Licence Expansion at Disko-Nuussuaq, Greenland
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining
10 October 2017
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 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 more than 200%, following the granting of additional exploration licences by the Government of Greenland. The Project now comprises 462.3km2 and the licences are valid for five years until 31 December 2022.
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 ('Norilsk'). 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 high powered moving loop electromagnetic ('EM') survey has now started at Disko and is expected to be completed in 4 weeks. The results are expected to identify optimal drill site locations for drilling.
Bluejay CEO Roderick McIllree said, "Whilst early stage, the potential of Disko is unquestionable. Having previously proven that Greenland is host to the world's highest-grade ilmenite mineral sand deposit through the development of our Pituffik Titanium Project, we continue to demonstrate Greenland's wider significant resource potential and also our ability to identity and develop assets in-country. Based on the work conducted at Disko to-date, together with our understanding of the region, we believe there is significant discovery potential here and as such we have increased our land position accordingly. With exploration work now commenced, I believe we are well placed to realise real value for shareholders from Disko in the not too distant future. Alongside this, we of course continue to remain focussed on commencing production at our flagship Pituffik Titanium Project in 2018."
Figure 1. New licence areas at Disko shown in red - see PDF :
http://www.rns-pdf.londonstockexchange.com/rns/0925T_-2017-10-9.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 |
|
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 462sq 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
Latest directors dealings
- 2 hours ago ASOS
- 3 hours ago MJ Gleeson
- 3 hours ago Rolls-Royce Holdings
- 4 hours ago Crest Nicholson Holdings
- 4 hours ago Naked Wines