Bluebird
Mining Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector:
Mining
17 February 2025
Bluebird Mining Ventures
Ltd
('Bluebird' or 'the
Company')
Company
Update
Bluebird Mining Ventures Ltd., a
gold project development company, is pleased to provide an update
to shareholders regarding the Company and its high-grade gold and
silver project portfolio in South Korea and the Philippines.
The Company's strategy remains focused on advancing its three
high-grade gold projects through joint venture partnerships with
local companies. The portfolio is estimated to contain c. 1.8
million ounces of gold.
In line with the above strategy,
which provides Bluebird with a free carry across its portfolio, the
Company's Joint venture partner in the Philippines has paid the
2025 licence fee for the Batangas Gold Project as part of the key
renewal process. The Company is actively exploring avenues
for potential early monetisation. Given the value disconnect
between the current market capitalisation and the Batangas gold
project alone, particularly as gold approaches $3,000 per oz, it is
the Board's intention to address this as expediently as possible.
Batangas is a 1,160-hectare licence
with two 25-year Mineral Production Sharing Agreements ('MPSA')
granted. The Project has a current JORC compliant resource of
440,000 ounces, including a maiden ore reserve of 128,000 ounces
(including silver credits) as well as multiple additional targets
providing extensive resource upside. The local partner remains
focussed on work required for the submission for the grant of a
Declaration of Mining Project Feasibility and the Environmental
Study for an operating gold mine at the Lobo high-grade gold mining
target.
In South Korea, the decision
regarding the Mountain Temporary Use Permit ('MTUP') for the
Kochang Gold and Silver Mine ('Kochang') from the Board of Audit
and Inspection ('BAI'), has unfortunately been delayed and is now
expected in Q2 2025. The delay is due to a slow bureaucracy
and other high priority cases that have "jumped ahead" of this
process, but the Company has been assured that a decision will be
forthcoming. It is important to note that the lawyers
continue to stress that legally there are no impediments to a
positive outcome by the department. The team is due shortly
in South Korea to meet with the JV partner and advisors.
Corporately, due to family reasons,
Colin Patterson is stepping down from the Board with immediate
effect. The Board would like to thank Colin for his
stewardship and support over the years and wish him and his family
well. Whilst departing from the
Board, Colin remains positive about the projects, stating that: "I
still firmly believe that the projects are excellent and at today's
gold price would be hugely profitable when given the opportunity to
develop them."
The Company is actively seeking a
suitable replacement for Mr Patterson, someone who has the
technical expertise to expedite a production plan in tandem with
the Company's local project partners.
Bluebird Executive Director and Interim CEO Aidan Bishop
said, "The Board would like to
express its gratitude to Colin for his commitment and support to
the Company over the years and wishes him and his family all the
best. He remains a supportive shareholder and, as with our
partners, continues to believe in the significant inherent value of
the portfolio. We are now actively seeking a suitable replacement
with production experience to assist our JV partners in achieving
the objectives of all stakeholders and advancing our portfolio
toward production.
"With an estimated 1.8 million
ounces of gold in the ground and a favourable gold price
environment, our partners continue to recognise the immense value
these projects hold. The timely satisfaction of the license payment
in the Philippines underscores their commitment. Whilst it is
frustrating to experience a further delay in South Korea, I am
encouraged by the fact that the Board of Audit and Inspection have
at least indicated that we are close to the 'front of the
queue'."
"As we are now into our
10th year, I believe the time has now come to look to
realise our extensive time and capital investment at Batangas and I
will be focused on achieving this goal as soon as
possible."
**ENDS**
For
further information please visit https://bluebirdmv.com or
contact:
Jonathan
Morley-Kirk Bluebird Mining Ventures Ltd
Email: jmk@bluebirdmv.com
About Bluebird
London listed Bluebird Mining
Ventures Ltd is focused on developing high grade, low capex gold
projects. With a cumulative estimated 1.8M oz Au across three
projects, including two historic mines in South Korea and a
development project in the Philippines, the Company looks to JV its
assets with local partners to provide free carry structures to
advance its assets to production.
Bluebird recognised the most
effective strategy to develop projects in South Korea and the
Philippines involved adopting a Joint Venture model; by securing
local partners with in-country operational knowledge and investment
capital at the project level, assets can be advanced to production
on a de-risked basis.
The Company has three JV's providing
a cumulative c.US$9m investment: US$5m for the development of the
historic Gubong Gold Mine and US$2m for the Kochang Gold and Silver
Mine, in South Korea and c.US$2m (funding to a production decision)
for the Batangas Gold Project in the Philippines. With committed
development capital at the project level, the Company has free
carries to production/mine construction on all its projects, which
reduces its reliance on the international capital
markets.
Bluebird continues to provide
technical assistance to these projects, utilising its
internationally experienced mining team, which has a track record
of bringing gold projects into production across Southeast
Asia. Both JV parties recognise each sides competencies and
the mutual belief that together they can bring the projects into
production and generate significant value for all stakeholders.
Importantly the management team has personally invested cUS$2
million into the Company, highlighting their belief in the quality
of the portfolio.
Gubong, which was historically the
second largest gold mine in South Korea has 9 granted tenements
covering c.25 sq km. Gubong is moderately dipping with 9
veins extending 500m below surface and known to extend at least a
further 250m. However, the production opportunity for Bluebird
prior to looking at deepening the mine is the 25 levels already
developed with all the remnants and unmined areas left by the
original miners. The 25 levels extend over 120km in total
length which indicates the size of the opportunity. The Korea
Resources Corporation ('KORES') estimated 2.34M tonnes at some
7.3g/t Au garnered from 57 drill holes over 17,715.3 metres.
With additional sampling, mapping, pit modelling and grade
analysis, plus the fact that Gubong is an orogenic deposit, which
typically have a depth of 2km compared to the current depth of
500m, the Board believe it has a geological potential of 1 million
+ oz Au in-situ, plus an estimated additional 300,000 oz Au from
satellite ore bodies.
Kochang is an epithermal vein
deposit with parallel vertical ore bodies covering 8.3 sq km that
reportedly produced 110,000 oz of gold and 5.9 million oz of silver
between 1961 and 1975. Consisting of a gold and silver mine,
there are currently four main veins and several parallel subsidiary
veins vein which have been identified, as well as a newly
identified cross-cutting vein. Historic drilling indicates the
veins continue to depth below the current 150m mine and mapping
shows the veins on surface providing potential above and below the
old workings. The veins extend to the NE providing a strike length
of 2.5km with 600m between the two mines not exploited. There
is potential to expand operations to the southwest/northeast and to
depth, as well as exploit the already mined areas. The total
resource potential is between 550,000 and 700,000 tonnes, with a
range of grades between 5.2 g/t to 6.6 g/t gold, and 27.3 g/t to
34.8 g/t silver. Following the granting of a Mountain Use
permit, there is an estimated 6-to-9-month development time to
trial mining.
Batangas is a 1,160-hectare licence
with a 25-year Mineral Production Sharing Agreement ('MPSA')
granted. The Project has a current JORC compliant resource of
440,000 ounces, including a maiden ore reserve of 128,000 ounces
(including silver credits) as well as multiple additional targets
providing extensive resource upside. Exploration expenditure to the
tune of c.$20m has already been invested.
Work is focused on completing
Exploration and Environmental Work Programmes initially targeting
the high-grade 1,164-hectares Lobo licence. This has an
initial Probable JORC Compliant Ore Reserves of 171,000 tons at 6.6
g/t for 36,000 ounces of gold excluding silver credits based
primarily on the South West Breccia ('SWB') area of the licence
that can be mined in the first 18 months of any operation.
There is an Indicated resource of 82,000 oz Au that is perceived as
easily convertible. Additionally, the area has multiple
epithermal and high-grade targets already identified for resource
expansion with 15km of identified mineralised structures with
results across the nine identified targets yielding excellent
results. These include 2.1m @14.4g/t Au and 3m at 12.1g/t at
West Drift, which already has an Indicated and Inferred resource of
350,000t at 3 g/t Au, 8.35m at 18.3 g/t Au and 6.0m at 31.2 g/t Au
located immediately west of the SWB Extension, 19m surface channel
sample with intersections of 19m grading 9.8 g/t Au at Ulupong and
trenching at Limestone Target yielded 3.5m at 25.9 g/t Au including
1.5m at 56.8 g/t Au.
