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District Metals identifies another target at its Swedish project after receiving historic drill assays

Published: 10:05 03 Mar 2021 EST

District Metals Corp. -
The area lies around 12 kilometres northeast from the former Tomtebo mine where District is scheduled to kick off a 5,000 metre drill program this month

District Metals Corp (CVE:DMX) (OTCMKTS:MKVNF) (FRA:DFPP) said it has identified another prospective target at its Tomtebo property in Sweden after it received historic drill data from the Lövås-Nyberget area in the north east part of the asset.

The 13 sets of historical data hail from shallow holes, to a maximum depth of around 141 metres (m), at the Dammsjön and Flyttjebasen zones and were obtained from the Geological Survey of Sweden (SGU). They come from drill campaigns carried out by Boliden Gruvförvaltningen in 1953 and 1972.

READ: District Metals poised to start drilling at its Tomtebo property as it names new finance chief

This area lies around 12 kilometres (km) northeast from the former Tomtebo mine where District is scheduled to kick off a 5,000 metre (m) drill program this month.

"The exploration potential of the Tomtebo Property continues to improve with these additional historic drill results," Garrett Ainsworth, the CEO of District told investors in a statement.

"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 previous drilling confirms 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.

The historic drill highlights include 15.9m (from a depth of 47.4m) at 1.3% copper, 0.6% zinc, and 0.3% lead. Also reported was an intercept of 11.1 m at 1.6% zinc, 0.8% lead, 0.1% copper, and 11.2 g/t silver, from a depth of 72.9m.

The company also noted that on February 10 this year the Swedish Government approved a proposal to grant a one-year extension of all valid mineral licenses due to the coronavirus (COVID-19) pandemic. This means an extra year for District's Tomtebo and Trollberget properties at no cost.

Contact the author at giles@proactiveinvestors.com

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