(Alliance News) - Bluejay Mining PLC on Thursday announced results of the 2022 field programme at the Disko-Nuussuaq nickel-copper-cobalt-platinum group elements-gold project in central west Greenland.
The Greenland and Finland-focused miner said it found a 28-tonne massive sulphide bounder, grading 6.86% nickel, 3.71% copper, 0.55% cobalt, and 2 grams per tonne of combined platinum and palladium.
The company noted 9 strong gravity anomalies which could represent previously unrecognised mafic-ultramafic intrusions comparable to host intrusions of "world-class" magmatic nickel-copper sulphide deposits, it said. A mafic mineral or rock is rich in magnesium and iron.
Chief Executive Officer Bo Moller Stensgaard said: "The results presented in this press release are testimonial to the scale, number of potential targets and opportunity for discovery that the Disko-Nuussuaq project represents. Discovering the next Noril'sk remains the holy grail for nickel explorers - we're confident that we are well positioned with the right licence areas, in the right district, to make a globally significant Ni-Cu-Co discovery at Disko-Nuussuaq."
Meanwhile, the company on Thursday announced that it was unlikely the Dundas ilmenite deposit in north west Greenland had enough resources to be "economic".
It noted that the results from last year's drilling campaign on the Moriusaq west deposit did "unexpectedly" not correlate well with the historical drilling results.
This created uncertainty regarding the extrapolation of the results to the eastern part of the resource at Moriusaq East, Iterlak West and Iterlak East.
Bluejay concluded that the downgrade in tonnage and grade of the partial resource inventory provided by this year's mineral resource estimate have led the board and management to decide that Dundas does not present a viable commercial development opportunity for Bluejay alone.
It will therefore not be proceeding with any further cash commitments to the project whilst it considers strategic and commercial alternatives.
Bluejay Mining shares closed 20% lower at 0.77 pence per share on Thursday in London.
By Tom Budszus, Alliance News reporter
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