District Commences Drilling at the Viken Property in Sweden
District begins Viken drilling in Sweden to test high-grade conductive anomalies at its project.
District Metals Corp. has commenced diamond drilling at its Viken Property in Jämtland County, Sweden. The program targets two large, untested conductive anomalies, designated as Target Areas A and B, which were identified by a 2025 airborne MobileMT survey. The objective is to determine if these anomalies host uranium and energy metals mineralization similar to the existing Viken Deposit, with historical peripheral drilling providing geological support for the targets.
The 2026 program scope is flexible, guided by real-time geological and uraniferous radiometric measurements, within an approved budget of 5,000–7,000 meters across the Viken and Alum Shale properties. The release references the July 2026 Preliminary Economic Assessment (PEA) for the Viken Deposit, highlighting an after-tax NPV8% of US$2.88 billion, an IRR of 45.9%, and a 2.1-year payback period.
District Metals Corp. (DMX) has begun drilling at the Viken project, a planned component of its previously disclosed 2026 exploration program. This activity represents a standard technical step toward resource conversion and does not introduce new financial metrics, resource estimates, or regulatory changes. The Preliminary Economic Assessment (PEA) already accounted for the potential of the deposit.
While the geological rationale is considered sound, exploration carries inherent risk, and intersecting mineralization does not guarantee economic viability or reserve conversion.
District Metals Corp. (DMX) is a Canadian exploration and development company focused on the Viken Energy Metals Deposit in Sweden. The Viken Deposit hosts the world's largest undeveloped uranium resource estimate, alongside significant resources of vanadium, potash, molybdenum, nickel, copper, and zinc.
A July 2026 Preliminary Economic Assessment (PEA) outlines a 13-year open-pit operation with an initial capital expenditure (CAPEX) of US$876 million. The project targets annual production of 3.3 million lbs U3O8 and 16 million lbs V2O5. The project is 100% owned via Bergslagen Metals AB and is completely free of net smelter returns royalties.