District Metals (DMX.V) has released its maiden resource calculation for the Viken Energy Metals project in Sweden. As the table below shows, the project now hosts 456 million tonnes in an indicated resource category at an average grade of 175 ppm U3O8 which of course would be too low if this was a pure uranium project, but the amount of other metals in the resource speak volumes. As you can see below, the indicated resource contains 176 million pounds of U3O8 but also 2.85 billion pounds of V2O5, 258 million pounds of molybdenum, 332 million pounds of nickel and 114 million pounds of copper.
So while the average uranium grade is low, it’s the presence of the by-products that make the project worth a look. And on top of the 456 million tonnes in the indicated resource category, the maiden NI43-101 compliant resource statement also contains 4.33B tonnes in the inferred category which host an additional 1.54 billion pounds of U3O8, almost 25 billion pounds of V2O5 and a few billion pounds of molybdenum, nickel and copper as well (the table above shows the exact grades and metal content). Again, it’s the presence of all those potential by-product credits that make the Viken Energy Metals project worth a look. And when looking at the uranium content across the resource categories, Viken has now established itself as the second largest uranium project in the world.
Disclosure: The author has a long position in District Metals. District is a banner sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
