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(Alliance News) - Bluejay Mining PLC on Monday announced several operational and testing updates on its projects in Finland, as well as the end of its joint venture with Rio Tinto Exploration Finland Oy.
The London-based multi-commodity resource development company. It has projects primarily in Greenland, with a small portfolio of polymetallic assets in Finland.
Bluejay said its joint venture and earn-in agreement with Rio Tinto was over as of Friday. The companies were conducting explorations at the Enonkoski nickel-copper-cobalt project in Finland.
Following the end of the JV, Bluejay said it retains 100% ownership of the project. Rio Tinto invested USD4.7 million over the course of the JV.
"Prior to the JV with Rio Tinto, Enonkoski was one of the least visible projects within Bluejay's portfolio," commented Chief Executive Officer Bo Moller Stensgaard. "The exploration programmes carried out to date have strengthened our belief in the prospectivity of the project, and we maintain that Enonkoski will continue to augment Bluejay's portfolio of assets."
Bluejay said it will now focus on assessing "numerous as-yet-untested targets" identified along the Enonkoski Belt. It intends to start drilling of up to 1.5 kilometres to test the Makkola, Halvala and Kiislampi targets later this year.
Bluejay also said that geochemical assay results from Phase 1 of its diamond drilling programme at the Hammaslahti copper-zinc-gold-silver project are expected shortly. However it already observed "positive visual indications" with all seven drill holes intersecting broad zones of sulphide mineralisation including some over 10 metres wide.
The company will commence follow-up drilling in August to develop a maiden mineral resource estimate for Hammaslahti's East-lode.
Furthermore, Bluejay is planning detailed ground gravity and airborne magnetic surveys at the Outokumpu copper-zinc-nickel-cobalt-silver-gold project, to progress the "high-priority" haapovaara target.
"Bluejay has recently increased its land package and is now the largest land holder on the Outokumpu Belt," explained Executive Chair Robert Edwards. "Low-cost ground gravity and magnetic surveys are the next stage of work to be completed, after which Bluejay will develop an optimal strategy for development."
Finally, Bluejay said divestment of its non-core Finnish projects was progressing, with the company set to receive cash and shares worth over GBP4 million for the Paltamo and Rautavaara Black Schist projects. Shares in Metals One PLC are expected to be admitted to AIM by July 31, after which Bluejay will hold a 29% stake in the company.
Edwards commented: "Bluejay remains convinced that our portfolio of base metal projects in Greenland and Finland present commercial opportunities to generate value well in excess of outlay...we have been keen to advance our Finnish exploration portfolio in 2023 as we believe that the opportunities merit expenditure due to the geological opportunity combined with the relative ease and low cost of execution."
Shares in Bluejay were down 2.2% at 1.59 pence on Monday in London.
By Emma Curzon, Alliance News reporter
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