TIDMJAY
RNS Number : 9883G
Bluejay Mining PLC
24 July 2023
24 July 2023
Bluejay to retain 100% of the Enonkoski Ni-Cu-Co Project,
Finland - Joint Venture & Earn-in Agreement concluded
Bluejay Mining plc (AIM: JAY) ('Bluejay' or the 'Company'), the
AIM, FSE-listed and OTCQB traded exploration and development
company with projects in Greenland and Finland, announces that, in
regard to the previously announced Joint Venture and Earn-in
Agreement (the 'JV Agreement' or 'JV') (see Bluejay's RNS dated 10
November 2020 ) through which Rio Tinto Exploration Finland Oy
('Rio Tinto') and Bluejay have been performing exploration of the
Enonkoski nickel-copper-cobalt ('Ni-Cu-Co') Project ('Enonkoski' or
the 'Project'), the Company and Rio Tinto have ended the JV
Agreement as of 21 July 2023.
Consequently, Rio Tinto will cease to have any interest in the
Enonkoski Project. Bluejay will retain 100% ownership of the
Project (through the Company's subsidiary FinnAust Mining Finland
Oy) along with all data, samples and drill cores collected during
the JV Agreement with Rio Tinto.
Bluejay Chief Executive Officer , Bo Møller Stensgaard ,
commented :
"Prior to the JV with Rio Tinto, Enonkoski was one of the least
visible projects within Bluejay's portfolio. The JV has enabled us
to significantly advance our knowledge of the Project through US$
4.65 million in exploration expenditure and it has opened up the
potential of targets close to the Hälvälä Ni-Cu-Co Mine, as well as
targets within less explored parts of the Enonkoski Belt that
remain untested. The exploration programmes carried out to date
have strengthened our belief in the prospectivity of the Project,
and we maintain that Enonkoski will continue to augment Bluejay's
portfolio of assets.
"The diamond drilling carried out during the JV was focussed on
the Laukunlampi, Laukunsuo, Muhelampi and Tevanjoki targets all
located near the second historical producing mine on the belt, the
Laukunkangas Ni-Cu-Co Mine. Rio Tinto's primary interest from start
of the JV was on the targets previously identified by Bluejay
immediately outside the Laukunkangas Mining Lease. All diamond
drill holes drilled during the JV were within a maximum distance of
1.3 kilometres from the Mining Lease and most drill holes are only
a few hundred metres away from the Mining Lease boundary. Given
that most of the immediate near-mine targets surrounding
Laukunkangas have now been tested by drilling and with the JV
Agreement's Stage 1 expenditure milestone of US$ 5 million
approaching (whereby Rio Tinto would have earned a 51% stake in the
Project) it was a logical time for both parties to make a decision
on whether or not to continue the JV.
"Bluejay's focus will now turn to assessing the wealth of
as-yet-untested targets that have been identified along the
Enonkoski Belt through the various regional geophysical surveys,
top of bedrock drilling and geological mapping programmes under the
JV. This includes the Makkola intrusion which is located close to
the Hälvälä Ni-Cu-Co Mine in the eastern part of the >15
kilometre long belt. This target ranked very highly in the recent
belt scale prospectivity assessment of all known intrusions. The
recent work, including a detailed ground gravity survey, indicates
the potential for the presence of shallow mineralisation at
Makkola.
"Alongside these activities, we will be assessing strategies for
the project going forward for the best outcome for our
shareholders. We have enjoyed an excellent collaborative
partnership with Rio Tinto and thank them for their
professionalism, technical input, and support throughout these last
two years."
Figure 1. Map of the Enonkoski Belt showing Bluejay's Licence
areas, drill holes drilled during the JV, confirmed
mafic-ultramafic intrusions, high priority target areas and the
Laukunkangas Mining Lease.
Highlights of exploration completed under the JV:
-- Total exploration expenditures by Rio Tinto totalled US$ 4.65 million.
-- 9,667 metres ('m') of diamond drilling for a total of 29 new
drill holes and extensions of 2 historic drill holes, focussed on
the Laukunlampi, Laukunsuo, Muhelampi and Tevanjoki near-mine
target areas (Figure 1) surrounding the former Laukunkangas
Ni-Cu-Co Mine.
-- Re-logging and sampling historical drill cores drilled by
Outokumpu Oy, the Geological Survey of Finland and FinnAust,
totalling 65 drill holes for >16,750 m, including comprehensive
lithogeochemistry of selected intervals, totalling >1000
drill-core samples; specific gravity, magnetic susceptibility,
conductivity, and portable x-ray fluorescence ('pXRF')
measurements; and detailed core photography.
-- 160 top of bedrock ('ToB') diamond drill holes for a total of
1,633.5 m of drilling over 7 targets.
-- 161.5 line-kilometres ('line-km') of ground magnetics over 2 targets.
-- 2018 line-km of three component ('3C') UAV magnetics surveys, covering 50.2 square kilometres
('sq km' ).
-- A 747 station ground gravity survey, covering a 2 sq km area
at the Makkola-Hälvälä target.
-- Downhole electromagnetic ('DHEM') surveys were completed on a
total of more than 50 drillholes for a total of >22,000 metres
including measurements of both historic and new drill holes with
several loop configurations.
-- 2.5D airborne electromagnetic inversion processing completed
on 1,055 line-km of HeliTEM data by Intrepid Geophysics.
-- Geological, geophysical and geochemical modelling (Leapfrog Geo/Edge, ioGAS).
-- Lithogeochemical and petrological studies by consultant geologist, Dr Hannu Makkonen.
-- Prospectivity analysis and ranking of all known intrusions.
-- Geological mapping and outcrop sampling.
-- LIBS (Laser Induced Breakdown Spectroscopy) scanning of selected drill core.
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
SP Angel Corporate Finance
Ewan Leggat / Adam LLP (Nominated Adviser
Cowl and Broker) +44 (0) 20 3470 0470
---------------------------- --------------------------
Tim Blythe / Megan
Ray BlytheRay (Media Contact) +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.
The Company holds multiple exploration and development projects in
Greenland and Finland, providing its shareholders both portfolio
and commodity diversification in high quality jurisdictions.
Bluejay's Dundas Ilmenite Project in northwest Greenland is
fully permitted and undergoing further optimisation studies. 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.
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 required for the green energy transition and 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; 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 identified multiple drill ready
targets at the Enonkoski nickel-copper-cobalt project in East
Finland. Bluejay's 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 in a
prolific geological belt that hosts several high-grade former
mines. Bluejay has also signed a conditional agreement for a
partial divestment in a fourth Finnish project.
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