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Bluejay Mining – Resource Upgrade for World’s Highest-Grade Ilmenite Project

Monday, December 17th, 2018

Bluejay Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, is pleased to report an updated Mineral Resource Statement for the Dundas Ilmenite Project (‘Dundas’ or ‘the Project’) in Greenland, the world’s highest-grade mineral sands ilmenite project, as it prepares for the submission of its exploitation licence application in 2019.

Highlights

  • New updated JORC Compliant Mineral Resource of 101 million tonnes at 7.1% ilmenite (in-situ).  (Table 1)
  • New resource includes higher grade portions at various cut off grades of:
    • 31.2 million tonnes at 10.7% Ilmenite in-situ (using a 3.5% cut-off)
    • 16 million tonnes at 12.9% ilmenite in-situ (using a 4.5% cut-off)
  • Importantly, in-situ slimes content is now estimated to be lower at 4.4% (from 4.8%) which will benefit the operation from a mineral processing standpoint
  • This new update statement only reflects the Moriusaq area and excludes any maiden resource areas or updates to the resources in the Iterlak and Iterlak East areas which are expected to be released in Q1 2019
  • The increase in both grade and tonnes comes in part as a result of optimisation work announced in April 2018 and carried out during the 2018 field season to quantify the impact and apply corrections associated with the influence that sonic drilling had on the particle size distribution of the resulting samples
  • The updated mineral resource model will replace the 2018 resource model that was being used in the PFS and is expected to add positively to project economics
  • Optimised Pre-Feasibility Study (‘PFS’) continues and is on track for completion Q1 2019
  • Opportunity to increase the plant feed grade by up to 30% via a simple oversize separation step prior to processing, further enhancing run of mine (ROM) grade and project economics
  • Results clearly indicate the strong possibility of a large and long-life operation with obvious expansion potential
  • Importantly, the mineralisation also contains no detectable concentrations of radionuclides

Bluejay CEO Roderick McIllree said: “We are delighted with this resource upgrade, which importantly only applies to a fraction of the licence area and represents another major step forward in the assessment of Dundas.  Furthermore, we expect that the Iterlak and Iterlak East resource updates, when released, will add significant additional tonnage and reinforce Dundas’ place amongst the major global high-grade ilmenite deposits and clearly demonstrates a multi-decade operation is possible.  

“Importantly, we anticipate that the natural advantages of a homogenous material, high-grade indicated resource and course grained nature of the deposit will also help the Project economics in the long term.  Coupled with the fact that this material is now recognised by industry players as being suitable for sulphate pigment, sulphate slag and chloride slag production, means we are very well placed in the market.

“We continue to progress permitting and the optimised pre-feasibility and expect to be in a position to update shareholders shortly on both aspects.  Alongside this, the team has been working hard with our other consulting partners (Wood plc, IHC Robbins, Royal IHC and study managers Quedtech ltd, Keypointe ltd and SRK) in developing our mine and operational plan.  

“As part of evaluating the commercial realities of viable long-term ilmenite production, we have identified a simple and low-cost processing route levering off natural characteristics such as the ability to remove ~30% of the oversize material prior to processing (thereby improving the feed grades by up to 30% also).  We will now look to optimise the mine plan and schedule such that the operation starts on the highest-grade material, a situation that we should be able to maintain for many years.

“These are exciting times and the Company will be updating shareholders regarding all other activities in due course.”

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