District Metals CEO Garrett Ainsworth joined Steve Darling from Proactive to share significant news the company has entered into a definitive agreement with Boliden Mineral AB to collaborate in the development of District's wholly-owned polymetallic Tomtebo Property and Boliden's wholly-owned polymetallic Stollberg Property.
Ainsworth explained that under this agreement, Boliden has been granted the right to earn up to an 85% interest in the Tomtebo Property. Following the exercise of the Earn-In Option, the Tomtebo Property will be contributed to a joint venture, alongside Boliden's Stollberg Property.
District will initially control a 15% interest in the joint venture.
The Tomtebo and Stollberg Properties are strategically located just 35 kilometers apart along a well-known metallogenic belt within the prolific Bergslagen Mining District in Sweden. This district is home to Boliden's Garpenberg Mine and Lundin Mining's Zinkgruvan Mine, making it a highly prospective area for polymetallic mineral exploration.
This collaboration represents a significant step forward for District Metals, as it not only brings a well-established partner in Boliden but also aligns with the company's growth and development strategy. It positions District Metals for enhanced exploration and potential resource development opportunities in the heart of the Bergslagen Mining District.