District Metals Says Subsidiary Receives Approval Of Mineral License Application For Viken Deposit In Sweden
District Metals Corp announced that Bergslagen Metals AB, its 100% owned Swedish subsidiary, has received approval from the Bergsstaten (Mining Inspectorate) for the Viken nr 1 mineral license application that covers about 68% of the polymetallic Viken deposit in central Sweden.
The polymetallic exploration and development company said the Viken deposit is the largest undeveloped Alum Shale vanadium-uranium-molybdenum-nickel-copper-zinc deposit in Sweden, and amongst the largest deposits by total historic mineral resources of vanadium and uranium in the world.
“We are pleased with the approval of our Viken nr 1 mineral license application that covers the majority of the polymetallic Viken deposit,” District Metals CEO Garrett Ainsworth said in a statement.
“This low-cost application resulted in the company being granted a three-year term and secures an asset with substantial exploration and development expenditures that resulted in the definition of large historic polymetallic resource estimates and positive economic studies in 2010 and 2014,” Ainsworth added.
District Metals also noted that its previously-announced mineral license applications to the south (Viken nr 2) and north (Viken nr 3) of Viken nr 1 will allow the company to target mineralized Alum Shale that has been tectonically thickened from 20 metres (m) to 30m by thrusting and folding up to 180m.
It added that approval of the Viken nr 2 and 3 mineral licenses will increase the area of the Viken property from 2,302 hectares (ha) to 9,367 ha where historical drill holes have returned grades and widths of polymetallic mineralization that are consistent with drill results from within the Viken deposit.
District Metals is a polymetallic exploration and development company focused on the Viken and Tomtebo properties in Sweden.
The Viken property covers 68% of the uranium-vanadium Viken Deposit, which the company says is amongst the largest deposits by total historic mineral resources of uranium and vanadium in the world.
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