TIDMJAY
RNS Number : 7574Y
Bluejay Mining PLC
08 December 2017
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
8 December 2017
Bluejay Mining plc ('Bluejay' or the 'Company')
Working Sulphide System Confirmed - Disko 2017 Work Programme
Update
Bluejay Mining plc, the AIM and FSE listed company with projects
in Greenland and Finland, is pleased to announce that it has
completed its maiden 2017 field work programme at the 100% owned
Disko Nickel, Copper, Cobalt & Platinum Project in West
Greenland ('Disko' or the 'Project').
Highlights
-- Surface sampling confirms working sulphide system with
initial chemical assays in oxidised surface material returning
2.02% Nickel, 0.8% Copper, 0.2% Cobalt
-- Handheld XRF sampling on fresh, polished material returned
values averaging between 4.6%-9.3% Nickel & 1.5 - 2.8%
Copper
-- Primary objective of Disko 2017 work programme was to identify drill targets
-- Work focussed on southern licence area, Area 1 - The Kugg Project
-- Completed a Moving Loop, High Powered Electro-Magnetic ('MLEM') survey
o designed to test low resistivity targets identified by
previous licensees
o EM results are currently the subject of detailed evaluation
and assessment by the Company and its advisors
-- Fresh sample taken from outcrops show characteristics
indicative of large scale Ni-Cu-Co-PGE sulphide segregation, course
grained inter-locking crystals of metal sulphides observed in hand
specimens, average size +15cm
-- Surveys were carried out in two of the four anomalies in Area
1, with the remainder to be tested next year
-- Data compilation and interpretation for Area 2 - The Illug
Project ('Illug'), located on the northern peninsular continues -
this work has already identified numerous additional targets, as
well as confirming historically identified anomalies
-- Additional large coincident gravity, magnetic and conductor
anomalies identified in the new licence areas
-- Results from 2017 exploration work together with historical
data will continue to be assessed in the coming months to refine
targets for future exploration work
-- Standalone exploration programme planned for 2018 to advance
project understanding in our recently enlarged licence area, now
comprising 970km(2)
-- Company continues to assess options to maximise shareholder
value at Disko, Kangerlussuaq and Finland
Bluejay CEO Roderick McIllree said, "We have long held great
optimism for Disko. The similarities between Disko and other great
MMS systems of the world are striking. The identification of large
weathered gossans in the field continues to exceed our expectations
and the results received from this maiden 2017 work programme have
greatly strengthened our understanding of this part of Greenland,
giving us improved confidence in the Project's resource potential.
Chemical assays of 2.02% Nickel, 0.8% Copper, 0.2% Cobalt returned
from surface and much higher-grade material observed via handheld
XRF, not to mention the extremely coarse crystals, all point to a
long and slow baking process, which is a critical factor for large
scale Ni-Cu-Co-PGE MMS segregation and accumulation. Accordingly,
early identification of the geological structures and similarities
with Norilsk appear to be justified.
"Our task now is to determine the best way forward; something we
look forward to updating shareholders on in due course.
Nonetheless, whilst we are excited about the opportunities Disko
presents, I would like to assure shareholders that our primary
focus, as always, remains firmly on our flagship Dundas Ilmenite
Project."
Further Information
Disko comprises two primary target areas - Area 1 on Disko
Island, to be known as 'The Kugg Project', and Area 2 on the
Nuussuaq Peninsula, to be known as 'The Illug Project' - see Figure
1.
Bluejay considers Disko prospective due to its geological
similarities with the Norilsk-style Ni-Cu-Co-PGE bearing MMS
accumulations in Siberia on the opposite side of the Arctic Ocean.
Both environments are associated with deep, mantle-tapping, rift
structures that have injected vast amounts of metal rich magmatic
material into sulphur rich sediments. These normally metal rich
Picritic basalts of the type seen at Disko are believed to have
undergone sulphur saturation through assimilation of large volumes
of sulphur rich sediments with polymetallic metal precipitation
being the end result.
The model of precipitation has been confirmed at Disko by
independent and peer reviewed analytical work on the rocks showing
metal segregation has occurred with the basalts now being metal
poor. Furthermore, regional surveys undertaken by Bluejay's field
crew have identified several promising outcrops for follow up work.
During late 2017, a small number of samples were collected for
petrophysical, petrographic and geochemical analysis from one
particular outcrop with the results confirming a working sulphide
system with initial assaying of highly oxidised surface material
returning 2.02% Nickel, 0.8% Copper, 0.2% Cobalt. In addition to
this, material taken from outcrop and prepared using a method
called 'polished thick section' indicates that characteristics
indicative of large scale nickel copper cobalt and PGM sulphide
segregation has taken place (see Figure 2).
During late 2017, Bluejay completed a high-powered EM to test
low resistivity targets modelled from a ZTEM (Z-Axis Tipper
Electromagnetic) survey conducted by previous licensees. These
results, together with a large volume of historical data, are
currently the subject of detailed evaluation and assessment by
multiple advisors.
First pass evaluation using MLEM surveys were planned to be
deployed over all ZTEM targets in Area 1. Preliminary MLEM data was
acquired over Target 1 and partial MLEM coverage was acquired over
Target 2, with the remainder of the historical targets at Area 1
untested due to weather conditions resulting in delays and the
eventual shortening of the field programme.
While work this year focussed primarily on Area 1 - 'The Kugg
Project', the Company continued data compilation and interpretation
for the northern area licence holdings on Area 2 - 'The Illug
Project'. This work led to the identification of numerous new
targets, as well as confirmation of historically identified
anomalies and more exciting coincident gravity, magnetic and
conductor anomalies.
Results from both Area 1 and Area 2, together with historical
data, will continue to be assessed in the coming months to refine
targets for future exploration work. The Company continues to
consider the area to be highly prospective and remains dedicated to
its ongoing exploration.
Figure 1: Polished section of MMS material taken from
outcropping gossans: see PDF.
http://www.rns-pdf.londonstockexchange.com/rns/7574Y_-2017-12-7.pdf
Figure 2: Disko project area - recently expanded licence areas
shown in green: see PDF.
http://www.rns-pdf.londonstockexchange.com/rns/7574Y_-2017-12-7.pdf
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.titanium.gl or
contact:
+44 (0) 20 7907
Roderick 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
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Hannam & Partners +44 (0) 20 7907
Ingo Hofmaier (Advisory) LLP 8500
------------------- -------------------- ----------------
Hannam & Partners +44 (0) 20 7907
Andrew Chubb (Advisory) LLP 8500
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St Brides Partners +44 (0) 20 7236
Charlotte Page Ltd 1177
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St Brides Partners +44 (0) 20 7236
Megan Dennison Ltd 1177
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Notes
Bluejay has a number of highly prospective licences at various
stages of development in Greenland and Finland. The Company is dual
listed on the London AIM market and Frankfurt Stock Exchange.
The Company is currently focussed on advancing the Dundas
Ilmenite Project in Greenland, an area that has only recently
revealed its mineral potential following changes in the climate.
Dundas, which with an initial Inferred JORC resource of 23.6Mt at
8.8% ilmenite (in situ), including a high-grade zone equal to 7.9Mt
at 14.2% ilmenite, and significant further upside, has been proven
to be the highest-grade mineral sand ilmenite project globally.
Dundas comprises three main target areas along an >40km
coastline historically proven to contain large and high-grade
accumulations of primary ilmenite occurring as placer deposits in
the following environments:
-- Raised beaches; containing ilmenite accumulations over widths
of more than 1km, of unknown depths, along more than 30km of
coastline;
-- Active beaches; which refer to the area seaward of the
frontal dunes, including the beach, tidal zones and surf zone;
and
-- Drowned beaches; refers to the areas seaward of active beaches.
The Company's strategy is focussed on the production of a bulk
sample "proof of concept" from the Dundas Ilmenite Project in 2017
with the aim of ultimately generating cash flow to create a company
capable of self-funding exploration on current projects and future
acquisitions.
Disko is held through the Company's 100% owned subsidiary Disko
Exploration Limited and is of significant exploration interest to
Bluejay due to the Project's geological similarities to
Norilsk-Talnakh, the world's largest nickel/copper sulphide mine in
northern Russia ('Norilsk'). Both Disko and Norilsk contain
nickel-copper-cobalt-platinum ('Ni-Cu-Co-PGE') rich Magmatic
Massive Sulphides ('MMS').
Bluejay also holds a 100% interest in a portfolio of copper,
zinc and nickel projects in Finland. This multi-commodity portfolio
remains a strategic asset of importance and has been restructured
to be cost-sustainable whilst determining the best plan for future
development.
Qualified Persons
The information in this press release that relates to Mineral
Resources is based on information compiled under the direction of
Mr Roderick McIllree who is a Member of the Australasian Institute
of Mining and Metallurgy.
Mr McIllree is a full-time employee of Bluejay Mining Plc 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
McIllree 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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