District Completes Airborne MobileMT Survey at the Viken Property and Commences MobileMT at the Alum Shale Properties in Sweden
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Completes Airborne MobileMT Survey at the Viken
Property and Commences MobileMT at the Alum Shale Properties
in Sweden
Vancouver, B.C. June 24, 2025
June 24, 2025 – District Metals Corp. (TSX-V: DMX) (Nasdaq First North: DMXSE SDB)
(OTCQB: DMXCF) (FRA: DFPP); (“District” or the “Company”) is pleased to announce the
completion of a helicopter-borne Mobile MagnetoTellurics System ("MobileMT") survey at the
Viken Property, and now the MobileMT system has been moved to the Alum Shale Properties
(Figure 1) located in the Jämtland and Västerbottens Counties, north-central Sweden.
The MobileMT survey initially commenced at the Viken Property in on June 3, 2025. Preliminary
interpretations indicate that the MobileMT survey has successfully mapped out the mineralized
Alum Shale host rock of the Viken Energy Metals Deposit, which has validated this geophysical
survey for further use at the Company’s Alum Shale Properties. The final results and
interpretations of the MobileMT survey on the Viken Property will likely be released in Q3 2025.
The MobileMT survey at the Alum Shale Properties will comprise approximately 2,700 line
kilometers at 200 meter line spacing, and will aim to identify potential mineralized Alum Shale
for follow up confirmation by drilling. The optimal target for further follow up work will comprise
the shallowest and thickest parts of mineralized Alum Shale. The MobileMT survey has
successfully mapped out the mineralized Alum Shale in detail at the Viken Energy Metals
Deposit, and this geophysical signature will be utilized for identifying drill targets at the Alum
Shale Properties.
Garrett Ainsworth, CEO of District, commented: “Our preliminary confirmation that MobileMT
has effectively mapped out the mineralized Alum Shale at the Viken Energy Metals Deposit is a
technological breakthrough for exploration of mineralized Alum Shale in Sweden. The initial
interpretations of the MobileMT results at the Viken Deposit clearly show the depth to and
thickness of the Alum Shale that corroborates with geological data from historical drill holes. In
an Alum Shale deposit mining scenario, a shallow and thick deposit is important to optimize the
strip ratio and deliver the best economic metrics. We will use this recently identified geophysical
signature to prioritize drill targets outside of the 2025 Viken Deposit mineral resource estimate
and on the Alum Shale Properties.”
Figure 1: Alum Shale Properties Proposed Airborne MobileMT Survey Flight Lines
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.
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 s hareholder 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 100% of the Viken Energy Metals
Deposit, which contains the largest undeveloped mineral resource estimate of uranium in the
world1 along with significant mineral resource estimates of vanadium, molybdenum, nickel,
copper, zinc, and other important and critical raw materials.
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 n ot
anticipate” or “bel ieves”, 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 Stollberg
Property including, but not limited to, results of exploration and drilling and interpretations thereof, and future explorati on; the
benefits of mining Sweden; 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 the reliability of exploration and drill results; reliability of data and the accuracy of publicly
reported information regarding current, 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 satisfy the terms of the Company’s agreement with Boliden; 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 in terest; 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 d ividends 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; goi ng 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, sh ould 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 for ward-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.
1 S&P Global Market Intelligence - Market Intelligence Research