District has signed a definitive agreement to acquire a 2.0% Net Smelter Return (NSR) royalty on the Viken Energy Metals Deposit in Sweden. The acquisition, for 500,000 common shares of District, will make the deposit free and clear of royalties. The Viken Deposit hosts critical energy metals essential for the green energy transition, including uranium, vanadium, nickel, molybdenum, copper, zinc, and rare earth elements. It also has the potential to produce significant amounts of sulphate of potash, beneficial for agriculture in Jämtland County.
District Signs Definitive Agreement to Acquire 2.0% NSR Royalty on Viken Energy Metals Deposit in Sweden Vancouver, British Columbia-- -") royalty previously granted by the Company over the remaining four mineral licences covering the Viken Deposit located in Jämtland County, central Sweden . Closing of the Purchase Agreement remains subject to TSX Venture Exchange approval. The Consideration Shares will be subject to a hold period of 4 months and one day, from the date of issue.
CPM retained P&E Mining Consultants Inc. to carry out a mineral resource estimate and preliminary economic assessment in 2010 that resulted in the following historical mineral resource estimate:Weighting of composite samples by linear Ordinary Kriging was used for the estimation of block grades. Kriging parameters were based on the grade-element variography derived from the mineralized shale domain. A block discretization level of 5 x 5 x 2 was used during kriging.
The historical estimate categories are classified under the previous definition standards and do not match the current categories under NI 43-101. In 2012, a bio-heap leach scenario was evaluated, and P&E Mining Consultants were retained again to conduct an updated mineral resource estimate and preliminary economic assessment on the Viken Deposit with the following historical estimate:Block grades were estimated using Ordinary Kriging of capped composite samples.
The Company would need to conduct an exploration program, including twinning of historical drill holes in order to verify the Viken deposit historical estimate as a current mineral resource. Mineralization of potential economic significance is hosted in Middle and Upper Cambrian Alum Shale, with the Upper Cambrian age strata more enriched in vanadium and uranium than the Middle Cambrian.Vanadium occurs within the lattice of a mica mineral named roscoelite. Uranium values are predominantly associated with sub-micron-scale uraninite crystals. Nickel, molybdenum, copper and zinc are present as sulphides.
Mining Energy Metals Royalty Sweden Acquisition
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