Agreement with Rio Tinto Iron and Titanium Canada
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining
May 28, 2019
Bluejay Mining plc ('Bluejay' or the 'Company')
Agreement with Rio Tinto Iron and Titanium Canada Inc.
Bluejay Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, is pleased to announce that it has reached an agreement with Rio Tinto Iron and Titanium Canada Inc. ('RTIT') to further analyse Ilmenite from its 100% owned Dundas Ilmenite Project ('Dundas' or 'the Project') in Greenland (the 'Agreement'). RTIT is a member of the Rio Tinto Group, a major producer of high-grade titanium dioxide feedstock from its current operations in Canada, South Africa and Madagascar.
Overview:
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Dundas is a scalable strategic asset and has a current JORC Compliant Mineral Resource of 101 million tonnes at 7.1% ilmenite (in-situ) and has been confirmed as the highest-grade mineral sand ilmenite project globally. |
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RTIT will analyse Ilmenite from the Dundas Project. This will include a smelter test sample (subject to Greenland Government approval) from Dundas at RTIT's Sorel-Tracy plant in Quebec, Canada. |
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RTIT and Bluejay will work together to review and improve on the technical work that has been completed on Dundas to date. |
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RTIT may terminate the agreement at any time and there is no guarantee that the ilmenite assessment will lead to a long-term transaction between Bluejay and RTIT. |
Bluejay CEO Roderick McIllree said, "We are delighted to be working with Rio Tinto and this summer one of the key-outcomes will be the delivery of a large bulk-sample to the Sorel-Tracy plant. We believe that the ilmenite from Dundas will prove to be a very valuable material for the Sorel-Tracy plant operation and believe that the experience and expertise from Rio Tinto will provide an opportunity for technological and economic optimization.
Furthermore, and importantly, the signing of this Agreement with one of the world's largest mining groups proves Bluejay's "discover, develop and deliver" model for Greenland. In addition to continuing to drive Dundas towards permitted exploitation, we expect to continue to expand the resource base in both the on- and off-shore environments. Consequently, we are now able to refocus some of our attention to our other significant and high value projects namely Disko, Kangerluarsuk and Finland.
Shareholders can expect news shortly on the large scale and innovative work programmes that will be conducted over these projects during 2019."
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**
For further information please visit www.titanium.gl or contact:
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
Andrew Chubb Hannam & Partners Advisory Ltd. +44 (0) 20 7907 8538
Ingo Hofmaier Hannam & Partners Advisory Ltd. +44 (0) 20 7907 8532
Hugo de Salis St Brides Partners Ltd +44 (0) 20 7236 1177
Cosima Ackerman 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 101 million tonnes at 7.1% ilmenite 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- CuPGM'), 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.
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