TIDMJAY
Bluejay Mining PLC
26 October 2023
26 October 2023
Bluejay Mining plc / Ticker: JAY / Market: AIM / Sector:
Mining
Bluejay to participate in the EUR5.6 million AIMEX (Artificial
Intelligence in Mineral Exploration) Project
as an Industry Collaborator
Bluejay Mining plc ('Bluejay' or the 'Company'), the AIM, FSE
listed and OTCQB traded exploration and development company with
projects in Greenland and Finland, is pleased to announce that its
wholly owned Finnish subsidiary, FinnAust Mining Finland Oy
('FinnAust') has been selected to participate as an industry
collaborator on the newly established Artificial Intelligence in
Mineral Exploration Project ('AIMEX Project'), a consortium of the
Geological Survey of Finland ('GTK'), the University of Turku , and
the Finnish Environment Institute and led by the GTK . The total
funding for the consortium is EUR5.6 million, a substantial
proportion of which is co-innovation funding from Business Finland
, to further increase the international competitiveness of the
Finnish exploration and mining industry.
The AIMEX Project seeks to leverage advanced artificial
intelligence ('AI') and machine learning ('ML') techniques,
including unsupervised and supervised ML methods, to revolutionise
mineral prospectivity mapping. The goal of the AIMEX Project is to
develop a sophisticated decision-making system for mineral
exploration with a specific focus on sustainability. This system
will integrate a broad spectrum of essential factors, such as
mineral resource assessments, economic considerations, natural
conservation areas, and land use constraints, thereby facilitating
more responsible and sustainable mineral exploration in Finland.
The AIMEX Project runs from July 2023 to December 2025.
Highlights:
-- FinnAust will contribute to the AIMEX Project through in-kind
support, providing both expertise and exploration data from the
Company's Hammaslahti copper-zinc-gold-silver ('Cu-Zn-Au-Ag')
('Hammaslahti') and Outokumpu copper-nickel-cobalt-zinc-gold-silver
('Cu-Ni-Co-Zn-Au-Ag') ('Outokumpu') projects located in Eastern
Finland. There is no financial contribution required from the
Company.
-- The Company's Hammaslahti and Outokumpu projects will be used
as principal test areas for the AIMEX Project. Bluejay will benefit
from the resulting mineral prospectivity maps and other AI and ML
derived datasets generated for these project areas, as well as
access to a broad range of expertise from external partners within
the consortium.
-- For the official press release on the AIMEX Project from the GTK, visit the following link:
Finnish Research Consortium Pioneers AI Breakthrough in
Sustainable Mineral Exploration with EUR5.6 Million Project.
Chief Executive Officer of Bluejay Mining plc, Dr Bo Møller
Stensgaard, commented:
"We are delighted that our Finnish subsidiary, FinnAust has been
selected to collaborate in the EUR5.6 million AIMEX Project. The
AIMEX consortium brings together leading researchers in mineral
prospectivity mapping, machine learning, and sustainable
development. Combined with a strong group of industrial partners,
this will provide a powerful platform for developing and harnessing
the ability of AI and ML for advancing responsible mineral
exploration and aligning it with core ESG (Environment, Social and
Governance) principles and ethical sourcing of mineral
resources.
"FinnAust will be contributing to AIMEX with technical expertise
and data from our belt-scale Hammaslahti and Outokumpu polymetallic
projects in eastern Finland. Both projects represent former mining
districts with multiple drill-ready targets and a proven potential
for new discoveries, as recently demonstrated by Bluejay's
discovery of the E-lode orebody at Hammaslahti. In addition, the
Hammaslahti and Outokumpu mining districts have a wealth of
technical, environmental and socio-economic datasets available,
which makes them ideal test sites for the AIMEX Project.
"Collaborative research projects of this magnitude, often lead
to step changes in the geological understanding of study sites. We
firmly believe that our participation in the AIMEX Project will
deliver significant value to our Finnish assets in parallel with
our continued commercial advancement of the projects. The system
developed under the AIMEX Project could ultimately be utilised
across our remaining project portfolio in Finland and Greenland as
well as allowing us to assess future opportunities."
Professor Vesa Nykänen of the Geological Survey of Finland,
project leader of AIMEX consortium, commented:
"We are pleased to have FinnAust join the AIMEX consortium.
Their projects in eastern Finland represent well-recognised former
mining districts with a potential to be revitalised and contribute
to the future supply of critical raw materials for Europe. We look
forward to working closely with the FinnAust team and supporting
the technical advancement of their exploration projects through the
AIMEX Project.
"Together with our other Finnish and international-based
partners in the AIMEX consortium, we will be integrating a broad
range of technical and sustainability related datasets for selected
promising target areas in Finland through the development and
application of advanced machine learning applied to mineral
prospectivity mapping. This will result in an innovative new system
for mineral exploration that in addition to interrogating
geological and technical datasets, also incorporates environmental,
societal, ethical and governance attributes to facilitate improved
holistic decision-making in the exploration sector."
About the Hammaslahti Cu-Zn-Au-Ag Project
Bluejay owns 100% of the Hammaslahti project through its wholly
owned subsidiary FinnAust. The project is located approximately 35
kilometres ('km') southeast of the city of Joensuu and benefits
from excellent near-mine infrastructure for exploration and future
development. Bluejay's licence area (Figure 1) contains the
historic Hammaslahti Mine, which was operated by the Finnish state
mining company, Outokumpu Oy from 1971 to 1986. The open-pit and
underground mine produced a total of 7 million tonnes ('Mt')
grading 1.16% Cu, 1.55% Zn, 0.59 grammes per tonne ('g/t') Au and
5.2 g/t Ag ( Geological Survey of Finland, 2023 ). The polymetallic
mineralisation at Hammaslahti is interpreted to be a partially
re-mobilised volcanogenic massive sulphide ('VMS') type
deposit.
The Company's exploration permits, totalling 39.3 square
kilometres ('sq km'), cover the majority of the
Hammaslahti-Tohmajärvi Metallogenic Belt. The c.35 km long belt is
considered prospective for the discovery of further polymetallic
VMS deposits as supported by the presence of high-grade mineralised
outcrops and boulders within Bluejay's licence areas south of the
former mine, providing further upside to the project.
The Company recently announced positive results from its 2023
diamond drilling programme at Hammaslahti (see Bluejay press
release dated: 2 October 2023). Nine drill holes for a total of
2244.4 metres ('m') were completed at Hammaslahti during 2023,
eight of which targeted extensions of the E-lode ore body.
Highlights included drill Hole HAM0008, which returned a
significant intersection of 5.7m of mineralisation grading 2.99%
copper-equivalent ('CuEq') or 7.41% zinc-equivalent ('ZnEq') (0.89%
Cu, 3.43% Zn, 0.37% Pb, 29.6 g/t Ag and 0.46 g/t Au) from 95.9m
depth down-hole, including 2.1m grading 6.31% CuEq or 15.63% ZnEq
(2.04% Cu, 7.22% Zn, 0.5% Pb, 61.7 g/t Ag and 0.86 g/t Au) from
95.9m depth down-hole. Drill Hole HAM0005 returned an intersection
of 8.8m of mineralisation grading 1.20% CuEq or 2.97% ZnEq (0.43%
Cu, 1.46% Zn, 0.18% Pb, 9.7 g/t Ag and 0.06 g/t Au) from 301.2m
depth down-hole, including: 4.1m grading 2.32% CuEq or 5.74% ZnEq
(0.73% Cu, 3.07% Zn, 0.39% Pb, 18.9 ppm Ag and 0.10 g/t Au) from
302.9m depth down-hole. The E-lode mineralisation remains open both
up plunge towards north (where we anticipate it outcrops beneath
till cover) and down plunge towards south as well as up and down
dip of historic E-lode mineralisation intercepts. The E-lode is
located approximately 200m east from underground infrastructure of
the former mine and is comparable in grade and style of
mineralisation to the ore-lodes that were mined historically.
Based on results from detailed geophysical and geological
reinterpretations by Bluejay, significant further potential for new
sulphide mineralisation is present to the North of the E-lode ore
body and the Hammaslahti mine. This increases the Company's
exploration search space immediately north of the former mine by at
least 750m towards a modelled isoclinal fold hinge zone in addition
to the eastern limbs of the regional folds. This represents a
significant increase in search space for discovery of additional
ore bodies. In comparison, the surface expression of the historical
mined ore bodies covers a distance of c.700m. Several distinct
coincident gravity and magnetic anomalies have been identified
within the newly defined search space. These anomalies could
represent the near surface portions of previously unidentified
sulphide mineralisation. The Company's planned follow-up
exploration programme (timing subject to funding) is discussed in
an earlier press release (see Bluejay press release dated: 2
October 2023 ).
Figure 1: Bluejay's license holdings within the
Hammaslahti-Tohmajärvi Metallogenic Belt.
About the Outokumpu Cu-Zn-Ni-Co-Ag-Au Project
Bluejay owns 100% of the Outokumpu Project through its
subsidiary, FinnAust. The Company is the largest licence holder
within the c.50 km long Outokumpu belt. Earlier this year, the
Company further increased its licence area (see Bluejay press
release dated: 16 January 2023), and now holds an area totalling
80.64 sq km, comprising of 12 exploration permits, permit
applications and reservations along the Outokumpu Belt (Figure
2).
The Outokumpu Belt is a highly prospective metallogenic belt;
three former mines within the belt, Keretti, Vuonos and Kylylahti,
have produced a total of approximately 39Mt of ore at an average
grade of 3.3% Cu, 1.1% Zn, 0.22% Co, 0.14% Ni and 0.71 g/t Au
between 1914 and 2020. The mines, especially Keretti, also produced
a significant amount of silver. The known Outokumpu-type sulphide
deposits have been previously found structurally on the culmination
parts of the belt. Deeper parts of the belt are generally
unexplored. Large tracts of untested prospective lithologies occur
at depth along strike from the former mines as well as following
the mineralised trend. In addition, some shallow targets remain
untested by drilling despite their proximity to a recently
producing mine, e.g., the Haapovaara targets (see e.g. Bluejay
press release dated: 24 July 2023).
The metal basket that the unique Outokumpu-type ore provides, is
a compelling exploration target in the context of increasing demand
for base metals related to the battery industrial ecosystems,
electrification and the green transition including copper, cobalt,
and nickel. Cobalt grades present at Outokumpu underscore the
importance of the Outokumpu Belt as a secure and sustainable
domestic supply of cobalt for European markets. A recent study led
by the British Geological Survey (Horn et al., 2021, Ore Geology
Reviews) acknowledged that the Outokumpu belt represents one of the
most important repositories of cobalt in Europe.
As one of Finland's most significant metallogenic belts that
supported 110 years of near continuous mining for
Cu-Zn-Ni-Co-Ag-Au, Outokumpu has received significant commercial
and research focus. This has resulted in an extraordinary wealth of
geological, geochemical and geophysical data that is seldom matched
anywhere else in Europe making the belt an ideal test site for the
AIMEX project. These datasets include geophysical data from the
publicly-funded TEKES Green Mining Programme 2013-2016 that
surveyed the Outokumpu belt to a depth of 2 km, and to 5 km in
cases, using seismic reflection, audiomagnetotellurics, airborne
Z-axis tipper electromagnetics ('ZTEM'), and electromagnetic and
potential field methods (e.g., gravity and magnetics). Other
publicly financed initiatives on the belt have include a 2516m deep
research borehole that was drilled in 2004-2005 by the GTK's
Outokumpu Deep Drilling Project. Other datasets include ground and
airborne magnetics, electromagnetics and gravity surveys collected
by various operators, including FinnAust. Bluejay has compiled a
drillhole database for the belt that includes 2,380 drill holes
(both historical and those drilled by FinnAust) and >49,500
geochemical analyses. Supplementary to the AIMEX Project, 3D
Leapfrog modelling of the entire Outokumpu belt based on all
available historical geological data and interpretations, seismic
profiles and geophysical datasets is underway by Bluejay's
geologists.
Figure 2: Bluejay's license holdings within the Outokumpu
Metallogenic Belt. The city of Outokumpu is marked with a red
circle - this is the location of Bluejay's in-country exploration
office, core logging facilities and warehousing which support all
of the Company's activities in Eastern Finland.
For further information please visit
http://www.bluejaymining.com or contact:
Kevin Sheil Bluejay Mining plc enquiry@bluejaymining.com
---------------------------- --------------------------
SP Angel Corporate Finance
LLP
Ewan Leggat / Adam (Nominated Adviser and
Cowl Broker) +44 (0) 20 3470 0470
---------------------------- --------------------------
Tim Blythe / Megan
Ray / BlytheRay
Said Izagaren (Media Contact) +44 (0) 20 7138 3205
---------------------------- --------------------------
About Bluejay Mining plc
Bluejay is listed on the London AIM market and Frankfurt Stock
Exchange and its shares also trade on the OTCQB Market in the US.
With multiple projects in Greenland and Finland, Bluejay offers
both portfolio and commodity diversification focused on base and
precious metals in Tier 1 jurisdictions.
Bluejay, through its wholly owned subsidiary Disko Exploration
Ltd., has signed a definitive Joint Venture Agreement with KoBold
Metals to guide exploration for new deposits rich in the critical
materials required for the green energy transition and electric
vehicles (the Disko-Nuussuaq nickel-copper-cobalt-PGE Project).
Disko Exploration Ltd holds two additional projects in Greenland
- the 692 sq km Kangerluarsuk zinc-lead- silver project, where
historical work has recovered grades of up to 45.4% zinc, 9.3% lead
and 596 g/t silver; and the 920 sq km Thunderstone project which
has the potential to host large-scale base metal and gold deposits.
Bluejay also owns 100% of the fully permitted Dundas Ilmenite
Project under its subsidiary Dundas Titanium A/S in northwest
Greenland for which it is seeking strategic alternatives.
In Finland, Bluejay currently holds three large scale
multi-metal projects through its wholly owned subsidiary FinnAust
Mining Finland Oy. The Company has identified multiple drill ready
targets at the Enonkoski nickel-copper-cobalt project in East
Finland. Bluejay's Hammaslahti copper-zinc-gold-silver project
hosts high-grade VMS mineralisation and extensions of historical
ore lodes have been proven. The drill ready Outokumpu
copper-nickel-cobalt-zinc-gold-silver project is located in a
prolific geological belt that hosts several high-grade former
mines. In August 2023, Bluejay successfully divested its Black
Schist Projects in Finland to Metals One plc in a transaction worth
GBP4.125 million (Bluejay currently owns c. 29% of the issued
ordinary share capital of AIM listed Metals One plc).
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