2nd May 2018 13:37
LONDON (Alliance News) - Bluejay Mining PLC on Wednesday said it has increased its acreage at a project in Greenland by 1,616 square kilometres.
The land has been added to the Disko-Nuussuaq magmatic massive sulphide nickel-copper-platinum project. The total site now covers 2,586 square kilometres, meaning Bluejay has more than doubled its land package to an area it said equals the size of Luxembourg.
Bluejay said it bought the extra acreage following positive results from recent internal studies.
Chief Executive Roderick McIllree said: "This increase in licence grant almost doubles our landholding at Disko, which has clear similarities to other great MMS systems of the world. We believe in the geological model defined by several majors before us and will work to unlock value here during 2018.
"We have several parties interested in partnering with us on this project and we will carefully evaluate these individually to determine the best way forward for shareholders. Work will focus on developing drill targets in the newly enlarged project and will run in parallel to our primary development work at the Dundas ilmenite project, which due to its close proximity makes implementing two development programmes very cost effective."
Shares were down 1.0% on Wednesday at 25.00 pence each.
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