Results of 2022 Field Programme at Disko-Nuussuaq-BLUEJAY MINING PLC

Results of 2022 Field Programme at Disko-Nuussuaq-BLUEJAY MINING PLC

Results of the 2022 Field Programme at the Disko-Nuussuaq Ni-Cu-Co-PGE-Au Project, Central West Greenland

Bluejay Mining plc (AIM: JAY) ('Bluejay', the 'Group', or the 'Company'), the AIM, FSE-listed and OTCQB traded exploration and development company with projects in Greenland and Finland, is pleased to announce the results of the 2022 field programme (the 'Programme') at its Disko-Nuussuaq nickel-copper-cobalt-platinum group elements-gold ('Ni-Cu-Co-PGE-Au') Project ('Disko-Nuussuaq' or the 'Project'), on behalf of Nikkeli Greenland A/S ('Nikkeli'), the Greenland registered Joint Venture ('JV') company created by Bluejay and its JV partner KoBold Metals ('KoBold').

The geochemical, geophysical, and geological data from the 2022 exploration campaign (see Bluejay RNS dated: 10 October 2022) has now been fully integrated with existing data and interpreted by KoBold's technical team utilising their proprietary artificial intelligence ('AI') and machine learning ('ML') platforms. Significantly more data was gathered during 2022 than originally expected which has prolonged the time required to analyse the new datasets and incorporate these with historical data and observations. The resulting interpretation has allowed the JV to rank and prioritise targets and will form a strong basis for decisions on future field and drilling programmes.

Highlights

 Geophysical surveys support existing targets and have identified new areas of interest:

 In addition to known targets, the Falcon® Airborne Gravity Gradiometer ('AGG') surveys have identified an additional 9 strong gravity (± magnetic) anomalies that may represent previously unrecognised mafic-ultramafic intrusions of comparable size to the host intrusions of many world-class magmatic Ni-Cu sulphide deposits.

 A strong early-time SAMSON and HeliSAM electromagnetic ('EM') anomaly, c. 600 x 900 metres ('m') in size has been identified within the Qullissat intrusion at shallow depth. A mid-time HeliSAM EM anomaly has been identified in the Aaffarsuaq Valley at a modelled depth of 400 to 800m. A modest late-time SAMSON anomaly, c. 600m in length has been identified at the Igdlukunguaq target along strike of the 28-tonne Igdlukunguaq massive sulphide bounder (grading 6.86% Ni, 3.71% Cu, 0.55% Co and 2.0 grams per tonne ('g/t') combined Pt and Pd).

 Geochemical surveys have provided independent verification of geophysical targets:

 Anomalous Mobile Metal Ions ('MMI') soil geochemistry for nickel ('Ni'), copper ('Cu'), cobalt ('Co'), platinum ('Pt') palladium ('Pd'), gold ('Au'), selenium ('Se'), tellurium ('Te') and chromium ('Cr') at Aaffarsuaq Valley, Qullissat and Igdlukunguaq, support the presence of magmatic sulphide mineralisation and provide further independent validation of geophysical drill targets at these localities.

 Rock samples from the Qullissat intrusion provide geochemical evidence that this partially outcropping intrusion reached sulphur saturation, further increasing the Company's ranking of existing geophysical drill targets associated with this locality.

 Operational highlights, expenditure, and new licence application:

 Under Stage I of the JV agreement, KoBold had a commitment to sole-fund a minimum of US$3.4 million in exploration expenditure during 2022. KoBold opted to increase their 2022 expenditure substantially beyond their earn-in commitments. The additional expenditure by KoBold allowed the JV to collect significantly more geophysical and geochemical data than was originally planned.

 Total exploration expenditures for Nikkeli's Disko-Nuussuaq licences during 2022 have been approved by the Mineral Licencing and Safety Authority ('MLSA'), Government of Greenland. The approved expenditures cover both the 2022 and 2023 licence commitments. 

 Bluejay fulfilled the role of Field Operations Manager during the 2022 field programme and for this role received a JV expenditure-based management fee as well as reimbursement of Bluejay employee salaries. Bluejay also receive an additional income from Nikkeli for the rental of its purpose-built modular exploration camp at Qullissat, Disko Island.

 As the majority partner of the JV, KoBold has elected not to proceed with any field programme at Disko-Nuussuaq in 2023. Desktop studies and modelling of existing datasets is ongoing.

 Under Stage II of the JV, KoBold is required to spend US$11.6 million on drilling related expenditure or drill 15 pre-agreed diamond drill holes within the licence areas by 31 December 2024 (see Bluejay RNS dated: 9 August 2021). Should KoBold not complete its Stage II commitments, 2.0% of the JV company and thereby control will revert to Bluejay with both parties subject to continuing standard dilution methodology.

 An application for a new Mineral Exploration Licence ('MEL') totalling 116.6 square kilometres ('sq-km') has been submitted by Nikkeli to the MLSA, Government of Greenland. The new MEL will provide Nikkeli with a buffer around its existing licences and secures a continuous land position along the drill accessible north coast of Disko Island where the Company has several high-priority drill targets.

Chief Executive Officer of Bluejay Mining plc, Dr Bo Møller Stensgaard, commented:

"We're delighted to report the results of our first JV exploration campaign with KoBold, which has considerably advanced our understanding of several key targets at Disko-Nuussuaq, most notably at Qullissat, within the Aaffarsuaq Valley and along the northern coats of Disko Island. The large volume of new data collected in 2022 represents one of the most aggressive and extensive data-gathering campaigns ever completed at Disko-Nuussuaq.

"Results from the in-depth analysis of the 2022 data continue to excite us and when integrated with historical data and observations, provide us with a very strong foundation for planning future campaigns. Not only has it presented us with a greater ability to evaluate our degree of confidence on already identified drill targets - it has also generated new targets and areas of interest. We now have a high degree of confidence in several of our drill targets and look forward to testing these. At the same time, it should be emphasised that our Disko-Nuussuaq Project truly represents a district-scale opportunity of significant magnitude and that there are undoubtably still new targets to be found within our licences, as well as known prospective areas that have not yet been fully assessed or covered with new data.

"The analysis and interpretation of the extensive 2022 datasets by KoBold's team of geologists and data scientists is largely complete. We acknowledge the desire of our JV partner to access, in its entirety, the district-scale play and the need to rank and prioritise targets ahead of future work. We continue to progress the Project in line with the JV Agreement under which KoBold must spend US$11.6 million in drilling related expenditure or 15 pre-agreed drill holes by the end of 2024.

"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."

Vice President Exploration of Bluejay Mining plc, Joshua Hughes, commented:

"One of the primary challenges in targeting magmatic sulphide deposits is the absence of a footprint beyond their host intrusions. Exploring for this style of deposit therefore requires diligent and systematic geophysical and geochemical evaluation, especially when exploring beneath cover. Building upon more than 35 years of legacy commercial data, a wealth of scientific knowledge for the region and applying a minerals systems framework to our exploration, we continue to strengthen and upgrade the geological model for Disko-Nuussuaq. Our targeting is becoming ever more refined and focussed ahead of future drilling campaigns. With c. 50 personnel on-site last summer, 2022 was the largest field campaign we have conducted at Disko-Nuussuaq to-date.

"Work at Qullissat has further validated the intrusion as a high-priority drill target. We have now demonstrated the presence of a shallow early-time EM anomaly in the HeliSAM and SAMSON surveys that exactly matches the location of historical EM and magnetotelluric ('MT') anomalies. These anomalies are bound by a large gravity high identified in the Falcon® AGG survey that indicates that we may be dealing with a substantial mafic intrusion (modelled up to 8 kilometres ('km') long, 450m wide and up to 400m thick), comparable in size to intrusions known to host major magmatic sulphide deposits globally. The new geochemical data for Qullissat intrusion provides another layer of confidence to this target: rock samples clearly show that the intrusion reached sulphide saturation, a critical geological process in the formation of magmatic sulphide deposits, and soil geochemistry by two separate analytical methods has revealed consistent geochemical anomalies in the soils surrounding this partially outcropping intrusion. Minor drilling by Falconbridge in the early 1990's did not test these EM and MT anomalies but did encounter a gold mineralised native iron cumulate at the base of the intrusion, which returned up to 38.3 g/t gold in a magnetic concentrate[1]. We know from other locations on Disko-Nuussuaq that magmatic sulphides and mineralised native iron cumulates can occur within the same intrusions and within individual lava flows. The widespread occurrence of native iron cumulates is unique to Disko-Nuussuaq and provides us with an additional exploration target, particularly for gold and PGE.  

"We're also excited about our deeper targets in the Aaffarsuaq Valley, where the HeliSAM surveys again support the presence of a conductive body that corresponds spatially to historical EM and MT anomalies. As well as progressing our existing targets, we continue to identify new targets within our licence areas through cutting-edge exploration technologies. For example, the 2022 Falcon® AGG surveys identified a suite previously unknown gravity (± magnetic) anomalies along the northern coast of Disko Island, the inner parts of the Kuugannguaq Valley and at Serfat that are of sufficient dimensions to be considered of commercial interest as probable mafic-ultramafic intrusions. These new anomalies warrant further characterisation through additional UAV-borne magnetics, ground electromagnetic and/or gravity surveys and geochemical sampling during future field campaigns. Related to this, there are still highly prospective areas, e.g., in Hammer Dal, Kuugannguaq Valley and Stordal on Disko Island and the Itilli and Serfat areas at Nuussuaq, which were not able to be assessed in detail during the 2022 programme - all of which justify further exploration. The abundance of robust targets speaks to the district-scale potential that we recognise within our 2,903 sq-km Disko-Nuussuaq Project."

Overview of the 2022 Field Programme and Contractors

2022 field activities at Disko-Nuussuaq targeted numerous areas for massive Ni-Cu-Co-PGE-Au bearing sulphides using advanced geophysical and geochemical exploration technologies, including:

 3,030 line-kilometres ('line-km') of high-sensitivity fixed-wing Falcon® AGG, magnetic and LIDAR survey flown by Xcalibur Multiphysics, Canada.

 2,115 line-km of high-resolution UAV magnetics surveys undertaken by EarthEx Geophysical Solutions Inc, Canada.

 699 SAMSON deep-penetrating ground EM stations undertaken by Discovery International Geophysics, Canada in collaboration with Gap Geophysics, Australia.

1,068 line-km of HeliSAM airborne EM undertaken by Discovery International Geophysics, Canada in collaboration with Gap Geophysics, Australia.

 Three multibeam hydrographic bathymetry surveys totalling 37.25 sq km were undertaken by HydroCharting ApS, Denmark.

 3,572 geochemical samples (comprising rock, soil, and stream sediment and heavy mineral concentrate samples).

 60 rock samples collected for petrological studies.

 134 rock samples collected for petrophysical analysis by EarthEx Geophysical Solutions Inc., Canada.

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