Drill Programme extension at Enonkoski JV with Rio
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining
27 September 2021
Bluejay Mining plc ('Bluejay' or the 'Company')
Drill Programme extension at Enonkoski JV with Rio Tinto
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 and extension of further exploration expenditure by the Company's joint venture ('JV') partner Rio Tinto Mining and Exploration Ltd ('Rio Tinto') at the Enonkoski nickel-copper-cobalt ('Ni-Cu-Co') Project in eastern Finland as part of the JV & earn-in agreement with Rio Tinto Mining and Exploration Ltd announced on 10 November 2020.
The Enonkoski JV drilling phase commenced in May-June 2021, and targeted mineralisation in the near-mine areas Tevanjoki and Laukunsuo and was followed by a period of analysis carried out by the JV partners. Based on drilling and the continuous evaluation of existing data and the regional belt, the drilling is being continued. Geological mapping and sampling has been ongoing at the Enonkoski Belt, historical drill core has been relogged and sampled, a top of bedrock sampling programme commenced in mid-August and a detailed approximately 2000 line kilometre Vertical take-off fixed-wing UAV 3C magnetic survey was finished in early September. Planning for the upcoming diamond drill programme is ongoing and preliminary plans include 3,000-4,000 metres of drilling to be conducted in October-December 2021 at several target areas on the belt.
Thomas Levin, COO of Bluejay subsidiary FinnAust Mining Finland Oy, commented: "I am delighted to report that our JV partner, Rio Tinto, have decided to extend the exploration activities at our Enonkoski Project in East Finland. The field team have been continuing with the geological field work at several target areas on the belt. The aim with the ongoing top of bedrock sampling and recently completed, very detailed, 20-40 metre line spacing drone 3 component magnetic survey, is to assist in the target generation for the upcoming diamond drilling programme. We look forward to updating the market again in due course on this exciting project".
Bluejay holds, through its 100% owned Finnish subsidiary FinnAust Mining Finland Oy ('FinnAust'), three large scale project areas in East Finland - the Enonkoski 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 signed a 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 £4 million.
For further information please visit http://www.bluejaymining.com or contact:
Roderick McIllree/ Kevin Sheil
Bluejay Mining plc
Ewan Leggat/ Adam Cowl
SP Angel Corporate Finance LLP(Nominated Adviser)
+44 (0) 20 3470 0470
Hannam & Partners (Advisory) LLP
+44 (0) 20 7907 8500
Tim Blythe/ Megan Ray
+44 (0) 20 7138 3205
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. 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'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 Rio Tinto Mining and Exploration Ltd at its Enonkoski Project in Finland and has recently signed a binding agreement for a partial divestment in a fourth Finnish project.