13 August 2024
Bluejay Mining plc / Ticker: JAY /
Market: AIM / Sector: Mining
Bluejay Commences Maiden
Campaign For Geological Hydrogen and Helium at
Outokumpu
Bluejay Mining plc ('Bluejay' or the 'Company'), the AIM, FSE listed and
Pink-Market traded exploration and development company with
projects in Greenland and Finland, is delighted to announce the
start of low-cost & wide ranging work programmes to evaluate
possible significant deposits of geological hydrogen and helium
(including other industrial gas) in the Outokumpu Belt. This work
stream will include integrating all historical data including
seismic.
Previously Identified Significant Findings:
· High
Gas Concentrations:
Historical deep drilling within the Outokumpu Belt, as reported by
the Geological Survey of Finland (GTK), has revealed substantial
concentrations of helium and hydrogen. Notably, the best
intersection shows 100 meters at 5.6% helium within a broader
1,500-meter intercept at 1.5% helium
· Newly
identified Results
also include 80m @ 5.03% lithium (50,300mg/l) in
deep brines within a larger section of 580m@ 1.16% lithium
(11,623mg/l). By way of comparison brines
from the "Lithium Triangle" (Argentina, Chile, and Bolivia). The
Salar de Atacama in Chile have an average lithium concentration of
about 0.14% lithium or 1400ppm
· Comparative Geology: The Outokumpu Belt's geology is similar
to the Lorraine region in France, which hosts the world's largest
known deposit of white hydrogen
· Deep
Drilling Success: Gas samples from a 2480-meter-deep drill hole,
analysed by the GTK, has revealed up to 46% geological hydrogen,
highlighting the belt's potential for industrial gas
reserves
· Extensive Historical Data: >2000 historical drill holes
provide robust foundation for fast-tracking gas assessment across
the 40-kilometer licence holding
Upcoming Exploration Program:
Surface Sampling: Historical
drill hole and surface sampling will be undertaken using a portable
hydrogen and helium detector to measure concentrations of these
gasses. This program will also aid in assessing the location and
condition of historical drillholes for further sampling.
Water Sampling: Water samples
will be collected from a selection of deep boreholes and analysed
for hydrogen, helium, and other gases, establishing a baseline for
gas presence and concentration.
Flowmeter Testing: Groundwater
flow rates will be measured to identify water-conductive fractures,
aiding in locating potential gas-rich zones.
Pumping Tests: Pumping tests
will be conducted to understand the hydrogeological structures and
flow characteristics, crucial for estimating recoverable gas
volumes and production rates.
Packer Testing: Specific
borehole sections will be isolated to measure water flow and rock
integrity, identifying permeable zones that could contain hydrogen
and helium.
Borehole Magnetic Resonance (BMR): BMR logging will measure formation porosity and water volume,
providing detailed geophysical data to enhance hydrogeological
models and improve gas potential understanding.
Eric Sondergaard, Managing Director of Bluejay Mining,
commented:
"These encouraging but preliminary
indications of helium, hydrogen and industrial gasses in the
Outokumpu Belt are very encouraging. They present a significant
opportunity for shareholders. We have started dialogue with
European groups with regards to progressing future work streams in
a manner that is not dilutive to existing shareholders. We will
update stakeholders accordingly, in the meantime, work program
details are currently being devised in close collaboration with
local experts and regulators. This first pass evaluation of surface
expressions of naturally occurring helium and hydrogen will allow
us to assess the conditions of existing boreholes, and focus
further phases of work. This encouraging opportunity is made
possible by the vast datasets of high-quality historical data the
Company has absorbed recently and the availability of numerous
pre-existing deep drillholes, positioning us to potentially unlock
substantial value for our shareholders for minimal cost and no
dilution."
Market Abuse Regulation (MAR)
Disclosure
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.
For further information please
visit http://www.bluejaymining.com or
contact:
|
Eric Sondergaard
|
Bluejay Mining plc
|
enquiry@bluejaymining.com
|
|
Ewan Leggat / Adam Cowl
|
SP Angel Corporate Finance LLP
(Nominated Adviser and Joint Broker)
|
+44 (0) 20 3470 0470
|
|
Harry Ansell
|
Zeus Capital
|
+44 (0) 7785 266666
|
Map of Outokumpu Tenement
Belt
Figure 1..
Outokumpu Belt current tenement status with historic drillhole
collar and mine locations
Hydrogen and Helium
Potential in the Outokumpu Belt
The Outokumpu belt is renowned for
its rich geological deposits, historically yielding approximately
34.4 million tonnes of ore at significant grades of copper, zinc,
cobalt, and nickel from the Outokumpu-Keretti and Vuonos mines. The
belt is characterized by its unique Outokumpu assemblage, a complex
package of hydrothermally altered mantle-derived rocks (ophiolites)
often enveloped by graphitic and sulphidic black
schists.
Significant findings from the
Outokumpu Deep Drillhole highlight the belt's potential for
Hydrogen and Helium. Notably, historical measurements indicate up
to 46% hydrogen in groundwater samples and an average helium
concentration of 1.54% over a 1,500-meter interval, with peak
values reaching 5.60% over a 100-meter section. The geological
context of the Outokumpu assemblage-comprising hydrothermally
altered mantle-derived ultramafic rocks (ophiolites) and enveloped
by graphitic and sulphidic black schists-supports the exploration
of these gases. With over 2,000 historical drillholes, many
extending beyond 1,000 meters, the belt offers substantial
opportunities for further exploration.
References
Riikka Kietäväinen, L. A. 2013.
Characterisation and isotopic evolution of saline waters of the
Outokumpu Deep Drill Hole, Finland - Implications for water origin
and deep terrestrial biosphere. Applied Geochemistry, Volume 32,
37-51.
Kukkonen, I. T., Rath, V., Kivekäs,
L., Šafanda, J. & Čermák, V. 2011. Geothermal studies of the
Outokumpu Deep Drill Hole. Geological Survey of Finland, Special
Paper 51, 181-198.
Kukkonen, I. T. 2011. Outokumpu Deep
Drilling Project 2003-2010. Geological Survey of Finland, Special
Paper 51, 252 pages.
About Bluejay Mining plc
Bluejay Mining plc, listed on the
London AIM market, Frankfurt Stock Exchange, and the U.S. Pink
Market, is an exploration and development company focused on
high-grade critical metals in Tier 1 jurisdictions. With a
diversified portfolio in Greenland and Finland, Bluejay's strategy
is centred on advancing key projects while creating value through
partnerships and strategic acquisitions.
The Disko-Nuussuaq
nickel-copper-cobalt-PGE project in Greenland is a primary focus
for Bluejay, developed in partnership with KoBold Metals. Bluejay,
through its wholly owned subsidiary Disko Exploration Ltd., has a
definitive Joint Venture Agreement with KoBold Metals to guide and
fund exploration efforts. The JV has completed intensive analysis
and interpretation of the extensive geochemical, geophysical, and
geological data collected during the previous exploration
campaigns. Leveraging KoBold's proprietary artificial intelligence
and machine learning platforms, this comprehensive analysis has
resulted in the identification of seven initial priority targets
within the project area. These seven priority targets exhibit
spatial characteristics indicative of potential deposits on a scale
comparable to renowned mining operations such as Norilsk, Voisey's
Bay, and Jinchuan. The JV is now planning a focused ground-loop
electromagnetic survey to refine and prioritize each locality
appropriately.
Bluejay's recent acquisition of
White Flame Energy expands its portfolio into the energy sector,
adding large-scale licenses for industrial gas, natural gas, and
liquid hydrocarbons in East Greenland. Approved by shareholders in July 2024, this
acquisition diversifies the company's assets and aligns with its
strategy to contribute to sustainable energy solutions, while also
exploring conventional energy resources.
The Dundas Ilmenite Project,
Bluejay's most advanced asset in northwest Greenland, is fully
permitted and progressing towards near-term production. With a
JORC-compliant Mineral Resource of 117 Mt at 6.1% ilmenite and an
offshore Exploration Target of up to 530 Mt, Dundas is poised to
become a major supplier of high-quality ilmenite. Recent
discoveries of hard rock titanium mineralization, with bedrock
samples showing nearly double the ilmenite content of previous
estimates, further enhance the project's world-class potential.
Bluejay owns 100% of the Dundas Ilmenite Project under its
subsidiary Dundas Titanium A/S in Greenland.
The Thule Copper Project is a
significant component of Bluejay Mining's portfolio in northwest
Greenland, focused on exploring and developing high-grade copper
deposits within the Thule Basin in northwest Greenland. Leveraging
existing infrastructure and exploration credits, the project is
strategically positioned in an underexplored region with
substantial mineral potential. Bluejay's established basecamp at
Moriusaq will support cost-effective exploration, aligning with the
Company's broader strategy to secure high-quality copper and
industrial gas projects.
In Finland, Bluejay currently holds
three large scale multi-metal projects through its wholly owned
subsidiary FinnAust Mining Finland Oy. Bluejay's Finland portfolio
includes the Outokumpu project, where the discovery of industrial
gases like helium and hydrogen adds significant economic potential
to the already prospective copper-nickel-cobalt-zinc-gold-silver
targets. Bluejay is planning further exploration to fully assess
these resources.