VANCOUVER, BC, Oct. 15, 2020 /CNW/ - District Metals Corp. (TSXV: DMX) (FRA: DFPP); ("District" or the "Company") is pleased to report the results of the final airborne electromagnetic ("EM") and magnetic data at the former Tomtebo Mine area. A detailed SkyTEM312 HP survey was flown at 100 m line spacing in July 2020 across the entire Tomtebo Property, located in the Bergslagen Mining District in south-central Sweden. Geophysical interpretation of the SkyTEM survey outside of the former Tomtebo Mine area continues, and will be reported on in the near future.
SkyTEM Interpretation Highlights – Tomtebo Mine
- An approximate 3 km long trend accentuated by numerous isolated magnetic high and conductive anomalies that are northeast and southwest from the historic Tomtebo Mine (Figures 1 and 2).
- The geophysical signature of the historic Tomtebo Mine relates to a magnetic high anomaly, and several weak to strong conductive anomalies.
- Magnetic modeling at the Tomtebo Mine generated six magnetic plate targets that have a combined strike length of 750 m, thickness of 12 to 168 m, and vertical extent of 28 to 356 m.
- Conductive modeling at the Tomtebo Mine generated three conductive plate targets that have a combined strike length of 375 m, thickness of 14 to 78 m, and vertical extent of 213 to 600 m (Figure 3).
- SkyTEM's inversion of electromagnetic (EM) data at the Tomtebo Mine shows an impressive conductive anomaly beneath the -200 m exploration drift (Figure 4). However, the confidence in this inversion is limited due to cultural influences situated to the east of the Tomtebo Mine.
Garrett Ainsworth, CEO of District, commented: "The SkyTEM survey has successfully identified the Tomtebo Mine Trend, which is highlighted by magnetic high and conductive anomalies. The underlying geology within this trend comprises felsic volcanic rocks, which are not naturally magnetic or conductive. These geophysical anomalies are positive indications of the potential for additional discoveries across this defined 3 km trend. Also, magnetic and conductive modeling at the historic Tomtebo Mine identified significant anomalies below the workings that have never been drill tested. Interpretation of the SkyTEM data outside of the Tomtebo Mine Trend is progressing well, and will be reported on when available."
The Company retained SkyTEM Surveys ApS based out of Denmark to conduct a detailed heliborne SkyTEM312 HP (transient electromagnetic – high power) and magnetic survey over the Tomtebo Property in July 2020. The survey covered the entire 5,144 hectare Tomtebo Property with approximately 600 line-kilometers at a line spacing of 100 m. The SkyTEM312 HP system is capable of detecting conductive polymetallic sulphide mineralization at depths of 500 m or more.
In general, it is anticipated that the SkyTEM312 HP survey will identify potential copper-gold dominant sulphide mineralization (feeder zones) as a moderate to strong conductor while the potential silver-zinc-lead dominant sulphide mineralization (distal zones) may show as non-conductive to weakly conductive due to the zinc sulphide mineralization. However, the silver-zinc-lead mineralization in the district often has associated magnetic sulphides, which is expected to be detected as a moderate to strong magnetic high. The conductive and magnetic data acquired from the SkyTEM312 HP survey continues to be interpreted by Condor Consulting and Geovista AB where 3D inversions and conductive and magnetic plates are being modeled to identify additional high priority target areas.
All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
About District Metals Corp.
District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company's mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.
The advanced exploration stage Tomtebo Property, located in the Bergslagen Mining District of south-central Sweden, is the Company's main focus. The Tomtebo Property comprises 5,144 ha, and is situated between the historic Falun Mine and Boliden's Garpenberg Mine located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district. Mineralization that is open at depth and along strike at the historic mines on the Tomtebo Property has not been followed-up and modern systematic exploration has never been conducted on the Property.
On Behalf of the Board of Directors
President and Chief Executive Officer
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Cautionary Statement Regarding "Forward-Looking" Information
This news release contains certain statements that may be considered "forward-looking statements" within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "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 words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and other similar expressions. In addition, statements in this news release that not historical facts are forward looking statements including anticipated results of future exploration and the results of additional compilation work.
These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, , including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen District the Company's ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity and satisfy the exploration expenditure requirements required by the definitive purchase agreement between the Company and the vendor of the Tomtebo property (the "Definitive Purchase Agreement") by the times specified therein (failing which the Tomtebo Property will be forfeited without any repayment to the Company); and stability in financial and capital markets.
There can be no assurance that such statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the risk that historic data regarding the Tomtebo property is unreliable, the risk that information concerning production and mineralization at current and historic mines within the Bergslagen District proves to be inaccurate; the risk that the Company will be unable to raise sufficient capital to finance planned exploration (including incurring prescribed exploration expenditures required by the Definitive Purchase Agreement, failing which the Tomtebo Property will be forfeited without any repayment of the purchase price); future metal prices, general economic, market or business conditions, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's MD&A for the financial year ended June 30, 2019. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law. Readers are cautioned not to put undue reliance on these forward-looking statements.