Bluejay Mining Share Discussion Threads

[mirandaj] 16/11/2020 16:04

Bluejay Mng PlLC (LSE: JAY; OTCQB: BLLYF) is a Greenland centric multi-commodity, multi-project exploration and development resource company. It is focused on advancing its primary Dundas Ilmenite Project in Greenland, the world's most significant, highest grade mineral sand ilmenite deposit, into production in the near term and driving value through the development of its other large scale high grade projects providing exposure to commodities including nickel, copper, lead zinc and platinum.

[shutittrev] 16/11/2020 12:41

Bluejay Mining* (JAY LN) 10.32p, Mkt cap £100m – Hammaslahti copper-zinc-gold-silver project fieldwork and drilling program starts in Finland

BUY - Valuation 27.4p (from 24.7p)

Bluejay Mining report the start of the Hammaslahti copper-zinc-gold-silver field work and drilling program in Finland.
The company also hold licenses over the old Enonkoski mine where Rio Tinto recently signed an option with potential for a joint venture on the Enonkoski license area.

Bluejay also holds some 5,000ha of licenses around and along strike from the historic Outokumpu copper-cobalt-gold-silver mine.

The three historic mines produced significant value from polymetallic ores. Outokumpu was known for high grade copper and cobalt and nickel ores.

Enonkoski was nickel, copper, cobalt and PGMs and Hammaslahti was more copper and zinc. All the projects come with gold and silver by-products.

The team have planned >4,000m of drilling at Hammaslahti targeting areas close to the mine to find potential repeating structures.

Two of the targets are following sulphide intersections from previous drilling.

Bluejay have already identified a area 1km to the East of the Hammaslahti with potential ore zones in the contact between hydrothermally altered rocks and sulphidic black schists intersected in two drill holes. This looks similar to the ore-bearing structure in the old mine.

Another similar potential structure also exists 200m east of the old mine in a sulphide-rich contact between black schist and hydrothermally altered rock.

Valuation: We value Bluejay at 27.4p including $35m for the exploration licenses in Finland and 24.7p/s based purely on our risked value for the Dundas ilmenite mining project.

Dundas: We expect Bluejay to announce a larger offtake commitment for the Dundas ilmenite mine by end November

Conclusion: Rio Tinto’s interest and option to acquire up to a 75% of Enonkoski through $20m of expenditure on the property has spurred the exploration team into action in Finland. Other parties have also shown interest in the licenses last year indicating the prospectively of the license package which was put together by experts from Western Areas and FinnAust when looking for high-grade nickel and copper in the region.

The deal indicates that Bluejay has cleared the exacting standards to become a trusted partner of Rio Tinto with potential for further partnership.

There is very strong potential for discovery around the old Enonkoski, Hammaslahti and Outokumpu mines in our view and the proximity to these mine sites and infrastructure could serve to accelerate any discovery into development on a relatively short time scale.

*SP Angel act Nomad and broker to Bluejay. The analyst has previously visited the Hammaslahti, Enonkoski and Outukumpu mines in Finland.

[bigboyblue] 16/11/2020 11:08

Bluejay's recent moves in Finland may have been prompted in part by the Government's apparent enthusiasm for mining, in particular copper/cobalt/nickel. They are spending 300m euros to stimulate battery production this year:

[monts12] 16/11/2020 10:22

There's no mention of the cost of this work.

[perfect choice] 16/11/2020 09:03

Well the good news at least is that they can start drilling in Finland and have in fact already started (3rd November). So while Greenland isn't possible right now, might as well progress Finland if the opportunity is there.

This approach was always my view how JAY would progress its other prospects where it would look for a development partner at some stage. Do an initial drill programme to confirm actual in-depth targets, then bring in a partner to develop further.

[erric] 16/11/2020 07:18

So last week we buy out an old royalty agreement in Finland and this week we announce a new drilling programme. I’m glad they got that in the right order.

[erric] 15/11/2020 19:01

None of us will be posting on this board in 5 years because the company will have been taken out long before then by one of the big mining groups.. let’s hope Rio Tinto feel positive about 2021 and come up with a good arrangement for our Greenland assets.

[kemismelt] 15/11/2020 00:37

luffness@8684:

Mark this post! 5 years hence, you may say that the Sisimut Hybrid Smelter is the saving grace of DUNDAS TITANIUM A/S.

[luffness] 14/11/2020 16:30

Oh dear - no smelter than what a shame...

[snowyflake] 14/11/2020 11:48

kemi - you are making mischief. BBB and PC are correct.

[perfect choice] 14/11/2020 11:40

Politics wherever it is is never stable in my view and able to generate surprises. But Greenland is relatively stable at least, be it internal battles like this are to be expected now and again.

So as you post bbb, don't think we have an issue with Kim being re-elected and Erik you say seems fine as well.

In terms of Vivian Motzfeldt, did a general google search and came across this article and interview in 2018 (link below) when Vivian was Minister for Foreign Affairs. Reading through, the tone is in favour of economic development, e.g. she states "It is necessary to focus on ‘the good life’ in the Arctic and sustainable development, because the people inhabiting the Arctic needs economic development."

So as long as the economic development helps to benefit the Greenland people (as Dundas does especially for Qaanaaq) then I don't think we have a problem if Vivian wins the election for Chairmanship of Siumut.

[kemismelt] 14/11/2020 09:41

bbb@8680:

Your post unsettles me! I have been telling my 3 NRI-Groups who are to invest ~US$700m in the Sisimiut Hybrid Smelter that Greenland is politically very stable.

[bigboyblue] 14/11/2020 08:25

Politics.
There's an election later this month for Chairmanship of Siumut, Greenland's largest political party. The current incumbent (and Prime Minister) is Kim Kielsen who we know is broadly supportive of mining and Bluejay.

Kielsen has been embroiled in a domestic row involving a conflict of interest over fishing policy and use of his boat (I won't go into it all) and recently only just survived a no confidence vote. He is being challenged by two other candidates, Vivian Motzfeldt and Erik Jensen.

I can't find much about Motzfeldt except that she is the current speaker of the Parliament and fell out with Kielsen earlier this year. Jensen is the former minister for mineral resources who resigned from the Government a year ago. I posted about it at the time (post 7049) noting that it was rumoured he was 'leaving Naalakersuisut in pursuit of the presidency of Siumut next summer for further development of the resource sector.'

People must come to their own views on politics, but I like the sound of Erik.

[perfect choice] 11/11/2020 22:42

Yes I'm really looking forward to progressing Disko and hope we do get this top tier earn-in partner as anticipated. Shame we will have to wait a year from now (my estimate from drilling starting as soon as possible in 2021 summer season) to get the first drill results, but can blame Covid for that!

[mirandaj] 11/11/2020 20:43

I agree about the error but that is easily done in articles. I thought the quotes to be enlightening and in Greenland, much further down the coast is a licence that Bluejay have which could contain large tonnage of nickel.....

[fuzzydog] 11/11/2020 20:35

"McIllree said the company was two-to-six weeks away from securing a mining licence, which he said would "allow us to really crack on".

That will do for me.

[moreminer] 11/11/2020 19:03

Good value, 127 million tonnes
6,1% nikkel.......
Ah well

[luffness] 11/11/2020 18:35

Shame they couldn't get what will be mined at Dundas correct....

[mirandaj] 11/11/2020 18:27

Good to see the important news picked up by the Mining Journal with some good quotes:

"Rio inks JV on Finland nickel project

Bluejay Mining and Rio Tinto plan to jointly develop the Enonkoski nickel project in Finland.

Under the JV and earn-in agreement announced on Tuesday, Rio can staircase its stake into the Enonkoski project in three stages from 51-75% by spending US$20 million either on the asset or via cash payments to Bluejay by November 2029.

Bluejay's project covers 2,300 hectares and lies 15km along strike from the historic Enonkoski and Halvala mines, previously ran by Finnish state-owned mining company, Outokumpu Oy.

The Enonkoski mine produced 6.7 million tonnes of nickel at an average grade of 0.8% between 1984-1994.

Rod McIllree, CEO of Bluejay Mining, told Mining Journal the potential to find additional material was "very high as [Outokumpu Oy] ceased mining at a 500m depth".

"There are very similar signatures in and around the Enonkoski nickel belt," he said, adding that testing would begin "almost immediately" thanks to the financial leg up from the company's new JV partner.

"It's a testament to the project that we have attracted a blue-chip miner at Enonkoski," McIllree said "We have talked to Rio about all our projects but in the end, they approached us about a deal."

The move marks Rio's first foray into Finland, a country which has been ranked as second most attractive jurisdiction in the world for mining investment in 2019 by the Fraser Institute, behind Western Australia.
McIllree said Bluejay had more deals in the pipeline concerning its other exploration assets in Finland - Hammaslahti, Kelkka and Outokumpu - all of which are located close to historic mines.

"We're talking to several parties on other JVs … of a similar pedigree to Rio," he said.

McIllree says Finland is a favoured destination for mining investment thanks to some big discoveries, security of supply and sovereign risk.

Greenland

Despite the Rio deal, Bluejay is still focused on Greenland, where it is developing its flagship Dundas ilmenite project.
McIllree said the company was two-to-six weeks away from securing a mining licence, which he said would "allow us to really crack on".

The project has a JORC resource of 117 million tonnes at 6.1% nickel, with an additional exploration target of between 20-60 million tonnes at between 6% and 10%.

Having extended its offtake negotiations for Dundas by four weeks, the CEO said Bluejay was "very close to signing an agreement with a very large player that is a conglomerate in the space".

Shares in Bluejay soared after the announcement, reaching a high of 11.1p on Tuesday, before falling to 10.4p mid-morning on Wednesday, valuing the company at £101.4 million."

[davidv] 11/11/2020 16:39

There's definitely something not working right with the trading over there.

[davroc] 11/11/2020 15:44

Struggling to see any trades on BLLYF on OTC. Any suggestions where to look.??

[moreminer] 11/11/2020 15:06

Odd that Hannam has a target of 20p, and share price Angel 27,4p.
I hope however they both are wrong, at we get to see something higher and sooner.

[perfect choice] 11/11/2020 12:37

Broker share price Angel has upgraded its target valuation of Bluejay from 24.7p to 27.4p following the Finland Rio announcement.

Go to and scroll down to the Bluejay article. Interesting to recent some of the background to the former working Enonkoski mine in Finland which closed in 1994 when base metal prices collapsed. Nickel USD/T price back then was around $7000-8000, today's price of Nickel is $15,800. Rio see an opportunity there with JAY on a free carry, until JAY have a 25% share of remaining investment costs after stage 3..

The comment "Enonkoski-style orebodies are made up of large remobilised VMS deposits resulting in a chain of separated metals along a decent strike length" is also significant. So separate ore bodies to mine, as against mining historical mine ore which may have been depleted but the market price now justified further extraction. Drilling will uncover the value of the separate ore bodies.