District Metals Corp announced it has started a new airborne survey on its recently acquired Gruvberget and Svärdsjö properties in the historic Bergslagen mining district in Sweden.
The airborne electromagnetic and magnetic surveys will cover 5,286 hectares at Gruvberget and 1,037 hectares at Svärdsjö, according to District.
Gruvberget lies 35 kilometres to the northwest of the company's flagship Tomtebo polymetallic project.
READ: District Metals closes the acquisition of its polymetallic Gruvberget property in Sweden
In a statement, the Vancouver-based company said that both Gruvberget and Svärdsjö are underlain by an “ideal geological environment” for effective electromagnetic data collection.
According to District, the volcanic and intrusive country rocks are very resistive, in contrast to the conductive sulphide mineralization, which will provide “excellent resolution” of any electromagnetic conductive anomaly identified.
District Metals Mineral Licenses in the Bergslagen Mining District
Denmark-based SkyTEM Surveys Aps will conduct the surveys.
District flew SkyTEM at its flagship Tomtebo property in July 2020, which CEO Garrett Ainsworth said was very effective in identifying conductive and magnetic anomalies that have contributed to significant polymetallic drill intersections during its Phase I and ongoing Phase II drill programs.
“The SkyTEM electromagnetic system has advanced greatly in the last 10 years with survey penetration reaching depths that were once never thought possible,” Ainsworth told investors.
“This is an important exploration tool for us working in the Bergslagen District where polymetallic deposits extend from surface to depths greater than 1600 metres such as is the case at Boliden's Garpenberg Mine and Lundin Mining's Zinkgruvan Mine."
Separately, the company also granted a total of 380,000 stock options to a consultant, in accordance with the provisions of its stock option plan. Each stock option is exercisable at $0.285 per share. The stock options have a term of five years and vest on the grant date.
Contact Angela at angela@proactiveinvestors.com
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