Bluejay Mining plc ORD 0.01p, (LON:JAY) the AIM and FSE listed company with projects in Greenland and Finland, has today announced it has finalised a field programme designed to refine the Disko Nuussuaq (‘Disko’ or the ‘Project’) geological model. Disko is a very large scale Magmatic Massive Sulphide (‘MMS’) target located on the southwest coast of Greenland. The planned work programme is targeted for completion during Q4 2017 once fieldwork at the Company’s Pituffik Titanium Project (‘Pituffik’), also in Greenland, is complete.
Following the successful compilation of all available historical data at Disko, detailed reprocessing and reinterpretation has been completed by Bluejay, which has strengthened the Company’s understanding of the licence area. Bluejay will now conduct a high-powered, ground based, electromagnetic survey (‘EM’) for the purposes of identifying optimum drill site locations for the possibility of drilling during 2018.
Disko demonstrates many characteristics analogous to a flood basalt MMS polymetallic copper, nickel, platinum & cobalt mineralised system. Confirming the MMS model was the discovery of a 28 tonne boulder of massive sulphide on the licence areas in 1994 by previous owners Falconbridge. This boulder, which assayed 7% nickel, 3% copper and 2ppm platinum-group elements (‘PGE’), can be seen in the foyer of the Danish Geological Museum in Copenhagen. The largest responsive anomaly at Disko is 5.9km long and 1.1km wide, which is similar in scale to the MMS flood basalts of northern Russia that host the giant Norilsk Nickel’s Norilsk-Talnakh project (‘Norilsk’), which is currently the largest nickel-copper palladium deposit in the world.
Disko has been studied through multiple campaigns spanning more than three decades with more than US$75m invested by previous owners, including Falconbridge, Conminco, Vismand and Avannaa Exploration, all of which continued to advance the geological model. The Company purchased Avannaa Exploration, owner of Disko and the Kangerluarsuk SedEx Lead-Zinc-Silver Project in Greenland (‘Kangerluarsuk’), in an all share transaction from Cairn Energy plc in January 2017. Bluejay continues to evaluate development options that will maximise shareholder value at Disko and Kangerluarsuk.
Pituffik is and will remain the primary focus for the Company, however the opportunity to leverage the Pituffik 2017 field work means significant cost savings can be realised on work programmes at Disko in the medium term.
Bluejay Mining Plc ORD 0.01p CEO Roderick McIllree said, “Whilst the advancement of Pituffik remains our primary focus, Disko undoubtedly offers an extremely attractive development opportunity and the chance to conduct this work to define drill targets during the 2017 season is far too great to miss given our ability to leverage existing activities which allows for significant cost savings.
“Disko has the potential to rival Norilsk, both in terms of size and grade, and having reworked all available historical data it’s a key part of our strategy to execute the ground based EM to define optimum drilling locations. Work continues to realise value from the entire portfolio and we look forward to updating shareholders on our progress in due course.”
