22nd May 2018 17:32
LONDON (Alliance News) - Bluejay Mining PLC said on Tuesday its Dunas Ilmenite project in Greenland multiplied its resource base in 2017 as its fieldwork for 2018 is due to being in June.
The field work in 2017 resulted in the project's resource base being increased to 96 million tonnes at 6/9% ilmenite in-situ with additional upside of 20 to 60 million tonnes at 6% to 10% ilmenite. The 2018 fieldwork plans to "significantly increase" resources.
The company is finalising an environmental impact assessment & social impact assessment but awaits finalisation of the mine plan which is being designed in a study "expected shortly".
Bluejay has also purchased a mining fleet to commence engineering works. Including: a 2018 bulk sampling programme; build the run-of-mine pad; stockpile high grade material; and commence the earth works around the planned plant and port site.
Chief Executive Officer Roderick Mcillree said: "2018 has already been a successful year for Bluejay with a GBP17 million raise executed and a 400% increase on the JORC Code compliant maiden mineral resource achieved. 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.
"Iterlak was the surprise discovery of 2017. 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 over 30 kilometre 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 Nickel-Copper-Platinum Project in Greenland into significant new verifiable discoveries," Mcillree added.
Shares in Bluejay Mining closed down 2.2% at 22.50 pence each Tuesday.
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