VANCOUVER, BC, Feb. 4, 2021 /CNW/ - District Metals Corp.
(TSX-V: DMX) (FRA: DFPP); ("District" or the
"Company") is pleased to announce that it has obtained all of
the necessary permits required to commence a 5,000 m drill program at the Company's high grade
polymetallic Tomtebo Property located in the Bergslagen Mining
District in south-central Sweden.
The required authorizations include an exploration permit from the
Bergsstaten (Mining Inspectorate of Sweden), and cultural heritage, environmental,
and off-road permits from the County Administrative Board of
Dalarna. Drilling at Tomtebo is expected to begin in
late-February or early-March.
Garrett Ainsworth, CEO of
District, commented: "The permitting process for our drill program
at Tomtebo went exceptionally well with many thanks to GeoVista AB.
Since closing the acquisition of the Tomtebo Property in mid-2020
we have applied a rigorous modern systematic approach to
exploration, which has developed some of the most exciting drill
targets I have seen in my career. Over the last six months we have
obtained positive geophysical, geochemical, and geological data
that has been combined with historic data from the former Tomtebo
Mine, which shows strong potential for the presence of a large high
grade polymetallic mineralized system. It has been over half
a century since the former Tomtebo Mine has seen any material
drilling, and we are keen to apply today's knowledge to unlock
Tomtebo's full potential."
Drill Program Objectives
- Follow up on historical drill holes at the former Tomtebo Mine
(Figure 1) to confirm significant high grade polymetallic
mineralization, and to obtain missing assay data.
- Infill and step-out drilling from significant intercepts of
high grade polymetallic mineralization.
- Conduct modern down-hole electromagnetic surveys to assess
potential extensions of polymetallic mineralization along strike
and at depth.
Drilling Plan
A total of 5,000 m of core
drilling in 21 holes is planned at the historic Tomtebo Mine with a
focus on the following high priority zones:
Oscarsgruvan Zone (4-hole, 800 m) following up on mineralized domains that
are highlighted with historic drill holes:
|
Drill
Hole
|
Depths and
Interval
|
Historical Assay
Results
|
|
Hole
ID
|
Azimuth
|
Dip
|
Hole
Type
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Ag
(g/t)
|
Au
(g/t)
|
Zn
(%)
|
Pb
(%)
|
Cu
(%)
|
|
TOMT65002
|
167
|
-65
|
Surface
|
116.35
|
120.80
|
4.45
|
195.11
|
0.55
|
7.80
|
3.00
|
0.05
|
|
|
|
|
196.80
|
206.86
|
10.06
|
33.50
|
0.29
|
0.15
|
0.01
|
0.56
|
|
TOMT71022
|
311
|
0
|
Underground
|
2.94
|
7.68
|
4.74
|
43.31
|
0.38
|
8.13
|
0.46
|
0.05
|
|
TOMT71024
|
334
|
0
|
Underground
|
22.59
|
27.04
|
4.45
|
55.96
|
0.24
|
8.73
|
1.66
|
0.03
|
|
|
Notes:
|
|
•
|
True widths of the
reported mineralized intervals have not been determined.
|
|
•
|
These drill results
are historical in nature. 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. The author of the NI 43-101 Technical Report on
the Tomtebo Property has completed historical data verification and
validation work, and has concluded that the historical drill
results at the Tomtebo Mine do not conform to the presently
accepted industry standards. District considers these
historical drill results relevant as the Company will use this data
as a guide to plan future exploration programs. The Company also
considers the data to be reliable for these purposes, however, the
Company's future exploration work will include verification of the
data through drilling.
|
Steffenburgs Zone (8-hole, 2,100 m) following up on mineralized domains that
are highlighted with historic drill holes:
|
Drill
Hole
|
Depths and
Interval
|
Historical Assay
Results
|
|
Hole
ID
|
Azimuth
|
Dip
|
Hole
Type
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Ag
(g/t)
|
Au
(g/t)
|
Zn
(%)
|
Pb
(%)
|
Cu
(%)
|
|
TOMT43002
|
83
|
-66
|
Surface
|
41.70
|
47.90
|
6.20
|
na
|
na
|
11.22
|
5.16
|
0.19
|
|
TOMT70016
|
293
|
0
|
Underground
|
20.70
|
25.46
|
4.76
|
24.00
|
0.40
|
13.72
|
1.34
|
0.02
|
|
|
|
Underground
|
30.10
|
43.40
|
13.30
|
na
|
na
|
14.39
|
1.94
|
0.06
|
|
TOMT72005
|
216
|
58
|
Underground
|
31.34
|
33.36
|
2.02
|
183.00
|
0.40
|
9.70
|
3.90
|
0.10
|
|
|
|
|
35.33
|
43.45
|
8.12
|
87.86
|
0.57
|
5.82
|
3.33
|
0.13
|
|
TOMT65001
|
127
|
-60
|
Surface
|
113.90
|
118.57
|
4.67
|
199.84
|
0.88
|
13.64
|
6.93
|
0.25
|
|
TOMT70003
|
10
|
0
|
Underground
|
5.79
|
15.60
|
9.81
|
88.20
|
0.37
|
5.37
|
2.60
|
0.16
|
|
TOMT70004
|
162
|
0
|
Underground
|
2.00
|
18.17
|
16.17
|
93.02
|
1.03
|
5.42
|
2.86
|
0.22
|
|
TOMT71041
|
32
|
-75
|
Underground
|
5.32
|
34.76
|
29.44
|
69.02
|
0.81
|
0.99
|
0.67
|
0.41
|
|
|
|
|
54.00
|
57.34
|
3.34
|
71.29
|
0.84
|
2.42
|
0.62
|
0.72
|
|
|
|
|
66.83
|
67.51
|
0.68
|
80.00
|
0.70
|
6.50
|
1.50
|
0.40
|
|
TOMT72002
|
146
|
0
|
Underground
|
15.21
|
25.39
|
10.18
|
Massive Zinc
Sulphides
in Drill Log (No
Assays Available)
|
|
TOMT72003
|
162
|
0
|
Underground
|
7.83
|
14.03
|
6.20
|
Massive Zinc
Sulphides
in Drill Log (No
Assays Available)
|
|
|
|
|
14.20
|
25.65
|
11.45
|
22.60
|
0.20
|
0.17
|
0.04
|
0.59
|
|
TOMT71031
|
110
|
-63
|
Underground
|
108.80
|
126.55
|
17.75
|
55.51
|
0.75
|
0.91
|
0.53
|
0.98
|
|
TOMT70029
|
90
|
-66
|
Underground
|
114.92
|
125.42
|
10.50
|
57.91
|
0.42
|
1.43
|
0.54
|
0.65
|
|
|
|
Notes:
|
|
•
|
True widths of the
reported mineralized intervals have not been determined.
|
|
•
|
Na – not
assayed
|
|
•
|
These drill results
are historical in nature. 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. The author of the NI 43-101 Technical Report on
the Tomtebo Property has completed historical data verification and
validation work, and has concluded that the historical drill
results at the Tomtebo Mine do not conform to the presently
accepted industry standards. District considers these
historical drill results relevant as the Company will use this data
as a guide to plan future exploration programs. The Company also
considers the data to be reliable for these purposes, however, the
Company's future exploration work will include verification of the
data through drilling.
|
Gårdsgruvans Zone (5-hole, 1,500 m) following up on mineralized domains that
are highlighted with historic drill holes:
|
Drill
Hole
|
Depths and
Interval
|
Historical Assay
Results
|
|
Hole
ID
|
Azimuth
|
Dip
|
Hole
Type
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Ag
(g/t)
|
Au
(g/t)
|
Zn
(%)
|
Pb
(%)
|
Cu
(%)
|
|
TOMT16008b
|
136
|
-67
|
Surface
|
9.50
|
13.10
|
3.60
|
na
|
na
|
na
|
na
|
3.98
|
|
|
|
|
51.60
|
55.60
|
4.00
|
na
|
na
|
na
|
na
|
11.79
|
|
|
|
|
68.60
|
72.00
|
3.40
|
na
|
na
|
na
|
na
|
2.38
|
|
TOMT69001
|
189
|
0
|
Underground
|
44.23
|
53.12
|
8.89
|
Semi-Massive
Copper Sulphides
in Drill Log (No
Assays Available)
|
|
|
|
|
121.55
|
150.59
|
29.04
|
|
TOMT70026
|
202
|
0
|
Underground
|
31.14
|
36.49
|
5.35
|
Massive Zinc
Sulphides
in Drill Log (No
Assays Available)
|
|
|
|
|
39.48
|
44.92
|
5.44
|
|
|
|
|
54.50
|
57.90
|
3.40
|
|
|
|
|
58.05
|
63.55
|
5.50
|
na
|
na
|
na
|
na
|
0.52
|
|
|
|
|
71.85
|
74.27
|
2.42
|
na
|
na
|
na
|
na
|
0.55
|
|
|
|
|
85.79
|
89.00
|
3.21
|
na
|
na
|
na
|
na
|
0.66
|
|
|
|
|
92.53
|
93.21
|
0.68
|
na
|
na
|
na
|
na
|
0.36
|
|
|
|
|
120.15
|
121.84
|
1.69
|
Massive Copper
Sulphides
in Drill Log (No
Assays Available)
|
|
|
|
|
125.12
|
127.00
|
1.88
|
Semi-Massive
Copper Sulphides
in Drill Log (No
Assays Available)
|
|
|
|
|
133.61
|
135.98
|
2.37
|
|
|
|
|
139.57
|
141.62
|
2.05
|
|
TOMT69005
|
89
|
0
|
Underground
|
5.75
|
6.99
|
1.24
|
Massive Copper
Sulphides
in Drill Log (No
Assays Available)
|
|
|
|
|
26.86
|
38.72
|
11.86
|
Semi-Massive
Copper Sulphides
in Drill Log (No
Assays Available)
|
|
|
|
|
38.72
|
43.61
|
4.89
|
Massive Copper
Sulphides
in Drill Log (No
Assays Available)
|
|
|
|
|
48.97
|
50.28
|
1.31
|
Massive Zinc
Sulphides
in Drill Log (No
Assays Available)
|
|
TOMT67001
|
289
|
0
|
Underground
|
154.50
|
158.75
|
4.25
|
na
|
na
|
na
|
na
|
1.35
|
|
|
|
|
162.53
|
163.50
|
0.97
|
na
|
na
|
na
|
na
|
3.83
|
|
|
Notes:
|
|
•
|
True widths of the
reported mineralized intervals have not been determined.
|
|
•
|
Na – not
assayed
|
|
•
|
These drill results
are historical in nature. 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. The author of the NI 43-101 Technical Report on
the Tomtebo Property has completed historical data verification and
validation work, and has concluded that the historical drill
results at the Tomtebo Mine do not conform to the presently
accepted industry standards. District considers these
historical drill results relevant as the Company will use this data
as a guide to plan future exploration programs. The Company also
considers the data to be reliable for these purposes, however, the
Company's future exploration work will include verification of the
data through drilling.
|
Gamla Gruvans Zone (4-hole, 600
m) following up on mineralized domains that are highlighted
with historic drill holes:
|
Drill
Hole
|
Depths and
Interval
|
Historical Assay
Results
|
|
Hole
ID
|
Azimuth
|
Dip
|
Hole
Type
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Ag
(g/t)
|
Au
(g/t)
|
Zn
(%)
|
Pb
(%)
|
Cu
(%)
|
|
TOMT56003
|
0
|
-45
|
Surface
|
30.50
|
31.50
|
1.00
|
na
|
na
|
na
|
na
|
0.30
|
|
|
|
|
49.00
|
50.00
|
1.00
|
na
|
na
|
na
|
na
|
0.30
|
|
|
|
|
50.00
|
52.30
|
2.30
|
na
|
na
|
21.00
|
5.00
|
0.60
|
|
|
|
|
52.30
|
53.70
|
1.40
|
na
|
na
|
na
|
na
|
1.00
|
|
|
|
|
53.70
|
57.30
|
3.60
|
na
|
na
|
na
|
na
|
0.30
|
|
TOMT56004
|
0
|
-45
|
Surface
|
70.00
|
73.00
|
3.00
|
na
|
na
|
na
|
na
|
0.75
|
|
|
|
|
76.00
|
78.00
|
2.00
|
na
|
na
|
na
|
na
|
0.30
|
|
|
|
|
83.50
|
85.60
|
2.10
|
na
|
na
|
na
|
na
|
0.30
|
|
|
Notes:
|
|
•
|
True widths of the
reported mineralized intervals have not been determined.
|
|
•
|
Na – not
assayed
|
|
•
|
These drill results
are historical in nature. 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. The author of the NI 43-101 Technical Report on
the Tomtebo Property has completed historical data verification and
validation work, and has concluded that the historical drill
results at the Tomtebo Mine do not conform to the presently
accepted industry standards. District considers these
historical drill results relevant as the Company will use this data
as a guide to plan future exploration programs. The Company also
considers the data to be reliable for these purposes, however, the
Company's future exploration work will include verification of the
data through drilling.
|
Management Change
The Company is also pleased to announce the appointment of
Marlis Yassin, CPA, CA, as Chief
Financial Officer (CFO) of District Metals, effective February 4, 2021. Gavin
Cooper has served as CFO since 2017, and he will continue to
work with District as a consultant.
Garrett Ainsworth, CEO of
District, commented: "On behalf of the Board, I'd like to welcome
Marlis in her executive position with District Metals. Marlis has
been providing consulting services to the Company, and we look
forward to working even more closely with her as a key member of
the executive team. Gavin Cooper's
contributions since District's start up have been much appreciated,
and we look forward to continuing to work together."
Ms. Yassin has over 15 years experience working with companies
in various sectors, including mining, technology, and industrial
products. She has held finance management positions at various
public companies, including a large industrial products company and
mid-tier mining companies. Ms. Yassin gained extensive experience
at Deloitte providing reporting, advisory and assurance services to
publicly traded companies, primarily in natural resources. Ms.
Yassin is a CPA, CA and holds a Bachelor of Commerce degree from
the University of British Columbia.
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.
Mr. Ainsworth has not verified any of the information regarding
any of the properties or projects referred to herein other than the
Tomtebo Property. Mineralization on any other properties referred
to herein is not necessarily indicative of mineralization on the
Tomtebo Property.
The data disclosed in this news release related to drilling
results is historical in nature. 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. The author of the NI 43-101
Technical Report on the Tomtebo Property has completed historical
data verification and validation work, and has concluded that the
historical drill results at the Tomtebo Mine do not conform to the
presently accepted industry standards. District considers
these historical drill results relevant as the Company will use
this data as a guide to plan future exploration programs. The
Company also considers the data to be reliable for these purposes,
however, the Company's future exploration work will include
verification of the 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.
The advanced exploration stage Tomtebo Property, located in the
Bergslagen Mining District of south-central Sweden, is the Company's main focus. The
Tomtebo Property comprises 5,144 ha, and is situated between the
historic Falun Mine and Boliden's Garpenberg Mine 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 and
modern systematic exploration has never been conducted on the
Property.
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 statements" 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 state that certain actions, events or
results "may", "could", "would", "might", "will" or "will be
taken", "occur" or "be achieved" and other similar expressions. In
addition, statements in this news release that not historical facts
are forward looking statements including anticipated results of
future exploration and the results of additional compilation
work.
These statements and other forward-looking information are
based on assumptions and estimates that the Company believes are
appropriate and reasonable in the circumstances, 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 "Definitive Purchase Agreement") by the times
specified therein (failing which the Tomtebo Property will be
forfeited without any repayment to the Company); and stability in
financial and capital markets.
There can be no assurance that such statements will prove to
be accurate and actual results, and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
the Company's expectations include the risk that historic data
regarding the Tomtebo property is unreliable, the risk that
information concerning production and mineralization at current and
historic mines within the Bergslagen District proves to be
inaccurate; the risk that the Company will be unable to raise
sufficient capital to finance planned exploration (including
incurring prescribed exploration expenditures required by the
Definitive Purchase Agreement, failing which the Tomtebo Property
will be forfeited without any repayment of the purchase price);
future metal prices, general economic, market or business
conditions, and other exploration or other risks detailed herein
and from time to time in the filings made by the Company with
securities regulators, including those described under the heading
"Risks and Uncertainties" in the Company's MD&A for the
financial year ended June 30, 2020
and Annual Information form dated October
30, 2020. The Company does not undertake to update or revise
any forward-looking statements, except in accordance with
applicable law. Readers are cautioned not to put undue reliance on
these forward-looking statements.
SOURCE District Metals Corp.