District Metals Corp announced that its Swedish subsidiary Bergslagen Metals AB has received approval from the company’s mining inspectorate for mineral licenses to explore for vanadium, nickel, molybdenum, zinc and rare earth elements (REE).
The approval, granted by the Bergsstaten, covers the Tåsjö nr 101 to 105 mineral license applications in Jämtland and Västerbottens Counties, which are located in north-central Sweden.
The licenses cover 15,625 hectares that are prospective for uranium, REE, phosphate, vanadium, molybdenum, nickel, zinc and copper, the company said.
Much like District's Viken property that controls 68% of the uranium-vanadium Viken deposit, the Tåsjö Property was assembled to target sedimentary rocks that are known to host critical energy metals and minerals, according to District.
The Tåsjö area also hosts one of the thickest units of Alum Shale in Sweden that can reach up to 400 meters in thickness due to folding and overthrusting, the company added.
Alum Shale are rocks where most of the constituent minerals originate from the sediments that were once deposited in the sea that covered large parts of Sweden, roughly 500 million years ago, which are now found at surface along the mountain edge of the Caledonian Front.
"Our acquisition of the Tåsjö property through mineral license application is part of District's strategy in building a portfolio of energy metals properties in Sweden,” District CEO Garrett Ainsworth said in a statement. “The Alum Shale is a potentially significant source of critical metals and minerals necessary for the green energy transition towards a low-carbon future at a time when domestic security of supply has become a priority for many European countries.”
The Tåsjö field was historically estimated to host 75 to 150 million tonnes grading 0.03% to 0.07% triuranium octoxide, 0.11 to 0.24% REE and 3.75 to 7.5% phosphate. The potential quantity and grade are conceptual in nature, as there has not been sufficient exploration to define the target at this time.
More information on the project can be found here.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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