At the end of July, District Metals (DMX.V) released the assay results from five holes it drilled as part of its joint venture agreement with Swedish mining company Boliden. Three of the five holes were drilled on the Steffenburgs zone of the Tomtebo polymetallic project while the remaining two holes of the program were drilled into the Kvistaberget target area.
Drill hole TOM-25-044 intersected multiple zones of stringer style chalcopyrite mineralization with several interesting intervals such as 4.1 meters containing 1.7% copper, 11 g/t silver and 0.76 g/t gold, in the near-surface zone, while the zinc-lead-silver mineralization was encountered deeper down-hoe with 5 meters containing 65 g/t silver and 4.4% ZnPb. Hole TOM-25-045 intersected 7.85 meters containing almost 3 ounces of silver per tonne of rock, and 4.9% ZnPb and this also was the headline result used for the update press release.
While the drill bit intersected polymetallic mineralization at Tomtebo, the two holes at Kvistaberget didn’t intersect significant mineralization except for some weakly disseminated chalcopyrite with just under 3 meters of 0.2% copper. No further drilling will take place at Kvistaberget this year, and it is expected District and Boliden will drill the past-producing Lovas mine after the summer, followed by a drill program on the Stollberg property.
While drilling on the polymetallic projects will continue, as part of the C$10M cooperation agreement with Boliden, it looks like the market’s attention has entirely shifted towards District’s uranium portfolio. The political support to lift the uranium mining ban is still strong and it is now expected this ban will be lifted in 2026 and that will finally put the Viken energy metals deposit ‘in play’.
Disclosure: The author has a small long position in District Metals. District is a 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.
