TIDMJAY
RNS Number : 5371P
Bluejay Mining PLC
21 June 2022
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
21 June 2022
Bluejay Mining plc ('Bluejay' or the 'Company')
Kangerluarsuk Survey Programme Scheduled
Bluejay Mining plc, the AIM, FSE-listed and OTCQB traded
exploration and development company, is pleased to provide an
update on the 100% owned Kangerluarsuk Zinc-Lead-Copper-Silver
project ('Kangerluarsuk' or the 'Project') in central west
Greenland.
Kangerluarsuk Highlights
-- Survey planned to cover 587-line kilometre's ("km") of aerial
gravity gradiometer, gravity and magnetics to further refine
targets in advance of drilling.
-- The survey is expected to commence in July and complete in
around seven days, utilising service providers already working on
projects within the broader region.
-- Kangerluarsuk, +/-12km north of the historical Black Angel
zinc, lead and silver mine (Greenland's most profitable mine), has
never been drilled.
-- Work by previous operators produced channel results of up to
41.1% Zinc & 45.4% lead and grab samples up to 9.3% Pb, 1.2% Cu
and 596 grams per tonne ("g/t") Ag.
-- Kangerluarsuk covers a total area of approximately 700 square
kilometres (" sq km") over two separate licenses.
Bo Møller Stensgaard, CEO of Bluejay Mining, commented: "We are
excited to commence these airborne surveys at Kangerluarsuk.
Historical mapping and sampling demonstrates similar geology to the
Black Angel mine to the south and work by previous operators,
identified several areas of outcropping and significant zinc, lead,
silver copper mineralisation.
"This data acquisition will make use of a platform already
operating in the West Greenland region. This will result in a quick
and cost-effective survey and represents a confirmatory programme
complementing existing chemical and geophysical data in advance of
a future drilling campaign."
About Kangerluarsuk
-- The Kangerluarsuk Zinc-Lead-Copper-Silver project is located within the Karrat Group, a major Palaeoproterozoic sedimentary basin with abundant Zn-Pb-Ag (+/- Cu) showings.
-- The Karrat Group hosts the former Black Angel
Zinc-Lead-Silver mine which produced 11 million tonnes at 12.6%
Zinc, 4.1% Lead and 29 g/t Silver during operation by Cominco
(1973-86) and later Boliden (1986-90).
-- The mine is situated only 12 km south of Bluejay's new
licence area which consists of two 100% owned mineral exploration
licences totalling 692 sq km.
-- Bluejay's licence areas are acknowledged by the Geological
Survey of Denmark and Greenland (GEUS) as containing the strongest
cluster of stream sediment zinc anomalies in the whole of
Greenland. A >100 sq km base metal anomaly demonstrates the
polymetallic deposit potential at Kangerluarsuk.
-- Prospecting by RTZ and Platinova Resources in the early 1990s
revealed several locations with outcropping high-grade, stratabound
sediment-hosted Zn-Pb-Ag +/- Cu mineralisation including channel
sample profiles up to 1 meter at 41.1% Zinc, 0.4 m at 45.4% Zinc
and grab samples up to 9.3% Lead, 1.2% Copper and 596 g/t Silver
within Bluejay's licence areas.
-- Data-rich: exploration to date has included trench and
channel sampling; detailed structural and geological mapping;
MMI(TM) (Mobile Metal Ion), SGH(TM) (Spatiotemporal Geochemical
Hydrocarbon) and bulk soil geochemistry; biogeochemical sampling;
helicopter-borne DIGHEMV and ZTEM electromagnetic surveys; and a
pilot reflection seismic survey.
-- As announced on 13 June 2022 the Company is exploring the
possibility of a demerger and separate stock market listing of its
100% owned subsidiary Disko Exploration Limited which will include
Kangerluarsuk if approved by shareholders.
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 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
--------------------------------- --------------------------
Andrew Chubb Hannam & Partners +44 (0) 20 7907 8500
--------------------------------- --------------------------
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, through its wholly owned subsidiary Disko Exploration
Ltd., 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.
Disko Exploration Ltd 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**
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDPPUPUQUPPGQU
(END) Dow Jones Newswires
June 21, 2022 02:00 ET (06:00 GMT)
Bluejay Mining (LSE:JAY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bluejay Mining (LSE:JAY)
Historical Stock Chart
From Jul 2023 to Jul 2024