Bulk Sample Agreement for Ilmenite Project
26 September 2017
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining
Bluejay Mining plc ('Bluejay' or the 'Company')
Agreement with mineral sands processor for World's Highest-Grade Ilmenite Project
Bluejay Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, is pleased to announce that its wholly owned subsidiary Dundas Titanium A/S has entered into the first agreement relating to ilmenite product produced from its Pituffik Titanium Project ('Pituffik') in Greenland.
Overview
· Maiden agreement secured with experienced mineral sands processor allowing for the Company's bulk sample run of mine ('ROM') material to be refined into a high specification ilmenite product (the 'Product')
· The Product will then be used to seed the market with what is expected to be a high-quality and homogenous ilmenite concentrate that will advance offtake negotiations
· More importantly this agreement potentially connects the Company's future mine product to the market
· It is the intention of both parties to enter into further negotiations that could generate orders sufficient in size to facilitate development
· Agreement follows processing design work completed at IHC Robbins, Queensland
· It is expected that two high spec ilmenite products can be produced efficiently that are suitable for sulphate pigment production and for both sulphate slag and chloride slag markets
Bluejay CEO Roderick McIllree said, "This marks a significant milestone for Bluejay. As the highest-grade mineral sand ilmenite project globally, with a homogeneous final product, a projected low-cost production model as well as being strategically located between Europe and North America with easy access to North Atlantic shipping and trade routes, we have always believed that our Pituffik product would be competitively sought. We have now initiated the customer engagement process and I believe this has the potential to lead to some big successes as we execute our development strategy."
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 http://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 |
|
Charlotte Page |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
|
Megan Dennison |
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 Pituffik Titanium Project in Greenland into production in 2018. Pituffik has been proven to be the highest-grade mineral sand ilmenite project globally, 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. Crucially significant further upside remains, as the resource forms part of a larger exploration target for the tested area of between 90Mt to 130Mt at an in-situ grade of between 6.3% and 8.4% ilmenite. Furthermore, the resource area covers just ~17% of the raised beach area - one of three main target areas situated along an >40km coastline:
· 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 Pituffik Project in 2017 with the aim of securing an offtake partner and commencing commercial production in 2018 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 194sq 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. Bluejay intends to conduct a high-powered, ground based, electromagnetic survey at Disko in Q4 2017 for the purposes of identifying optimum drill site locations for the possibility of drilling during 2018.
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.
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
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