REG - Bluebird Merchant - Operational Update

Bluebird Mining VenturesAnnouncement

21/06/2022 07:00

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RNS Number : 6034P  Bluebird Merchant Ventures Limited  21 June 2022

Bluebird Merchant Ventures Ltd

("Company" or "Bluebird")

Operational Update

Bluebird Merchant Ventures (EPIC: BMV), the South Korean focused gold
development group is pleased to announce an operational update at the Kochang
gold and silver mine.

Highlights:

·    Field work in the north-east area of the ore body located seven
openings;

·    Two grab samples collected recorded assay results of 4.91 grams per
tonne and 6.76 grams per tonne;

·    Further work to be undertaken to delineate these workings to add to
current ore inventory.

The Company has reviewed further historical data and the results of subsequent
field work at the Kochang mine.  Previously acquired historical information
had indicated that there were only two adits present in the north-east part of
the ore body.  Field work in this north-east area has in fact located seven
openings with six adits and one daylighting stope.  Most adits were
accessible to some extent. Stopes and tunnel extents were also visible in most
adits - this indicates that there are more historical mining activities and
ore body exposures than were previously known.

The bottom adit has a concrete bulkhead, similar to the main adit, which will
need to be broken through to gain access.  Six grab samples were collected -
five samples recorded grades above 0.5 grams per tonne of gold with two
samples recording grades of 4.91 and 6.76 grams per tonne of gold.  Limited
channel sampling opportunities were available and six channel samples were
collected mainly from the start of the adits.  Two samples returned grades of
1.07 and 1.02 grams per tonne of gold.  When better and safer access is
undertaken the main ore body exposures can be systematically channel sampled
with better results expected to delineate these workings further and add to
the current ore inventory.

The Company announced on 12 April 2022 that 13,003,268 shares were issued at
an average price of 2 pence per share which was updated on 19 April 2022 with
the correct number of 12,003,268 shares.  The Company has now restated the
original number of 13,003,268 shares ("Funding Shares") and an additional
2,692,307 warrants ("Warrant Exercise Shares") have been exercised at a price
of 1.3 pence per share for which the Company received GBP 35,000.  The
Company will make application for both the Funding Shares and the Warrant
Exercise Shares to be admitted to trading ("Admission").  Admission is
expected to take place on 27 June 2022.  Upon Admission there will be
638,011,363 shares in issue.

Colin Patterson, CEO, commented:

"Historical information from old mines are a treasure trove of information
when looking to reopen an old gold mine.  The subsequent field work that has
taken place in the north-east part of the ore body builds on the historical
information and reveal that there was more mining activities at Kochang than
were previously known.  This is very encouraging as not only does it provide
opportunity to increase ore inventory but also indicates that the potential
for future production at Kochang may be larger than we previously expected."

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION EU 596/2014 ("MAR").

Enquiries:

Bluebird Merchant Ventures Ltd

Jonathan Morley-Kirk, Non-Executive
Chairman
jmk@bluebirdmv.com

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