TIDMJAY
RNS Number : 1334N
Bluejay Mining PLC
21 September 2023
21 September 2023
Dundas Ilmenite Project Update
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, provides an update
on the Company's 100% owned Dundas Ilmenite Project ('Dundas' or
the 'Project') located in North-West Greenland.
Summary of New Findings
-- One recommendation of the Pre-Feasibility Study for the
Dundas Ilmenite Project ('PFS 2019' - see 27 (th) June 2019 RNS
release ) was that further drilling should be carried out at Dundas
to improve levels of confidence in the Mineral Resource Estimate
provided for Dundas in 2019 ('MRE 2019' - see 29 (th) May 2019 RNS
Release) and to enable the PFS 2019 to be brought to Bankable
Feasibility Study standard.
-- The revised final Mineral Resource Estimate 2023 ('MRE 2023')
for the mineral sands deposit at Dundas, prepared for Dundas
Titanium A/S by Palaris Europe Ltd. ('Palaris'), has been received
and extensively reviewed by the Dundas Project Study Team and the
Company.
-- Palaris provided advice and supervision during the planning,
and execution of the drilling campaign on the western part of the
'Moriusaq' heavy mineral sands deposit at Dundas ('Moriusaq West',
refer to Figure 1) carried out during the summer of 2022. This was
the first available seasonal site access window post COVID-19
restrictions in 2020 & 2019 and after the granting of the
Exploitation License from the Government of Greenland for the
Project in December 2020.
-- Additional drilling at the 'Moriusaq East', 'Iterlak East'
and 'Iterlak West' deposits (refer to Figure 1) was not possible
during the 2022 summer access window because of
time-constraints.
-- Sample preparation work was subsequently carried out at the
GEO Laboratory in Copenhagen, Denmark with further sample
preparation and assay work was carried out at the NAGROM laboratory
in Perth, Australia. Rigorous QAQC protocols were implemented by
Palaris to validate the integrity of reported data across the
entire process.
-- The results from the 2022 drilling campaign on the Moriusaq
West deposit did unexpectedly not correlate well with the
historical drilling results. This created uncertainty regarding the
extrapolation of the results to the eastern part of the resource at
Moriusaq East, Iterlak West and Iterlak East (refer to Figure 1).
Consequently, Palaris was only able, based on the results from the
2022 drilling campaign, to remodel the Moriusaq West part of the
('MRE 2019'). Additional drilling would, according to Palaris, be
required at the Moriusaq East, Iterlak West and Iterlak East
deposits before an updated MRE could be produced for these parts of
the overall Dundas resource.
-- The work carried out by Palaris has concluded that the JORC
Compliant Measured and Indicated Resource categories in the MRE
2023 for the Moriusaq West part of the overall resource deposit now
stands at 29.7 million tonnes ('Mt') at an in situ TiO2 grade of
1.99%, whereas previously the MRE 2019 for the same part of the
deposit had been 59.3Mt at a grade of 3.26% in situ TiO2. The
tabulated 'Mineral Resource Statement - Moriusaq West' (MRE 2023)
is provided in Table 1 and a tabulated comparison between the MRE
2019 and MRE 2023 for Moriusaq West is provided in Table 2.
-- The revised mining, processing and infrastructure design
concepts and project implementation plans for the Project,
discussed above, represent a solid realisable and de-risked
solution for the Project. The associated capital and operating cost
estimates and project revenue calculations are being documented as
part of the Interim Assessment Report. Many of the implementation
concepts and cost estimates developed as part of the recent studies
for Dundas are directly applicable to other projects in the Bluejay
portfolio in Greenland.
-- In addition to the work described above, extensive
mineralogical and metallurgical testwork on the Ilmenite from
Dundas, carried out by MinSol Engineering Pty Ltd in Perth
('MinSol') has confirmed the consistent Ilmenite mineralogy and
processing characteristics across the entire deposit. The low level
of deleterious elements in the final Ilmenite product would make
the Dundas Ilmenite an ideal blending material for the global
pigment plant feedstock market. This has been verified through
market discussions and through the Master Distribution Partner on
the Project.
-- In conclusion, despite all of the work carried out over the
last 18 months to improve and de-risk the project development
concepts, prior to the MRE 2023 becoming available, the downgrade
in tonnage and grade of the partial resource inventory provided by
the MRE 2023 led the Bluejay Board and management to make a prompt
conclusion that the Dundas Ilmenite Project does not present a
viable commercial development opportunity for Bluejay alone.
-- It has consequently been concluded that it is not in the
interests of the Company and its shareholders to progress the
Dundas Project as a sole developer. The Company will therefore not
be proceeding with any further cash commitments to the Project
whilst it considers strategic and commercial alternatives.
-- The Company has now commenced the process of investigating
these alternatives, which may include partnership, disposal or a
combination thereof. The revised concept and design for Dundas is
significant for discussions related to these alternatives.
-- It should be noted that no additional work has been carried
out on other onshore and offshore mineral sand resource targets
both within and adjacent to the current Dundas license areas as
well as additional regional targets in the Thule Mineral Sand
province (see GGU Open File 89/4 and GEUS Report 2017/18 ). Marine
offshore exploration work by the Company within its Exploration
License MEL2015-08 (Figure 1) has earlier outlined a large
potential for a mineral sand resource target in the shallow marine
environment along the coast of the Dundas area (see 29th May 2019
RNS Release). These targets still represent realistic upside
potential for the Project, but would only be further evaluated by
Bluejay as part of a future partnership.
-- Bluejay will continue its focus on developing the Company's
strong portfolio of base and battery metals projects across
Greenland and Finland, as outlined in its new strategy, as well as
advancing discussions with strategic partners, which are proceeding
with the expectation to conclude at least one of these in Q4
2023.
Bluejay Executive Chairman, Robert Edwards said:
"As also set-out in my Strategic Review released on 14 February
2023 , Bluejay has historically been over dependent on the binary
outcome of a single project, the Dundas Project, despite having
higher value propositions in its portfolio. Our focus lies in the
base and battery metals space, and with our diverse portfolio of
base and battery metals projects in Greenland and Finland whilst,
in parallel, we were committed to achieving a final decision point,
based on all evidence on whether Dundas would present a commercial
opportunity, or not.
"It is our conclusion, based on the updated MRE 2023, combined
with the broadly finalised Interim Assessment Study work streams
undertaken by our consulting team, that there is a very low
probability of the Dundas deposit being economic with its current
resource base - and certainly so without a significant contribution
from either the potential adjacent known onshore and offshore
resources which would require more investigation, and therefore,
cost. Bluejay will seek alternatives for realising value from
Dundas whether through a partnership, disposal or combinations
thereof.
"Mineral sands projects like Dundas which contains no by-product
credits from rutile or zircon, are low-value per tonne and
therefore highly sensitive to costs and prevailing market pricing.
This is accentuated when the project is located in the high Arctic
environment against the backdrop of what has been a period of
strong global cost inflation. More recently, it has been the
opinion of the Board and management that the concepts proposed in
the 2019 Pre-Feasibility Study could not have been practically and
technically implemented at Dundas and that the project schedule,
risk-profile, capital and operating costs are too optimistic in
today's market and macro-climate.
"If a positive outcome had been delivered from the MRE 2023, in
terms of in situ grade and tonnage, Dundas may have still warranted
further work. The challenge with the Dundas Project was always
going to be the operating margin at any grade and tonnage that
could reasonably have been expected.
"In tandem with the work to try to better understand the
orebody, and with the assumption that the orebody would still have
a reasonable prospect of being economic, several other work streams
were initiated in late 2021 to try and optimise Dundas to make it
an efficient and executable project. A strong Project Study Team
with subject expert consultants was assembled by the Company for
this. Whilst being disappointed with the results of the new Mineral
Resource Estimate, I'm at the same time satisfied that the study
team for Dundas were successful in identifying new technical
concepts to create a realisable and de-risked technical solution
for the Project. These included barge-based solutions and
significant efficiencies and cost savings. The new solid concept
and design for the Project are a very valuable entry point entering
discussions related to the alternatives - and also provide the
Company with an advantage when it comes to progressing its
base-metal projects in Greenland in their next phase of
development.
"I wish to acknowledge the high-quality and robust work carried
out by the Project Study Team - and extend this acknowledgement to
the large group of consultants and companies that have been
involved in the key work streams.
"Whilst the Board does not see any merit in advancing Dundas
alone, historical shallow marine exploration work highlights a
clear offshore potential at Dundas [see 29 (th) May 2019 RNS
Release]. Prior to this, Geological Survey of Denmark and Greenland
(GEUS) estimated Ilmenite tonnages liberated from the source rock
to be 7,000Mt Ilmenite regionally - with between 500Mt to 1,100Mt
Ilmenite at the greater Dundas Ilmenite Project area alone [see
GEUS Report 2017/18]."
Background
-- In 2019, an Indicated and Inferred JORC compliant Mineral
Resource Estimate was provided to the Company (the MRE 2019 - see
29 (th) May 2019 RNS Release) for the Dundas Ilmenite Project. The
MRE 2019 included the Moriusaq (Moriusaq West and Moriusaq East),
Iterlak East and Iterlak West deposits (refer to Figure 1).
-- Informed by the MRE 2019, Bluejay published the PFS 2019. As
part of this PFS 2019, a JORC Compliant Ore Reserve of 67.1Mt with
a mean grade of 3.45% TiO2 for the Project was provided to the
Company (see 27 (th) June 2019 RNS release ) .
-- In December 2020, the Company was granted the Exploitation
Licence for the Dundas Ilmenite Project for 30 years by the
Government of Greenland (see 14th December 2020 RNS release). This
grant also included an approved Environmental Impact Assessment
('EIA') and a Social Impact Assessment ('SIA'), as well as an
Impact Benefit Agreement ('IBA') executed between the Municipality
of North-West Greenland (Avannaata Kommunia), the Government of
Greenland and Dundas Titanium A/S.
-- One recommendation of PFS 2019 was that further drilling
should be carried out at Dundas to improve levels of confidence in
the MRE and to enable the PFS 2019 to be brought to Bankable
Feasibility Study standard. This drilling campaign was concluded in
the summer of 2022. This was the first available seasonal site
access window post COVID-19 restrictions and after the granting of
the Exploitation License for the Project.
-- In addition, over the past 18 months, the designs and
concepts proposed for Dundas as presented in PFS 2019 were also
re-examined by Bluejay's own appointed Project Study Team of
subject expert consultants. Alternative designs and concepts have
been developed by that team which have significantly reduced the
risks associated with constructing and operating a project of this
nature in the remote and challenging environment at Dundas.
Dundas Ilmenite Project Update
New Project Study Team
-- A new Project Study Team was formed by the Board of Bluejay
in late 2021 to lead the process of upgrading the concepts, designs
and implementation plans involved in the Dundas Ilmenite Project as
well as overlooking the development of an updated Mineral Resource
Estimate for the Project to raise the confidence level. The studies
were managed by the Company's own team, utilising the considerable
degree of "in-house" Arctic experience of key employees and subject
expert consultants coupled with established relationships with
contractors and suppliers experienced in Greenlandic operations and
construction projects, as well as strong consultancy groups and
industry partners many of whom have expertise related to mineral
sand projects.
-- The main consultants and companies that have contributed to the above work are:
Arethuse Geology - France, Automatic Syd A/S - Greenland &
Denmark, Discovery Drilling Inc. - Alaska/US, Dirk H Wagner Mining
Consulting - Germany, GEO - Denmark, Holland Shipyards Group - The
Netherlands, Ingo Rink - Germany, Krebs A/S - Greenland &
Denmark, Komatsu - Belgium & UK, Lillegården A/S - Greenland
& Denmark, Merrett Survey Ltd. - UK, Metso Oy - Finland,
Mid-Ship Group LLC - NY/US, MinSol Engineering Pty Ltd. -
Australia, Nagrom Pty. Ltd. - Australia, NCS Fuel - Denmark, NC
Nielsen A/S - Denmark, Nuna Group - Canada, Palaris Europe Ltd. -
Europe & Australia, Study Manager Peter Davies - Germany,
Platinum Matrix Pty. Ltd. - Australia, PM Energi A/S - Greenland
& Denmark, ProTrans A/S (Containex) - Greenland & Denmark,
Saltwater Engineering B.V. - The Netherlands, Scantruck A/S -
Denmark, Stigholt A/S - Greenland & Denmark, Sprung Instant
Structures Ltd. - Canada, UN Mobilkraner A/S - Denmark, Wardell
Armstrong International - UK, WSP Global Inc. - Canada &
Denmark, Zeppelin Danmark A/S (Caterpillar) - Denmark.
New Project Concept and Design
-- Previous project development concepts presented in the PFS
2019 for mining, ore transport on-site, processing and support
infrastructure and particularly, the plans and schedules for
project implementation have all been reviewed in detail by the
Project Study Team. In many areas these plans and concepts were
deemed inappropriate or sub-optimal as they represented too high a
risk profile for a project of this nature in this location.
-- New development concepts for the Dundas Project have been
developed and documented over the last 18 months through a number
of interrelated detailed studies. This includes documentation of
the outcomes and learnings from the recent work, much of which can
be directly applied to Bluejay's other projects in Greenland.
-- The MRE 2023 was one key input to the studies. Because of the
known time constraints on accessing the site in the summer of 2022
and the delays in obtaining the assay results due to having to ship
samples to Copenhagen for preparation and then to Perth in Western
Australia for assaying, the technical studies were commenced long
before the resource figures were available.
-- Another key input to the studies was the results of the
detailed mineralogical work carried out by MinSol. This provided a
far higher degree of confidence and understanding of the
relationship between assay TiO2 grades and Ilmenite content in the
deposit and in the overall 'Yield' from Ilmenite in the ground to
Ilmenite on the ship.
-- The new concepts include the introduction of a more feasible
mining method, a more resilient and lower fuel consumption method
for the transport of mined ore and backfill material, an
alternative method for preparation and thawing of ore and a novel
concept for establishing the processing plant, support
infrastructure and accommodation facilities on-site on a number of
dry-docked barges. All these changes provided not only cost and
de-risking benefits, but also major reductions in overall fuel
consumption, greenhouse gas emissions and the short-, medium- and
long-term environmental impact of the project.
New Mineral Resource Estimate
-- To raise the confidence on the earlier MRE 2019 and the Ore
Reserve that were prepared as part of the PFS 2019, further
drilling was required on the onshore mineral sands deposit at
Dundas. This was in accordance with the recommendations associated
with the MRE 2019 and the Ore Reserve.
-- A review of the MRE 2019 carried out in early 2022 by Palaris
confirmed the requirement for further confirmatory drilling at
Dundas. This requirement was confirmed by Wardell Armstrong
International ('WAI') who were appointed as Independent Expert
Advisors to the Bluejay Board in agreement with the financial
lead-arranger to the Project.
-- Subsequently, drilling on the western part of the Moriusaq
ore body (Moriusaq West) was carried out during the summer of 2022
(see 27 (th) June 2019 RNS release ) to enhance confidence in
orebody grade distribution, generate more accurate tonnage
estimates and to provide fresh samples for more detailed
mineralogical investigation.
-- An alternative drilling method, in contrast to the auger and
sonic drilling used in the drilling campaigns carried out between
2015 and 2019, was chosen for the 2022 campaign. This was also
carried out in accordance with recommendations in the MRE 2019 and
in accordance with Palaris and WAI. A combination of direct push
and diamond drill was used as the alternative method and the
drilling company Discovery Drilling Inc. ('Discovery Drilling')
from Alaska was contracted to carry out this work. Discovery
Drilling specialises in geotechnical drilling under permafrost
conditions. In addition, Arethuse Geology ('Arethuse') was
contracted as an external consultant to supervise the entire drill
programme on-site in 2022.
-- The results from the 2022 drilling campaign on the Moriusaq
West deposit did unexpectedly not correlate well with the
historical drilling results. This was observed from the results of
the 2022 twin-holes drilled next to 2017 and 2018 auger and sonic
drill-holes, from the 2022 variability drilling profiles carried
out in the areas between the 2017 and 2018 drill-profiles and from
a pattern of close spaced holes drilled in 2022.
-- The deficient correlation and increased variability of the
results from the 2022 drilling influenced the ability to include
the MRE 2019 results from the eastern part of the Moriusaq deposit
into a new remodelled JORC compliant resource estimate compiled and
certified by Palaris (the MRE 2023). This was also the case of the
sections of the deposit at Iterlak East and Iterlak West. This had
a significant negative impact on the overall tonnage for the
Project as the new MRE 2023 only includes the western part of the
former MRE 2019 orebody at Moriusaq (and not the eastern part of
the Moriusaq, the Iterlak West and the Iterlak East ore
bodies).
-- Palaris has recommended that additional drilling and
investigations would be required in order to be able to include
other parts of the overall Dundas deposits (Moriusaq East, the
Iterlak West and the Iterlak East) in a new mineral resource
model.
-- The drilling results from 2022 and the observed deficient
correlation and increased variability as well as a review of the
MRE 2019 also led Palaris to incorporate a number of modifications
to the MRE 2023 for the western part of the Dundas deposit when
compared to the earlier MRE 2019:
o The drilling results from 2022 and the higher resolution
digital elevation model also acquired in 2022, as well as a
relogging of 2017 and 2018 drill data, questioned the earlier
defined upper and lower boundary surfaces that was used in the
resource modelling of the released MRE 2019 for the western section
of the deposit. The boundary surfaces have been corrected by
Palaris in the MRE 2023.
o Areas of the Moriusaq West have been confirmed by a new
digital terrain model ('DTM') surveyed in 2022 by Merrett Survey
Ltd. and on-site mapping and sampling in 2022 as being affected by
alluvial activity with the mineralised sand being "wash out". These
areas cannot be regarded as a valid part of the mineralised
deposit. Palaris have excluded these areas in the MRE 2023.
o Based on the 2022 drilling, morphology mapping and the new
DTM, tighter constraints have been applied to the limits of the
Moriusaq West section, compared to the MRE 2019. Palaris have
adjusted the MRE 2023 accordingly.
o Based on the results from the mapping, drilling and relogging
carried out in 2022, Arethuse and Palaris have developed a series
of geological 'domains' for Moriusaq West. Six geological domains
with different unique geological, physical and grade
characteristics have been defined, of which four domains are
mineralised. This grade analysis by domain was not carried out as
part of developing the MRE 2019. As a consequence, high TiO2 grades
from previous drilling disproportionately biased grades across
lateral and vertical extensions of the search ellipsoids used for
the MRE 2019 grade modelling. This largely explains the lowering of
the overall TiO2 grade estimates between the MRE 2019 and the MRE
2023 from 3.26% TiO2 to 1.99% TiO2.
o A correction of the in-situ bulk density, based on the
established developed geological domaining, was applied to the MRE
2023 modelling compiled by Palaris.
-- In summary, the above changes have brought the MRE 2023 by
Palaris for Moriusaq West down to a total of 29.7Mt at 1.99% TiO2
(including Measured, Indicated and Inferred Resources according to
the JORC definitions and requirements (see below under the section
'Dundas Mineral Resource Estimate 2023 ').
Dundas Mineral Resource Estimate 2023
-- The Mineral Resource Estimate for Moriusaq West (MRE 2023)
released and certified by Palaris is presented in Table 1.
-- Comparison between Moriusaq West Mineral Resource Estimates
carried out in 2019 and in 2023 is presented in Table 2.
-- No TiO2 cut-off grade has been applied to both Mineral Resource estimates.
-- The key changes from the MRE 2019 to the MRE 2023 (Table 2) related to:
o Exclusion of major streams, bedrock outcrops and
archaeological sites.
o Improved topographic and bedrock surfaces, with tighter areal
constraints along the high-lying scarp zone along the northeastern
edge of the deposit.
o Definition of new domains, each with unique geological,
physical and grade characteristics.
o Density and grade estimation per domain to constrain the
impact of high-grade outliers in the geostatistical interpolation
of grades within each domain.
-- Figure 1 shows a plan of the Dundas Ilmenite Project in
North-West Greenland with the extent of Mineral Exploitation
License MIN-2015 and Mineral Exploration Licenses MEL2019-114 and
MEL2015-08 (also covering the offshore parts for exploration
activities). The areas referred to in this document as 'Moriusaq
West', 'Moriusaq East', 'Iterlak West' and 'Iterlak East' are shown
on the plan.
Table 1: Mineral Resource(1) Statement - Moriusaq West(2)
Sizing % Grade %(7)
Tonnes(6) +2mm(8) -2mm+63<MU>m(9) +63<MU>m(10) IsTHM(11) IsTiO2 IsILM(12)
Category Mt
-------- ---------------- ------------- ---------- ------- ----------
Measured(3) 1.3 44.71 42.74 12.55 17.08 2.26 4.83
---------- -------- ---------------- ------------- ---------- ------- ----------
Indicated(4) 26.4 49.50 43.06 7.44 17.87 2.02 4.30
---------- -------- ---------------- ------------- ---------- ------- ----------
Sub Total 27.7 49.28 50.87 7.84 18.70 1.47 3.14
---------- -------- ---------------- ------------- ---------- ------- ----------
Inferred(5) 2.0 41.28 50.87 7.84 18.70 1.47 3.14
---------- -------- ---------------- ------------- ---------- ------- ----------
Total 29.7 48.76 43.56 7.69 17.89 1.99 4.25
---------- -------- ---------------- ------------- ---------- ------- ----------
1. A 'Mineral Resource' is a concentration or occurrence of
solid material of economic interest in or on the Earth's crust in
such form, grade (or quality), and quantity that there are
reasonable prospects for eventual economic extraction. The
location, quantity, grade (or quality), continuity and other
geological characteristics of a Mineral Resource are known,
estimated or interpreted from specific geological evidence and
knowledge, including sampling. Mineral Resources are sub-divided,
in order of increasing geological confidence, into Inferred,
Indicated and Measured categories.
2. Plan-view surface expression of the 'Moriusaq West' ore body
is shown in Figure 1 of this release.
3. A 'Measured Mineral Resource' is that part of a Mineral
Resource for which quantity, grade (or quality), densities, shape
and physical characteristics are estimated with confidence
sufficient to allow the application of Modifying Factors to support
detailed mine planning and final evaluation of the economic
viability of the deposit. A Measured Mineral Resource has a higher
level of confidence than that applying to either an Indicated
Mineral Resource or an Inferred Mineral Resource. It may be
converted to a Proved Ore Reserve or under certain circumstances to
a Probable Ore Reserve.
4. An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which quantity, grade (or quality), densities, shape
and physical characteristics are estimated with sufficient
confidence to allow the application of Modifying Factors in
sufficient detail to support mine planning and evaluation of the
economic viability of the deposit. An Indicated Mineral Resource
has a lower level of confidence than that applying to a Measured
Mineral Resource and may only be converted to a Probable Ore
Reserve.
5. An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which quantity and grade (or quality) are estimated on
the basis of limited geological evidence and sampling. Geological
evidence is sufficient to imply but not verify geological and grade
(or quality) continuity. It is based on exploration, sampling and
testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill
holes.
6. In-situ (dry) metric tonnes reported as millions.
7. In-situ percentage grades of heavy mineral.
8. +2mm size fraction includes all oversize material above
2mm.
9. -2mm+63<MU>m size fraction represents all recoverable
sand below 2mm and above 63<MU>m.
10. 63<MU>m size fraction comprises of all undersize / slimes material below 63<MU>m.
11. Percentage in-situ Total Heavy Minerals from the
-2mm+63<MU>m sized sinks fraction of heavy liquid separation
at a 2.96 g/cm3 density.
12. In-situ Ilmenite that assumes all TiO2 is within Ilmenite
and that Ilmenite contains 46.89% TiO2.
Table 2: Moriusaq West Mineral Resource 2019 and 2023
Comparison
2019(1) 2023(2)
Category Tonnes IsTHM IsTiO2 IsILM3 Tonnes IsTHM IsTiO2 IsILM3
(Mt) (%) (%) (%) (Mt) (%) (%) (%)
-------- -------- ------- -------- --------
Measured 0 - - - 1.3 17.08 2.26 4.83
-------- ------- -------- -------- -------- ------- -------- --------
Indicated 57.7 28.58 3.26 - 26.4 17.87 2.02 4.30
-------- ------- -------- -------- -------- ------- -------- --------
Sub Total 57.7 28.58 3.26 - 27.7 17.84 2.03 4.33
-------- ------- -------- -------- -------- ------- -------- --------
Inferred 1.6 27.78 3.49 - 2.0 18.70 1.47 3.14
-------- ------- -------- -------- -------- ------- -------- --------
Total 59.3 28.56 3.26 - 29.7 17.89 1.99 4.25
-------- ------- -------- -------- -------- ------- -------- --------
1. 2019 Mineral Resources Estimate based on 0.0% in-situ ('Is')
Ti02 cut-off grade.
2. No cut off applied to 2023 Mineral Resource estimate.
3. No in-situ Ilmenite (IsILM) grade reported in 2019 Mineral
Resource estimate.
4. Tonnages and grade are reported on a dry in-situ basis.
- For additional definitions see Table 1.
Figure 1: Map of the Dundas Ilmenite Project and the ore
deposits.
Competent Persons
The information in this release that relates to the Estimation
and Reporting of Mineral Resources provided for the Dundas Ilmenite
Project in 2023 (the '2023 Mineral Resource Estimate for Moriusaq
West' ('MRE 2023') as described in the technical report provided by
Palaris Europe Ltd.to Bluejay Mining Plc titled 'Report Final -
Mineral Resource Estimate Moriusaq West, Dundas Deposit' has been
prepared and compiled by Mr. Mark Thurston Gavin Button.
Mr Button is Principal Geologist at Palaris Europe Ltd., and
acts as an independent consultant to Bluejay Mining plc on the
Mineral Resource Estimation for the Dundas ilmenite Project. Mr
Button is a member of The South African Council for Natural
Scientific Professions ('SACNASP', membership number 400088/01) and
has sufficient experience with the style of mineralisation, deposit
type under consideration and to the activities 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').
Mr. Button has reviewed and consents to the inclusion in the
release of the contained technical information relating to the
Mineral Resource Estimation in the form and context in which it
appears.
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.
With multiple projects in Greenland and Finland, Bluejay offers
both portfolio and commodity diversification focused on base and
precious metals in Tier 1 jurisdictions.
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.
Bluejay also owns 100% of the fully permitted Dundas Ilmenite
Project under its subsidiary Dundas Titanium A/S in northwest
Greenland for which it will seek strategic alternatives.
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. In August 2023, Bluejay successfully divested its Black
Schist Projects in Finland to Metals One plc in a transaction worth
GBP4.125 million (Bluejay currently owns c. 29% of the issued
ordinary share capital of AIM listed Metals One plc).
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END
UPDEANNEADEDEFA
(END) Dow Jones Newswires
September 21, 2023 02:00 ET (06:00 GMT)
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