StockMarketWire.com - Bluejay Mining has published a maiden mineral resource estimate for the Pituffik titanium project in Greenland.

It said this confirmed that it was the highest-grade mineral sand ilmenite project globally, with just ~17% of the raised beach area having been assessed for this resource calculation.

It said the mineral resource estimate had been prepared by SRK Exploration Services and was broken down into three components:

- An inferred resource of 23.6Mt at 8.8% ilmenite (in situ) for the total area tested.

* This included a high-grade zone equal to 7.9Mt at 14.2% ilmenite (in situ) at Moriusaq which was the focus of the feasibility and production studies that were currently under way.

* A larger exploration target for the area, primarily encompassing potential mineralisation below and inland from the current drilling, of between 90Mt to 130Mt at an in-situ grade of between 6.3% and 8.4% ilmenite

- Significant potential to increase Pituffik's global ranking in terms of tonnage with upside potential available via Interlak, the offshore terrace, as well as the additional 25km of raised beach which have not been included in this calculation

- Opportunity to enhance the in situ grade even further via a very simple processing route prior to further concentrating

Chief executive Roderick McIllree said, "This is an important step towards commercialisation of Pituffik and the delivery of another stated objective.

"The maiden resource has exceeded even our expectations and represents an important step towards commercialising the project.

"The work being planned for the 2017 field season should see this resource grow exponentially.

"Furthermore, by removing approximately 30% of the oversize material at the dig point through screening we will be able to improve the in situ grades by 30% prior to delivery at the concentrator.

"This should allow for grades of over 20% ilmenite at the mineral separation level to be maintained for many years.

"This surpasses the conservative in-house estimates of grade and duration in our financial modeling, and when added to the fact that this material contains little to no slimes and no radionuclides and consistent ilmenite chemistry throughout the deposit we anticipate the final economics will be compelling.

"2017 will be an exciting year with plenty of work streams scheduled for delivery. We will immediately look to finalise a range of work programmes, including the internal Feasibility Study, all of which are focussed towards lodging the application for exploitation.

"When our planning for the coming field season is complete we will update the market on this as well as provide updates on the pilot plant programme currently underway at IHC Robbins in Queensland."


At 9:52am: [LON:JAY] Bluejay Mining Plc Ord 0.01p share price was +0.88p at 14.38p



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