District Metals Corp. announced that its first successful drill, designated VIK-26-001 was completed on Target A of the Viken Property in Jämtland County, central Sweden. The hole reached a total depth of 299.50 m and intersected a continuous Alum Shale sequence from 43.7 m to 198.5 m down-hole, providing a down-hole interval of 154.8 m – a length that the company described as “thick” and “shallow”. Visual core logging identified the material as graphitic black shale, while a handheld Exploranium GR-110 scintillometer recorded radioactivity values ranging between 240 and 625 counts per second.
MobileMT geophysical survey receives first field validation
The intersected interval aligns with the conductive anomaly detected by District’s MobileMT airborne magnetic-tomography survey conducted in 2025. That survey was intended to pinpoint shallow, graphitic alum shale bodies across the Viken Property, and the VIK-26-001 result is the inaugural confirmation that the geophysical signature correctly maps to a substantial shale package. CEO Garrett Ainsworth emphasized the significance of this match, stating, “We are very pleased by the results from our first drill hole at Target A, which intersected a 154.8 m interval of Alum Shale starting at a shallow depth of 43.7 m downhole.” He added that the outcome validates the company’s modern exploration workflow, which couples airborne surveys with targeted drilling.
Exploration roadmap and upcoming work
Building on the VIK-26-001 success, District plans a broader drilling campaign that will address both Target Areas A and B. The next phase will merge the newly acquired drill-core data with the existing MobileMT interpretations to refine the three-dimensional model of alum shale distribution. While visual logging and radioactivity provide a first-hand view of the lithology, the company stresses that geochemical assays are essential to ascertain mineralization grades, continuity, and the presence of economic elements. Those assays will determine whether the identified shale hosts uranium, vanadium, or other critical metals in concentrations that justify further development.
Economic backdrop and the Viken Deposit outlook
The Viken Property is already home to the world’s largest undeveloped uranium resource, together with sizable quantities of vanadium, potash, molybdenum, nickel, copper and zinc. In a technical report filed on July 17 2026, District disclosed a preliminary economic assessment (PEA) that estimated an after-tax net present value (NPV) of US$2.88 billion, an internal rate of return (IRR) of 45.9 %, and a payback period of just 2.1 years. The PEA projected an initial capital outlay of US$876 million and projected an average after-tax free cash flow of US$531 million per year over a 13-year mine life. These figures underpin the strategic importance of confirming additional alum shale targets beyond the core Viken Deposit.
All technical statements in this release have been reviewed and approved by Garrett Ainsworth, P.Geo, who is a Qualified Person under National Instrument 43-101. The information reflects the company’s current understanding of the Viken Property as of the date of release and is subject to the usual risks associated with early-stage exploration, including the need for further assay results, permitting, and capital financing.
