The Sagtjarn mineral licenses are in good standing for a three-year term that ends on
Sagtjarn Property Highlights: Mineral license Sagtjarn nr 101 contains the Sagtjarn Uranium Deposit. A Technical Report prepared for
Historical Inferred Mineral Estimate: 756,000 tonnes at a grade of 0.068% U3O8 containing 1,137,585 lbs of U3O8 using a 200 ppm uranium cut off1.
The above mineral resource estimate is considered to be an 'historical estimate' under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101'). A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource, and the Company is not treating this historical estimates as a current Mineral Resource. The Company would need to conduct an exploration program, including twinning of historical drill holes in order to verify the Sagtjarn Deposit historical estimate as a current mineral resource.
The Sagtjarn Deposit remains open in all directions, and contains the following drill result highlights: Hole SGT-77-007 intersected 8.7 m at 0.13% U3O8 from 60.3 to 69.0 m.
Hole SGT-77-011 intersected 7.0 m at 0.18% U3O8 from 86.0 to 93.0 m.
Hole SGT-79-011 intersected 5.2 m at 0.13% U3O8 from 132.6 to 137.8 m.
Hole SGT-80-001 intersected 4.6 m at 0.13% U3O8 from 146.5 to 151.1 m.
Mineral license Sagtjarn nr 102 contains the Staverberget Mineral Occurrence, which is highlighted by: Historical boulders that returned assays from background levels up to 1.3% Cu, 1.8% Mo and 1.3 g/t Au.
Limited historical drilling intersected 0.8 m at 1.46% U3O8, 1.26% Mo, 0.25% Pb, 0.2% Zn, 0.2% Cu, and 10 g/t Ag.
A moratorium on uranium mining and exploration in
Although the moratorium on uranium mining and exploration imposed by the Swedish Government in 2018 remains, the Company continues to be encouraged by some positive media reports regarding the Swedish Government's stance to lift the uranium moratorium. The Company and its consultants continue to monitor next steps by the Government, and will update shareholders as developments arise.'
Background
The mineral occurrences on the Sagtjarn Property were discovered during follow-up work of geochemical soil anomalies in 1974 by the
Drilling commenced in 1977 and was completed in early Spring 1980. Forty-three diamond drill and four percussion holes were drilled during this period giving a total of 6,655 m at the Sagtjarn Uranium Deposit. A preliminary historical mineral resource estimate of 757,145 tonnes at a grade of 0.087% U3O8 containing 1,464,883 lbs of U3O8. This preliminary historical estimate was based on the profile calculation method using a minimum 2 m width and a 300 ppm uranium cut-off based on XRF analysis2. This historical mineral resource estimate is based on a 1981 Report by L-O Forsberg and
The Sagtjarn Uranium Deposit remains open in all directions, especially towards the northwest where hole SGT-80-001 intersected 4.6 m at 0.13% U3O8 from 146.5 to 151.1 m. The historical drill cores have not been analyzed for other potentially economic elements of interest.
The Sagtjarn area is dominated by Proterozoic meta-sedimentary rocks which have suffered up to upper amphibolite metamorphic grades. Three main rock units are observed, being a biotite-sillimanite-cordierite gneiss of probably argillitic origin (shale), a quartz-feldspar-sillimanite gneiss of probably arenitic origin (arkose - greywacke) separated by a boudinaged and folded garnet-amphibole (iron) skarn unit. There are two types of pegmatoids associated with the skarn unit, which are irregular, sheet like zones within the gneissic units. The pegmatoids vary in thickness from cm to meter scale and comprises approximately 20% of the rock volume at the Sagtjarn Uranium Deposit. The coarse grained greyish-white, biotite dominant pegmatoids host accessory uraninite, monazite, molybdenite and chalcopyrite, whereas the biotite-poor pegmatoid type is unmineralized. These pegmatoids have never been analyzed for lithium or rare-earth-elements.
Multiple companies have been exploring the area for base- and precious metals. This includes the Staverberget area with copper, molybdenum, and gold enriched boulders that assayed from background levels to 1.3% Cu, 1.8% Mo and 1.3 g/t Au hosted by metamorphosed, fine-grained mica-rich sediment-gneiss. Follow-up drilling in 1982 (987 m in 7 drill holes) intersected a 0.8 m mineralized interval with 1.46% U3O8, 1.26% Mo, 0.25% Pb, 0.2% Zn, 0.2% Cu, 10g/t Ag3.
The last company who held mineral licenses covering the Sagtjarn Property was
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District is a polymetallic exploration and development company focused on the
The advanced exploration stage Tomtebo Property is located in the
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Cautionary Statement Regarding 'Forward-Looking' Information.
This news release contains certain statements that may be considered 'forward-looking information' with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'targets', 'expects' or 'does not expect', 'is expected', 'an opportunity exists', 'is positioned', 'estimates', 'intends', 'assumes', 'anticipates' or 'does not anticipate' or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might', 'will' or 'will be taken', 'occur' or 'be achieved' and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events. Forward-looking statements in this news release relating to the Company include, among other things, statements relating to the Company's Sagtjarn Property to explore for copper, zinc, lead silver, gold, molybdenum and cobalt located in Jamtland and Vasternorrland Counties, north-central
These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen district; the Company's ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity and stability in financial and capital markets.
Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks associated with the following: the reliability of historic data on
All scientific and technical information contained in this news release has been prepared by or reviewed and approved by
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