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(Sharecast News) - Greenland and Finland-focussed exploration and development company Bluejay Mining announced the approval and extension of further exploration expenditure by its joint venture partner Rio Tinto Mining and Exploration on Monday, at the Enonkoski nickel-copper-cobalt project in eastern Finland.
The AIM-traded firm said the expenditure was part of the joint venture and earn-in agreement with Rio Tinto, announced on 10 November.
It said the Enonkoski joint venture drilling phase began in May and June, and targeted mineralisation in the near-mine areas Tevanjoki and Laukunsuo, being followed by a period of analysis carried out by the joint venture partners.
Based on drilling and the continuous evaluation of existing data and the regional belt, the drilling was being continued.
Geological mapping and sampling had been ongoing at the Enonkoski Belt, with historical drill core has re-logged and sampled, a top of bedrock sampling programme started in mid-August, and a detailed approximate-2,000 line kilometre vertical take-off fixed-wing UAV 3C magnetic survey finished in early September.
Planning for the upcoming diamond drill programme was ongoing, and preliminary plans including 3,000 to 4,000 metres of drilling to be conducted in October to December at several target areas on the belt.
"I am delighted to report that our joint venture partner Rio Tinto has decided to extend the exploration activities at our Enonkoski project in east Finland," said Thomas Levin, chief operating officer of Bluejay subsidiary FinnAust Mining Finland.
"The field team has been continuing with the geological field work at several target areas on the belt.
"The aim with the ongoing top of bedrock sampling and recently completed, very detailed, 20 to 40 metre line spacing drone three-component magnetic survey, is to assist in the target generation for the upcoming diamond drilling programme."
At 1048 BST, shares in Bluejay Mining were up 1.34% at 11.37p.
24 Mar 2022 14:34
IN BRIEF: Bluejay Mining shares rise on USD7 million raised in placing
Bluejay Mining PLC - mineral exploration and development in Greenland and Finland - Raises USD7 million before expenses in a placing of 76.9 million shares at a price of 7 pence per placing share. The funds will enable it to complete the necessary feasibility study required for its Dundas ilmenite project in Greenland. Adds that this will allow it to complete the feasibility study to the level needed for financial sign-off by a lending syndicate. This will enable the construction and production at Dundas. Following the issue of the shares, its total share capital will consist of 1.04 billion ordinary shares.
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