Bluejay CEO Roderick McIllree said: “2018 has already been a successful year for Bluejay with a £17 million raise executed and a 400% increase on the JORC Code compliant maiden mineral resource achieved, which not only reaffirms Dundas as the world’s highest-grade ilmenite project but also shows our significant scale. Our primary focus now is to ensure that we maintain our momentum towards production. To achieve this, our first objective is to finalise and submit our relevant exploitation licence applications to the Government of Greenland, which we should be in a position to do by the end of this field season. Alongside this, in light of the significant JORC Code compliant mineral resource uplift announced on 23 April 2018, we intend to undertake targeted exploration work to realise the considerable further potential of our Project; there is a lot more here that will be demonstrated over time. In particular, Iterlak was the surprise discovery of 2017 and when one looks at the results obtained from Iterlak in Table One it is clear this area offers substantial growth opportunity. The Company believes that this target area has the potential to surpass the already company-making Moriusaq resource and we are excited to further prove the value proposition of this core component of the >30km long licence area.
In tandem with our highly active development and expansion programme at Dundas, we will also be setting our sights on translating historical exploration achievements at our Disko-Nuussuaq Magmatic Massive Sulphide (‘MMS’) Nickel-Copper-Platinum Project in Greenland into significant new verifiable discoveries. We have seven historically identified significant MMS targets at our newly enlarged Disko licence area, with the largest being 5.9km long by 1.1km wide. We look forward to updating shareholders separately on these work programmes in due course. We are confident that Disko could be among the great MMS systems of the world.”
Bluejay Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, has given DirectorsTalk an update on activities at the Dundas Ilmenite Project in Greenland and outline its plans for 2018 as it continues to advance the Project towards the commencement of mining. Dundas fieldwork is due to commence in June 2018 and is expected to continue until October 2018. To view this announcement with the illustrative maps and diagrams please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/7961O_-2018-5-21.pdf
• Resource expansion at Dundas:
o Iterlak is the primary focus with plans to significantly increase resources there – based on internal estimates, the Company plans to define resources in excess of 100Mt
o Shallow Marine – An assessment for potential measurable mineralisation is due from SRK Exploration Services Ltd (‘SRK’) in H2 2018
• Finalising licencing applications:
o Environmental Impact Assessment (‘EIA’) & Social Impact Assessment (‘SIA’) are ongoing but await finalisation of the mine plan, which is being designed in the forthcoming Preliminary Feasibility Study (‘PFS’) and is expected shortly
o Exploitation licence application due to be submitted at the end of this field season, following completion of the EIA and SIA
• Customer Acceptance programmes continue to progress well – additional parties to receive samples
• A mining fleet has been purchased to commence Civil Engineering works:
o Complete the 2018 bulk sampling programme
o Build the ROM (run-of-mine) pad
o Stockpile high grade material
o Commence earth works around the planned plant and port site
• Disko-Nuussuaq: 2018 exploration programme to refine targets further in expanded licence area
• Cash balance of >£15m
Further Information
Field Work – 2017 field work resulted in an increase of >400% in the Project’s resource base to 96Mt @ 6.9% ilmenite in-situ with additional upside via the SRK defined exploration target of 20-60Mt at 6-10% ilmenite also identified, the company however is of a view that a higher number can be achieved. The majority of the resource estimate to date has been defined at Moriusaq and this area is the basis for The Company’s PFS, whilst the new exploration target covers the Iterlak Delta. With significant expansion potential identified, the 2018 field work programme at Dundas will see focus on Iterlak and the surrounding area, with drilling, resource definition, and additional detailed marine bathymetric surveys all being undertaken. Alongside this, customer acceptance programmes continue, and a bulk sample will also be taken to supply final product parcels to prospective customers.
With the programme approved by the Government of Greenland and the purchase of equipment complete, staff are now coordinating equipment delivery for upcoming sealift and associated operational logistical tasks.
Fieldwork will commence late in June 2018 and is expected to continue until October 2018. Staffing is expected to be approximately 25-30 personnel peaking at 40, and accommodation will be provided in the former settlement of Moriusaq with some additional accommodation and ablution facilities as required (see diagrams below).
Iterlak drilling – The sonic drill and support vehicles will be deployed south of Iterlak Delta early in July 2018 and progress west towards and across the delta. A detailed drilling programme has been planned for the active and raised beach and deltaic targets. This programme will be supported from the established camp at Moriusaq.
Both Iterlak beaches (raised and active) and delta have thus far only been auger drilled to one metre thereby offering growth potential as we demonstrate more accurate depths to basement in this area. Deeper drilling is required to further define resources, and test theories on the genesis of the deposit. The Iterlak area offers a satellite source of very high-grade material that could provide an additional higher grade supplemental feed for the operation.
