TIDMJAY
RNS Number : 3482F
Bluejay Mining PLC
16 November 2020
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
16 November 2020
Bluejay Mining plc
('Bluejay' or 'The 'Company')
Link to view the announcement in full including all figures:
http://www.rns-pdf.londonstockexchange.com/rns/3482F_1-2020-11-15.pdf
Finland 2020 Base Metal, Gold and Silver Exploration
Programme
Bluejay Mining plc, the AIM, FSE listed and OTCQB traded
exploration and development company with projects in Greenland and
Finland, is pleased to announce that it has commenced a Fieldwork
and drilling Programme ('Field Programme' or the 'Programme') at
its 100% owned Hammaslahti copper-zinc-gold-silver ('Cu-Zn-Au-Ag')
project ('Hammaslahti').
Overview
Bluejay holds, through its 100% owned Finnish subsidiary
FinnAust Mining Finland Oy ('FinnAust'), three large scale project
areas in East Finland - the c.3,900 hectare ('ha') Hammaslahti
project, the c. 2,300 ha Enonkoski nickel-copper-cobalt-platinum
group elements ('Ni-Cu-Co-PGE') project, where the Company recently
announced a joint-venture, and lastly, the c.5,000 ha Outokumpu
copper-cobalt-gold-silver ('Cu-Co-Au-Ag') project.
Highlights
-- The Field Programme will include more than 4000 metres ('m')
of diamond core drilling at Hammaslahti.
-- The drilling will focus on near-mine targets that represent
possible repetitions from the historical, state owned, Hammaslahti
copper mine which is also owned by the Company.
-- Several of these targets are untested by drilling, and two
targets represent follow-up drilling of sulphide intersections in
historical drilling.
Thomas Levin, COO of FinnAust, said: "This drilling is designed
to test potential structural repetitions of the historical
Hammaslahti copper mine which have never been tested and represent
significant high-grade and high-tonnage targets. Whilst this mine
stopped operations due to the historical policy of the State owned
mining company at the time, which often prohibited mines from
exceeding 500 m in depth, developments within the mining sector
over several decades means that these brownfield sites have
significant potential not just to reopen the historical mines but
also to discover significant repetitions adjacent to historical
production sites, all within existing and well understood geology.
Any discovery made adjacent to the old mine decline will benefit
from this access, utilising the existing mining decline and
associated infrastructure which would add significantly to the
commercial viability of any discovery.
"The recent signing of a proposed joint-venture agreement with a
mining major at Enonkoski underscores our belief in the value of
our large Finnish licence areas and we will now move to test the
second of our three project areas."
Drilling Programme at Hammaslahti
The Hammaslahti target is an area where it is expected that new
mineral resources could be established quickly with successful
exploration. FinnAust's licences of 3946 ha cover most of the ore
potential area on the Hammaslahti belt and multiple high-priority
targets have now been identified close to Outokumpu Oy's historical
Hammaslahti Cu-Zn-Au-Ag mine. Previous exploration efforts around
the old mine site focused mainly on down-plunge extensions of the
historical ore bodies rather than structural repetitions to the
mine itself, leaving open large areas of untested, highly
prospective, areas of similar geology. Furthermore, an untested
synformal hinge to the west of the old mine present high priority
targets and represent probably the best areas for significant new
discoveries to be made. One deep hole is designed to test the
central part of the main hinge fold axis.
The drilling programme will test four near-mine structures that
all represent potential repetitions of the historical Hammaslahti
mine lodes.
FinnAust conducted DHEM and ground electro magnetic ("EM")
surveys in 2018 and a follow-up ground EM survey in 2019, providing
new evidence of synformal structures 1.3 kilometres ('km') west of
the historical mine. The ground EM highlights a conductor close to
surface in the northern parts of the area, and this coincident
conductor & magnetic anomaly can be easily drill tested with
2-3 shallow drill holes. If the results are positive follow-up
drilling will focus on down dip extensions closer to the
interpreted open synformal fold axis. Importantly Hammaslahti West
is untested by drilling.
The Hammaslahti Synform Hinge target ('Hammaslahti Fold Hinge')
has probably the highest potential for new significant Cu-Zn-Au-Ag
discoveries in Hammaslahti. One deep diamond drill hole will be
drilled into the central parts of the previously untested synform
hinge area. Based on Down-Hole Electro Magnetic ("DHEM"),
Fixed-Loop Electro Magnetic ("FLEM") and Z-Axis Tipper
Electromagnetic ("ZTEM") data the interpretation is that the target
is at an approximate vertical depth of around 700m, however
existing workings at Hammaslahti are already in place down to 500
m. Again, also this target is untested by drilling.
One kilometre east of the old mine, at the Hammaslahti East
target ('Hammaslahti E'), FinnAust has already identified potential
ore zones in the contact between hydrothermally altered rocks and
sulphidic black schists intersected in two drill holes, an
identical geological structure that contained the ore in the
historical mine but these have never been followed up. Several
drill holes have been designed to test this area also.
A similar ore potential contact zone and multiple other
sulphide-rich intervals has been intercepted with one drill hole
only 200 m east of the old mine. This sulphide-rich contact between
black schist and hydrothermally altered rock also contains
semi-massive to disseminated sulphides including sphalerite,
chalcopyrite and galena. This area represents a high priority
target that will also be tested with shallow drilling testing for
continuity of these sulphide rich zones.
Figure 1. Plan view of the Hammaslahti near-mine targets,
background is a magnetic image and the conductor in the western
part of the open synform is shown as a brown plate. 1 - Hammaslahti
West target; 2 - Fold hinge target; 3 - Hammaslahti East target; 4
- Tailings area target; and 5 - Historical Hammaslahti mine.
Figure 2. Cross section looking north, 2 km window, showing the
near-mine targets in Hammaslahti. Background is a ZTEM image
indicating a synformal structure west of the historical copper
mine, the DHEM and FLEM results are shown as plates. The conductor
close to surface in Hammaslahti West is located approximately 2 km
north of the ZTEM image but interpreted to represent the western
limb of the open synform west of the mine. 1 - Hammaslahti West
target; 2 - Fold hinge target; 3 - Hammaslahti East target; 4 -
Tailings area target; and 5 - Historical Hammaslahti mine.
Figure 3. Drilling commenced at Hammaslahti on 3 November 2020.
The historical Hammaslahti mine (Figure 4) is located 200 m behind
the drill rig.
Figure 4. The historical north-lode open pit located
approximately 200 m west of Finnaust's Tailings Target Area where
drilling commenced early November.
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.
For further information please visit
http://www.bluejaymining.com or contact:
Roderick McIllree Bluejay Mining plc +44 (0) 20 7907 9326
Kevin Sheil Bluejay Mining plc +44 (0) 20 7907 9326
------------------------------- ----------------------
SP Angel Corporate Finance
LLP
Ewan Leggat (Nominated Adviser) +44 (0) 20 3470 0470
------------------------------- ----------------------
SP Angel Corporate Finance
LLP
Adam Cowl (Nominated Adviser) +44 (0) 20 3470 0470
------------------------------- ----------------------
Hannam & Partners (Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
------------------------------- ----------------------
Tim Blythe Blytheweigh +44 (0) 20 7138 3205
------------------------------- ----------------------
Megan Ray Blytheweigh +44 (0) 20 7138 3205
------------------------------- ----------------------
Notes
Bluejay is listed on the London AIM market and Frankfurt Stock
Exchange and its shares also trade on the OTCQB Market in the US.
With projects in Greenland and Finland, its most advanced project
is the Dundas Ilmenite Project in Greenland, which is being
developed towards production in the near term. The Dundas Ilmenite
Project has been proven to be the highest-grade mineral sand
ilmenite project globally, with a Mineral Resource reported in
accordance with the JORC Code of 117 million tonnes at 6.1%
ilmenite and a maiden offshore Exploration Target of between 300Mt
and 530Mt of ilmenite at an average expected grade range of 0.4 -
4.8% 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
its current projects and future acquisitions.
Bluejay holds three additional projects in Greenland - the
2,897sq km Disko-Nuussuaq ('Disko') Magmatic Massive Sulphide
nickel-copper-cobalt-platinum group element-gold project
('Ni-Cu-Co-PGE-Au'), which has shown its potential to host
mineralisation similar to the world's largest nickel-copper mining
district at Noril'sk-Talnakh, northern Russia; the 692sq km
Kangerluarsuk zinc-lead- 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; and
the 2,025 sq km Thunderstone project which has the potential to
host large-scale base metal and gold deposits. Bluejay also has a
prospective joint-venture agreement with a mining major at
Enonkoski in Finland.
**ENDS**
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