August 9, 2021 --
InvestorsHub NewsWire -- Bluejay, the AIM and FSE listed, and
OCTQB (ticker:BLLYF) traded, exploration and
development company with projects in Greenland and Finland,
has
signed a
joint venture
agreement ('JV' or the 'Agreement') with KoBold Metals ('KoBold ), at the Company's Disko-Nuussuaq
nickel, copper, cobalt, platinum magmatic massive
sulphide project ('Disko' or the 'Disko Project') in Central West
Greenland.
KoBold
-
KoBold's purpose
is to discover and develop new ethical sources of the critical
materials for electric vehicles. KoBold's objective is to make more
discoveries of outstanding orebodies by drawing on world-class
expertise in exploration geoscience and by developing full-stack
exploration technology to use machine learning and other scientific
computing techniques to enable highly effective exploration
decision-making
-
Principal
investors in KoBold include Breakthrough Energy Ventures, a climate
& technology fund, overseen by Bill Gates, and whose investors
include Michael Bloomberg, Jeff Bezos, and Ray Dalio. Other
investors in KoBold include Andreessen Horowitz, the premier
Silicon Valley venture capital fund and Equinor, the Norwegian
state-owned multinational energy company
-
KoBold
has been recognised in 2021 as a Technology Pioneer by the World
Economic Forum and as one of the 100 most promising private
artificial intelligence companies in the world by CB Insights – and
the only one within the mining industry
The
Agreement
-
KoBold will earn
51% of the Disko-Nuussuaq licence holding through a two stage
earn-in commitment
-
Stage I: Advanced
geological and geophysical evaluation of Disko-Nuussuaq to refine
drill-targets using KoBold's proprietary technology, $3.4 million
sole-funded by 31 December 2022
-
Stage II: Sole
funding of either US$11.6 million in drilling expenditure or 15
pre-agreed drill holes within the Disko licence area by 31 December
2024
-
Bluejay can
maintain its 49% shareholding by funding its pro-rata commitment
after Stage II
-
Bluejay is a
well-recognised and respected partner by communities, stakeholders
and regulators in Greenland and will manage field operations until
2024
-
Should KoBold
complete Stage I work but not complete the drilling commitment in
Stage II before 31 December 2024, 2.0% of the JV company and
thereby control will revert to Bluejay with both parties subject to
continuing standard dilution methodology
Kurt House,
CEO
of
KoBold,
said: "The
Disko region has seen the rare convergence of events in earth's
history that could have resulted in forming a world-class battery
metal deposit.
"KoBold's
technology is perfectly suited to discovering new resources at
Disko. Our proprietary library of analytical tools, Machine
Prospector®, will enable effective deployment of exploration
capital and maximize our chances of discovery at
Disko-Nuussuaq.
"We
are excited to invest in Greenland's emerging mineral sector and to
partner with Bluejay in light of their strong track record in
Greenland and the outstanding potential of the Disko
project."
Bo Stensgaard, CEO of Bluejay,
said:
"This
Agreement is transformative for Bluejay. We are delighted to have a
partner at the pinnacle of technical innovation for new exploration
methods, backed by some of the most successful investors in the
world.
"Additionally,
Bluejay retains the ability to self-fund to maintain a 49%
ownership through to production, providing external public
investors with the opportunity of investing alongside a private
investment entity of this magnitude.
"Disko
is a project with great potential for the discovery of globally
significant deposits of battery metals. It is, however, this scale
that necessitated a financially and technically strong partner to
develop Disko. After many conversations with many groups from all
over the world we are pleased to enter into partnership with a
group that shares our position on fairness and providing a
transparent long-term outcome for shareholders as well as being a
credible and reliable partner that shares our commitment to
environmental sustainability. I am very pleased to say that we have
achieved this now with KoBold, an organisation with the heft and
technical capability to grow this project to its full commercial
potential. We are extremely excited to be working with
them."
Dr.
Peter
Lightfoot, Lead of
Magmatic Systems at KoBold,
said:
"The
Disko-Nuussuaq Property is centred in a region of extensive
contaminated and metal-depleted volcanic centres where there is
clear evidence for the equilibration of flood basalt magma with
crustal sulfur with potential for the concentration of magmatic
sulphides in shallow sub-volcanic intrusions. The rich inventory of
government and exploration data provides an excellent starting
point for KoBold to utilize proprietary technology to support
exploration."
"After working on
the Noril'sk mineral system and applying the ideas to help
Falconbridge with their exploration work, it is exciting to see
this work come to fruition."
The
Disko
Project
The Disko Project
is hosted within the West Greenland Tertiary Igneous Province
where Bluejay holds several licences that
make up its holding of 2,897 square
kilometres ('km²'). In recent years, the
Company has seen a licence acquisition "race"
where
Bluejay's first-mover holdings
have been surrounded by other
licence holders, most notably
Anglo
American which holds almost 10,000 km².
Previous studies
and work conducted by the Company highlighted a strong correlation
between the Norilsk massive sulphide emplacement in Siberia, which
is the marginal producer of nickel and palladium, and
Disko. Bluejay has undertaken
multiple work campaigns, undertaking aerial surveys,
extensive geochemical sampling utilising the most modern analytical
techniques with ultra-low sensitivity as well as soil gas
hydrocarbon sampling. These new "deep-penetrating" geochemical and
gas surveys have for the first time provided metal anomaly signals
coincident with previously identified large-scale geophysical
responses.
More than
30 years
of exploration by companies, including Cominco and Falconbridge,
but also more recent work by Vismand Exploration and Cairn Energy
backed Avannaa Resources, as well as government-backed
work and data acquisition by the Geological Survey of
Greenland/Geological Survey of Denmark, has resulted in a
vast amount of
scientific data (both geological,
geochemical and geophysical) all pointing to globally
significant accumulations of metals.
For further
information please visit http://www.bluejaymining.com or
contact:
Roderick
McIllree
|
Bluejay Mining
plc
|
+44 (0) 20
7907 9314
|
Bo
Stensgaard
|
Bluejay Mining
plc
|
+45 2367
8067
|
Eric
Sondergaard
|
Bluejay Mining
plc
|
+1 403 813
1830
|
Tim
Blythe
|
Blytheweigh
|
+44 (0) 20 7138
3205
|
Megan
Ray
|
Blytheweigh
|
+44 (0) 20 7138
3205
|
Notes
Bluejay
has
multiple projects in Greenland and
Finland, and has now secured three
globally respected entities as partner, customer, and co-investor
on three of its projects, giving the Company and its shareholders
both portfolio and commodity diversification in high quality
jurisdictions.
Its most advanced project is
the Dundas Ilmenite Project in Greenland, which is
fully permitted
and being
developed towards production in the near term. The Dundas
Ilmenite Project has been proven to be the highest-grade mineral
sand ilmenite project globally, with a Mineral Resource reported in
accordance with the JORC Code of 117 million tonnes
('Mt')
at 6.1% ilmenite
and a maiden offshore Exploration Target of between 300Mt and 530Mt
of ilmenite at an average expected grade range of 0.4 - 4.8%
ilmenite in-situ. The Company has agreed a
Master Distribution Agreement with a major Asian conglomerate for
up-to 340,000ktpa of its anticipated 440,000ktpa annual
output. 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
and
future projects.
Bluejay
holds two additional projects in
Greenland - the 692sq km Kangerluarsuk zinc-lead-
silver project
('Kangerluarsuk'), where historical work has recovered grades of
41% zinc, 9.3% lead and 596 g/t silver and identified four
large-scale drill ready targets; and the 2,025 sq km Thunderstone
project which has the potential to host large-scale base metal and
gold deposits. Bluejay also has a joint-venture agreement
with a mining major at Enonkoski in Finland; has recently signed a
binding agreement for a partial divestment in a fourth Finnish
project, and with KoBold at Disko following today's
announcement.
80 Mile (PK) (USOTC:BLLYF)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
80 Mile (PK) (USOTC:BLLYF)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024