(NewsDirect)
District Metals CEO Garrett Ainsworthjoined Steve Darling from Proactive to share significant news thecompany has entered into a definitive agreement with Boliden MineralAB to collaborate in the development of District's wholly-ownedpolymetallic Tomtebo Property and Boliden's wholly-ownedpolymetallic Stollberg Property.
Ainsworth explained that under this agreement, Boliden has beengranted the right to earn up to an 85% interest in the TomteboProperty. Following the exercise of the Earn-In Option, the TomteboProperty will be contributed to a joint venture, alongsideBoliden's Stollberg Property.
District will initially control a 15% interest in the jointventure.
The Tomtebo and StollbergProperties are strategically located just 35 kilometers apart along awell-known metallogenic belt within the prolific Bergslagen MiningDistrict in Sweden. This district is home to Boliden's GarpenbergMine and Lundin Mining's Zinkgruvan Mine, making it a highlyprospective area for polymetallic mineral exploration.
This collaboration represents asignificant step forward for District Metals, as it not only brings awell-established partner in Boliden but also aligns with thecompany's growth and development strategy. It positions DistrictMetals for enhanced exploration and potential resource developmentopportunities in the heart of the Bergslagen MiningDistrict.
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