TIDMJAY
RNS Number : 6481J
Bluejay Mining PLC
15 April 2020
Bluejay Mining plc / EPIC: JAY / Market: AIM & FSE / Sector:
Mining
15 April 2020
Bluejay Mining plc ('Bluejay' or the 'Company')
Thunderstone Project
Bluejay Expands Greenlandic Presence with Two New Exploration
Licences in South Greenland
Bluejay Mining plc , a Greenland focused exploration and
development company, is delighted to announce that it has been
awarded two new Mineral Exploration Licences ('the Licences') in
South Greenland by the Mineral Licence and Safety Authority,
Greenland ('MLSA'). The Licences cover a total of 2,025 km(2) near
the southern tip of Greenland that is highly prospective for
several commodities, including gold, base metals and uranium. The
Licences, to be known as the Thunderstone Project ('Thunderstone'
or the 'Project'), complement the Company's existing resource
portfolio and further strengthens Bluejay's leading position in
Greenland.
To view the announcement with the illustrative maps and
diagrams, please use the following link:
http://www.rns-pdf.londonstockexchange.com/rns/6481J_1-2020-4-14.pdf
Highlights
-- Two new Mineral Exploration Licences applied for in 2019 (MEL
2020/03 and 2020/22) totalling 2,025 km(2) have now been awarded in
South Greenland
-- The Licences were identified as prospective following the
re-evaluation of geological models, compilation of all available
geological, geochemical and geophysical information and anomalies
defined from a newly acquired geochemical exploration dataset
-- Thunderstone is highly prospective for base-metals,
especially zinc, with additional significant potential for
large-scale gold and uranium occurrences
-- Historical stream sediment and heavy mineral concentrate
sampling has identified the Project as one of the most anomalous
areas in the whole of Greenland for zinc
-- The Licences will hold no financial commitments for the
Company in 2020 - the Government of Greenland has recently approved
the adjustment of mineral exploration obligations for 2020 for all
exclusive exploration licences (including special exploration
licences) to zero, regardless of licence age, in response to the
COVID-19 pandemic
Bluejay CEO Roderick McIllree said: "We are delighted to have
been granted these two highly prospective licence areas, further
building on our highly strategic portfolio and consolidating our
leading position in Greenland's emerging mineral sector. Historical
work at Thunderstone by the Geological Survey of Denmark and
Greenland underpins its potential to host several commodities,
including zinc, gold and uranium; with this in mind, it is a
fantastic addition to our already exciting project portfolio in our
country of expertise and with minimal initial holding costs.
"Bluejay is already very familiar with this region and our
technical team has several decades of combined expertise in the
geology of South Greenland. This is supported by our recent
re-analysis of all available historic stream sediment samples by
modern analytical techniques. As a consequence, we are excited by
the potential for significant new discoveries in this mineral
region of Greenland, which will be supported by the construction of
a new international airport in South Greenland currently underway.
Following the submission of our application for Thunderstone there
has been an explosion in licence applications in South Greenland,
with a further 6,240 km(2) now under application by other
exploration companies (see MLSA website:
https://portal.govmin.gl/map), indicating that it is not only
Bluejay that consider this region to be highly prospective. Of
course, our primary near-term focus remains on advancing our Dundas
Ilmenite Project, finding the right partner for Disko-Nuussuaq and
recommencing our field campaigns as soon as is practicable, for the
benefit of our shareholders."
THUNDERSTONE
Introduction
Totalling 2,025 km(2) , the regional exploration project
Thunderstone comprises two licence areas located on the southern
tip of Greenland, at similar latitudes to Oslo and Stockholm. The
adjacent area just northwest of the Project has been a focus for
mineral exploration activities for several decades. However, the
Thunderstone area itself has undergone only minimal mineral
exploration. Until now there have been no exploration licences held
historically for the vast majority of the licence areas. This is
despite the fact that geochemical data acquired during the SYDURAN
(South Greenland Uranium Exploration) and SYDEX (South Greenland
Exploration) projects by the former Geological Survey of Greenland
(now Geological Survey of Denmark and Greenland, 'GEUS') points to
Thunderstone being highly anomalous in zinc and uranium.
Lodging the Thunderstone Exploration Licences
Bluejay lodged a licence application with the MLSA for
Thunderstone in June 2019. The original application totalled 3,083
km(2) . In September 2019 this application was later divided by
Bluejay down latitude 44(o) W into two separate licence
applications. As a result, the eastern licence (Fig. 2) now fulfils
the requirements for 'Special Exploration Licence Terms for large
areas in East Greenland' that includes reduced exploration
obligations.
In December 2019, Bluejay received the analytical data from the
re-assaying of historical stream sediments. This data along with
ongoing desktop target generation studies was used to further
constrain the Company's areas of interest for base metals, gold and
uranium. As a result, in February 2020, Bluejay requested a
reduction to the licence applications from a total area of 3,083
km(2) to 2,025 km(2) . The Licences (MEL 2020/03 and 2020/22) have
now been awarded by the MLSA.
Re-assaying of historical stream sediments
In collaboration with GEUS, Bluejay recently commissioned the
re-analysis of all available historical stream sediment samples
from the GEUS archives, for the area south of 61(o) N, which
incorporates the Thunderstone licences and surrounding areas (Fig.
3). Most of these stream sediment samples were obtained during a
regional sampling programme carried out by the Geological Survey in
1979. A total of 764 historic samples have been re-analysed by ALS
Loughrea, Ireland. For several elements, the detection limits of
the historic analyses were too high for the concentrations that can
be expected in stream sediments, resulting in all samples falling
below the detection limit. However, through modern analytical
techniques, the Company has been able to define geochemical
anomalies for these elements as well as a broader range of
pathfinder elements that may provide vectors to mineralisation. The
resulting data is now being compiled and will be used for target
generation to identify high-priority areas that warrant follow-up
fieldwork.
Significantly, Thunderstone is recognised as one of the most
anomalous areas in the whole of Greenland for zinc in both
country-wide stream sediment and heavy mineral concentrate (HMC)
sampling (shown in Fig. 1A). Geochemical zinc-lead-copper anomalies
may indicate the presence of undiscovered clastic-dominated
sedimentary-hosted zinc-lead-silver deposits, further strengthening
the Company's exposure to the zinc sector alongside the
Kangerluarsuk zinc-lead-silver project in West Greenland where the
Company recently substantially expanded its licence holdings (refer
to RNS dated: 27 January 2020).
Geology
The geology of South Greenland is dominated by the
Paleoproterozoic Ketilidian Orogenic Belt (1.9 - 1.75 billion
years, 'Ga'), which is interpreted to have formed as a result of
northward oblique convergence at a Cordilleran-type margin. It
shares geological similarities to other Paleoproterozoic orogenic
belts in Greenland, most notably the Rinkian-Nagssugtoqidian Belt
that hosts the Company's Kangerluarsuk zinc-lead-silver project as
well as the former Black Angel zinc-lead-silver mine, in Central
West Greenland.
The Ketilidian Belt was accreted along the southern margin of
the Archaean North Atlantic Craton. This craton-margin location
marks a highly favourable geological setting for a range of mineral
deposit types and at ca. 1.8 Ga the area is contemporaneous with a
major metallogenic epoch globally. Recent studies utilising
palaeogeographical reconstructions and geochronology have
highlighted the strong correlations between the Ketilidian and
comparable belts in Canada and Scandinavia, which host former and
producing mines. The Ketilidian can be divided into three domains,
namely the Border, Central and Southern Zones (Fig 1B) with the
Central Zone considered to be the root of a large volcanic-arc
system and the Southern Domain the fore-arc. The Southern Zone
comprises of supracrustal rocks dominated by paragneises and
schists of metasedimentary origin and subordinate amphibolites of
mafic metavolcanic-volcanoclastic origin, which have been intruded
by the later Ilua plutonic suite (1.75 - 1.73 Ga). This includes
voluminous norites and rapakivi granites (Fig. 2). The Southern
Zone can be further subdivided into the Psammite and Pelite Zones
based on the dominant lithology, with Thunderstone centred on the
Pelite and southernmost Psammite Zones (Fig. 1B, 2).
The Thunderstone Project is considered prospective for several
commodities and deposit types. The clastic metasediments of the
pelite zone are interpreted to have formed in a forearc basin
setting, which provides favourable conditions for the formation of
clastic-dominated sedimentary-hosted zinc (+/- lead-copper-silver)
deposits. South Greenland is a recognised geochemical and
metallogenic gold and uranium province. The NE-SW trending
Nanortalik Gold Belt straddles the northern border of the Southern
Zone and hosts the former Nalunaq gold mine (>350,000 oz
produced at an average grade of ca. 15 g/t gold), which is located
only 10km from Thunderstone's north-western licence boundary (Fig.
2). The most significant known uranium occurrence in South
Greenland (excluding mineralisation associated with the
Mesoproterozoic Gardar Igneous Province, e.g. Kvanefjeld) is the
Illorsuit uranium prospect which is situated within Bluejay's
Thunderstone Licences (Fig. 2). Illorsuit was discovered as a
result of an airborne radiometric survey carried out as part of the
government funded SYDURAN programme; here more than 35 uranium
occurrences with grades up to 7% U(3) O(8) are associated with
supracrustal rocks enclosed by granites of the Ilua plutonic suite.
Since its discovery, the Ilorsuit prospect has received no
commercial exploration and remains un-drill tested. Based upon
existing data from drainage geochemistry and airborne radiometric
surveys, South Greenland is acknowledged by GEUS as the most
prospective region in the whole of Greenland for discovering new
high-grade uranium deposits. Thunderstone contains several yet
unexplained clusters of anomalous uranium in HMC and stream
sediment samples.
Figure 1. (A) Total distribution of stream sediment localities
in Greenland collected by the Geological Survey of Denmark and
Greenland (and former Geological Survey of Greenland). Stream
sediment localities with zinc values higher than 200 ppm highlight
the zinc potential of Bluejay's Thunderstone and Kangerluarsuk
project areas; (B) Geological map of South Greenland showing the
zones of the Paleoproterozoic Ketilidian orogenic belt described in
this announcement and the position of the new Thunderstone mineral
exploration licences.
Figure 2. Geological map showing the principle lithologies of
the Thunderstone Project. The area totalling 2,025 km(2) , is
divided down latitude 44(o) W into two mineral exploration
licences, namely MEL 2020/03 (1,014 km(2) ) and MEL 2020/22 (1,011
km(2) ). The eastern licence, MEL 2020/22 is subject to 'Special
Exploration Licence Terms for large areas in East Greenland', which
includes reduced exploration commitments. Proximity of the
Thunderstone Project area to several towns and settlements, as well
as two former mines (gold, graphite) and a known uranium occurrence
are shown.
Figure 3. Geological map of the Thunderstone area showing the
location of historic stream sediments (originally collected in 1979
as part of the SYURAN Project by the Geological Survey of
Greenland) which have been recently re-assayed by Bluejay Mining
Plc.
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.
**ENDS**
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
------------------------------ ---------------------
Notes
Bluejay is dual listed on the London AIM market and Frankfurt
Stock Exchange 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 Dundas
Ilmenite Project has been proven to be the highest-grade mineral
sand ilmenite project globally, with a JORC Compliant Resource of
117 million tonnes 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's strategy is focused on securing an offtake partner
and commencing commercial production at Dundas in the near term in
order to create a company capable of self-funding exploration on
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'), 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, gold and uranium deposits.
The Company also has a 100% interest in a portfolio of copper,
zinc and nickel projects in Finland. This multi-commodity portfolio
has been restructured to be cost-sustainable whilst determining the
best plan for future development.
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
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