Bluejay Mining PLC Agreement with Rio Tinto Iron and Titanium Canada (2275A)
May 28 2019 - 2:01AM
UK Regulatory
TIDMJAY
RNS Number : 2275A
Bluejay Mining PLC
28 May 2019
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
May 28, 2019
Bluejay Mining plc ('Bluejay' or the 'Company')
Agreement with Rio Tinto Iron and Titanium Canada Inc.
Bluejay Mining plc, the AIM and FSE listed company with projects
in Greenland and Finland, is pleased to announce that it has
reached an agreement with Rio Tinto Iron and Titanium Canada Inc.
('RTIT') to further analyse Ilmenite from its 100% owned Dundas
Ilmenite Project ('Dundas' or 'the Project') in Greenland (the
'Agreement'). RTIT is a member of the Rio Tinto Group, a major
producer of high-grade titanium dioxide feedstock from its current
operations in Canada, South Africa and Madagascar.
Overview:
-- Dundas is a scalable strategic asset and has a current
JORC Compliant Mineral Resource of 101 million tonnes at
7.1% ilmenite (in-situ) and has been confirmed as the highest-grade
mineral sand ilmenite project globally.
-- RTIT will analyse Ilmenite from the Dundas Project. This
will include a smelter test sample (subject to Greenland
Government approval) from Dundas at RTIT's Sorel-Tracy
plant in Quebec, Canada.
-- RTIT and Bluejay will work together to review and improve
on the technical work that has been completed on Dundas
to date.
-- RTIT may terminate the agreement at any time and there
is no guarantee that the ilmenite assessment will lead
to a long-term transaction between Bluejay and RTIT.
Bluejay CEO Roderick McIllree said, "We are delighted to be
working with Rio Tinto and this summer one of the key-outcomes will
be the delivery of a large bulk-sample to the Sorel-Tracy plant. We
believe that the ilmenite from Dundas will prove to be a very
valuable material for the Sorel-Tracy plant operation and believe
that the experience and expertise from Rio Tinto will provide an
opportunity for technological and economic optimization.
Furthermore, and importantly, the signing of this Agreement with
one of the world's largest mining groups proves Bluejay's
"discover, develop and deliver" model for Greenland. In addition to
continuing to drive Dundas towards permitted exploitation, we
expect to continue to expand the resource base in both the on- and
off-shore environments. Consequently, we are now able to refocus
some of our attention to our other significant and high value
projects namely Disko, Kangerluarsuk and Finland.
Shareholders can expect news shortly on the large scale and
innovative work programmes that will be conducted over these
projects during 2019."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
**ENDS**
For further information please visit www.titanium.gl or
contact:
Roderick McIllree Bluejay Mining plc +44 (0) 20 7907 9326
Ewan Leggat SP Angel Corporate Finance LLP +44 (0) 20 3470
0470
Soltan Tagiev SP Angel Corporate Finance LLP +44 (0) 20 3470
0470
Andrew Chubb Hannam & Partners Advisory Ltd. +44 (0) 20 7907 8538
Ingo Hofmaier Hannam & Partners Advisory Ltd. +44 (0) 20 7907 8532
Hugo de Salis St Brides Partners Ltd +44 (0) 20 7236 1177
Cosima Ackerman St Brides Partners Ltd +44 (0) 20 7236 1177
Notes
Bluejay is dual listed on the London AIM market and Frankfurt
Stock Exchange and primarily focussed on advancing the Dundas
Ilmenite Project in Greenland into production in the near term.
Dundas has been proven to be the highest-grade mineral sand
ilmenite project globally, with a JORC Compliant Resource of 101
million tonnes at 7.1% ilmenite and an Exploration Target over the
Iterlak Delta of between 20 million tonnes and 60 million tonnes at
between 6% and 10% ilmenite (in-situ).
The Company's strategy is focused on securing an offtake partner
and commencing commercial production at Dundas in the near term in
order to create a company capable of self-funding exploration on
current projects and future acquisitions.
Bluejay holds two additional projects in Greenland - the 2,586
sq km Disko-Nuussuaq ('Disko') Magmatic Massive Sulphide ('MMS')
nickel-copper-platinum project ('Ni- CuPGM'), which has shown its
potential to host mineralisation similar to the world's largest
nickel/copper sulphide mine Norilsk-Talnakh, and the 107sq km
Kangerluarsuk Sed-Ex lead-zinc-silver project ('Kangerluarsuk'),
where historical work has recovered grades of 41% zinc, 9.3% lead
and 596 g/t silver and identified four large-scale drill ready
targets.
The Company also has a 100% interest in a portfolio of copper,
zinc and nickel projects in Finland. This multi-commodity portfolio
has been restructured to be cost-sustainable whilst determining the
best plan for future development.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
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contact rns@lseg.com or visit www.rns.com.
END
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