REG - Bluebird Merchant - Director Dealing

Bluebird Mining VenturesAnnouncement

06/10/2022 07:45

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RNS Number : 0033C  Bluebird Merchant Ventures Limited  06 October 2022

Bluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector: Mining

6 October 2022

Bluebird Merchant Ventures Ltd ('Bluebird' or 'the Company')

Director Dealing

 

Bluebird Merchant Ventures Ltd, a gold Company primarily focused on bringing
historic mines back into production, is pleased to announce a Director
Dealing, a share purchase by Kensington Trust Singapore Ltd ("Kensington").
Kensington is Bluebird's largest shareholder and is a party associated with
CEO, Colin Patterson.

Kensington purchased 304,000 shares at an average price of 1.61p.

The share purchase increases Kensington's stake to 73,805,973 shares, which
represents 11.6% of the issued share capital. The PDMR Notification is set out
below.

 Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No.
 596/2014
 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Kensington Trust Singapore Ltd
 2   Reason for notification
 a.  Position/Status                                              A party associated with Colin Patterson, Director
 b.  Initial notification/                                        Initial notification

     Amendment
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Bluebird Merchant Ventures Ltd
 b.  LEI                                                          213800QLGKFZHML52C51
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument

                                                                  Ordinary shares
     Identification Code                                          ISIN: VGG118701058
 b.  Nature of the transaction                                    Purchase of shares
 c.  Price(s) and volume(s)                                       304,000 shares at average price per share of GBP 1.61p
 d.  Date of the transaction                                      04 October 2022
 e.  Place of the transaction                                     London Stock Exchange

 

This announcement contains inside information for the purposes of article 7 of
the market abuse regulation EU 596/2014 ("MAR").

 

**ENDS**

 

For further information please visit https://bluebirdmv.com
(https://bluebirdmv.com) or contact:

Jonathan Morley-Kirk - Non-Executive Chairman

email: jmk@bluebirdmv.com

 

About Bluebird:

Bluebird Merchant Ventures Plc (BMV.L) is a London listed South Korea-focused
resources company centred on bringing historically producing gold mines back
into production. The Company, led by a team of proven mine rehabilitation
experts, currently has two 100% owned licensed high grade narrow vein mining
projects, the Kochang Gold and Silver Project ('Kochang') and the Gubong Gold
Project ('Gubong'), which each have a defined route to low cost/ low capex
production with a cumulative target of producing 100,000 oz + Au per annum.
Additionally, the Company has the highly prospective Batangas Gold Exploration
Project in the Philippines, which has a resource of 440,000oz Au of which
128,000oz Au is a reserve, and has had c.US$20m invested in it to date.  The
management team has invested cUS$2 million personally into the Company and
believe, following analysis of historic production and exploration data, as
well as extensive sampling, geological, geophysical and engineering studies,
there is potential for in excess of 1.5 million oz of mineable gold in its
Korean projects alone.

 

Kochang is an epithermal vein deposit with parallel vertical ore bodies
covering 8.3 sq km that reportedly produced 110,000 oz of gold and 5.9 million
oz of silver between 1961 and 1975.  Consisting of a gold and silver mine,
there are currently four main veins and a number of parallel subsidiary veins
vein which have been identified, as well as a newly identified cross-cutting
vein. Historic drilling indicates the veins continue to depth below the
current 250m mine and mapping shows the veins on surface providing potential
above and below the old workings. The veins extend to the NE providing a
strike length of 2.5km with 600m between the two mines not exploited.  There
is potential to expand operations to the southwest/northeast and to depth, as
well as exploit the already mined areas. The total current non JORC estimate
is between 550,000 and 700,000 tonnes, with a range of grades between 5.2 g/t
to 6.6 g/t gold, and 27.3 g/t to 34.8 g/t silver.  Following the granting of
a Mountain Use permit, there is an estimated 6 to 9 month development time to
trial mining.

 

Gubong, which was historically the second largest gold mine in South Korea has
9 granted tenements covering c.25 sq km.  Gubong is flat dipping with 9 veins
extending 500m below surface and known to extend at least a further 250m.
However, the production opportunity for Bluebird prior to looking at deepening
the mine is the 25 levels already developed with all the remnants and unmined
areas left by the original miners.  The 25 levels extend over 120 km in total
length which indicates the size of the opportunity. The Korea Resources
Corporation ('KORES') estimated 2.34M tonnes at some 6 g/t Au garnered from 57
drill holes over 17,715.3 metres.  With additional sampling, mapping, pit
modelling and grade analysis, plus the fact that Gubong is an orogenic
deposit, which typically have a depth of 2km compared to the current depth of
500m, the Board believe it has a potential resource of 1 million + oz Au
in-situ, plus an estimated additional 300,000 oz Au from satellite ore bodies.

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