Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining
02 May 2018
Bluejay Mining plc ('Bluejay' or the 'Company')
Licence Expansion at Disko-Nuussuaq Nickel-Copper-Platinum Project, Greenland
Bluejay Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, is pleased to announce that it has further increased its land package for the Disko-Nuussuaq Magmatic Massive Sulphide ('MMS') Nickel-Copper-Platinum Project ('Disko' or the 'Project') in south-west Greenland by an additional 1,616km2. The Project now comprises a total of 2,586km2. The area under license at Disko is now approximately the size of the country of Luxembourg and we have secured this additional acreage following positive results from recently completed internal studies. To view the press release with the illustrative maps and diagrams please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/8144M_-2018-5-1.pdf
Bluejay CEO Roderick McIllree said, "This increase in licence grant almost doubles our landholding at Disko, which has clear similarities to other great MMS systems of the world. We believe in the geological model defined by several majors before us and will work to unlock value here during 2018.
"We have several parties interested in partnering with us on this project and we will carefully evaluate these individually to determine the best way forward for shareholders. Work will focus on developing drill targets in the newly enlarged project and will run in parallel to our primary development work at the Dundas Ilmenite Project ("Dundas"), which due to its close proximity makes implementing two development programmes very cost effective.
"With production approaching at Dundas, and significant further upside from Disko, we have a valuable portfolio that strongly positions us for long term growth."
About Disko
Located on the south-west coast of Greenland, Disko has shown its potential to host mineralisation similar to the nickel/copper sulphide mine Norilsk-Talnakh located in northern Russia. Seven significant MMS targets have been identified to-date at the licence area, with the largest being 5.9km long by 1.1km wide. A 28t boulder assaying 6.9% nickel, 3.7% copper, 0.6% cobalt and 2g/t platinum group metals has also been discovered on the licence area, which is now displayed in the foyer of the Danish Geological Museum in Copenhagen, further highlighting the potential of these licences.
A surface sampling programme in 2017 confirmed a working sulphide system at Disko with initial chemical assays in oxidised surface material returning 2.02% nickel, 0.8% copper, 0.2% cobalt. Handheld XRF sampling on fresh, polished material returned values averaging between 4.6%-9.3% nickel & 1.5-2.8% copper. Fresh samples taken from outcrops confirmed characteristics indicative of large scale Ni-Cu-Co-PGE sulphide segregation and course grained inter-locking crystals of metal sulphides were observed in hand specimens with an average size of +15cm. Further details of the exploration work conducted at Disko are set out in the Company's announcement of 8 December 2017.
The Company will shortly announce its 2018 work programmes for both Disko and Dundas and looks forward to providing these details in due course.
Figure 1. New licence areas at Disko shown in red - See PDF
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
Further Information
For further information on Bluejay Mining plc please visit http://www.titanium.gl or contact one of the following:
Roderick McIllree |
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 |
Ingo Hofmaier |
Hannam & Partners (Advisory) LLP |
+44 (0) 20 7907 8500 |
Andrew Chubb |
Hannam & Partners (Advisory) LLP |
+44 (0) 20 7907 8500 |
Charlotte Page |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
Susie Geliher |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
Notes
Bluejay is dual listed on the London AIM market and Frankfurt Stock Exchange and primarily focussed on advancing the Dundas Ilmenite Project in Greenland into production in the near term. Dundas has been proven to be the highest-grade mineral sand ilmenite project globally, with a JORC Compliant Resource of 96 million tonnes at 6.9% ilmenite (in situ) and an Exploration Target over the Iterlak Delta of between 20 million tonnes and 60 million tonnes at between 6% and 10% ilmenite (in-situ).
The Company's strategy is focused on securing an offtake partner and commencing commercial production at Dundas in the near term in order to create a company capable of self-funding exploration on current projects and future acquisitions.
Bluejay holds two additional projects in Greenland - the 2,586 sq km Disko-Nuussuaq ('Disko') Magmatic Massive Sulphide ('MMS') nickel-copper-platinum project ('Ni-Cu-PGM'), which has shown its potential to host mineralisation similar to the world's largest nickel/copper sulphide mine Norilsk-Talnakh, and the 107sq km Kangerluarsuk Sed-Ex lead-zinc-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.
The Company also has a 100% interest in a portfolio of copper, zinc and nickel projects in Finland. This multi-commodity portfolio has been restructured to be cost-sustainable whilst determining the best plan for future development.
