District Commences Updated National Instrument 43-101 Mineral Resource Estimate on the Viken Energy Metals Deposit in Sweden
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288 -4430
District Commences Updated National Instrument 43-101
Mineral Resource Estimate on the Viken Energy Metals
Deposit in Sweden
Vancouver, B.C. February 5, 202 5
February 5, 202 5 – District Metals Corp . (TSX -V: DMX) (Nasdaq First North:
DMXSE SDB) (OTCQB: DMXCF) (FRA: 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 s ubstantial 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.
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288 -4430
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.
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288 -4430
Figure 1: Viken Energy Metals Deposit
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.
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288 -4430
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 100% of the uranium -
vanadium Viken Deposit, which is an asset with substantial exploration and development
expenditures that resulted in the definition of historic polymetallic Mineral R esource
Estimates in 2010 and 2014.
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.sedar plus.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.
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288 -4430
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
propert ies.
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.sedar plus.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.