Bluejay Mining PLC Further Bulk Samples Provided from Dundas (7396U)
December 07 2021 - 1:59AM
UK Regulatory
TIDMJAY
RNS Number : 7396U
Bluejay Mining PLC
07 December 2021
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
7 December 2021
Bluejay Mining plc ('Bluejay' or the 'Company')
Dundas ilmenite Project Update - Further Bulk Samples
Provided
Bluejay Mining plc, the AIM, FSE listed and OTCQB traded
exploration and development company with projects in Greenland and
Finland, is pleased to provide the following update on the Dundas
Ilmenite Project ("Dundas" or the "Project").
-- Further and final samples being sent for incremental customer evaluation
-- Bulk sample pilot plant processing complete
-- Process flow sheet successfully validated
The Company is pleased to announce the completion of processing
of the bulk sample dispatched to Canada from Dundas in September
2019. The pilot plant was placed on care and maintenance in March
last year following the outbreak of COVID-19. The plant was
restarted, and processing recommenced earlier this year. The final
bulk parcels of output from the pilot plant are being distributed,
in co-operation with the Company's distribution partner, a large,
long established Asian international industrial and trading
conglomerate. The material will undergo further separation
(magnetic) facilitated by our distribution partner to be sampled by
key-end customers identified by them, with the aim of consolidating
and potentially extending the existing distribution agreement to
cover the entire expected annual output of Dundas ilmenite
concentrate.
The pilot plant, which is in the process of being
decommissioned, produced material that exceeded expected
specifications for commercial production at Dundas. In addition,
the results and the confirmation of the design of the wet plant
circuit meaningfully de-risk the production-scale processing plant
at Dundas and gives the Company confidence that large volumes of
consistent and high-quality ilmenite concentrate can be produced at
Dundas.
Bo Møller Stensgaard, CEO of Bluejay Mining, commented
"Consolidating and extending our current distribution agreement is
key for the Dundas Project. The completion of the pilot plant
operation marks the achievement of a critical milestone in
validating the process flowsheet. This process design confirmation
significantly de-risks the mineral separation flow sheet and gives
the company the necessary confidence on a key aspect of the
engineering design for the operation. In addition, the experience
gained by the Bluejay staff on site at the pilot plant will also
prove invaluable to the Company as it moves into the production
phase. Our ilmenite product from the Dundas Project has been
well-received through earlier customer testing, and we are
confident that the continued customer sample program with our
partner will consolidate and increase this interest".
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018.
For further information please visit
http://www.bluejaymining.com or contact:
Roderick McIllree/ Bluejay Mining plc enquiry@bluejaymining.com
Kevin Sheil
------------------------------ --------------------------
Ewan Leggat/ Adam SP Angel Corporate Finance
Cowl LLP(Nominated Adviser) +44 (0) 20 3470 0470
------------------------------ --------------------------
Hannam & Partners (Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
------------------------------ --------------------------
Tim Blythe/ 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 multiple projects in Greenland and Finland, Bluejay has now
secured four globally respected entities as partners, customers,
co-investors as well as the recent appointment of a European global
bank as lead arranger for the Dundas financing, giving the Company
and its shareholders both portfolio and commodity diversification
in high quality jurisdictions.
Bluejay has signed a definitive joint venture agreement with
KoBold Metals to guide exploration for new deposits rich in the
critical materials for electric vehicles (The Disko-Nuussauq
Project). Principal investors in KoBold include Breakthrough Energy
Ventures, a climate & technology fund, overseen by Bill Gates,
and whose investors include Michael Bloomberg, Jeff Bezos, and Ray
Dalio. Other investors in KoBold include Andreessen Horowitz, the
premier Silicon Valley venture capital fund and Equinor, the
Norwegian state-owned multinational energy company.
Bluejay's most advanced project is the Dundas Ilmenite Project
in Greenland, which is fully permitted and 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 117Mt 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 has agreed a Master Distribution Agreement with a major
Asian conglomerate for up-to 340,000ktpa of its anticipated
440,000ktpa annual output. The Company's strategy is focused on
securing financing ahead of commencing commercial production at
Dundas in order to create a company capable of self-funding
exploration on its current and future projects.
Bluejay holds two additional projects in Greenland - 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 has agreed a
joint-venture agreement with a mining major at its Enonkoski
Project in Finland and has recently signed a binding agreement for
a partial divestment in a fourth Finnish project.
**ENDS**
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