TIDMJAY
RNS Number : 9920X
Bluejay Mining PLC
11 January 2022
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
11 January 2022
Bluejay Mining plc ( 'Bluejay ' or the 'Company ')
Exploration Programme for 2021 completed at Enonkoski JV with
Rio Tinto
Link to view the announcement in full including all images:
http://www.rns-pdf.londonstockexchange.com/rns/9920X_1-2022-1-10.pdf
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 further to the announcement
dated 27 September 2021 the exploration programme for 2021 at the
Enonkoski nickel-copper-cobalt ('Ni-Cu-Co') project in eastern
Finland has now been successfully completed with the Company's
joint venture ('JV') partner Rio Tinto Exploration Finland Oy ('Rio
Tinto').
Highlights
-- 12 diamond drill holes and 1 drill hole extension for a total
of 4149.45 metres were drilled in October-December 2021 southeast
and west of the closed Enonkoski (Laukunkangas) Ni-Cu-Co mine.
-- Ni-Cu sulphide droplet zones logged in mafic intrusions were
intersected in the drilling. These types are analogous features in
the former mine close to the Orebody.
-- A top of bedrock ('ToB') sampling programme was conducted in
August-November 2021 with a total of 99 drill holes drilled on 14
sampling lines in the north-western and central parts of the
Enonkoski Belt. Mafic intrusive bedrock samples, occasionally
sulphidic, were received from multiple sampling lines.
-- Downhole electromagnetic ('DHEM') surveys were completed on a
total of 22 drillholes for a total of 13,120 metres including
measurements of both historic and new drill holes, interpretations
and modelling of the survey results are ongoing.
-- All diamond drill core and ToB core samples have been
submitted for analysis at ALS, assay results are pending.
Exploration activities on the Enonkoski Belt were ongoing
throughout 2021, including but not limited to bedrock mapping and
sampling, fixed-wing UAV 3C magnetic surveys, ToB sampling, diamond
drilling and DHEM surveys. Thisi drilling phase conducted during
October-December 2021 targeted mineralisation in the near-mine
areas Laukunsuo and Laukunkangas West, following-up the previous
drill programme completed in May-June 2021. Sulphide droplet zones
were intersected in gabbroic and noritic rocks both at Laukunsuo
and Laukunkangas West, a similar droplet zone has been defined in
close vicinity of the massive ore at the historic Laukunkangas mine
highlighting the importance of the intersected zones in the recent
drilling.
DHEM surveys were conducted on the new drill holes and selected
historic holes from the target areas, and the data is currently
undergoing detailed integrated interpretations and modelling.
A ToB sampling programme using a small drill rig ran
concurrently with the deep diamond drilling. Bedrock surface drill
core samples with a length of approx. 1.5-4.5 metres were received
from a total of 99 sample points with overburden thicknesses
varying from a couple of metres to more than 20 metres. The sample
lines were mostly planned along existing forest tracks and small
roads with the aim to minimise the environmental impact of the
programme. The ToB sampling proved to be an effective way of
mapping the contacts between the intrusions and surrounding
gneisses under till cover, and the results and received ToB sample
quality shows that the samples are of excellent quality and
definitively representative of the bedrock. Sulphides in mafic
intrusives was visually identified in 13 ToB samples and the data
will be used in planning of further exploration activities in the
target areas. All diamond drilling and ToB samples have been sent
for geochemical analysis at ALS.
Thomas Levin, COO of Bluejay subsidiary FinnAust Mining Finland
Oy ( 'FinnAust '), commented: "I am delighted to report that 2021
was a very busy and successful year at our Enonkoski JV project in
eastern Finland. I would like to thank the entire FinnAust team for
executing the exploration programmes extremely well and the entire
Rio Tinto team involved for their excellent cooperation in the
planning and interpretation work during the year.
"The recently finished ToB sampling proved to be an effective
way of mapping the intrusion contacts under extensive till cover,
and with several sulphide bearing gabbroic bedrock samples
received, the programme can be considered as very successful. Base
of till sampling has previously been conducted, but this was the
first time this type of bedrock surface sampling was done on the
Enonkoski Belt.
"The diamond drilling intersected noritic and gabbroic rocks at
several target areas drilled during the October-December drill
campaign. Several Ni-Cu sulphide droplet zones in mafic intrusive
rocks were also intersected in the drilling. The discovery of these
sulphide droplet zones is very encouraging. These intersected zones
are visually very similar to the droplet zone that is close to the
massive ore at the former mine. Detailed interpretation of the
intersected zones as possible vector indicators of massive sulphide
mineralisation will be further analysed and modelled once the assay
results have been received.
"Detailed interpretations of all available data, relogging of
drill core and reference sampling of historic drill core will
continue through the early part of this year simultaneously with an
intrusion ranking study currently being conducted on all known and
sampled intrusions on the Enonkoski Belt. We look forward to
updating the market again in due course."
Finland Overview
Bluejay holds, through its 100% owned Finnish subsidiary
FinnAust Mining Finland Oy ('FinnAust'), three large scale project
areas in East Finland - the Enonkoski nickel-copper-cobalt
('Ni-Cu-Co') project, the Hammaslahti copper-zinc-gold-silver
('Cu-Zn-Au-Ag') project, and the Outokumpu
copper-cobalt-zinc-nickel-gold-silver ('Cu-Co-Zn-Ni-Au-Ag')
project. Bluejay subsidiary FinnAust signed a staged US$20 million
JV and earn-in agreement with Rio Tinto for the Enonkoski Ni-Cu-Co
project, announced 10 November 2020. In July 2021, the Company
announced it has identified drill-ready targets at Outokumpu and
signed a binding agreement for a partial divestment in a fourth
Finnish project for GBP4 million.
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 +44 (0) 20 3470
Cowl LLP(Nominated Adviser) 0470
------------------------------ --------------------------
Hannam & Partners (Advisory) +44 (0) 20 7907
Andrew Chubb LLP 8500
------------------------------ --------------------------
Tim Blythe/ Megan +44 (0) 20 7138
Ray Blytheweigh 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, customer, and
co-investor on three of its projects, 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-Nuussuaq
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, with preparatory activities scheduled
to commence in 2022. 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 has signed on a major European bank to head the financing
syndicate for Dundas. 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 Rio Tinto at its Enonkoski Project
in Finland and has recently signed a binding agreement for a
partial divestment in a fourth Finnish project.
**S**
Figure 1. Drill hole ENON0023 drill pad west of the historic
Laukunkangas Ni-Cu-Co mine.
Figure 2. Ni-Cu sulphide droplets in a mafic intrusive rock
intercepted in drill hole ENON0014.
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