District Provides Corporate Update
918-1030 West Georgia Street, Vancouver, BC, V6E 2Y3
Telephone: (604) 288-4430
District Provides Corporate Update
Vancouver, B.C. November 27, 2024
November 27, 2024 – District Metals Corp . (TSX -V: DMX) (OTCQB: DMXCF) (FRA:
DFPP); (“District” or the “Company”) in connection with its application for a secondary listing
of its shares on the Nasdaq First North Growth Market in Sweden, District is pleased to provide
a corporate update. The Company’s objective is to complete the listing and start trading on the
Nasdaq First North Growth Market before the end of 2024, as stated in the Company’s previous
news release on November 18, 2024.
Swedish Mineral Properties
District holds the second largest cumulative prospective exploration land package (144,718
hectares) in Sweden across several well-endowed metallogenic belts for uranium polymetallic
and base metals polymetallic deposits, which includes:
• District’s 100% owned Viken Property, which hosts the Viken Energy Metals Deposit
in central Sweden (January 15, 2024 news release). The Viken Deposit is the largest Alum
Shale uranium -vanadium-potash-molybdenum-nickel-copper-zinc deposit in Sweden,
and amongst the largest deposits based on total historic mineral resources of uranium
and vanadium in the world.
• A portfolio of four other highly prospective uranium polymetallic properties in
Sweden comprising Ardnasvarre, Sågtjärn, Nianfors, and the Alum Shale Properties.
• District’s Tomtebo Property is prospective for base metals polymetallic sulphide
mineralization (zinc, lead, silver, copper, gold) , and is located in the highly prolific
Bergslagen Mining District in Sweden. In October 2023, Boliden Mineral AB agreed to
fund CDN$10.0M of exploration expenditures over four years on the development of the
Tomtebo Property and Boliden’s wholly- owned Stollberg Property ( October 30, 2023
news release). A drill program at the Stollberg Property operated by District has
commenced and was reported by the Company on October 16, 2024.
Sweden is Europe’s leading mining nation with mining activities dating back 2,400 years. With
the high cost of energy globally and uncertain geo- political climate, Sweden has made energy
independence and security a priority and is currently reviewing and considering lifting the
moratorium on uranium exploration and mining. As recently announced ( November 15, 2024
news release) the Company is highly encouraged by the latest developments.
Technical Team Expertise
District has a leading team of uranium and base metals geologists that includes:
o Garrett Ainsworth, CEO of District Metals: was formerly the Vice President of
Exploration & Development at NexGen Energy Ltd. from 2014 to 2018 where he
led the technical team and was co-recipient of the 2018 PDAC Bill Dennis Award,
and the 2016 Mines and Money Exploration Award for his work on the Arrow
Deposit. Prior to NexGen, Mr. Ainsworth was the Vice President Exploration at
Alpha Minerals Inc. where he took a lead role in the discovery of the Triple R
Uranium Deposit, and he was named co -recipient of the AMEBC Colin Spence
Award in 2013. Now, as CEO of District, Mr. Ainsworth has led the assembly of
one of the best and most prospective land packages for uranium exploration in
Sweden.
o Hein Raat, Vice President Exploration of District Metals: has extensive
experience exploring for base and precious metal deposits in Scandinavia and
Europe. Mr. Raat was a Geologist for the Boliden Group in Sweden for eight years
with the last four years being focused on polymetallic projects in the Bergslagen
Mining District. Mr. Raat spent much of his time in the Bergslagen working on
the polymetallic Stollberg Project, which is located approximately 40 km
southwest and along trend from District’s Tomtebo Property.
o Rodney Allen, Technical Advisor to District Metals: is a geologist with 42
years’ experience in mineral exploration and research applied to mineral
exploration. Mr. Allen has worked extensively in the Skellefte and Bergslagen
mining provinces in Sweden, the Mount Read Volcanics and Benambra mining
districts in Australia, and the Hokuroku mining district in Japan. At the
Garpenberg Mine in Sweden, Mr. Allen’s geological interpretations were
fundamental in the discovery of over 100 million tonnes of mineral resources and
contributed to turning the mine around from probable closure to one of the World’s
largest and most efficient zinc -lead-silver producers. Mr. Allen’s interpretations
of the geology and hydrothermal alteration in the Rosebery mining area in
Australia and Renström in the Skellefte district of Sweden, also contributed to the
discovery of new rich mineralized bodies.
The Company is excited about the prospects ahead and looks forward to completing its listing on
Nasdaq First North to be dually listed in Canada and Sweden, and is encouraged that the ban on
uranium exploration and mining in Sweden can be lifted.
Technical Information
All scientific and technical information in this news release has been prepared by, or approved by
Garrett Ainsworth, PGeo, 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.
The data disclosed in this news release is related to historical 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 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.
Mr. Ainsworth has not verified any of the information regarding any of the properties or projects
referred to herein other than District’s properties. Mineralization on any other properties referred
to herein is not necessarily indicative of mineralization on District’s properties.
About District Metals Corp.
District 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 large historic polymetallic resource estimates in 2010 and 2014. The Viken
Deposit is amongst the largest deposits by total historic mineral resources of uranium and
vanadium in the world.
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 ca n 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 “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 Swedish
Government’s lifting of its moratorium on uranium exploration and mining in Sweden; the benefits and timing of the Nasdaq
First North Growth Market listing; 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; in respect of the intention of the Swedish government
to eventually lift or amend its moratorium on uranium exploration and mining in Sweden; the ability to complete steps to the
Nasdaq First North Growth Market listing; 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 ; that the Nasdaq First North Growth Market listing benefits will not be realized and may increase the
regulatory burden on the Company; 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 econo mic, 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; risks
related to existing earn-in and joint venture with Boliden; 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; r isks
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, 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 identi fy
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.