District Metals (DMX.V) continues to expand its footprint in Sweden as the company confirmed it has received approval from the Mining Inspectorate for the Ardnasvarre mineral license application. The total size of the project is just under 10,000 hectares and the asset is located in Norrbottens county in Northern Sweden. According to District Metals, the property hosts several uranium, lead-zinc-silver and copper occurrences which have been drilled by both the Swedish Geological Survey as well as the mining conglomerate Boliden. Additionally, District thinks there is potential to find REE mineralization as well.
The license will remain valid until April 2026 and a subsequent renewal for another three year period will require District to complete some work on the asset and the payment of license fees.
The company will likely focus on the Labbas uranium zone which was discovered in 1971 and drilltested in the 1970s with 4,740 meters of drilling completed in 35 holes. There is a historical resource estimate on that zone which contains just under 90,000 tonnes of rock at 0.12% U3O8 for a total of just under 230,000 pounds of uranium. District Metals notes that historical resource and mineralized area remains open in all directions.
District Metals is getting increasingly involved in uranium exploration in Sweden. The moratorium on uranium mining and exploration from 2018 remains in effect but District noted encouraging signs from the government which is re-evaluation the moratorium.
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