Bluejay Mining PLC Disko-Nuussuaq Field Programme Update (8773H)
April 11 2022 - 2:01AM
UK Regulatory
TIDMJAY
RNS Number : 8773H
Bluejay Mining PLC
11 April 2022
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
11 April 2022
Bluejay Mining plc ('Bluejay' or the 'Company')
Disko-Nuussuaq Field Programme Update
Bluejay Mining plc, the AIM, FSE-listed and OTCQB traded
exploration and development company, reports, on behalf of Nikkeli
Greenland A/S, the Joint Venture ("JV") company created by Bluejay
and its JV partner KoBold Metals ('KoBold'), a revision to the 2022
field programme at the Disko-Nuussuaq project ('Disko'), in
Greenland announced on 24(th) March 2022.
Following further evaluation of the work programme, the JV has
revised the 2022 programme to double the collection and analysis of
modern data for the entire suite of potential targets and begin
diamond drilling in 2023. This additional work will allow the JV to
determine the best drill targets at Disko.
Bo Møller Stensgaard, CEO of Bluejay Mining, commented : "The
JV's revised work programme represents the best route to
exploration success. We're confident in KoBold's ability to create
more long-term value out of this than anyone else.
"The JV will be carrying out a much more extensive geophysical,
geological and geochemical programme this field season to define
the best drill targets.
"The now much more extensive programme will still commence in
early June, with mobilisation and build-up of the exploration camp
from mid-May. I look forward to keeping the market updated on its
progress."
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.
**ENDS**
For further information on the Company and the project please
visit the website at: www.bluejaymining.com
Contacts:
Kevin Sheil Bluejay Mining plc enquiry@bluejaymining.com
SP Angel Corporate Finance
Ewan Leggat LLP
/ (Bluejay Mining Nominated
Adam Cowl Adviser) +44 (0) 20 3470 0470
--------------------------------- ----------------------------------
Hannam & Partners
(Bluejay Mining Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
--------------------------------- ----------------------------------
Michael Bennet Hill Dickinson (Bluejay Mining Michael.Bennett@hilldickinson.com
Legal Adviser)
--------------------------------- ----------------------------------
Tim Blythe
/ BlytheRay
Megan Ray (Bluejay Mining Press Contact) +44 (0) 20 7138 3205
--------------------------------- ----------------------------------
About Bluejay Mining Plc
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-Nuussu a q
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. Dundas has 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 340ktpa of its
anticipated 440ktpa 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 mining major at its Enonkoski
Project in Finland and has recently signed a binding agreement for
a partial divestment in a fourth Finnish project.
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