District Comments on Recent Media Reports to Lift the Uranium Moratorium in Sweden & More Trending News


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Vancouver, British Columbia–(Newsfile Corp. – January 25, 2023) – District Metals Corp. (TSXV: DMX) (FSE: DFPP) (“District” or the “Company”) is happy to notice that Swedish media has reported {that a} majority of the Swedish Parliament has resolved to enable for exploration and mining of uranium in Sweden. On January 19, 2023, The Liberals, a member of the present Swedish governing coalition, internally voted to assist the lifting of the moratorium in place since 2018. A movement from the Moderate Party, to which Prime Minister Kristersson belongs, to take away the uranium mining moratorium in Sweden is anticipated to be voted on by the Swedish Parliament in March 2023.

Garrett Ainsworth, CEO of District, commented: “We are very pleased with the recent media reports out of Sweden that a majority by the newly formed government has reached a consensus to remove the moratorium on uranium mining. The implications related to this decision are potentially transformational for District Metals given our recent mineral license application of Viken nr 101, which covers most of the vanadium-uranium-molybdenum-nickel-copper-zinc Viken Deposit in Sweden. The polymetallic Viken Deposit is amongst the largest by total historic mineral resources of vanadium and uranium in the world (see January 5, 2023 news release).”

Sweden’s new authorities has indicated robust assist for nuclear energy and power safety. The new center-right coalition authorities fashioned in October 2022 has indicated assist for increasing nuclear energy in Sweden. There are presently six working nuclear reactors in Sweden that offer about 40% of the nation’s electrical energy, and the new authorities has known as for the attainable restart of Ringhals reactor models 1 and a couple of, in addition to to put together for the building of recent reactors.

The moratorium on exploration and mining of uranium in Sweden got here into impact on August 1, 2018. The new center-right coalition authorities in Sweden put forth a movement on November 22, 2022 to revert the Minerals Act again to its authentic wording earlier than August 1, 2018, such that uranium mining can be attainable once more in Sweden. The information from January 19, 2023 that the Swedish Government has obtained a majority to take away the moratorium on uranium could be very constructive for Sweden and a low-carbon Europe.

The Company has elevated the dimension of the Viken nr 101 mineral license software to cowl 76% of the polymetallic Viken Deposit (Figure 1), which can doubtless improve the timing from late-February to May 2023 for approval of the software from the Swedish Mining Inspectorate.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/7971/152413_c80e6ea2b44a691d_002.jpg

Figure 1: Plan View of Viken Mineral License and Outline of Viken Deposit

To view an enhanced model of Figure 1, please go to:

Technical Information

All scientific and technical info in this information launch has been ready by, or authorized by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a certified particular person for the functions of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The information disclosed in this information launch is said to mineral useful resource estimates which might be thought-about to be “historical estimates” underneath National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). A Qualified Person has not accomplished ample work to classify the historic estimate as a present mineral useful resource, and the Company isn’t treating these historic estimates as present Mineral Resources. The Company would wish to conduct an exploration program, together with twinning of historic drill holes in order to confirm the Viken Deposit historic estimate as a present mineral useful resource.

Mr. Ainsworth has not verified any of the info concerning any of the properties or initiatives referred to herein apart from the Viken Mineral License software. Mineralization on another properties referred to herein isn’t essentially indicative of mineralization on the Viken Mineral License software.

About District Metals Corp.

District Metals Corp. is led by trade professionals with a monitor document of success in the mining trade. The Company’s mandate is to hunt down, discover, and develop potential mineral properties by a disciplined science-based method to create shareholder worth and profit different stakeholders.

The superior exploration stage Tomtebo Property is positioned in the Bergslagen Mining District of south-central Sweden is the Company’s fundamental focus. Tomtebo includes 5,144 ha and is located between the historic Falun Mine and Boliden’s Garpenberg Mine which might be positioned 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and quite a few polymetallic showings are positioned on the Tomtebo Property alongside an approximate 17 km pattern that displays related geology, construction, alteration and VMS/SedEx fashion mineralization as different vital mines inside the district. Mineralization that’s open at depth and alongside strike at the historic mines on the Tomtebo Property has not been adopted up on, and fashionable systematic exploration has by no means been performed on the Property.

For additional info on the Tomtebo Property, please see the technical report entitled “NI 43-101 Update Technical Report on the Tomtebo Project, Bergslagen Region of Sweden” dated efficient October 15, 2020 and amended and restated on February 26, 2021, which is obtainable on SEDAR at www.sedar.com.

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 time period is outlined in insurance policies of the TSX Venture Exchange) accepts accountability for the adequacy or accuracy of this launch.

Cautionary Statement Regarding “Forward-Looking” Information.

This information launch accommodates sure statements which may be thought-about “forward-looking information” with respect to the Company inside the which means of relevant securities legal guidelines. In some circumstances, however not essentially in all circumstances, forward-looking info could be recognized by the use of forward-looking terminology reminiscent of “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 phrases and phrases or statements that sure actions, occasions or outcomes “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved” and any related expressions. In addition, any statements that refer to expectations, predictions, indications, projections or different characterizations of future occasions or circumstances comprise forward-looking info. Statements containing forward-looking info will not be historic information however as an alternative characterize administration’s expectations, estimates and projections concerning future occasions. Forward-looking statements in this information launch relating to the Company embrace, amongst different issues, statements relating to the Company’s software for a 2,302 hectare mineral license (Figure 1) to probe for vanadium, nickel, molybdenum, zinc, and different components overlaying a portion of the polymetallic Viken Deposit positioned in Jmtland County, central Sweden; the anticipated timing of the Bergsstaten’s (Mining Inspectorate) determination on the Company’s Viken nr 101 mineral license software; the Company’s deliberate exploration actions, together with its drill goal technique and subsequent steps for the Viken Property; and the Company’s interpretations and expectations about the outcomes on the Viken Property.

These statements and different forward-looking info are primarily based on opinions, assumptions and estimates made by the Company in mild of its expertise and notion of historic traits, present situations and anticipated future developments, in addition to different elements that the Company believes are acceptable and affordable in the circumstances, as of the date of this information launch, together with, with out limitation, assumptions about the reliability of historic information and the accuracy of publicly reported info concerning previous and historic mines in the Bergslagen district; the Company’s skill to increase ample capital to fund deliberate exploration actions, preserve company capability; and stability in monetary and capital markets

Forward-looking info is essentially primarily based on plenty of opinions, assumptions and estimates that, whereas thought-about affordable by the Company as of the date such statements are made, are topic to recognized and unknown dangers, uncertainties, assumptions and different elements which will trigger the precise outcomes, degree of exercise, efficiency or achievements to be materially totally different from these expressed or implied by such forward-looking info, together with however not restricted to dangers related to the following: the probability of the Bergsstaten’s (Mining Inspectorate) determination to approve the Company’s Viken nr 101 mineral license software; the reliability of historic information concerning the Viken Deposit and the Tomtebo Property; the Company’s skill to increase ample capital to finance deliberate exploration (together with incurring prescribed exploration expenditures required by the Tomtebo Purchase Agreement, failing which the Tomtebo Property might be forfeited with none reimbursement of the buy worth); the Company’s restricted working historical past; the Company’s adverse working money movement and dependence on third-party financing; the uncertainty of further funding; the uncertainties related to early stage exploration actions together with basic financial, market and enterprise situations, the regulatory course of, failure to acquire crucial permits and approvals, technical points, potential delays, surprising occasions and administration’s capability to execute and implement its future plans; the Company’s skill to establish any mineral sources and mineral reserves; the substantial expenditures required to set up mineral reserves by drilling and the estimation of mineral reserves or mineral sources; the Company’s dependence on one materials challenge, the Tomtebo Property; the uncertainty of estimates used to calculated mineralization figures; modifications in governmental rules; compliance with relevant legal guidelines and rules; competitors for future useful resource acquisitions and expert trade personnel; reliance on key personnel; title issues; conflicts of curiosity; environmental legal guidelines and rules and related dangers, together with local weather change laws; land reclamation necessities; modifications in authorities insurance policies; volatility of the Company’s share worth; the unlikelihood that shareholders will obtain dividends from the Company; potential future acquisitions and joint ventures; infrastructure dangers; fluctuations in demand for, and costs of gold, silver and copper; fluctuations in overseas foreign money alternate charges; authorized proceedings and the enforceability of judgments; going concern danger; dangers associated to the Company’s info expertise techniques and cyber-security dangers; and danger associated to the outbreak of epidemics or pandemics or different well being crises, together with the current outbreak of COVID-19. For further info concerning these dangers, please see the Company’s Annual Information Form, underneath the heading “Risk Factors”, which is obtainable at www.sedar.com. These elements and assumptions will not be supposed to characterize an entire listing of the elements and assumptions that would have an effect on the Company. These elements and assumptions, nonetheless, ought to be thought-about fastidiously. Although the Company has tried to establish elements that will trigger precise actions, occasions or outcomes to differ materially from these disclosed in the forward-looking statements or info, there could also be different elements that trigger actions, occasions or outcomes not to be as anticipated, estimated or supposed. Also, a lot of such elements are past the management of the Company. Accordingly, readers shouldn’t place undue reliance on forward-looking statements or info. The forward-looking info is made as of the date of this information launch, and the Company assumes no obligation to publicly replace or revise such forward-looking info, besides as required by relevant securities legal guidelines.

All scientific and technical info contained in this information launch has been ready by or reviewed and authorized by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a certified particular person for the functions of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/release/152413

District Comments on Recent Media Reports to Lift the Uranium Moratorium in Sweden

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District Comments on Recent Media Reports to Lift the Uranium Moratorium in Sweden

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District Comments on Recent Media Reports to Lift the Uranium Moratorium in Sweden

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