VANCOUVER, BC, July 13, 2020 /CNW/ - District Metals Corp.
(TSX-V: DMX) ("District" or the "Company") is pleased to
announce that an airborne electromagnetic ("EM") and magnetic
survey has commenced on the Tomtebo Property ("Tomtebo" or the
"Property"), located in the Bergslagen Mining District in
south-central Sweden.
Garrett Ainsworth, CEO of
District, commented: "The Bergslagen Mining District is known for
large high grade polymetallic mineralized systems that can be
identified by their conductive and magnetic properties. For
such a prolific district, the lack of EM and detailed magnetic
coverage is astounding. The recently commenced SkyTEM312 HP
survey represents the first time a deep penetrating airborne EM
survey (greater than 200 m depth) has
been carried out on the Tomtebo Property. This is significant
because we know that these systems in the Bergslagen Mining
District can have mineral resources from surface to depths of
1600 m, such as is the case at
Boliden's Garpenberg Mine and Lundin Mining's Zinkgruvan Mine."
The Company retained SkyTEM Surveys ApS based out of
Denmark to undertake this detailed
heliborne SkyTEM312 HP (transient electromagnetic – high power) and
magnetic survey over the Tomtebo Property. The survey
will cover the entire 5,144-hectare Tomtebo Property with
approximately 600 line-kilometers at a line spacing of 100 m, and is capable of detecting conductive
polymetallic sulphide mineralization at depths of 500 m or more. The Tomtebo Property is
underlain by an ideal geological environment for effective EM data
collection in that the volcanic and intrusive country rocks are
very resistive, in contrast to the conductive sulphide
mineralization, which will provide excellent resolution of any EM
conductive anomaly identified. Also, the absence of graphitic
geological units on the Property is positive because distinguishing
between sulphide- and graphite-sourced EM conductors is otherwise a
challenge that typically requires follow-up ground EM surveys to
resolve.
In general, it is anticipated that the SkyTEM312 HP survey will
identify the copper-gold dominant sulphide mineralization (feeder
zones) as a moderate to strong conductor while the 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 EM and magnetic data acquired from the SkyTEM312 HP
survey will be interpreted by Condor Consulting and Geovista AB,
and 3D inversions and Maxwell plates will be produced to identify
high priority target areas.
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.
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
604-628-2669
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" with respect to District
Metals Corp. ("District" or 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 state that certain actions, events or
results "may", "could", "would", "might", "will" or "will be
taken", "occur" or "be achieved". 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 relating to District
include, among other things, statements relating to District's
planned exploration activities and the anticipated results
thereof.
These statements and other forward-looking information are
based on opinions, assumptions and estimates made by District 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 exploration and
production in the Bergslagen Mining 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.
Forward-looking information is necessarily based on a number
of opinions, assumptions and estimates that, while considered
reasonable by District 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 the following factors; 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 Mining 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);
risks related to management and conflicts of interest; fluctuations
in demand for, and prices of gold, silver and copper; inherent
risks of exploration for mineral deposits, including that
commercial quantities or grades of minerals may not be discovered;
risks associated with the uncertainty of estimates of mineral
resources governmental regulations, particularly those applicable
to the mineral exploration and development industry; environmental
laws and regulations and associated risks, including climate change
legislation; land reclamation requirements; the ability to obtain
and maintain necessary rights, concessions and permits; risks of
operating in a foreign jurisdiction and through foreign
subsidiaries; a dependence on ability to attract and retain
qualified management; limitations of insurance and uninsured risks;
public social activism against companies undertaking natural
resource development; risks associated with First Nations
relations; competition; legal proceedings and the enforceability of
judgments; anti-corruption and bribery regulations market events
and general economic conditions globally(including the outbreak of
the novel Coronavirus; and currency exchange rate risks. These
factors and assumptions are not intended to represent a complete
list of the factors and assumptions that could affect District.
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.
SOURCE District Metals Corp.