Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining
22 May 2017
Bluejay Mining plc ('Bluejay' or the 'Company')
Survey Confirms that Pituffik Sits Within a Significant New Ilmenite Province
Bluejay Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, is pleased to announce that a recent study undertaken by the Geological Survey of Denmark and Greenland ('GEUS') has confirmed that the region in which the Company's 100% owned Pituffik Titanium Project in Greenland ('Pituffik') is located, represents a very significant ilmenite province ('the Dundas Province').
Importantly, the province level study, which covered an area of 300km x 150km, estimates that 10 billion tonnes of ilmenite exist in the original rock with up to 7 billion tonnes of mechanically eroded primary ilmenite made available for placer deposition within the project region. This potential volume of ilmenite is non-JORC but it does highlight that the province is potentially capable of hosting multiple ilmenite operations.
Pituffik contains the highest known proportion of this liberated ilmenite, both in terms of tonnes and grade, within the Dundas Province. This publication supports the Company's recently reported JORC compliant mineral resource estimate of 23.6Mt at 8.8% ilmenite (in-situ) at Pituffik, which sits within a larger 90Mt to 130Mt exploration target with an in situ in-situ grade of between 6.3% and 8.4% ilmenite (in-situ). The maiden resource and exploration target covers approximately 17% of the raised beach and does not include Interlak or the shallow marine areas. The proposed development will initially start on a high-grade zone of 7.9Mt at 14.2% ilmenite (in-situ).
GEUS's study involved scrutinising and correlating regional field maps, satellite images and oblique images as well as the regional geology, in particular the relative distribution and volumes of sill and dyke rocks in the sedimentary formations. Petrographic and mineralogical investigations were used to establish the relationship between normative ilmenite content and the true fraction of ilmenite in the source rock.
Bluejay CEO Roderick McIllree said, "The Dundas titanium province is a new concept in the raw materials community. Bluejay has tenure over the natural pathway to the development of this newly identified titanium province through Pituffik and has the first mover advantage in this exciting region. This area has now been demonstrated to host a combined total of up to 17 billion tonnes of pure ilmenite both in situ and available as naturally liberated primary ilmenite, with up to 700 million tonnes of ilmenite potentially occurring on the company 68 sq km licence area. Whilst these numbers are non-JORC, we are internally confident that the Dundas Province, which is analogous to the early stage identification of the west Pilbara iron ore province, will be seen for its true potential in the coming decades. The Company is now focused on the 2017 work programme and production of the feasibility study required for exploitation. Additionally, we are currently in discussions with a potential off-take partner that will facilitate our move towards production in 2018."
A copy of the report is available on the Company's website at http://www.titanium.gl/projects/pituffik-ilmenite-project/
**ENDS**
For further information please visit http://www.titanium.gl or contact:
Roderick McIllree |
Bluejay Mining plc |
+44 (0) 20 7907 9326 |
Graham Marshall |
Bluejay Mining plc |
+44 (0) 20 7907 9326 |
Ewan Leggat |
SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
Soltan Tagiev |
SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
Elisabeth Cowell |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
Charlotte Page |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
Notes
Bluejay through its 100% owned Greenlandic domiciled subsidiary, Dundas Titanium A/S, is focussed on advancing the Pituffik Titanium Project in Greenland into production in 2018. The project has been independently proven to host the highest-grade mineral sand ilmenite project globally, with an Inferred resource of 23.6Mt at 8.8% ilmenite, which includes a high-grade zone equal to 7.9Mt at 14.2% ilmenite.
Crucially, significant further upside remains as the resource is taken from just ~17% of the raised beach area and an exploration target of between 90Mt to 130Mt at an in-situ grade of between 6.3% and 8.4% ilmenite has been established.
Pituffik comprises two main target areas - Moriusaq and Interlak - which comprise three main deposit environments along an >80km coastline historically proven to contain large and high-grade accumulations of primary ilmenite occurring as placer deposits:
· Raised beaches; containing ilmenite accumulations over widths of more than 1km, of unknown depths, along more than 20km 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 Pituffik Project in H2 2017 with the aim of ultimately generating cash flow to create a company capable of self-funding exploration on 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.
The Company is dual listed on the London AIM market and Frankfurt Stock Exchange.
