District Metals Corp. (TSX-V:DMX) said its Sweden-based subsidiary, Bergslagen Metals AB, has had its mineral license application approved by authorities in the country.
The license allows Bergslagen to explore copper, molybdenum, zirconium and rare earth elements (REE) over a 9,708-hectare (ha) area at its Ardnasvarre property in northern Sweden.
The property hosts several uranium, lead-zinc-silver and copper mineralized occurrences that were historically drilled by the Swedish Geological Survey and Boliden, respectively, the company said.
The Ardnasvarre nr 1 mineral license is in good standing for a three-year term that ends on April 17, 2026, the company said, at which point renewal for another three years would require paying mineral license fees to the Swedish Mining Inspectorate.
“Since late-2022 we have assessed numerous uranium and polymetallic occurrences and properties in Sweden with a view that eventually the uranium moratorium will be lifted as part of Sweden's pro-nuclear energy stance to fuel the green energy transition and fulfill a low-carbon future,” CEO Garrett Ainsworth said in a statement. “As part of that process, we identified the Ardnasvarre Property as a high-grade uranium and base-metal opportunity and acquired it through mineral license application.”
That pro-nuclear stance was reflected in a June 19 Swedish media story titled "After the nuclear power investments: The Minister for the Environment wants to see uranium mines in Sweden.” In the piece, Swedish Minister for the Environment Romina Pourmokhtari said, "I believe that we need uranium mines in Sweden".
The Ardnasvarre property is located approximately 30 kilometers north of the historic sandstone-hosted Laisvall lead-zinc deposit, which was Europe's largest former lead mine, the company said.
More information on the property can be found here.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel