TIDMJAY
RNS Number : 9198A
Bluejay Mining PLC
27 January 2020
To view the announcement with the illustrative maps and diagrams
please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9198A_1-2020-1-24.pdf
Bluejay Mining plc / EPIC: JAY / Market: AIM & FSE / Sector:
Mining
27 January 2020
Bluejay Mining Plc ('Bluejay' or the 'Company')
Exploration Licence awarded at the Kangerluarsuk
zinc-lead-silver Project, Greenland
ahead of maiden drill programme
Bluejay Mining plc, an AIM and FSE listed Greenland focused
company, is pleased to announce that it has been awarded a new
mineral exploration licence ('Exploration Licence' or the
'Licence') surrounding the Company's existing Kangerluarsuk
zinc-lead-silver Project ('Kangerluarsuk' or the 'Project') in
central west Greenland. The Company intends to commence a maiden
drill programme at the Project later this year, representing the
first drill testing ever conducted at Kangerluarsuk, alongside
additional exploration activity as part of its 2020 field
season.
Highlights:
-- New 586km(2) mineral Exploration Licence expands
Kangerluarsuk by more than five-fold to 692km(2)
-- Licence increase incorporates some of the most prospective
ground for undiscovered zinc-lead-silver-copper deposits
-- First phase reconnaissance and sampling programme of new
Licence area to commence in summer 2020
-- Maiden drill programme to be undertaken in summer 2020 at existing and historically undrilled Kangerluarsuk Licence area;
o Ground gravity survey planned early in 2020 field season to
further refine drill targets
o New mapping highlights the presence of previously unrecognised
and laterally continuous exposures of Qaarsukassak Formation (host
rock to all known mineralisation at Kangerluarsuk; considered to
correlate with the Mârmorilik Formation to the south that hosts the
former Black Angel zinc-lead-silver mine) up to 40 m thick, within
Bluejay's licence areas
o Historic sampling by Rio Tinto Zinc underpins the resource
potential - including up to 1 metre at 41.1% Zn, 0.4 meters at
45.4% Zn and grab samples up to 9.3% Pb, 1.2% Cu and 596 g/t Ag
Roderick McIllree, CEO of Bluejay Mining Plc said, "We are
delighted to have been granted this new Licence area at
Kangerluarsuk. Our decision to increase our land holding by over
five-fold is testament to our confidence in the Licence's
prospectivity. With this in mind we are excited to commence our
2020 field season. This includes a relatively low-cost maiden
drilling campaign (subject to MLSA approval) which will target
known zinc, silver, lead, silver and copper occurrences that have
correlations with the neighbouring former Black Angel
zinc-lead-silver mine. We look forward to updating shareholders in
due course on developments relating to the upcoming summer work
programme, as well as at our advanced Dundas Ilmenite Project and
the Disko - Nussuaq Project, as we prepare for a highly active
2020."
Figure 1. (A) Geological map showing Bluejay's Kangerluarsuk
Zinc-Lead-Silver Project, comprising of the Mineral Exploration
Licences 2011/32 and 2020/06; Figure 1.(B) Geological map showing
the positions of newly mapped exposures of Qaarsukassak Formation
(host to the known Zn-Pb-Ag mineralisation within the licence
areas). Results of sampling by RTZ in the early 1990s also shown
for mineralised showings.
Introduction to the Kangerluarsuk Zinc-Lead-Silver Project:
The Kangerluarsuk Zn-Pb-Ag project is located within the Karrat
Group, a major Palaeoproterozoic sedimentary basin with abundant
Zn-Pb-Ag (+/- Cu) showings. The Karrat Group hosts the former Black
Angel Zn-Pb-Ag mine which produced 11 million tonnes at 12.6% Zn,
4.1% Pb and 29 g/t Ag during operation by Cominco (1973-1986) and
later Boliden (1986-1990). The mine is situated only 10 km south of
Bluejay's new licence area (Fig. 1a). The Company's existing 106
km(2) exploration licence (MEL 2011/31) at Kangerluarsuk is
acknowledged by the Geological Survey of Denmark and Greenland
('GEUS') as the strongest cluster of stream sediment zinc anomalies
in Greenland. Bluejay's new licence area has also yielded anomalous
Zn, Pb, Cu, Ag and elevated pathfinder elements (Cd, As, Cs) in
historic stream sediments and heavy mineral concentrates ('HMC')
indicating the potential for polymetallic mineralisation here.
Prospecting at Kangerluarsuk in the early 1990s under a Joint
Venture between Rio Tinto Zinc ('RTZ') and Platinova revealed
several locations with outcropping high-grade mineralisation, with
chip sampling profiles up to 1 meter @ 41.1% Zn, 0.4 meters @ 45.4
% Zn and grab samples up to 9.3% Pb, 1.2% Cu and 596 g/t Ag (as
shown in Fig. 1). The Discovery and Discovery South mineralisation
(Fig. 1b) consists of massive, coarse-grained, re-crystallised
sphalerite (zinc ore mineral) and galena (lead ore mineral),
whereas the Kangerluarsuup Glacier mineralisation to the south
(Fig. 1b) consists of finely laminated sphalerite-galena ore, with
chalcopyrite (copper ore mineral).
A regional mapping and research initiative on the Karrat Group
(2015 to present), jointly financed by GEUS and the Greenland
Government's Ministry of Mineral Resources, has significantly
enhanced the overall geological understanding of the basin and its
architecture, allowing Bluejay to further refine the genetic model
for the mineralisation within the Kangerluarsuk sub-basin. The
known Zn-Pb-Ag (+/- Cu) mineralisation is hosted by ferruginous
horizons in graphitic schist within siliciclastic and carbonate
rocks of the Qaarsukassak Formation (a newly defined informal
unit). This formation is considered to correlate with the
Mârmorilik Formation to the south, that hosts the former Black
Angel mine. The overlying Nûkavsak Formation, a thick package of
turbidite facies metagreywackes, is now interpreted to have been
thrust over the Qaarsukassak Formation. Significantly the recent
mapping by GEUS highlights the presence of previously unrecognised
exposures of Qaarsukassak Formation, up to 40m thick, within
Bluejay's licence areas which have the potential to host
mineralisation. Tectonic repetition of the Qaarsukassak Formation
through thrusting is also recognised.
Bluejay acquired the Kangerluarsuk Project in January 2017 when
it purchased Avannaa Exploration ('Avannaa') and its exploration
assets in an all share transaction with Cairn Energy Plc. Between
2011 and 2013, Avannaa carried out an aggressive campaign to
advance the Project. Avannaa completed detailed geological and
structural mapping, and a series of intense geochemical anomalies
were discovered within a 15km long NE-SW trending lineament based
on MMI (Mobile Metal Ion) and SGH (Soil Gas Hydrocarbon), and bulk
soil geochemistry surveys. The SGH study defined a signature highly
consistent with a deeply buried (>500m) base metal deposit with
a rating of 6.0, the highest score possible in the SGH rating
system. Biogeochemical sampling by the European Union funded
'UpDeep' programme who carried out a pilot study at Kangerluarsuk
in 2017, identified anomalies which are coincident with the SGH
redox zones.
Avannaa also commissioned Geotech Ltd., to fly a 348 line-km
helicopter-borne audio frequency magneto-variational (AFMAG) survey
using the ZTEM (Z-Axis Tipper electromagnetics) system, which
identified several highly conductive bodies close to the modelled
basement contact. The ZTEM data supplements an earlier 435 line-km
helicopter-borne DIGHEM(V) electromagnetic survey commissioned by
Platinova in 1997. Three of the conductive bodies are coincident
with the strongest surface geochemical anomalies and are considered
the highest priority drill targets. Thus, several independent
methods have been combined to pinpoint drill-targets that are now
ready to be tested through a maiden drill programme in 2020.
Despite significant and extensive outcropping base metal
mineralisation, this will be the first time Kangerluarsuk will
undergo drill testing. In order to further refine the drill targets
Bluejay is planning to undertake a detailed ground gravity survey
ahead of the drilling programme. Concurrent with the drill
programme, the Company will undertake surface exploration within
the new Licence to include steam sediment, scree sediment and HMC
sampling, along with prospecting for outcropping mineralisation
and/or prospective host lithologies.
Lodging the Exploration Licence
Bluejay lodged an application in October 2019 for an additional
mineral Exploration Licence at Kangerluarsuk (see RNS dated 21
October 2019). The new Licence (MEL 2020/06; Fig 1a) has been
awarded by the Mineral Licence and Safety Authority, Greenland
('MLSA') and surrounds the Company's existing 106km(2) Licence (MEL
2011/31; Fig. 1a). The new Licence provides a buffer around the
existing Kangerluarsuk Project, ensuring the security and integrity
of the Project ahead of the maiden drilling in summer 2020.
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.
**S**
For further information please visit
http://www.bluejaymining.com or contact:
Roderick McIllree Bluejay Mining plc +44 (0) 20 7907 9326
Kevin Sheil Bluejay Mining plc +44 (0) 20 7907 9326
------------------------------ ---------------------
SP Angel Corporate Finance
LLP
Ewan Leggat (Nominated Adviser) +44 (0) 20 3470 0470
------------------------------ ---------------------
SP Angel Corporate Finance
LLP
Soltan Tagiev (Nominated Adviser) +44 (0) 20 3470 0470
------------------------------ ---------------------
Hannam & Partners (Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
------------------------------ ---------------------
Charlotte Page St Brides Partners Ltd +44 (0) 20 7236 1177
------------------------------ ---------------------
Cosima Akerman St Brides Partners Ltd +44 (0) 20 7236 1177
------------------------------ ---------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCKKQBQABKDCDB
(END) Dow Jones Newswires
January 27, 2020 02:00 ET (07:00 GMT)
Bluejay Mining (LSE:JAY)
Historical Stock Chart
From Apr 2024 to May 2024
Bluejay Mining (LSE:JAY)
Historical Stock Chart
From May 2023 to May 2024