TIDMJAY
RNS Number : 2332U
Bluejay Mining PLC
27 March 2023
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
27 March 2023
Bluejay Mining plc ('Bluejay' or the 'Company')
Encouraging drilling results from the Enonkoski Ni-Cu-Co Joint
Venture Project with Rio Tinto
Bluejay Mining plc, the AIM, FSE listed and OTCQB traded
exploration and resource development company with projects in
Greenland and Finland, is pleased to announce the results from the
first exploration programme of 2023 at the Enonkoski
Nickel-Copper-Cobalt ('Ni-Cu-Co') Project ('Enonkoski' or the
'Project') in eastern Finland as part of the Joint Venture ('JV')
and earn-in agreement with Rio Tinto Exploration Finland Oy ('Rio
Tinto') announced 10 November 2020.
Highlights
-- Two drill holes for a total of 951.10 metres ('m') were
drilled in January at the Laukunlampi target located 1.5 kilometres
('km') south-east of the former Laukunkangas Ni-Cu-Co mine (6.7
million tonnes ('Mt') at 0.78% Ni and 0.22% Cu were mined from
Laukunkangas with the nickel grades of the off-set massive sulphide
ores of over 5%, copper of up to 2% and cobalt of up to 0.3%
(Geological Survey of Finland, 2020) [1] ).
-- Drill hole ENON0028 intercepted a significant width of
mineralised vari-textured pyroxenitic-noritic units with multiple
intervals of nickel-copper sulphide (pyrrhotite, pentlandite,
chalcopyrite) droplet zones, and locally thin intervals of
net-textured semi-massive sulphide mineralisation. The best
mineralised interval in this hole yielded a nickel ('Ni') content
of 0.41% whilst the remaining intervals within the sulphide droplet
zones averaged 0.16% Ni (Table 2).
-- A downhole electromagnetic survey ('DHEM') was conducted on
both new drill holes during February.
-- LIBS (Laser Induced Breakdown Spectroscopy) scanning of drill
core from ENON0028 has been completed.
-- Geological and geophysical modelling is ongoing with the aim
to define targets for follow-up drilling of the mineralisation that
have been intercepted in several drill holes within the Laukunlampi
intrusion.
-- Spot measurements of the sulphide droplets in ENON0028 with a
handheld pXRF (portable X-ray fluorescence) show readings of up to
11% Ni demonstrating the exceptionally high Ni tenor [2] of the
sulphides in this hole.
-- Recent geological and geophysical modelling within the area
of the former Hälvälä Ni-Cu mine and Makkola Ni-Cu deposit have
indicated that the latter mineralisation is open at a shallow level
along strike in an area untested by previous drilling.
Dr. Bo Møller Stensgaard, CEO of Bluejay Mining plc,
commented:
"The results from the first 2023 drilling with Rio Tinto on the
Enonkoski Project are very encouraging with one of the drill holes
returning significant intervals of sulphide-droplets, representing
the highest sulphide content of any hole we have drilled in the
Laukunlampi intrusion to date. Furthermore, individual droplets
yield by far the highest Ni tenors of any sulphide so far
encountered within this intrusion. This has positive implications
for further exploration as we anticipate that the Ni tenor of the
sulphide droplets as well as the overall sulphide content, should
increase towards massive sulphide ores, providing us with a vector
on which to plan our future drill holes as we continue the search
for a significant mineralised body with economic grades of nickel,
copper, cobalt within the Laukunlampi intrusion.
"Not only has the drilling returned mineralised intervals, it
has also extended the potential search space of the Laukunlampi
intrusion. In addition, our recent work at the Makkola target near
the former Hälvälä Ni-Cu-Co Mine in the eastern part of the >15
km long metallogenic Enonkoski Belt indicates the potential for the
presence of shallow drill targets. We look forward to updating the
market in due course on the next developments for this exciting
battery metals project, located in a world class mining
jurisdiction."
January 2023 Results from the Enonkoski Ni-Cu-Co Project
The first diamond drilling programme of 2023 at the Enonkoski
Ni-Cu-Co Project (see Bluejay's RNS dated: 16 January 2023) was
completed as planned in January at the Laukunlampi target located
approximately 2 km south-east of the historic Laukunkangas Ni-Cu-Co
mine (Figure 1; Table 1). The drilling was followed by a DHEM
survey in February. All drill core has been analysed for
geochemistry at ALS laboratories in Outokumpu (Finland) and
Loughrea (Ireland). Key intercepts are presented in Table 2. LIBS
scanning has been completed on drill core from hole ENON0028 by
LUMO Analytics providing detailed elemental mapping of the drill
core.
High tenor nickel and copper sulphide droplets and disseminated
sulphides have previously been intercepted in pyroxenitic and
noritic units close to the southern and north-eastern contacts of
the Laukunlampi mafic-ultramafic intrusion. Both drill holes
drilled in January intercepted extensions of the mineralised
pyroxenites observed in previous drilling.
o Drill hole ENON0028 intercepted nearly 200m of vari-textured
pyroxenite and norite, including an 88m interval with multiple
sub-intervals of Ni-Cu sulphides (pyrrhotite, pentlandite,
chalcopyrite) as droplets and thin semi-massive sulphide
mineralisation (Figure 2). The average nickel content of the
mineralised intervals is approximately 0.15% and up to a maximum of
0.41% Ni. The latter is consistent with the nickel grade of the
droplet sulphide ore that occurs in close association with and
within a few hundred metres of the massive sulphide ores at the
former Laukunkangas Ni-Cu-Co mine.
o Drill hole ENON0028 contains the highest and most significant
sulphide content of all the drill holes completed to date at the
Laukunlampi target. Significantly spot measurements of the sulphide
droplets in ENON0028 utilising a handheld pXRF (portable X-ray
fluorescence) device show readings of up to 11% Ni, demonstrating
the exceptionally high Ni tenor (defined as the concentration of a
metal, usually Ni, contained in 100% sulphide) of the sulphides in
this hole. This is approximately twice as high as those readings
recorded in spot measurements of sulphide droplets taken from
historic drill holes located elsewhere within the Laukunlampi
mafic-ultramafic intrusion. Note that these pXRF data represent
local spot measurements of individual sulphide droplets and are
therefore not representative of a specific interval.
o Drill hole ENON0027 intercepted a significant width of
gabbroic and noritic rocks and the results confirmed that the
Laukunlampi intrusion can be extended to the north into an area of
approximately 200 × 400m gap untested by previous drilling. This is
regarded as a significant gap in the drilling when considering the
small footprint and steeply plunging geometry of the known sulphide
ore at the former mines hosted within the Enonkoski belt. Drill
hole ENON0027 also intercepted a few metres of pyroxenite within
the intrusion with weak to moderate sulphide mineralisation.
Table 1: Drill hole collar information for ENON0027 and
ENON0028
Coordinates (ETRS89_TM35FIN)
---------- ------------------------------- -------- ----
Final depth
Hole ID Easting Northing Azimuth Dip (m)
---------- -------------- --------------- -------- ----
ENON0027 593600 6880120 217 -65 483.00
---------- -------------- --------------- -------- ---- ------------
ENON0028 593602 6879867 307 -60 468.10
---------- -------------- --------------- -------- ---- ------------
Table 2: Selected mineralised intervals for ENON0027 and
ENON0028 (see foot note) [3]
Intersection Interval Ni Cu Co S NiEq
---------------- --------- ----- ----- ----- ----- -----
From To
Hole ID (m) (m) (m) % % % % %
------- ------- --------- ----- ----- ----- ----- -----
ENON0027 473.00 474.00 1.00 0.15 0.07 0.03 6.93 0.22
--------------- ------- ------- --------- ----- ----- ----- ----- -----
ENON0028 242.04 243.06 1.02 0.15 0.06 0.02 2.52 0.20
--------------- ------- ------- --------- ----- ----- ----- ----- -----
and including 284.40 285.00 0.60 0.19 0.05 0.02 1.71 0.24
--------------- ------- ------- --------- ----- ----- ----- ----- -----
and including 285.00 285.66 0.66 0.41 0.09 0.03 4.55 0.49
--------------- ------- ------- --------- ----- ----- ----- ----- -----
and including 293.28 295.35 2.07 0.14 0.04 0.01 1.26 0.17
--------------- ------- ------- --------- ----- ----- ----- ----- -----
and including 296.38 299.81 3.43 0.15 0.05 0.01 2.28 0.18
--------------- ------- ------- --------- ----- ----- ----- ----- -----
Discussing the results of the January 2023 Enonkoski drilling,
Thomas Levin, COO of Bluejay subsidiary FinnAust Mining Finland Oy
('FinnAust'), commented:
"Drill hole ENON0028 intercepted thin semi-massive sulphide
intervals and a total of eight visual sulphide droplet intervals of
up to 7m wide over a distance of 88m within an approximately 200m
wide upper zone of compositionally and texturally variable
pyroxenites before intercepting the contact of the lower zone
consisting of a homogenous gabbronorite.
"Handheld pXRF spot measurements demonstrate that the nickel
tenor is very high within the large sulphide droplets, indicating
that our focus and exploration efforts have moved in the right
direction within the intrusion. Our most significant sulphide
intercepts prior to the recent drilling were from drill hole
M421114R306 located more than 200m south of ENON0028, but
encouragingly the nickel tenor has increased significantly towards
the north in the case of ENON0028.
"The Laukunlampi intrusion is open towards the north and
north-west, and our geological and geophysical models all indicate
that the prospective pyroxenites continue in this direction
supporting the potential of this target, especially at depth. The
results from the ENON0027 drill hole have extended the intrusion
towards the north. In addition, there is a large area to the
north-west between our current drilling activity and the old
Laukunkangas mine that is untested by drilling and is covered by a
10 to +20m thick approximately 1000 × 200m swamp that effectively
masks the expected gravity anomalies in the area. When considering
the small footprint (that can be only tens of metres or less) and
steeply plunging character of the known economic deposits within
the Enonkoski Belt, this represents a significant area of new
search space for continued exploration.
"The focus of the JV has lately been on the Laukunlampi
drilling, modelling and results, but I am pleased to report that
the geological and geophysical modelling has also continued on the
separate Hälvälä-Makkola target in the south-eastern region of the
Enonkoski Belt where a ground gravity survey and extensive
reference logging and measurements of historic drill core has
recently been completed. The objective of the ongoing modelling is
to generate new diamond drilling targets within an area hosting the
former Hälvälä mine and the Makkola deposit. Recent geological
modelling indicate that the Makkola Ni-Cu mineralisation is open at
a shallow level along strike and is untested by drilling."
Figure 1. Enonkoski Permit areas with location of the former
Laukunkangas (A) and Hälvälä (C) Ni-Cu-Co mines and the Laukunlampi
Intrusion (B). The Makkola target which is also mentioned in the
text is located near Hälvälä.
Geological modelling indicates that the pyroxenitic units of the
Laukunlampi intrusion continue towards the north and north-west.
The geological model is supported by geophysical modelling of all
available magnetic, electromagnetic and gravity data. The DHEM
modelling has generated some unexplained and untested off-hole
conductors. However, no significant anomalies can be seen in the
downhole electromagnetics or three component magnetic data in close
proximity to the mineralised intervals in ENON0028. The ongoing
planning for follow-up drilling is therefore focussed on the area
further to the north and north-west, with the objective of
demonstrating the presence of economic ore grades and tenors within
these parts of the intrusion. Very limited drilling has been
conducted to the north-west of the recent drilling and towards the
Laukunkangas Ni-Cu-Co mine, and the Laukunlampi intrusion is open
in this direction (Figure 3).
Figure 2. Example photos of high tenor nickel-copper sulphide
droplets in drill hole ENON0028.
Figure 3 (previous page). Plan view (looking down) of the
north-west - south-east trending elongated Laukunlampi intrusion
with the location of the recently drilled ENON0028 and ENON0027
drill holes indicated. Former historical drill holes are also
displayed. Colours on drill-holes represent different lithologies.
The modelled pyroxenite (red solid) and the mafic-ultramafic
Laukunlampi intrusive (green solid) are both open towards north and
north-west towards an area with no historic drilling. The NNW-SSE
trending and NNW plunging magnetic model (black solid rectangles)
is coincident with a local conductor also untested by drilling. The
distance between hole collars of ENON0028 and ENON0027 is 250m.
Further information on the Laukunlampi mafic-ultramafic
intrusion
The Laukunlampi intrusion is located approximately 1.5km along
strike to the south-east of the historic Enonkoski (Laukunkangas)
nickel-copper-cobalt mine. The Laukunkangas deposit was discovered
in 1969, although the high-grade ore was only discovered in 1980.
The mine was operated between 1985 to 1994 by Outokumpu Oy. The
Laukunkangas ore deposit occurred as many separate ore lodes hosted
within the ultramafic-mafic rocks of the eastern and northern
portions of the Laukunkangas intrusion. The ore types varied from
massive to semi-massive sulphide ores to sulphide droplets plus
strong sulphide dissemination hosted in peridotite and weak
sulphide dissemination hosted in norite. Typical ore minerals were
pyrrhotite, pentlandite and chalcopyrite. Some of the richest ore
occurred as off-set ore lodes outside of the intrusion, within the
mica gneiss or graphitic gneiss wall-rocks. A total of 6.7 Mt at
0.78% Ni and 0.22% Cu was mined from the Laukunkangas mine. The
nickel content of the off-set massive ore was over 5%, with copper
grades of up to 2% and cobalt grades of up to 0.3%, whilst the
lower-grade disseminated ore contained approximately 0.3-0.4% Ni
(Geological Survey of Finland, 2020) [4] .
Strong similarities between both the Laukunkangas intrusion
(that hosts the former mine of the same name) and Laukunlampi
intrusions have been recognised. Disseminated sulphides and
pyrrhotite-chalcopyrite-pentlandite droplets analogous to the
droplet ore at the Laukunkangas mine have been discovered at
Laukunlampi at several locations within the noritic-pyroxenitic
intrusion including the significant mineralised upper pyroxenite
zone in drill hole ENON0028. No high-grade massive sulphides have
yet been discovered within the Laukunlampi mafic-ultramafic
intrusion. However, intervals with high amounts of sulphide
droplets with high nickel and copper tenors based on handheld pXRF
measurements have been discovered both close to the southern and
northern contacts of the intrusion and by far the highest nickel
tenor to date has been observed in drill hole ENON0028. In
addition, significant widths of noritic rocks with disseminated
sulphides have been intercepted with several drill holes.
Finland Overview
Bluejay holds, through its 100% owned Finnish subsidiary
FinnAust Mining Finland Oy, three large scale project areas in East
Finland - the Enonkoski Ni-Cu-Co project, the Hammaslahti
copper-zinc-gold-silver project, and the Outokumpu
copper-cobalt-zinc-nickel-gold-silver project. Bluejay subsidiary
FinnAust signed a staged US$20 million JV and earn-in agreement
with Rio Tinto for the Enonkoski Ni-Cu-Co project, announced 10
November 2020. The Company has also signed a conditional agreement
for a partial divestment in a fourth Finnish project, the Kainuu
Schist Belt Black Schist nickel-zinc-copper-cobalt project, for
GBP4 million.
The Outokumpu mining district consists of an approximately 45km
long belt hosting three historic polymetallic mines and multiple
delineated deposits. The Outokumpu-type ore comprises of high-grade
copper mineralisation, with significant associated cobalt, zinc,
nickel, gold and silver. The main Outokumpu mine, the Keretti mine,
was in operation from 1910 to 1989. FinnAust's 100 % owned
tenements covers the majority of the Outokumpu Belt, in addition to
several exploration target areas located outside of the main belt.
Multiple drill ready targets have been identified by the Company
within the current Exploration Permit areas.
The 15km long Enonkoski Belt hosts two historic
nickel-copper-cobalt mines operated in the 1980s and 1990s.
FinnAust's Exploration Permits covers the entire belt apart from
the Laukunkangas Mining Lease. Most exploration efforts by the
Company to date has focused on near-mine targets, but greenfield
work has also been conducted at some regional targets and several
drill ready targets have already been defined. Significant
exploration activities have been ongoing for the past two years
together with the Company's JV partner Rio Tinto.
The 100% owned Hammaslahti copper-zinc-gold-silver
('Cu-Zn-Au-Ag') project is prospective for volcanogenic massive
sulphide ('VMS') mineralisation and contains the historic
Hammaslahti mine, which was successfully operated between 1973 to
1986 by Outokumpu Oy. The mine produced approximately 7 Mt at an
average grade of 1.16% Cu, 1.55% Zn, 0.59 g/t Au and 5.2 g/t Ag
(Geological Survey of Finland, 2023) [5] . The Company's
exploration efforts have so far mostly focused on the near-mine
area where drilling by FinnAust has confirmed that the main ore
lode remains open down-plunge below the mine and has also resulted
in the discovery of a new ore lode (e.g., 8.65 metres grading at
2.15% Cu, 1.97% Zn, 47.46 ppm Ag and 0.5 g/t Au in drill hole R325
(refer to FinnAust Mining RNS dated 21 July 2014) [6] close to the
underground workings at the historic mine. These drill targets,
within the mine corridor, are ready for continued drill-testing.
FinnAust's exploration permits, totalling 39.3 sq km, cover the
majority of the Hammaslahti Belt. The belt is considered permissive
for further VMS deposits as supported by the presence of high-grade
mineralised outcrops and boulders within FinnAust's licence areas
south of the former mine, providing further upside to the
project.
Hammaslahti Tenements Update
Two Exploration Permit extension period applications within the
Hammaslahti project area were successfully granted by the Finnish
Mining Authority Tukes on 2(nd) March 2023. The Hammaslahti C and
Hammaslahti 1-2 permits covers the former Hammaslahti mine site and
surrounding areas.
Assay and QAQC Procedures for the Enonkoski Drilling
Programme
On receipt from the Enonkoski drill site, the diamond drill core
was systematically logged for geological and geotechnical
attributes, photographed and marked-up for sampling at FinnAust's
operational base in the town of Outokumpu, Finland by Company
personnel. A default 1m downhole sample length was used in
mineralised zones, except where shortened by geological contacts. A
default of 2m downhole sample length was used in intrusives that
were clearly unmineralised and up to 3m downhole sample length was
used in unmineralised wall rocks (e.g., gneisses). Core diametre
for both holes was NQ2 (50.6 mm). All core cutting, sample
preparation and geochemical analysis of the diamond drill core was
undertaken by ALS Global ('ALS') at its laboratories in Outokumpu
(Finland) and Loughrea (Republic of Ireland). ALS preparation and
analytical labs are accredited to ISO 17025:2005 UKAS ref 4028 and
have internal QA/QC programs for monitoring accuracy and precision.
ALS is entirely independent of the Company.
All drill core was delivered by FinnAust personnel to ALS
Outokumpu. Cores were then cut in half by ALS lengthwise along a
pre-determined line offset from the orientation line with one half
(same half, consistently) collected for analysis and one half
(preserving the orientation line) stored as a record. All drill
cores have been returned and are securely archived at FinnAust's
warehouse facilities in Outokumpu for future reference. After
drying the half core samples were crushed to >70% passing below
2 millimetres and split using a rotary splitter. A 1 kilogramme
split was then pulverised to 85% passing below -75-microns. A 30
gramme ('g') split of the pulp was analysed for platinum,
palladium, and gold content by fire assay with an Inductively
Coupled Plasma Mass Spectrometry ('ICP-MS') finish (ALS method:
PGM-MS23L). Major and trace elements, including rare earth elements
were analysed by Inductively Coupled Plasma Atomic Emission
Spectroscopy ('ICP-AES') after lithium borate fusion on a 0.20g
aliquot (ALS method: ME-ICP06(TM)). Loss on Ignition ('LoI') at
1000(o) C was also analysed as part of this package. A separate
pulp split was analysed for 48 elements, including base metals, by
ICP-MS after four-acid digestion on a 0.25g aliquot (ALS method:
ME-MS61(TM)). Carbon and sulphur content were also analysed (ALS
methods: C-IR07 and S-IR08, respectively). Any samples exceeding
the over-range for nickel were re-analysed using a 4-acid digest
ICP-MS ore grade method (ALS method: Ni-OG62(TM)). Nickel was also
analysed by a specialist method chosen for the selective
decomposition of nickel sulphide to discriminate the nickel hosted
in sulphides from that hosted within the silicates. This analysis
consists of an ammonium citrate and hydrogen peroxide leach with an
ICP-AES finish (ALS method: Ni-ICP05(TM)).
Bluejay Mining and its subsidiaries operate according to its
rigorous internal Quality Assurance and Quality Control (QA/QC)
protocols, which are consistent with industry best practices. For
the Enonkoski project this includes the insertion of certified
standards and blanks into the sample stream at an insertion rate of
one in every 30 samples and laboratory duplicates are requested at
a rate of one in every 40 samples, which is deemed appropriate for
this stage of exploration. In smaller sample batches additional
standards and blanks are included. The blanks are provided by ALS
and standards are Certified Reference Materials (CRM's) supplied by
Ore Research and Exploration, Australia. Internal QA/QC samples
were also inserted by the analytical laboratories and have been
reviewed by the Company prior to release. No material QA/QC issues
have been identified with respect to sample collection, security,
and assaying.
Qualified Person
The scientific and technical disclosure included in this news
release has been reviewed and approved by Mr. Joshua Hughes MESci
(Hons), Vice President Exploration, and a full-time employee of
Bluejay Mining plc, who is also a Member and Chartered Professional
Geologist ("MAusIMM CP(Geo)") of the Australasian Institute of
Mining and Metallurgy, a Fellow of the Society of Economic
Geologists ("FSEG") and a Fellow of the Geological Society of
London ("FGS"). Mr. Hughes has performed data verification on all
information disclosed in this news release related to sampling and
analytical procedures, assay results and QA/QC. Mr. Hughes has
sufficient experience, relevant to the styles of mineralisation and
type of deposits under consideration and to the activity that he is
undertaking, to qualify as a Qualified Person ("QP") as defined by
the AIM rules, and for the purposes of National Instrument 43-101
("NI-43-101") Standards of Disclosure of Mineral Projects.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018.
For further information please visit
http://www.bluejaymining.com or contact:
Kevin Sheil Bluejay Mining plc enquiry@bluejaymining.com
------------------------------ --------------------------
Ewan Leggat/ Adam SP Angel Corporate Finance
Cowl LLP(Nominated Adviser) +44 (0) 20 3470 0470
------------------------------ --------------------------
Hannam & Partners (Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
------------------------------ --------------------------
Tim Blythe/ Megan
Ray BlytheRay +44 (0) 20 7138 3205
------------------------------ --------------------------
About Bluejay Mining Plc
Bluejay is listed on the London AIM market and Frankfurt Stock
Exchange and its shares also trade on the OTCQB Market in the US.
With multiple projects in Greenland and Finland, Bluejay has now
secured four globally respected entities as partners on three of
its projects, and exploration expenditure of $37 million committed
on three key projects, giving the Company and its shareholders both
portfolio and commodity diversification in high quality
jurisdictions.
Bluejay's Dundas Ilmenite Project in Greenland, is fully
permitted and undergoing further optimisation work. The Company has
agreed a Master Distribution Agreement with a major Asian
conglomerate for up-to 340k tonnes per annum ('tpa') of its
designed 440ktpa annual output. The Company has also mandated a
major European bank to head the financing syndicate for Dundas.
Bluejay, through its wholly owned subsidiary Disko Exploration
Ltd., has signed a definitive Joint Venture Agreement with KoBold
Metals to guide exploration for new deposits rich in the critical
materials for electric vehicles (The Disko-Nuussuaq
nickel-copper-cobalt-PGE Project). Disko Exploration Ltd holds two
additional projects in Greenland - the 692 sq km Kangerluarsuk
zinc-lead- silver project, where historical work has recovered
grades of up to 45.4% zinc, 9.3% lead and 596 g/t silver [7] and a
fully funded summer drill programme is to commence on multiple
large-scale drill ready targets; and the 920 sq km Thunderstone
project which has the potential to host large-scale base metal and
gold deposits.
In Finland, Bluejay currently holds three large scale
multi-metal projects through its wholly owned subsidiary FinnAust
Mining Finland Oy. The Company has a Joint Venture Agreement with
Rio Tinto at its Enonkoski nickel-copper-cobalt Project in East
Finland which has seen continued exploration and drilling since
June 2021. Bluejay's drill ready Hammaslahti
copper-zinc-gold-silver project hosts high-grade VMS mineralisation
and extensions of historical ore lodes have been proven. The drill
ready Outokumpu copper-nickel-cobalt-zinc-gold-silver project is
located on one of the world's most prolific geological belts which
hosts multiple high-grade deposits. Bluejay has also signed a
conditional agreement for a partial divestment in a fourth Finnish
project.
**S**
[1] Reference: Geological Survey of Finland (2020) Enonkoski
deposit description [accessed: 24 March 2023];
https://tupa.gtk.fi/karttasovellus/mdae/raportti/37_Enonkoski.pdf
[2] Definition: tenor is defined as the concentration of a
metal, usually Ni, contained in 100% sulphide. Since the
measurements reported in this RNS represent individual spot
measurements by handheld pXRF directly on sulphide droplets they
cannot be considered truly representative.
[3] Notes: Nickel Equivalent ("NiEq") grades reported for the
Enonkoski drill holes were calculated using the following formula:
NiEq % = nickel (%) + (copper (%) x 0.3696) + (cobalt (%) x
1.4428). Assumptions used for the nickel equivalent calculations
were the current spot metal prices (as of 17(th) March 2023) of
US$10.66/lb nickel, US$3.94/lb copper and US$15.38/lb Co and
metallurgical recoveries were assumed to be 100%.
[4] Reference: Geological Survey of Finland (2020) Enonkoski
deposit description [accessed: 24 March 2023];
https://tupa.gtk.fi/karttasovellus/mdae/raportti/37_Enonkoski.pdf
[5] Reference: Geological Survey of Finland (2023) Hammaslahti
deposit report [accessed: 24 March 2023]; url:
https://tupa.gtk.fi/karttasovellus/mdae/raportti/524_Hammaslahti.pdf
[6] Reference: FinnAust Mining plc (2014) "New High-Grade
Polymetallic lode Discovered at Hammaslahti Target, Finland
[accessed: 24 March 2023]; url:
https://tupa.gtk.fi/karttasovellus/mdae/references/524_Hammaslahti/524_JulyHammaslahtiDrilling21.07.14.pdf
[7] Reference: Bluejay Mining plc (2023) Overview of the
Kangerluarsuk Zn-Pb-Ag (+/- Cu-Ge) Project: An emerging
district-scale, high-grade base metal opportunity in Central West
Greenland [accessed: 24 March 2023]; url:
https://bluejaymining.com/wp-content/uploads/2023/02/Kangerluarsuk-Slides-Final-Feb-2023.pdf
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