TIDMJAY
RNS Number : 7752L
Bluejay Mining PLC
15 January 2021
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
15 January 2021
Bluejay Mining plc
('Bluejay' or the 'Company')
Link to view the announcement in full including all figures:
http://www.rns-pdf.londonstockexchange.com/rns/7752L_1-2021-1-14.pdf
Enonkoski Project Joint-Venture Agreed and
Commencement of Exploration Programme with Rio Tinto
Bluejay Mining plc, the AIM, FSE listed and OTCQB traded
exploration and development company with projects in Greenland and
Finland, is pleased to announce that it has been notified by Rio
Tinto Mining and Exploration Ltd ('Rio Tinto'), that the remaining
conditions have now been satisfied for the commencement of the
Enonkoski Project joint-venture and earn-in agreement, announced 10
November 2020. The Company received Rio Tinto's notification of
satisfaction for the joint-venture and earn-in agreement on 8
January 2021.
Additionally, the Fieldwork Programme ('Field Programme' or the
'Programme') at its Enonkoski nickel-copper-cobalt-platinum group
elements ('Ni-Cu-Co-PGE') Project in Finland, as part of the
joint-venture & earn-in agreement with Rio Tinto, has now
commenced.
Field Programme Highlights
-- Commenced relogging and reassaying of historical diamond
drill core at the Geological Survey of Finland's core archive
-- Tromino data acquisition complete via two surveys - awaiting data interpretation
-- Commenced detailed ground magnetic surveys of two near-mine areas, Tevanjoki and Laukunsuo
-- All exploration activities are being conducted with strict COVID-19 protocols in place
Thomas Levin, COO of FinnAust, said: "I am delighted to inform
the market that we have received confirmation that the remaining
conditions for the commencement of the joint-venture agreement with
Rio Tinto have been met. As much of the due diligence work was
completed prior to signing of the JV agreement, I am pleased to see
that we have together been able to quickly move forward with the
near-mine geophysical surveys and other data acquisitions all
aiming to further refine targets to be tested by drilling in
2021.
"The Enonkoski belt has remained significantly underexplored
although it hosts two historical nickel, copper, cobalt mines that
were in operation in the 1980s and early 1990s. We have acquired
most of the historical data from the belt and new ground and
airborne geophysical surveys have been conducted. Diamond drilling
conducted by FinnAust less than 1.5km southeast of the closed
Enonkoski mine intersected a nickel, copper mineralisation at
shallow depth proving that also the near-mine areas are
underexplored.
"I am incredibly pleased with the method and efficiency we have
been able to commence the exploration activities and I would like
to thank the Rio Tinto Mining and Exploration Ltd team that has
been involved in the planning and execution of the ongoing
Programme. The near-mine targets we are focusing on during these
early-stage activities will be ready to drill after completion of
the ongoing geophysical work, and we will simultaneously be
reviewing the entire Enonkoski belt with the aim of generating new
exploration targets. I look forward to updating the market in due
course with respect to the progress of the exploration."
Fieldwork Programme at Enonkoski
A detailed ground magnetic survey is currently being conducted
on two near-mine areas northwest and southeast of the historical
Enonkoski Ni-Cu-Co mine that was operated by Outokumpu Oy in
1984-1994. The survey is conducted with 20m line spacing on the
Tevanjoki and Laukunsuo target areas (figure 1) not covered by
detailed historic ground magnetic data. The main aim of the survey
is to enhance the resolution of the existing magnetic data and
consequently generate targets to be tested by drilling.
Two Tromino trial surveys totalling 83 stations and 50m station
spacing have been completed on the Laukunsuo area in December 2020
and January 2021. The data is currently being interpreted and the
aim of the study is to identify the thickness of overburden cover
in the project area and understand if the overburden depths
received from the Tromino surveys are comparable with the data from
the historic drilling in the area. This will help in determining
the optimal Tromino acquisition recording time and production rate
in order to complete a passive seismic survey over a larger survey
block on the Enonkoski belt if the results from the completed
surveys are favourable.
Figure 1. Location of the Tevanjoki (2) and Laukunsuo (3) ground
magnetic survey areas along strike from the historical Enonkoski
mine (1), background is an airborne magnetic image, and the old
mine site is covered by detailed ground magnetic data.
Finland Overview
Bluejay holds, through its 100% owned Finnish subsidiary
FinnAust Mining Finland Oy ('FinnAust'), three large scale project
areas in East Finland - the Enonkoski Ni-Cu-Co-PGE project, the
Hammaslahti copper-zinc-gold-silver ('Cu-Zn-Au-Ag') project, and
the Outokumpu copper-cobalt-gold-silver ('Cu-Co-Au-Ag')
project.
For further information please visit
http://www.bluejaymining.com or contact:
+44 (0) 20 7907
Roderick McIllree Bluejay Mining plc 9326
+44 (0) 20 7907
Kevin Sheil Bluejay Mining plc 9326
------------------------------ ----------------
SP Angel Corporate Finance
LLP +44 (0) 20 3470
Ewan Leggat (Nominated Adviser) 0470
------------------------------ ----------------
SP Angel Corporate Finance
LLP +44 (0) 20 3470
Adam Cowl (Nominated Adviser) 0470
------------------------------ ----------------
Hannam & Partners (Advisory) +44 (0) 20 7907
Andrew Chubb LLP 8500
------------------------------ ----------------
+44 (0) 20 7138
Tim Blythe Blytheweigh 3205
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+44 (0) 20 7138
Megan Ray Blytheweigh 3205
------------------------------ ----------------
Notes
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 projects in Greenland and Finland, its most advanced project
is the Dundas Ilmenite Project in Greenland, which is being
developed towards production in the near term.
The Company's strategy is focused on securing financing ahead of
commencing commercial production at Dundas in order to create a
company capable of self-funding exploration on its current projects
and future acquisitions.
Bluejay holds three additional projects in Greenland - the
2,897sq km Disko-Nuussuaq ('Disko') Magmatic Massive Sulphide
nickel-copper-cobalt-platinum group element-gold project
('Ni-Cu-Co-PGE-Au'), which has shown its potential to host
mineralisation similar to the world's largest nickel-copper mining
district at Noril'sk-Talnakh, northern Russia; the 692sq km
Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), and the
2,025 sq km Thunderstone project which has the potential to host
large-scale base metal and gold deposits. In Finland, Bluejay has
agreed a joint-venture agreement with Rio Tinto Mining and
Exploration Ltd at its Enonkoski Project.
**ENDS**
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