As the project has already been proven to be the highest-grade ilmenite asset in the world, with a simple processing route and highly strategic location that could see the project be in the lowest quartile production costs, we have great confidence in its commercial potential.
LONDON (PRWEB) May 14, 2018
400% increase in resources at world’s highest-grade ilmenite project in Greenland
- Total resources identified now sit at 96 million tonnes at 6.9% ilmenite, reffirming Dundas as the highest-grade mineral sand ilmenite project globally.
Licence Expansion at Disko-Nuussuaq Nickel-Copper-Platinum-Cobalt Project
- This increase in licence grant almost doubles our landholding at Disko, which has clear similarities to other great MMS systems of the world. We believe in the geological model defined by several majors before us and will work to unlock value here during 2018. “We have several parties interested in partnering with us on this project and we will carefully evaluate these individually to determine the best way forward for shareholders. Work will focus on developing drill targets in the newly enlarged project and will run in parallel to our primary development work at the Dundas Ilmenite Project (“Dundas"), which due to its close proximity makes implementing two development programmes very cost effective. “With production approaching at Dundas, and significant further upside from Disko, we have a valuable portfolio that strongly positions us for long term growth."
Awarded Prospector and Developer of the Year for 2017 by the Government of Greenland
- It’s pleasing to have Dundas Titanium Project and our work recognised as an industry leader by the Government of Greenland. This is a strong vote of confidence and support for the project as well as recognising the success we have had in the identification and rapid advancement of the Dundas Titanium Project.
Bluejay CEO Roderick McIllree said: “We are delighted with this result, a lot of hard work by a lot of people has gone into this upgrade confiming Dundas’s place amongst other major global ilmenite deposits. We expect that the natural advantages of a homogenous material new high grade indicated resource to pin an operation around and a very interesting set of very high grade targets to the East around Iterlak which is the main feeder zone will help project economics in the long term. Coupled with the fact this material is recognised by industry majors as being suitable for sulphate pigment and both sulphate slag and chloride slag production means we are well placed to make some big strides in the short term.
“These results matched our best internal expectations of size and grade for the indicated resources at Moriusaq, the surprise of 2017 was the realisation that Iterlak, where mineralisation is found in raised beaches and the delta, appears to host similar sized zones with much higher grades (2017 result from Iterlak was 77% ilmenite in situ on the raised beach) which says to me that if things continue as they did during 2017 Dundas could quickly become unique amongst all known deposits.
“We have continued to progress permitting, pre-feasibility work modules, as well as a general preparation towards a busy 2018, and we expect to be in a poisiton to update shareholders shorlty. The recent award of “Prospector and Developer of the Year” by the Government of Greenland is a testament to our competence and compliance to date in ensuring that the Dundas Project meets its qualifying obligations for an exploitation licence. Alongside this, the team at Bluejay has been working hard with our consulting partners (Wood Plc, IHC Robbins, SRK, Royal IHC and study managers Quadtech ltd and Keypointe ltd) in developing our mine and operational plan.
“The Company maintains a cash buffer of more than £15 million having already secured a 30t mining fleet, conveyor & trommel systems as well as other necessary equiptment and accommodation necessary to prepare and ship out material for smelter testing. During the year we will prepare the site with various infrastructure works. This equitment will continue to be augmented throughout the year.
“As part of evaluating the commercial realities of viable long term ilmenite production, we have identified a simple and low cost processing route levering off natural characteristics such as the ability to remove ~30% of the oversize material prior to processing (thereby improving the in-situ grades by up to 30% also). We have also optimised the mine plan and schedule such that the operation starts on the highest grade material, a situation that we should be able to maintain for many years. Importantly, the ore contains conentrations of radionucleides that are below detection limits.
The company will be updating shareholders regarding all other activities in due course.”
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