TIDMJAY
RNS Number : 2788J
Bluejay Mining PLC
26 April 2022
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
26 April 2022
Bluejay Mining plc ('Bluejay' or the 'Company')
First Exploration Programme of 2022 at Enonkoski JV with Rio
Tinto Confirmed
Bluejay Mining plc, the AIM, FSE listed and OTCQB traded
exploration and development company with projects in Greenland and
Finland, is pleased to announce the approval of further exploration
expenditure by the Company's joint venture ('JV') partner Rio Tinto
Exploration Finland Oy ('Rio Tinto') at the Enonkoski
nickel-copper-cobalt ('Ni-Cu-Co') Project in eastern Finland as
part of the JV & earn-in agreement announced 10 November
2020.
Highlights of the 2022 planned field activities
-- Follow-up diamond drilling at targets drilled by the JV in
2021; followed by downhole electromagnetic surveys of selected
drill holes.
-- A top of bedrock drilling programme focusing on new targets,
but also including infill sampling at targets tested by top of
bedrock sampling in 2021.
-- Geological mapping and sampling.
-- The work programmes will commence in Q2 2022.
In 2021, the Enonkoski JV diamond drilling focused on multiple
near-mine areas northwest, west and southeast of the closed
Laukunkangas Ni-Cu-Co mine. A top of bedrock ('ToB') drilling
programme was ongoing simultaneously with the second phase of
diamond drilling, as well as UAV 3-component magnetic surveys which
were conducted at several sub-areas on the belt. The field
activities were supported by extensive reference logging and
sampling of historic drill core and a period of analysis carried
out by the JV partners.
Based on drilling and assay results and the continuous
evaluation of historic and new data from the entire belt, the
exploration activities are being continued. The assay results from
the drilling in 2021 and from the reference sampling of historic
core highlight a zone of pyroxenite in close vicinity of a sulphide
droplet zone identified by the Company in previous drilling
southeast of the closed mine. Planning for the upcoming exploration
programme is ongoing and preliminary plans include up-to 1,500
metres of diamond drilling, up-to 60 ToB drill holes, downhole
electromagnetic surveys, geological mapping and sampling to be
conducted in Q2 at several target areas on the belt. Final
decisions on possible ground gravity surveys will be made based on
drilling results.
Thomas Levin, COO of Bluejay subsidiary FinnAust Mining Finland
Oy, commented: "I am delighted to report that our exploration
activities at the Enonkoski JV project in eastern Finland will
continue shortly. The exploration programme is currently being
finalised, but we are aiming to commence diamond drilling in May
targeting mineralisation at near-mine target areas with the focus
on follow-up drilling of the drill campaigns in 2021.
"We are highly encouraged by the quality of the bedrock drill
core samples we received from the ToB sampling programme conducted
last year, and we have decided to extend this programme to cover
some new target areas, but also infill drilling will be conducted
to cover additional parts of a large mafic intrusion in the central
parts of the Enonkoski Belt. With the very high confidence in
obtaining actual bedrock samples we consider the ToB drilling to be
a highly effective and a very low environmental impact method to
map the bedrock under till cover. The aim with the ToB method is to
confirm the existence of mafic-ultramafic intrusions defined by
geophysics but covered by till. In addition, we will also achieve a
better understanding of the more ore potential parts of the
intrusions and generate new diamond drilling targets for future
exploration programmes.
"Detailed interpretation work completed on the assay results
from 2021 and early 2022, including a geochemical intrusion ranking
study of known mafic intrusions on the Enonkoski Belt, shows that
our activities are focusing on high potential targets on this
underexplored nickel-copper-cobalt belt. This continuous evaluation
work greatly assists in prioritising our targets, and we look
forward to updating the market again in due course on this exciting
project."
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.
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:
Kevin Sheil Bluejay Mining plc enquiry@bluejaymining.com
------------------------------ --------------------------
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 BlytheRay +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 three globally respected entities as partner, 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-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, 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 692 sq
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 Rio Tinto Exploration Finland Oy at
its Enonkoski Project in Finland and has recently signed a binding
agreement for a partial divestment in another Finnish project.
Bluejay also holds two additional key project areas in eastern
Finland hosting several historic mines, the Outokumpu
copper-cobalt-zinc-nickel-gold-silver project and the Hammaslahti
copper-zinc-gold-silver project.
**ENDS**
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