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Bluejay Mining Plc
Summary
| Project: | Dundas | |
|---|---|---|
| Deposit: | Dundas | |
| Location: | Greenland | |
| Commodities: | Ilmenite | |
| Date: | 6/27/2019 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-6-2019: Bluejay Mining Plc announces a Pre-Feasibility Study report for its Dundas deposit at the Dundas project. PFS results incl. NPV(5%) of US$83.1M, IRR of 32.8%. Bluejay Mining Plc, the AIM and FSE listed company with projects in Greenland and Fin | |
| Resources: | (Reserve, Total): 67.1Mt @ 3.45% TiO2 | |
| CP/QP: | [Overall Report]: Mike Armitage (SRK Consulting (UK) Ltd.) | |
| ABSTRACT: | Bluejay Mining Plc, the AIM and FSE listed company with projects in Greenland and Finland, is delighted to announce an update and summary of the Pre-Feasibility Study (‘PFS’) for the Dundas Ilmenite Project (‘Dundas’ or the ‘Project’) in Greenland, the world's highest-grade mineral sands ilmenite project. The PFS, which is based only on a JORC compliant mineral reserve of 67.1Mt defined at the Project and not the current Mineral Resource of 117Mt (see below), was compiled to deliver two outcomes, firstly as a high-level assessment of Dundas and secondly to accelerate the exploitation permitting process in Greenland. Bluejay CEO Roderick McIllree said: "The Pre-Feasibility Study demonstrates Dundas’ commerciality and all stakeholders, shareholders and the Government and people of Greenland will benefit from this development. “The base case positive 32.8% IRR and US$83.1MM NPV are just a starting point being based only on the current 67.1Mt resource and does not include the May 2019 resource increase to 117MT nor any future resources defined within the broader JORC compliant exploration target of between 300Mt and 530Mt. With demonstrable potential for additional resources both on and offshore along the entire >30km of licence holdings the opportunity to significantly increase the initial 9-year mine life and/or rate of production is clear. “We are confident that the conservative CapEx figure can be materially improved upon. Recent cost items that were received were not able to be included in the study and will further reduce some of the higher cost and capital items used. The Company will also now initiate a detailed costings assessment for capital items used in the study. It is clear to the Company there are many ways to further enhance project economics, which we will continue to evaluate.” | |
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