TIDMJAY
RNS Number : 6352W
Bluejay Mining PLC
16 November 2017
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
16 November 2017
Bluejay Mining plc ('Bluejay' or the 'Company')
Bluejay Inclusion in the MSCI World Micro Cap Index
Bluejay Mining plc, the AIM and FSE listed company with projects
in Greenland and Finland, is pleased to announce its inclusion in
the Morgan Stanley Capital Index ('MSCI') for World Micro Caps,
effective 30 November 2017.
The MSCI World Micro Cap Index (MXEURC) captures micro-cap
representation across 23 Developed Markets countries. With 5,733
constituents, the index covers approximately 1% of the free
float-adjusted market capitalisation in each country and as at 31
October 2017, the market capitalisation of World Micro Caps stood
at US$556,640 million.
MSCI is a world leading provider of research-driven insights and
tools for institutional investors with particular expertise in the
areas of risk and performance measurement that is based on more
than 40 years of academic research, real-world experience and
collaboration with clients. MSCI's broad product line which
includes equity, fixed income, hedge fund stock market indexes and
equity portfolio analysis tools, supports clients' needs across all
major asset classes delivering a consistent way of looking at risk
and performance from front to middle office.
Bluejay CEO Roderick McIllree said "The inclusion of Bluejay in
MSCI's World Micro Cap Index, an established index that is widely
followed by both active and passive investment vehicles such as
tracker funds, puts the Company firmly on the radar of
institutional investors. Gaining representation in this index is
testament to the progress we have made over the past year,
specifically in positioning the Dundas Ilmenite Project in
Greenland as the highest-grade mineral sand ilmenite project
globally. We are nearing the final stages of the project permitting
process which once complete will mark another major milestone as we
continue to execute our defined development strategy to build a
robust and long life mineral project."
**S**
For further information please visit http://www.titanium.gl or
contact:
+44 (0) 20 7907
Roderick McIllree Bluejay Mining plc 9326
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SP Angel Corporate +44 (0) 20 3470
Ewan Leggat Finance LLP 0470
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SP Angel Corporate +44 (0) 20 3470
Soltan Tagiev Finance LLP 0470
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Hannam & Partners +44 (0) 207
Andrew Chubb (Advisory) LLP 907 8500
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Hannam & Partners +44 (0) 207
Ingo Hofmaier (Advisory) LLP 907 8500
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St Brides Partners +44 (0) 20 7236
Charlotte Page Ltd 1177
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St Brides Partners +44 (0) 20 7236
Megan Dennison Ltd 1177
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Notes
Bluejay has a number of highly prospective licences at various
stages of development in Greenland and Finland. The Company is dual
listed on the London AIM market and Frankfurt Stock Exchange.
The Company is currently focussed on advancing the Dundas
Ilmenite Project in Greenland, an area that has only recently
revealed its mineral potential following changes in the climate.
Dundas, which with an initial Inferred JORC resource of 23.6Mt at
8.8% ilmenite (in situ), including a high-grade zone equal to 7.9Mt
at 14.2% ilmenite, and significant further upside, has been proven
to be the highest-grade mineral sand ilmenite project globally.
Dundas comprises three main target areas along an >40km
coastline historically proven to contain large and high-grade
accumulations of primary ilmenite occurring as placer deposits in
the following environments:
-- Raised beaches; containing ilmenite accumulations over widths
of more than 1km, of unknown depths, along more than 30km of
coastline;
-- Active beaches; which refer to the area seaward of the
frontal dunes, including the beach, tidal zones and surf zone;
and
-- Drowned beaches; refers to the areas seaward of active beaches.
The Company's strategy is focused on the production of a bulk
sample "proof of concept" from the Dundas Ilmenite Project in 2017
with the aim of ultimately generating cash flow to create a company
capable of self-funding exploration on current projects and future
acquisitions.
Bluejay also holds a 100% interest in a portfolio of copper,
zinc and nickel projects in Finland. This multi-commodity portfolio
remains a strategic asset of importance and has been restructured
to be cost-sustainable whilst determining the best plan for future
development.
Dundas Mineral Resource Estimate
The Dundas mineral resource estimate has been prepared by SRK
Exploration Services ('SRK') and is broken down into three
components:
-- An Inferred resource of 23.6Mt at 8.8% ilmenite (in situ) for the total area tested
-- This includes a high-grade zone equal to 7.9Mt at 14.2%
ilmenite (in situ) at Moriusaq which is the focus of the
feasibility and production studies that are currently underway
-- A larger exploration target for the area, primarily
encompassing potential mineralisation below and inland from the
current drilling, of between 90Mt to 130Mt at an in-situ grade of
between 6.3% and 8.4% ilmenite
SRK has produced a Mineral Resource Estimate for the Dundas
onshore raised beaches target that forms part of Bluejay's
exploration licence in Northwest Greenland (licence number
2015/08). This is the maiden Mineral Resource Estimate produced for
the licence. The Mineral Resource Estimate report prepared by SRK
will be made available during Q2 2017.
The Mineral Resource Estimate is based on all valid data
available as at 1 March 2017. A volume of the raised beaches has
been modelled which encompasses the drilled portion of these areas
with a maximum depth limit set at 3 metres below ground level. The
model covers a surface area of approximately 5km by up to 0.9km.
The model was incorporated into a three-dimensional block model and
the in situ titanium dioxide ('TiO2') grade and percent recoverable
heavy mineral content were interpolated using an inverse distance
weighted ('IDW') algorithm.
SRK considers that all the delineated mineralisation has
reasonable prospects for eventual economic extraction and the
Mineral Resource Statement has been reported at a 0% cut-off grade
using the terminology and guidelines set out in the JORC 2012
Code.
Table 1: JORC Mineral Resource Statement for Dundas Onshore
Target, April 2017
Classification Volume Tonnage Density % THM % % % <63um % TiO(2) % TiO(2) % Ilmenite
(M.m(3) (M.t) (t/m(3) >2mm >5mm In In-situ In-situ
) ) HM
--------------- -------- ------- -------- ----- ----- ----- ------- -------- -------- ----------
Inferred 11.2 23.6 2.12 34.5 29.0 21.8 2.5 12.0 4.2 8.8
--------------- -------- ------- -------- ----- ----- ----- ------- -------- -------- ----------
-- The effective date of the Mineral Resource is April 6th, 2017
-- The numbers are presented at a 0% cut-off grade
-- "THM" and "HM" mean Total Heavy Minerals and Heavy Minerals respectively
-- HM have been separated from a -2 mm +63 um size fraction
using heavy liquid separation at a density of 2.95 g/cm(3)
-- Preliminary mineralogical assessments suggest that the HM
typically comprises 26.76% ilmenite and that there are no other
valuable HM present. Additional mineralogical data is expected
during April 2017
-- % TiO(2) in-situ assumes that all recoverable TiO(2) is in
the HM component of the -2 mm +63 um size fraction
-- % Ilmenite In-situ assumes that all TiO(2) is within ilmenite
and that the ilmenite contains 47.65% TiO(2) , based on historical
exploration data
SRK has also produced a Mineral Resource Statement has been
reported at a 5% in-situ TiO(2) cut-off grade using the terminology
and guidelines set out in the JORC 2012 Code.
Table 2: JORC Mineral Resource Statement for Dundas Onshore
Target, April 2017. 5% in-situ TiO(2) cut-off grade applied.
Classification Volume Tonnage Density % THM % % % <63um % TiO(2) % TiO(2) % Ilmenite
(M.m(3) (M.t) (t/m(3) >2mm >5mm In In-situ In-situ
) ) HM
--------------- -------- ------- -------- ----- ----- ----- ------- -------- -------- ----------
Inferred 3.7 7.9 2.12 44.3 22.2 16.7 2.1 15.3 6.8 14.2
--------------- -------- ------- -------- ----- ----- ----- ------- -------- -------- ----------
-- The effective date of the Mineral Resource is April 6th, 2017
-- The numbers are presented at a 5.0% in-situ TiO(2) cut-off grade
-- "THM" and "HM" mean Total Heavy Minerals and Heavy Minerals respectively
-- HM have been separated from a -2 mm +63 um size fraction
using heavy liquid separation at a density of 2.95 g/cm(3)
-- Preliminary mineralogical assessments suggest that the HM
typically comprises 26.76% ilmenite and that there are no other
valuable HM present. Additional mineralogical data is expected
during April 2017
-- % TiO(2) in-situ assumes that all recoverable TiO(2) is in
the HM component of the -2 mm +63 um size fraction
-- % Ilmenite In-situ assumes that all TiO(2) is within ilmenite
and that the ilmenite contains 47.65% TiO(2) , based on historical
exploration data
SRK is of the opinion that there is a high probability that a
proportion of this currently reported Inferred Mineral Resource can
be upgraded to the Indicated category following additional
exploration. Further, SRK considers that there is a high
probability that the raised beaches hosting this Mineral Resource
extend both at depth and laterally along the shoreline within
Bluejay's licence area. The licence area includes a 30 km length of
raised beaches and deltas and Bluejay has demonstrated
mineralisation in several places in addition to the area covered by
the Mineral Resource presented here.
In addition to the Mineral Resource Statement, SRK has derived
an Exploration Target which is planned to be tested by the Company
in the next field season. The Exploration Target tonnage range
reflects SRK's opinion that the mineralization has potential to be
continuous between 9m and 12m below surface (SRK's Mineral Resource
estimate has been restricted to 3m) which is based on a limited
amount of outcrop exposure. In summary, it comprises potential
mineralisation below the depth currently drilled. The exploration
grade range is based on the grade of the overlying Mineral
Resource.
SRK's Exploration Target is between 90Mt and 130Mt with an
in-situ TiO2 grade of between 3% and 4% (assumed to be between 6.3%
and 8.4% ilmenite) and a heavy mineral content of between 30% and
34% of which between 10% and 12% will comprise TiO2 (assumed to be
between 21% and 25% ilmenite). It should be noted that this is an
estimated range of tonnes and grade and is conceptual in nature,
that there has been insufficient exploration to estimate a Mineral
Resource and that it is uncertain if further exploration will
result in the estimation of a Mineral Resource.
Qualified Persons
The information in this press release that relates to Mineral
Resources is based on information compiled under the direction of
Dr Mike Armitage C Geol., C Eng., who is a Member of the Institute
of Materials, Minerals and Mining which is a Recognised Overseas
Professional Organisation ('ROPO') included in a list promulgated
by JORC from time to time.
Dr Armitage is a full-time employee of SRK Consulting (UK) Ltd
and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he has undertaken to qualify as a Competent Person
as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves' (the JORC Code) and for the purposes of the AIM Rules. Dr
Armitage has reviewed this press release and consents to the
inclusion in the press release of the matters based on his
information in the form and context in which this appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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