(Alliance News) - Greenland-focused Bluejay Mining PLC on Monday announced a new licence has been granted near its existing Kangerluarsuk project.
The new exploration licence surrounds Kangerluarsuk, Bluejay said, a zinc-lead-silver project in the central-west region of Greenland.
The new 586 square-kilometre licence increases by more than five-fold the Kangerluarsuk area, the company said, and adds "some of the most prospective ground" for new deposits.
London-based Bluejay is planning a maiden drilling programme in the summer of 2020 at existing and previously undrilled areas on Kangerluarsak, it added.
"We are delighted to have been granted this new licence area at Kangerluarsuk. Our decision to increase our landholding by over five-fold is testament to our confidence in the licence's prospectivity," said Chief Executive Roderick McIllree.
"With this in mind, we are excited to commence our 2020 field season. This includes a relatively low-cost maiden drilling campaign which will target known zinc, silver, lead, silver and copper occurrences that have correlations with the neighbouring former Black Angel zinc-lead-silver mine."
"We look forward to updating shareholders in due course on developments relating to the upcoming summer work programme, as well as at our advanced Dundas ilmenite project and the Disko-Nussuaq project, as we prepare for a highly active 2020," McIllree added.
Shares were 4.9% lower on Monday morning in London at a price of 7.90 pence each.
By George Collard; georgecollard@alliancenews.com
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Bluejay (JAY)