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Greenland approves Bluejay Mining’s Dundas Ilmenite challenge

CryptoGuru by CryptoGuru
June 18, 2021
Greenland’s new mining minister backs Bluejay project
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In December, the Greenland-focused explorer and developer was granted the exploitation licence for Dundas. The license grants Dundas Titanium, a wholly-owned subsidiary of Bluejay, the rights to the ilmenite useful resource at Dundas and is legitimate for an preliminary 30-year interval.

Ilmenite is taken into account a very powerful titanium ore and is the first supply of titanium dioxide utilized in paints, printing inks, plastics, and adhesives.

A 2019 prefeasibility examine outlined an open-pit mine lifetime of 9 years producing 440,000 tonnes of ilmenite yearly. Capital expenditure was pegged at $245 million.

The examine estimated the after-tax internet current worth to be $83.1 million utilizing a 5% low cost fee, and an after-tax inner fee of return of 32.8%. The PFS used a JORC-compliant mineral reserve of 67.1 million tonnes of ilmenite grading 3.45% ilmenite.

Bluejay is now targeted on securing financing forward of commencing business manufacturing at Dundas. As soon as in operation, income from the mine can assist future exploration and acquisitions, it mentioned.

The corporate’s different property in Greenland embody the Disko-Nuussuaq nickel-copper-cobalt-platinum-gold challenge; the Kangerluarsuk zinc-lead-silver challenge; and Thunderstone, which has the potential to host large-scale base metallic and gold deposits. In Finland, it has a joint-venture settlement with Rio Tinto (NYSE: RIO: LSE: RIO; ASX: RIO) to advance the Enonkoski nickel challenge.

At press time in Toronto, Bluejay was buying and selling at $0.16 per share inside a 52-week buying and selling vary of $0.07 and $0.20. The corporate has round 972 million frequent shares excellent for a C$155.5 million market capitalization.

(This text first appeared in The Northern Miner)

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