District Metals (DMX.V) has confirmed the Swedish Mining Inspectorate has approved the nr 101 and 102 mineral license applications allowing the company to explore for copper, zinc, lead, silver, gold, molybdenum and cobalt on the licenses which have a total surface area of almost 4,100 hectares. As the moratorium on uranium exploration and mining is still intact, District officially cannot explore for uranium but it’s pretty obvious both licenses have uranium occurrences and are likely the main reason why District is so interested in them. An added bonus is the proximity to the large Viken project.
The licenses are in good standing for a three year period and can be renewed for an additional three year period. License nr 101 hosts the Sagtjarn uranium deposit which contains about 756,000 tonnes at an average grade of 0.068% Uranium for a total uranium content of about 1.1 million pounds. This is a historical inferred resource estimate and doesn’t meet the NI43-101 standards. And although 1.1 million pounds sounds pretty small (and it is), the deposit remains open in all directions and historical holes intersected higher grade mineralization with for instance 8.7 meters containing 0.13% U3O8 and 7 meters containing 0.18% U3O8.
License nr 102 contains the Staverberget mineral occurrence which hosts copper-holding boulders but District will likely be more interested in the historical drill results which contained high-grade uranium with a highlight of 0.8 meters containing 1.46% U3O8.
Disclosure: The author has a long position in District Metals. District is a sponsor of the website. Please read our disclaimer.
