Bluejay Mining plc, the AIM and
FSE listed company with projects in Greenland and Finland, is
delighted to publish an updated JORC compliant Mineral Resource
Estimate and significant resource upgrade for the Dundas Ilmenite
Project ('Dundas' or 'the Project') in Greenland, which reaffirms
Dundas as the highest-grade mineral sand ilmenite project globally
whilst highlighting the Project's significant commercial and
strategic value. The updated Mineral Resource Estimate has been
prepared by SRK Exploration Services Limited ('SRK').
Highlights
-- Total resources identified to date at Dundas now sit at 96
million tonnes at 6.9% ilmenite (in situ). An increase of some 400%
on the maiden resource announced in April 2017.
o Resources comprised of the following;
-- Indicated Mineral Resources at Moriusaq equal to 81 million
tonnes at 6.1% ilmenite in situ.
-- A detailed breakdown of the indicated Mineral Resources at
Moriusaq can be seen in the table below;
-- Inferred Mineral Resources of;
-- 7 million tonnes at 12.2% ilmenite (in-situ) at Iterlak East,
a newly identified area 15km east of Moriusaq
-- 7 million tonnes at 9.2% ilmenite (in-situ) surrounding the Moriusaq indicated resources and,
-- 1 million tonnes at 6.1% (in-situ) at Iterlak West
-- A newly identified additional Exploration Target over the
Iterlak Delta of between 20 million tonnes and 60 million tonnes at
between 6% and 10% ilmenite (in-situ). See Figure 1.
-- Also underway is an assessment of the shallow marine area
where potential for additional resources is being evaluated.
Results will be announced in due course.
-- Opportunity to upgrade the in-situ grade by up to 30% via a
simple oversize separation step prior to processing, further
enhancing run of mine (ROM) grade and project economics.
-- Results clearly indicate the strong possibility of a large
and long-life operation with obvious expansion potential.
Bluejay CEO Roderick McIllree said: "We are delighted with this
result, a lot of hard work by a lot of people has gone into this
upgrade confirming Dundas's place amongst other major global
ilmenite deposits. We expect that the natural advantages of a
homogenous material new high grade indicated resource to pin an
operation around and a very interesting set of very high grade
targets to the East around Iterlak which is the main feeder zone
will help the project economics in the long term. Coupled with the
fact that this material is recognised by industry majors as being
suitable for sulphate pigment and both sulphate slag and chloride
slag production means we are well placed to make some big strides
in the short term.
"These results matched our best internal expectations of size
and grade for the indicated resources at Moriusaq, the surprise of
2017 was the realisation that Iterlak, where mineralisation is
found in raised beaches and the delta, appears to host similar
sized zones with much higher grades (2017 result from Iterlak was
77% ilmenite in situ on the raised beach) which says to me that if
things continue as they did during 2017 Dundas could quickly become
unique amongst all known deposits.
" We have continued to progress permitting, pre-feasibility work
modules, as well as a general preparation towards a busy 2018, and
we expect to be in a position to update shareholders shortly. The
recent award of "Prospector and Developer of the Year" by the
Government of Greenland is a testament to our competence and
compliance to date in ensuring that the Dundas Project meets its
qualifying obligations for an exploitation licence. Alongside this,
the team at Bluejay has been working hard with our consulting
partners (Wood Plc, IHC Robbins, SRK, Royal IHC and study managers
Quedtech ltd and Keypointe ltd) in developing our mine and
operational plan.
"The Company maintains a cash buffer of more than GBP15 million
having already secured a 30t mining fleet, conveyor & trommel
systems as well as other necessary equipment and accommodation
necessary to prepare and ship out material for smelter testing.
During the year we will prepare the site with various
infrastructure works. This equipment will continue to be augmented
throughout the year.
"As part of evaluating the commercial realities of viable long
term ilmenite production, we have identified a simple and low cost
processing route levering off natural characteristics such as the
ability to remove 30% of the oversize material prior to processing
(thereby improving the in-situ grades by up to 30% also). We have
also optimised the mine plan and schedule such that the operation
starts on the highest grade material, a situation that we should be
able to maintain for many years. Importantly, the ore contains
concentrations of radionuclides that are below detection
limits".
"The Company will be updating shareholders regarding all other
activities in due course."
To view a version of the announcement with a diagram showing the
resource areas, click here:
http://www.rns-pdf.londonstockexchange.com/rns/703...
Additional information
SRK has produced an updated Mineral Resource Estimate for the
Moriusaq onshore raised beaches target that forms part of Bluejay's
exploration licence in Northwest Greenland (licence number 2015/08)
based all valid data available as at 20 April 2018. The estimate
has been derived using a combination of auger and sonic drilling
data which has been interpolated into a 3D geological model created
by SRK.
SRK considers that all the delineated mineralisation has
reasonable prospects for eventual economic extraction and the
Mineral Resource Statement has been reported at a 0% cut-off grade
using the terminology and guidelines set out in the JORC 2012
Code.
Classification Location Tonnes Density >5mm >2mm <63<MU>m In-Situ In-Situ
(Mt) (T/m(3) (%) (%) (%) Total TiO(2)
) Heavy (%)
Minerals
(%)
---------------- ---------------- ------- --------- ----- ----- --------- ---------- --------
Indicated Moriusaq 81.0 2.12 27.8 36.6 4.6 23.8 2.9
---------------- ---------------- ------- --------- ----- ----- --------- ---------- --------
Inferred Moriusaq 7.0 2.12 15.4 23.3 5.7 34.1 4.4
---------------- ---------
Iterlak
West 1.0 23.8 30.5 6 25.2 2.9
---------
Iterlak
East 7.0 14.6 23.1 5.6 39.4 5.8
--------------------------------- ------- --------- ----- ----- --------- ---------- --------
Total Inferred 15.0 2.12 15.7 23.8 5.7 35.7 4.9
--------------------------------- ------- --------- ----- ----- --------- ---------- --------
TOTAL RESOURCES 96,0 2.12 25.8 34.5 4.8 25.7 3.3
---------------------------------- ------- --------- ----- ----- --------- ---------- --------
-- In situ TiO(2) conversion to in situ ilmenite is calculated
by dividing the TiO(2) by 0.4765
-- Heavy Minerals have been separated from a -2 mm +63 um size
fraction using heavy liquid separation at a density of 2.95
g/cm3
-- Mineralogical assessments indicate that ilmenite is the only
mineral of value in the assemblage. The remainder of the heavy
minerals is dominated by pyroxene and amphibole.
-- % TiO(2) in-situ assumes that all recoverable TiO(2) is in
the heavy mineral component of the -2 mm +63 um size fraction
-- % Ilmenite In-situ assumes that all TiO(2) is within ilmenite
and that the ilmenite contains 47.65% TiO(2) , based on historical
exploration data
SRK is of the opinion that there is a high probability that a
proportion of this currently reported Inferred Mineral Resource can
be upgraded to the Indicated category following additional
exploration. Further, SRK considers that there is a high
probability that the raised beaches hosting this Mineral Resource
extend both along the shoreline within Bluejay's licence area. The
licence area includes a 30 km length of raised beaches and deltas
and Bluejay has demonstrated mineralisation in several places in
addition to the area covered by the Mineral Resource presented
here.
In addition to the Mineral Resource Statement, SRK has derived
an Exploration Target. It should be noted that this Exploration
Target, of some 20-60 million tonnes with a mean grade of between 6
and 10% ilmenite, is conceptual in nature, that there has been
insufficient exploration to estimate a Mineral Resource and that it
is uncertain if further exploration will result in the estimation
of a Mineral Resource. The target grade and tonnage ranges have
been derived from a combination of assays of samples collected from
trenches and ground penetrating radar data (using an assumed
density) respectively. The latter allowed layering to be
interpreted in sediments and is supported by seismic data at the
mouth of the delta. The Exploration Target also reflects the area
and interpretations therein that are planned to be explored and
tested by the Company in the next field season.
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.
The information in this press release that relates to an
Exploration Target is based on in formation compiled under the
direction of Mr William Kellaway who is Member of The Australian
Institute of Mining and Metallurgy (membership # 306203). Mr
Kellaway is a full-time employee of SRK Exploration Services 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. Mr
Kellaway 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.
Technical Glossary
------------------- --------------------------------------------------
"Indicated Mineral A part of a Mineral Resource for which
Resource" tonnage, densities, shape, physical
characteristics, grade and mineral content
can be estimated with a reasonable level
of confidence. It is based on exploration,
sampling and testing information gathered
through appropriate techniques from
locations such as outcrops, trenches,
pits, workings and drill holes. The
locations are too widely or inappropriately
spaced to confirm geological and/or
grade continuity but are spaced closely
enough for continuity to be assumed.
------------------- --------------------------------------------------
"Inferred Mineral A part of a Mineral Resource for which
Resource" tonnage, grade and mineral content can
be estimated with a low level of confidence.
It is inferred from geological evidence
and assumed but not verified geological
and/or grade continuity. It is based
on information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes
which may be limited or of uncertain
quality and reliability. mineral content
can be estimated with a low level of
confidence. It is inferred from geological
evidence and assumed but not verified
geological and/or grade continuity.
It is based on information gathered
through appropriate techniques from
locations such as outcrops, trenches,
pits, workings and drill holes which
may be limited or of uncertain quality
and reliability.
------------------- --------------------------------------------------
"Exploration An Exploration Target is a statement
Target" or estimate of the exploration potential
of a mineral deposit in a defined geological
setting where the statement or estimate,
quoted as a range of tonnes and a range
of grade (or quality), relates to mineralisation
for which there has been insufficient
exploration to estimate a Mineral Resource.
------------------- --------------------------------------------------
"JORC Code" The code for reporting of the Australasian
Joint Ore Reserves Committee, which
is sponsored by the Australian mining
industry and its professional organisations.
The code is widely accepted as a standard
for professional reporting purposes
for reporting of mineral resources and
ore reserves.
------------------- --------------------------------------------------
"m" Metre, a unit of length as per the International
System of Units.
------------------- --------------------------------------------------
"Mineral Resource" A concentration or occurrence of material
of intrinsic economic interest in or
on the Earth's crust in such form, quality
and quantity that there are reasonable
prospects for eventual economic extraction.
The location, quantity, grade, geological
characteristics and continuity of a
Mineral Resource are known, estimated
or interpreted from specific geological
evidence and knowledge. Mineral Resources
are sub-divided, in order of increasing
geological confidence, into Inferred,
Indicated and Measured categories.
------------------- --------------------------------------------------
"Mineralisation" The process or processes by which a
mineral is introduced into a rock, resulting
in a valuable or potentially valuable
deposit. It is a general term, incorporating
various types; e.g., fissure filling,
impregnation, and replacement.
------------------- --------------------------------------------------
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**
For further information please visit http://www.titanium.gl
or contact:
Roderick +44 (0) 20 7907
McIllree Bluejay Mining plc 9326
---------------- -------------------- ----------------
SP Angel Corporate +44 (0) 20 3470
Ewan Leggat Finance LLP 0470
---------------- -------------------- ----------------
SP Angel Corporate +44 (0) 20 3470
Soltan Tagiev Finance LLP 0470
---------------- -------------------- ----------------
Hannam & Partners +44 (0) 20 7907
Ingo Hofmaier (Advisory) LLP 8500
---------------- -------------------- ----------------
Hannam & Partners +44 (0) 20 7907
Andrew Chubb (Advisory) LLP 8500
---------------- -------------------- ----------------
Charlotte St Brides Partners +44 (0) 20 7236
Page Ltd 1177
---------------- -------------------- ----------------
St Brides Partners +44 (0) 20 7236
Megan Dennison Ltd 1177
---------------- -------------------- ----------------
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