District Reports on Airborne Electromagnetic and Magnetic Results at the Gruvberget Property
District Reports on Airborne Electromagnetic
and Magnetic Results at the Gruvberget
Property
Vancouver, British Columbia--(Newsfile Corp. - April 21, 2022) -
District Metals Corp. (TSXV: DMX)
(FSE: DFPP); ("District" or the "Company")
is pleased to report the results of the final airborne
electromagnetic ("EM") and magnetic data at its polymetallic Gruvberget Property in the Bergslagen
Mining District of south-central Sweden.
A detailed SkyTEM 312HP survey was flown at 100 m line
spacing in November 2021, across the entire 5,286 hectare Gruvberget Property.
Interpretation of the
SkyTEM data has identified numerous conductive EM and magnetic high anomalies that are prospective
for polymetallic mineralization along the 15 km geological trend within the Property.
SkyTEM Interpretation Highlights:
The SkyTEM survey has identified 13 conductive targets on the Gruvberget Property (Figure 1 -
target zones 1 to 13).
An approximate
1.2 km long trend with magnetic highs and conductive anomalies
is
associated with target zones 1 and 10 is
associated with the Gruvberget North and South
zones
where significant polymetallic mineralization has been historically drilled and mined.
Target zone 2
consists of
weak to moderate conductivity
and is situated
along an
approximate 6.0 km long magnetic linear
.
In addition, this conductive and magnetic target is
proximal to an SGU mineral occurrence where historic drilling encountered sphalerite (zinc
sulphide) mineralization.
Target zone 7
is associated with
weak to moderate conductivity and a weak local magnetic
high
.
An SGU mineral occurrence within the target zone contains chalcopyrite (copper sulphide),
pyrite and pyrrhotite (iron sulphides) within mafic volcanic rocks.
Target zones 3 and 4
consist of
weak to moderate conductors
along an exceptionally
strong
linear magnetic high
that
extends for at least 3.5 km
.
Multiple iron oxide and sulphide SGU
mineral occurrences occur within the target zones.
Garrett Ainsworth, CEO of District, commented: "Interpretation of the detailed airborne electromagnetic
and magnetic survey at our Gruvberget Property has reinforced some of our known polymetallic targets,
and has also identified some exciting new targets.
Importantly, the Gruvberget North zone shows positive
conductive and magnetic anomalies that suggests mineralization extends far beyond the historical
mineralized drill intercepts.
The geophysical signature at the North zone has increased our confidence in
step out drilling that will commence when the current drill program at Tomtebo has been completed."
The Company retained SkyTEM Surveys ApS based out of Denmark to conduct a detailed heliborne
SkyTEM 312HP (transient electromagnetic - high power) and magnetic survey over the Gruvberget
Property in November 2021.
The survey covered the entire 5,286 hectare Gruvberget Property with
approximately 783 line-kilometers at a line spacing of 100 m. In an ideal geological setting the SkyTEM
312HP system is capable of detecting conductive polymetallic sulphide mineralization at depths of 500
m or more.
The SkyTEM 312HP survey is capable of identifying potential copper-gold dominant sulphide
mineralization (feeder zones) as a moderate to strong conductor while the potential silver-zinc-lead
dominant sulphide mineralization (distal zones) may show as non-conductive to weakly conductive due to
the zinc sulphide mineralization.
However, the silver-zinc-lead mineralization in the district often has
associated magnetic sulphides, which is expected to be detected as a moderate to strong magnetic
high.
The conductive and magnetic data acquired from the SkyTEM312 HP survey continues to be
interpreted by Condor Consulting where 3D inversions and conductive and magnetic plates are being
modeled to optimize the best drilling orientations.
Figure 1: SkyTEM Targets on the Gruvberget Property
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7971/121105_21461275f4403a46_002full.jpg
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.
Some of the data disclosed in this news release is related 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.
Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred
to herein other than the Gruvberget Property. Mineralization on any other properties referred to herein is
not necessarily indicative of mineralization on the Gruvberget Property.
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.
The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-
central Sweden is the Company's main focus. Tomtebo comprises 5,144 ha 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.
Mineralization that is open at depth and along strike at the historic mines on the Tomtebo Property has
not been followed up on, and modern systematic exploration has never been conducted on the Property.
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.com
.
On Behalf of the Board of Directors
"
Garrett Ainsworth
"
President and Chief Executive Officer
(604) 288-4430
Neither 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 statements in this news release relating to the Company include, among other things,
statements relating to the Company's planned exploration activities, including its drill target strategy
and next steps for the Tomtebo Property; the company's interpretations and expectations about the
mineralization of the Tomtebo Mine; the Company's belief that the numerous gravity high anomalies
identified at the historic Tomtebo Mine provide immense expansion potential; the Company's belief
that the modeled gravity high anomalies at the historic Tomtebo Mine could correspond with
polymetallic and/or iron sulphide mineralization, or a mafic unit; and the Company's belief that the
gravity high anomaly located one kilometer to the northeast of the Tomtebo Mine represents a
potential grassroots discovery opportunity with a modeled tonnage that compares with the historic
production tonnage from the historic Falun Mine.
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; the Company's
ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity and
satisfy the
exploration expenditure requirements required by the definitive purchase agreement
between the Company and the vendor of the Tomtebo Property (the "
Tomtebo Purchase
Agreement
") by the times specified therein; 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 regarding the Tomtebo Property; the
Company's ability to raise sufficient capital to finance planned exploration (including incurring
prescribed exploration expenditures required by the Tomtebo Purchase Agreement, failing which the
Tomtebo Property will be forfeited without any repayment of the purchase price); 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 Company's dependence on one material project, the Tomtebo
Property; 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 gold, silver and copper; 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, including the recent outbreak of COVID-19. For additional
information regarding these risks, please see the Company's Annual Information Form, under the
heading "Risk Factors", which is available at
www.sedar.com
. 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 statements 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 statements or 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. All scientific and
technical information contained in this news release has been prepared by or reviewed and 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.
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