District Metals (DMX.V) has announced the Swedisch mining inspectorate has approved District’s application for the Nianfors nr 1 and 2 mineral licenses. Those licenses can be explored for base metals and Rare Earth Elements. But of course, the known uranium occurrence is very likely what appealed most to District Metals.
The Nianfors nr 2 license contains the Majsaberget uranium-yttrium-molybdenum occurrence, evidenced by the presence of 889 mineralized boulders over a relatively small area of 500 by 200 meters. The weighted average grade of the mineralized boulders was 0.16% U3O8 and 0.08% Yttrium while a 41 year old report from the Swedish Geological Survey also confirmed widespread uranium-yttrium mineralization with assay results ranging from 0.01%-1.4% U3O8 and 0.08-0.69% Y while the SGU also encountered elevated molybdenum and thorium assays.
There is a historical exploration target on the asset, completed in 1985 based on the final report of the Swedish Geological Survey and that historical target contains just under 13 million pounds of uranium at an average grade of 0.07-0.14% U3O8. A good starting point to conduct its own exploration activities on the asset.
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