(Alliance News) - Bluejay Mining PLC said Monday it applied for a new exploration licence in Greenland for a further zinc-lead-copper-silver project, ahead of a drilling programme expected in 2020.
The firm has placed an applications with the Greenland Mineral Licence & Safety Authority for a new mineral exploration licence for a 586 square kilometres area surrounding its current Kangerluarsuk licence area in the west of the island.
Historically, these areas have returned surface samples of 41% zinc, 9.3% lead, 1.2% copper and 596 grammes per tonne of silver.
A six hole maiden drill programme has now been finalised to test large and high-grade targets in early 2020.
"Kangerluarsuk has been our least talked about project to date, even though it too has significant resource potential," Bluejay Chief Executive Officer Roderick McIllree said.
"Importantly, Kangerluarsuk also brings further commodity diversification to our portfolio when added to our nickel, copper, cobalt, platinum targets at Disko and at the Dundas Ilmenite Project where we recently shipped our first bulk sample to Canada," McIllree continued.
"Drilling Kangerluarsuk will be a low-cost conventional programme that is planned to be executed in conjunction with drilling Disko next season in 2020," McIllree added. "This will provide synergies across both projects given their relatively close proximity, and the fact they will use the same equipment will provide significant savings across our logistics supply chain."
With this in mind I believe we have another great opportunity to create significant value for our shareholders as we move towards drilling," McIllree said.
Shares in Bluejay were 2.7% higher at 10.06 pence in London on Tuesday.
By Ahren Lester; ahrenlester@alliancenews.com
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Bluejay (JAY)