
The company has initiated core drilling at the Tomtebo Property, with plans to drill 1,500 to 2,000m across three to four holes in the historic Tomtebo Mine area. The drilling program will explore the Steffenburgs zone, following up on previous successful results that showed 29.25m at 0.95% Cu, 0.67 g/t Au, 1.6% Zn, 0.8% Pb and 30 g/t Ag.
Additional drilling is planned for the Kvistaberget and historic Lövås Mine target areas later in 2025, pending permits. The Lövås Mine, previously worked to a 190m depth, shows potential for base metal polymetallic mineralization along strike and depth.
District Metals Corp. (DMXCF) e Boliden Minerals hanno approvato un budget di esplorazione di 3,0 milioni di dollari canadesi per le proprietà Tomtebo e Stollberg nel 2025, segnando un aumento del 50% rispetto al 2024. Il budget sarà equamente diviso tra entrambe le proprietà.
La società ha avviato perforazioni di carotaggio presso la proprietà Tomtebo, con piani di perforare tra 1.500 e 2.000 metri attraverso tre o quattro pozzi nell'area mineraria storica di Tomtebo. Il programma di perforazione esplorerà la zona di Steffenburgs, seguendo i risultati positivi precedenti che hanno mostrato 29,25 metri a 0,95% di Cu, 0,67 g/t di Au, 1,6% di Zn, 0,8% di Pb e 30 g/t di Ag.
Ulteriori perforazioni sono previste per le aree target di Kvistaberget e l'area storica della miniera di Lövås più avanti nel 2025, in attesa dei permessi. La miniera di Lövås, precedentemente lavorata fino a una profondità di 190 metri, mostra potenziale per mineralizzazione polimetallica di metalli di base lungo strike e profondità.
District Metals Corp. (DMXCF) y Boliden Minerals han aprobado un presupuesto de exploración de 3.0 millones de dólares canadienses para las propiedades Tomtebo y Stollberg en 2025, lo que marca un aumento del 50% en comparación con 2024. El presupuesto se dividirá equitativamente entre ambas propiedades.
La empresa ha iniciado perforaciones de núcleo en la propiedad Tomtebo, con planes de perforar entre 1,500 y 2,000 metros en tres o cuatro agujeros en el área histórica de la mina de Tomtebo. El programa de perforación explorará la zona de Steffenburgs, siguiendo los resultados exitosos previos que mostraron 29.25 metros al 0.95% de Cu, 0.67 g/t de Au, 1.6% de Zn, 0.8% de Pb y 30 g/t de Ag.
Se planean perforaciones adicionales para las áreas objetivo de Kvistaberget y la histórica mina de Lövås más adelante en 2025, pendiente de permisos. La mina de Lövås, que se trabajó previamente hasta una profundidad de 190 metros, muestra potencial para mineralización polimetálica de metales base a lo largo de strike y profundidad.
District Metals Corp. (DMXCF)와 Boliden Minerals는 2025년을 위한 300만 캐나다 달러의 탐사 예산을 승인했습니다. 이는 2024년 대비 50% 증가한 수치입니다. 예산은 두 부동산에 균등하게 분배될 예정입니다.
회사는 Tomtebo 부동산에서 코어 드릴링을 시작했으며, 역사적인 Tomtebo 광산 지역에서 3~4개의 구멍을 통해 1,500~2,000m를 시추할 계획입니다. 시추 프로그램은 이전의 성공적인 결과를 바탕으로 29.25m에서 0.95% Cu, 0.67 g/t Au, 1.6% Zn, 0.8% Pb, 30 g/t Ag를 보여주는 Steffenburgs 구역을 탐사할 것입니다.
추가적인 시추는 2025년 후반에 Kvistaberget 및 역사적인 Lövås 광산 타겟 지역을 위해 계획되어 있으며, 이는 허가를 기다리고 있습니다. Lövås 광산은 이전에 190m 깊이까지 작업되었으며, 스트라이크 및 깊이 방향으로 기초 금속 다금속 광물화의 잠재력을 보여줍니다.
District Metals Corp. (DMXCF) et Boliden Minerals ont approuvé un budget d'exploration de 3,0 millions de dollars canadiens pour les propriétés Tomtebo et Stollberg en 2025, ce qui représente une augmentation de 50 % par rapport à 2024. Le budget sera réparti équitablement entre les deux propriétés.
L'entreprise a lancé des forages de carottage sur la propriété Tomtebo, avec des plans de forer entre 1 500 et 2 000 mètres à travers trois à quatre trous dans la zone historique de la mine de Tomtebo. Le programme de forage explorera la zone de Steffenburgs, faisant suite à des résultats précédents fructueux montrant 29,25 mètres à 0,95 % de Cu, 0,67 g/t d'Au, 1,6 % de Zn, 0,8 % de Pb et 30 g/t d'Ag.
D'autres forages sont prévus pour les zones cibles de Kvistaberget et l'ancienne mine de Lövås plus tard en 2025, sous réserve de permis. La mine de Lövås, qui a été exploitée jusqu'à une profondeur de 190 mètres, présente un potentiel pour la minéralisation polymétallique des métaux de base le long de la direction et de la profondeur.
District Metals Corp. (DMXCF) und Boliden Minerals haben ein Erforschungsbudget von 3,0 Millionen kanadischen Dollar für die Tomtebo- und Stollberg-Immobilien im Jahr 2025 genehmigt, was eine Steigerung von 50 % im Vergleich zu 2024 bedeutet. Das Budget wird gleichmäßig auf beide Immobilien verteilt.
Das Unternehmen hat mit Kernbohrungen auf dem Tomtebo-Gelände begonnen, mit dem Ziel, 1.500 bis 2.000 Meter über drei bis vier Löcher im historischen Tomtebo-Minenbereich zu bohren. Das Bohrprogramm wird die Steffenburgs-Zone erkunden, die auf предыдущие erfolgreiche Ergebnisse zurückgreift, die 29,25 m bei 0,95 % Cu, 0,67 g/t Au, 1,6 % Zn, 0,8 % Pb und 30 g/t Ag zeigten.
Zusätzliche Bohrungen sind für die Zielgebiete Kvistaberget und die historische Lövås-Mine für später im Jahr 2025 geplant, abhängig von Genehmigungen. Die Lövås-Mine, die zuvor bis in eine Tiefe von 190 m bearbeitet wurde, zeigt Potenzial für polymetallische Mineralisierung von Basismetallen entlang der Strike und Tiefe.
- Secured CDN$3.0M exploration budget for 2025, representing a 50% increase from 2024
- Previous drilling results showed significant mineralization (29.25m at 0.95% Cu, 0.67 g/t Au, 1.6% Zn, 0.8% Pb and 30 g/t Ag)
- Expansion of drilling program to include new target areas (Kvistaberget and Lövås Mine)
- Drilling program requires pending permits for some target areas
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2025) - District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) (FSE: DFPP); ("District" or the "Company") is pleased to announce that District and Boliden Minerals AB ("Boliden") have approved an increased exploration budget of CDN
Highlights:
- The approved 2025 Exploration Budget of CDN
$3.0M for the Tomtebo and Stollberg Properties will cover geological mapping, geochemical sampling, historical drill core review, and core drilling.
- The planned core drill program for the historic Tomtebo Mine area comprises 1,500 to 2,000 m in three to four drill holes (Figure 1) that will be followed up by Boliden's proprietary down-hole electromagnetic survey1.
- These drill holes will test the broader Steffenburgs zone at the historic Tomtebo Mine by stepping out below hole TOM24-042 that returned 29.25 m at
0.95% Cu, 0.67 g/t Au,1.6% Zn,0.8% Pb and 30 g/t Ag (299.0 to 328.25 m) of foot-wall stringer-style sulphide mineralization and test the inferred mineralized horizon based on detailed lithogeochemistry work (July 29, 2024, news release).
- Permitting is underway to drill test the Kvistaberget and historic Lövås Mine targets areas (Figure 2) later in 2025.
Garrett Ainsworth, CEO of District, commented: "We have enhanced our understanding of the high-grade base metal polymetallic mineralized system at the historic Tomtebo Mine by applying modern exploration methods. The current drilling phase aims to test some exciting targets we've identified from our previous drilling at the Steffenburgs zone where we have intersected massive sulphide lenses with significant widths of high-grade polymetallic mineralization that remain open in several directions.
Additionally, we are eager to expand drilling within the Tomtebo Property beyond the historic Tomtebo Mine where we will look to test two high priority target areas. The Kvistaberget target area is underpinned by a SkyTEM conductive anomaly and a linear trend of historic copper sulphide workings that appear to be along strike from the volcanic massive sulphide horizon located at the historic Tomtebo Mine. The historic Lövås Mine was worked to a depth of 190 m where historical drill holes indicate that base metal polymetallic mineralization is open along strike and to depth."
Figure 1: Proposed Drill Holes at Steffenburgs Zone of Historic Tomtebo Mine
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7971/240209_41c1a6d7e4003bff_002full.jpg
Figure 2: Drill Target Areas on Tomtebo Property for 2025
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https://images.newsfilecorp.com/files/7971/240209_41c1a6d7e4003bff_003full.jpg
Polymetallic volcanogenic massive sulphides (VMS) deposits always occur in clusters and each deposit generally comprises a cluster of massive sulphide lenses separated by less mineralized rocks. When exploring for VMS deposits it is critical to understand where in the stratigraphic succession the original sea floor horizon is situated because that is where the VMS mineralization is formed on. This basic concept provides guidance on where to follow the prospective VMS horizon along strike and down-dip on a local and regional scale. The obtained geological observations, systematic whole rock lithogeochemistry sampling and structural data from recent drill cores have significantly improved the geological understanding and geometry of the Tomtebo mineral system. The main objective of the planned drilling campaign is to systematically test the prospective 'mineralized horizon' with aggressive steps of 150 m or more in order to identify high-grade sea floor massive sulphide lenses associated with the Steffenburgs zone and to test the upside potential in several directions.
References
1 Allen, Rodney L., Jonsson, Rolf H. 2014. Boliden's Garpenberg Zn-Pb-Ag mine, Sweden - Critical factors behind the discoveries that turned mine closure into a large expansion project. SEG Conference Abstract 0393-000191.
https://www.segweb.org/SEG/Events/Conference-Archive/2014/Conference-Proceedings/data/papers/abstracts/0393-000191.pdf?v=020606
Technical Information
All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, P.Geo, 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.
Drilling data disclosed in this news release relates to historical drilling results. 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. District considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical 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.
District is a polymetallic exploration and development company focused on the Viken and Tomtebo Properties in Sweden. The Viken Property covers
The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-central Sweden 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.
For further information on the Tomtebo Property, please see the technical report entitled "NI 43-101 Update Technical Report on the Tomtebo Project, Bergslagen Region of Sweden" dated effective October 15, 2020 and amended and restated on February 26, 2021, which is available on SEDAR+ at www.sedarplus.ca.
On Behalf of the Board of Directors
"Garrett Ainsworth"
President and Chief Executive Officer
(604) 288-4430
Neither the 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 information" with respect to the Company 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 statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking information in this news release relating to the Company include, among other things, statements relating to the Purchase Agreement and closing thereof; the Company's Swedish polymetallic properties; the Company's planned exploration activities, including its drill target strategy and next steps for the Swedish properties; and the Company's interpretations and expectations about the results on the Swedish properties.
These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, 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; and in respect of the Swedish properties; that the Swedish government will eventually lift or amend its moratorium on uranium exploration and mining in Sweden; the Company's ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity; and stability in financial and capital markets.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: the reliability of historic data on District's properties; the Company's ability to raise sufficient capital to finance planned exploration; that the Swedish government maintains its moratorium on uranium exploration and mining in Sweden for the foreseeable future; the Company's limited operating history; the Company's negative operating cash flow and dependence on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and approvals, technical issues, potential delays, unexpected events and management's capacity to execute and implement its future plans; the Company's ability to identify any mineral resources and mineral reserves; the substantial expenditures required to establish mineral reserves through drilling and the estimation of mineral reserves or mineral resources; the uncertainty of estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company's share price; the unlikelihood that shareholders will receive dividends from the Company; potential future acquisitions and joint ventures; infrastructure risks; fluctuations in demand for, and prices of metals; fluctuations in foreign currency exchange rates; legal proceedings and the enforceability of judgments; going concern risk; risks related to the Company's information technology systems and cyber-security risks; and risk related to the outbreak of epidemics or pandemics or other health crises. For additional information regarding these risks, please see the Company's Annual Information Form dated July 11, 2022 for the fiscal year ended June 30, 2021, under the heading "Risk Factors", which is available at www.sedarplus.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking information or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws.
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