VANCOUVER, BC, Oct. 15, 2020 /CNW/ - District Metals
Corp. (TSXV: DMX) (FRA: DFPP); ("District" or the
"Company") is pleased to report the results of the final
airborne electromagnetic ("EM") and magnetic data at the former
Tomtebo Mine area. A detailed SkyTEM312 HP survey was flown
at 100 m line spacing in July 2020 across the entire Tomtebo Property,
located in the Bergslagen Mining District in south-central
Sweden. Geophysical interpretation of the SkyTEM survey
outside of the former Tomtebo Mine area continues, and will be
reported on in the near future.
SkyTEM Interpretation Highlights – Tomtebo Mine
- An approximate 3 km long trend accentuated by numerous
isolated magnetic high and conductive anomalies that are
northeast and southwest from the historic Tomtebo Mine (Figures 1
and 2).
- The geophysical signature of the historic Tomtebo Mine relates
to a magnetic high anomaly, and several weak to strong conductive
anomalies.
- Magnetic modeling at the Tomtebo Mine generated six magnetic
plate targets that have a combined strike length of 750 m, thickness of 12 to 168 m, and vertical extent of 28 to 356 m.
- Conductive modeling at the Tomtebo Mine generated three
conductive plate targets that have a combined strike length of
375 m, thickness of 14 to
78 m, and vertical extent of 213 to
600 m (Figure 3).
- SkyTEM's inversion of electromagnetic (EM) data at the Tomtebo
Mine shows an impressive conductive anomaly beneath the
-200 m exploration drift (Figure 4).
However, the confidence in this inversion is limited due to
cultural influences situated to the east of the Tomtebo Mine.
Garrett Ainsworth, CEO of
District, commented: "The SkyTEM survey has successfully identified
the Tomtebo Mine Trend, which is highlighted by magnetic high and
conductive anomalies. The underlying geology within this
trend comprises felsic volcanic rocks, which are not naturally
magnetic or conductive. These geophysical anomalies are
positive indications of the potential for additional discoveries
across this defined 3 km trend. Also, magnetic and conductive
modeling at the historic Tomtebo Mine identified significant
anomalies below the workings that have never been drill
tested. Interpretation of the SkyTEM data outside of the
Tomtebo Mine Trend is progressing well, and will be reported on
when available."
The Company retained SkyTEM Surveys ApS based out of
Denmark to conduct a detailed
heliborne SkyTEM312 HP (transient electromagnetic – high power) and
magnetic survey over the Tomtebo Property in July 2020.
The survey covered the entire 5,144 hectare Tomtebo Property with
approximately 600 line-kilometers at a line spacing of 100 m. The SkyTEM312 HP system is capable of
detecting conductive polymetallic sulphide mineralization at depths
of 500 m or more.
In general, it is anticipated that the SkyTEM312 HP survey will
identify 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 and Geovista AB where 3D inversions and conductive and
magnetic plates are being modeled to identify additional 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.
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,
2019. 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.