Agreement with Rio Tinto Iron and Titanium Canada

RNS Number : 2275A

Bluejay Mining PLC

28 May 2019

 

Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining
May 28, 2019

Bluejay Mining plc ('Bluejay' or the 'Company')

Agreement with Rio Tinto Iron and Titanium Canada Inc.

Bluejay  Mining  plc,  the  AIM  and  FSE  listed  company  with  projects  in  Greenland  and Finland, is pleased to announce that it has reached an agreement with Rio Tinto Iron and Titanium Canada Inc. ('RTIT') to further analyse Ilmenite from its 100% owned Dundas Ilmenite  Project  ('Dundas'  or  'the  Project')  in  Greenland  (the  'Agreement').   RTIT  is  a member  of  the  Rio  Tinto  Group,  a  major  producer  of  high-grade  titanium  dioxide feedstock from its current operations in Canada, South Africa and Madagascar.

Overview:

•	Dundas  is  a  scalable  strategic  asset  and  has  a  current  JORC  Compliant  Mineral Resource of 101 million tonnes at 7.1% ilmenite (in-situ) and has been confirmed as the highest-grade mineral sand ilmenite project globally.
•	RTIT will analyse Ilmenite from the Dundas Project. This will include a smelter test sample (subject to Greenland Government approval) from Dundas at RTIT's Sorel-Tracy plant in Quebec, Canada.
•	RTIT and Bluejay will work together to review and improve on the technical work that has been completed on Dundas to date.
•	RTIT may terminate the agreement at any time and there is no guarantee that the ilmenite  assessment  will  lead  to  a  long-term  transaction  between  Bluejay  and RTIT.

Bluejay CEO Roderick McIllree said, "We are delighted to be working with Rio Tinto and this summer one of the key-outcomes will be the delivery of a large bulk-sample to the Sorel-Tracy  plant.  We  believe  that  the  ilmenite  from  Dundas  will  prove  to  be  a  very valuable material for the Sorel-Tracy plant operation and believe that the experience and expertise  from  Rio  Tinto  will  provide  an  opportunity  for  technological  and  economic optimization.

Furthermore,  and  importantly,  the  signing  of  this  Agreement  with  one  of  the  world's largest  mining  groups   proves  Bluejay's  "discover,   develop   and  deliver"  model  for Greenland.  In addition to continuing to drive Dundas towards permitted exploitation, we expect   to   continue   to   expand   the   resource   base   in   both   the   on-   and   off-shore environments. Consequently, we are  now able to refocus some of our attention to our other significant and high value projects namely Disko, Kangerluarsuk and Finland.

Shareholders   can   expect   news   shortly   on   the   large   scale   and   innovative   work programmes that will be conducted over these projects during 2019."

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 www.titanium.gl or contact:

Roderick McIllree         Bluejay Mining plc                                               [phone]

Ewan Leggat                   SP Angel Corporate Finance LLP                     [phone]

Soltan Tagiev                  SP Angel Corporate Finance LLP                     [phone]

Andrew Chubb               Hannam & Partners Advisory Ltd.                  [phone]

Ingo Hofmaier                Hannam & Partners Advisory Ltd.                  [phone]

Hugo de Salis                   St Brides Partners Ltd                                        [phone]

Cosima Ackerman         St Brides Partners Ltd                                        [phone]

Notes

Bluejay  is  dual  listed  on  the  London  AIM  market  and  Frankfurt  Stock  Exchange  and primarily   focussed   on   advancing   the   Dundas   Ilmenite   Project   in   Greenland   into production in the near term.   Dundas has been proven to be the highest-grade mineral sand ilmenite project globally, with a JORC Compliant Resource of 101 million tonnes at 7.1%  ilmenite  and  an Exploration  Target  over  the  Iterlak  Delta  of  between  20  million tonnes and 60 million tonnes at between 6% and 10% 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 two additional projects in Greenland - the 2,586 sq km Disko-Nuussuaq ('Disko')   Magmatic   Massive   Sulphide   ('MMS')   nickel-copper-platinum   project   ('Ni- CuPGM'),  which   has  shown  its  potential  to  host  mineralisation  similar  to  the  world's largest nickel/copper sulphide mine Norilsk-Talnakh, and the 107sq km Kangerluarsuk Sed-Ex lead-zinc-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.

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.

 

END

 

 

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