District Commences Updated National Instrument 43-101 Mineral Resource Estimate on the Viken Energy Metals Deposit in Sweden
District Metals Corp. (TSXV: DMX) has engaged P&E Mining Consultants Inc. to prepare an updated National Instrument 43-101 compliant resource estimate for the Viken Energy Metals Deposit in Sweden. The new estimate will focus on multiple metals including vanadium, potash, uranium, molybdenum, nickel, zinc, and copper.
The update will develop a net smelter returns (NSR) cut-off value using recent metal prices and updated costs, revise geological interpretations, and include the latest metallurgical advances for the deposit's Alum Shale host rock. This initiative aims to identify priority areas for converting inferred resources to indicated status and potential resource growth.
The previous resource estimates from 2010 and 2014, completed by P&E for Continental Precious Minerals Inc., are now considered historical estimates under NI 43-101 standards. This update represents a important step toward a potential future Preliminary Economic Assessment of the Viken Deposit.
District Metals Corp. (TSXV: DMX) ha incaricato P&E Mining Consultants Inc. di preparare una stima delle risorse aggiornata conforme al National Instrument 43-101 per il Viken Energy Metals Deposit in Svezia. La nuova stima si concentrerà su più metalli, tra cui vanadio, potassio, uranio, molibdeno, nichel, zinco e rame.
L'aggiornamento svilupperà un valore di cut-off per i rendimenti da fusione netti (NSR) utilizzando i recenti prezzi dei metalli e i costi aggiornati, rivedrà le interpretazioni geologiche e includerà i più recenti progressi metallurgici per la roccia madre dell'Alum Shale del deposito. Questa iniziativa ha come obiettivo l'identificazione delle aree prioritarie per convertire le risorse inferite in stato indicato e la crescita potenziale delle risorse.
Le precedenti stime delle risorse del 2010 e del 2014, completate da P&E per Continental Precious Minerals Inc., sono ora considerate stime storiche secondo gli standard NI 43-101. Questo aggiornamento rappresenta un passo importante verso una potenziale futura Valutazione Economica Preliminare del Viken Deposit.
District Metals Corp. (TSXV: DMX) ha contratado a P&E Mining Consultants Inc. para preparar una estimación de recursos actualizada conforme al National Instrument 43-101 para el Viken Energy Metals Deposit en Suecia. La nueva estimación se centrará en múltiples metales, incluidos el vanadio, potasio, uranio, molibdeno, níquel, zinc y cobre.
La actualización desarrollará un valor de corte de retornos netos de fundición (NSR) utilizando los precios recientes de los metales y costos actualizados, revisará las interpretaciones geológicas e incluirá los últimos avances metalúrgicos para la roca madre de Alum Shale del depósito. Esta iniciativa tiene como objetivo identificar áreas prioritarias para convertir recursos inferidos en estado indicado y el crecimiento potencial de recursos.
Las estimaciones de recursos anteriores de 2010 y 2014, completadas por P&E para Continental Precious Minerals Inc., se consideran ahora estimaciones históricas bajo los estándares NI 43-101. Esta actualización representa un paso importante hacia una posible futura Evaluación Económica Preliminar del Viken Deposit.
District Metals Corp. (TSXV: DMX)는 스웨덴의 Viken Energy Metals Deposit에 대한 업데이트된 National Instrument 43-101 준수 자원 추산을 준비하기 위해 P&E Mining Consultants Inc.를 고용했습니다. 새로운 추산은 바나듐, 포타슘, 우라늄, 몰리브덴, 니켈, 아연 및 구리를 포함한 여러 금속에 초점을 맞출 것입니다.
업데이트는 최근 금속 가격과 업데이트된 비용을 사용하여 순 제련 수익(NSR) 컷오프 값을 개발하고, 지질학적 해석을 수정하며, deposit의 Alum Shale 모암에 대한 최신 금속 공학 발전을 포함합니다. 이 이니셔티브의 목표는 추정 자원을 지정된 상태로 변환하고 자원의 잠재적 성장을 위한 우선 영역을 식별하는 것입니다.
2010년과 2014년 P&E가 Continental Precious Minerals Inc.를 위해 완료한 이전 자원 추산은 이제 NI 43-101 기준에 따라 역사적 추산으로 간주됩니다. 이 업데이트는 Viken Deposit에 대한 잠재적인 미래의 예비 경제 평가를 위한 중요한 단계로 나타납니다.
District Metals Corp. (TSXV: DMX) a engagé P&E Mining Consultants Inc. pour préparer une estimation des ressources mise à jour conforme à l'instrument national 43-101 pour le Viken Energy Metals Deposit en Suède. La nouvelle estimation se concentrera sur plusieurs métaux, notamment le vanadium, le potassium, l'uranium, le molybdène, le nickel, le zinc et le cuivre.
La mise à jour développera une valeur de seuil pour les revenus de fonderie nets (NSR) en utilisant les prix récents des métaux et les coûts mis à jour, révisera les interprétations géologiques et inclura les dernières avancées métallurgiques pour la roche hôte Alum Shale du dépôt. Cette initiative vise à identifier les zones prioritaires pour convertir les ressources inférées en statut indiqué et la croissance potentielle des ressources.
Les estimations de ressources précédentes de 2010 et 2014, réalisées par P&E pour Continental Precious Minerals Inc., sont désormais considérées comme des estimations historiques selon les normes NI 43-101. Cette mise à jour représente une étape importante vers une évaluation économique préliminaire potentielle du Viken Deposit.
District Metals Corp. (TSXV: DMX) hat P&E Mining Consultants Inc. beauftragt, eine aktualisierte Ressourcenschätzung gemäß National Instrument 43-101 für das Viken Energy Metals Deposit in Schweden vorzunehmen. Die neue Schätzung wird sich auf mehrere Metalle konzentrieren, darunter Vanadium, Kalium, Uran, Molybdän, Nickel, Zink und Kupfer.
Das Update wird einen Schnittwert für die Netto-Schmelzeinnahmen (NSR) unter Verwendung aktueller Metallpreise und aktualisierter Kosten entwickeln, geologische Interpretationen überarbeiten und die neuesten metallurgischen Fortschritte für den Wirtsgestein Alum Shale des Deposits einbeziehen. Diese Initiative zielt darauf ab, priorisierte Bereiche zur Umwandlung von geschätzten Ressourcen in angegebene Status sowie potenzielle Ressourcenwachstum zu identifizieren.
Die früheren Ressourcenschätzungen aus den Jahren 2010 und 2014, die von P&E für Continental Precious Minerals Inc. erstellt wurden, gelten nun nach NI 43-101-Standards als historische Schätzungen. Dieses Update stellt einen wichtigen Schritt in Richtung einer potenziellen zukünftigen Vorläufigen Wirtschaftlichkeitsanalyse des Viken Deposits dar.
- Comprehensive multi-metal resource estimate update in progress
- Focus on converting inferred resources to indicated category
- Preparation for future Preliminary Economic Assessment (PEA)
- Current resource estimates are considered outdated 'historical estimates'
- Additional drilling may be required for resource verification
Vancouver, British Columbia--(Newsfile Corp. - February 5, 2025) - District Metals Corp. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) (FSE: DFPP); ("District" or the "Company") is pleased to announce that it has retained P&E Mining Consultants Inc. ("P&E") to prepare a resource estimate and related report pursuant to National Instrument 43-101 ("NI 43-101") on the Viken Energy Metals Deposit (Figure 1) located in Jämtland County, central Sweden.
Continental Precious Minerals Inc. carried out substantial exploration and development work on the Viken Deposit from 2008 to 2014. This work resulted in the definition of uranium polymetallic Mineral Resource Estimates in 2010 and 2014 completed by P&E. These estimates are now considered "historical estimates" for the purposes of NI 43-101.
This updated Mineral Resource Estimate and NI 43-101 report on the Viken Energy Metals Deposit will:
- provide estimates for all of the metals and minerals of interest from the available drill hole assay data that will include vanadium, potash, uranium, molybdenum, nickel, zinc, and copper;
- develop a net smelter returns (NSR) cut off value using recent metal and mineral prices and updated costs;
- update the geological interpretation and mineralized Mineral Resource wireframes to identify priority areas for conversion from inferred to indicated, and for potential Mineral Resource growth;
- include an update on the most recent metallurgical advances for the Viken Deposit's mineralized host Alum Shale.
Garrett Ainsworth, CEO of District, commented: "Updating the Viken Deposit's historical mineral resource estimates into a standalone current Mineral Resource Estimate is an important first step in further developing the Viken Property. From a technical standpoint this update will be required for any future updated Preliminary Economic Assessment (PEA) on the Viken Deposit."
P&E is a Toronto are based geological and mining consulting firm with independent Qualified Persons, as defined by NI 43-101, and they have extensive expertise in geological modeling and Mineral Resource estimation across various deposit types and metals.
Figure 1: Viken Energy Metals Deposit
To view an enhanced version of this graphic, please visit:
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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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FAQ
What metals will be included in District Metals' (DMXCF) updated Viken resource estimate?
When were the previous resource estimates completed for the Viken deposit before DMXCF's update?
What is the purpose of DMXCF's new resource estimate for the Viken deposit?
Who is conducting the new NI 43-101 resource estimate for DMXCF's Viken deposit?
