VANCOUVER, BC, March 15, 2021 /CNW/ - District Metals Corp.
(TSXV: DMX) (FRA: DFPP); ("District" or the "Company") is
pleased to announce that it has commenced drilling at its high
grade polymetallic Tomtebo Property located in the Bergslagen
Mining District in south-central Sweden. This drill program is focused on the
historic Tomtebo Mine where detailed geophysical, geochemical, and
geological work conducted by the Company has identified significant
coincident anomalies, that in combination with historic drill
results, have developed high priority targets.
Garrett Ainsworth, CEO of
District, commented: "This is an exciting time for the Company and
our shareholders as we embark on the first substantial drill
program at the Tomtebo Mine in almost half a century. The
potential of the Garpenberg Mine did not get unlocked until the
1990's, and now we are applying that knowledge and technology at
Tomtebo.
Our geological interpretations from work carried out in
late-2020 greatly contributed to firming up our drill targets, and
the subsequent implications from these interpretations are very
encouraging. A key to this successful outcome has been the
involvement of Rodney Allen and
Hein Raat, who are both well-known
experts in the Bergslagen Mining District. With a better
understanding on the controls of polymetallic mineralization and
the structural framework at the Tomtebo Mine, we have started our
maiden drill program fully armed with knowledge to optimize every
meter drilled."
Drilling will follow up, infill, and step out from significant
high grade polymetallic mineralization encountered in historical
drill holes, and to obtain missing assay data. Borehole
electromagnetic surveys (BHEM) will be conducted on all of the
holes completed, which is an important modern technology used to
detect "off-hole" conductive sulphide mineralization that has never
been previously carried out on the Tomtebo Property. The overall
objective of this drill program will be to further establish the
potential presence of a large polymetallic mineralized system that
is presently daylighting at the historic Tomtebo Mine.
A total of 5,000 m of core
drilling in 21 holes is planned at the historic Tomtebo Mine with a
focus on the Oscarsgruvan, Steffenburgs, Gårdsgruvans, and Gamla
Gruvans zones (Figure 1). Geological work carried out at the
Tomtebo Mine in late-2020 identified the rock types and the
hydrothermal alteration patterns that hosts the copper-gold and
silver-zinc-lead mineralization. The interpretation of this
work has formed the basis upon which priority drill targets were
selected.
The generalized drill target strategy for each zone at the
Tomtebo Mine comprises:
- Oscarsgruvan and Steffenbergs Zones: targeting
silver-zinc-lead sulphide mineralization in skarn-altered limestone
beds, and veins of remobilized massive sulphide within felsic
volcanic rocks. Numerous sections of this stratigraphic horizon
have not been drilled. In addition, targeting will focus on the
extensions of massive sulphides intersected in the historical drill
holes that coincide with conductive and magnetic high
anomalies.
- Gårdsgruvans and Gamla Gruvan Zones: targeting
copper-gold vein networks and strong disseminations within and
adjacent to zones of strong alteration. This includes the extension
of this alteration zone at depth and to the southwest of
Gårdsgruvans. In addition, Rödbergsgruvan (located south of Gamla
Gruvan) is a priority area to drill test with historical
mineralized drill intercepts and coincident conductive and magnetic
anomalies.
- Björngruvan Zone: targeting historical silver-zinc-lead
and copper-gold drill intercepts coincident with conductive and
magnetic anomalies that are located adjacent east of Oscarsgruvan.
This will also provide important information on the stratigraphy,
structure and alteration pattern at the inferred eastern "limb" of
the polymetallic system at the Tomtebo Mine.
A comprehensive technical presentation is now available on the
Company's website that details the key geological interpretations
at the Tomtebo Mine.
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. District considers these historical drill
results relevant as the Company will use this data as a guide to
plan future exploration programs. 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 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.
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. 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.
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SOURCE District Metals Corp.