REG - Bluejay Mining PLC - Acquisition of Sedimentary Hosted Copper Project

Bluejay MiningAnnouncement

01/05/2024 07:00

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RNS Number : 6971M  Bluejay Mining PLC  01 May 2024

1 May 2024

Bluejay Mining plc / Ticker: JAY / Market: AIM / Sector: Mining

Acquisition of Sedimentary Hosted Copper Project

Bluejay Mining plc ('Bluejay' or the 'Company'), the AIM, FSE listed and
Pink-Market traded exploration and development company with projects in
Greenland and Finland, is delighted to announce that an application to expand
Mineral Exploration Licence (MEL) 2015-08 covering a portion of the Company's
100% owned Dundas Ilmenite Project ('Dundas' or the 'Project') located in
North-West Greenland, to include newly identified high grade sedimentary
hosted copper showings has been accepted by the Greenland Mineral Licensing
and Safety Authority.

Highlights

·    When granted, the proposed enlargement increases the licence area of
MEL 2015-08 from its current size of 86 km(2) to 2,833 km(2)

·    Licence expansion comes at no cost, leveraging existing exploration
credits for Dundas and is a result of an extensive data review and analysis
beginning in 2019

·    The expanded licence area will cover both historic and newly
discovered copper showings:

o  The Cominco Gossan, Wolstenholme Fjord - 1% Cu over 112ft width (34m) from
outcropping composite rock chip samples within sedimentary units of the Dundas
Formation

o  Hill 620 Showing, Olrik Fjord - sampling up to 0.83% Cu within 100 m(2)
area

o  Existing copper showings within the dolerite dykes of the original Dundas
licence area

·    The Thule Basin represents an area of significant, underexplored
mineral potential. It hosts the first-order controls required for sedimentary
copper deposits and mineralisation is observed within several geological units
across the basin. Encouraging ore-grade samples of mineralisation locally
exceeding 10% copper have been identified

·    Bluejay has an established and substantial permanent exploration
infrastructure at Moriusaq, which will serve as a basecamp for activities on
the expanded licence area, allowing for cost effective exploration

·    The expanded licence area is proximal to the Camelot Project operated
by BHP in northern Canada, illustrating an interest in arctic frontier
exploration by the major mining companies

·    The Acquisition comes as part of the Company's new growth strategy to
secure high quality copper and industrial gas projects whilst continuing to
progress Disko to drilling in 2025

·    The Company is planning to conduct a 2024 field program consisting of
helicopter-supported geological reconnaissance

 

Eric Sondergaard, Managing Director, commented:

"This acquisition represents a strategic opportunity within a region that we
already have a dominant footprint. This project has seen very limited
systematic exploration for its copper in more than 50 years. This project has
been identified as being strategically located for large scale deposits of
copper metal. As a demonstration of the teams' capabilities the Thule Copper
will incur virtually no cost to the company over the coming years due to
previous expenditure at Dundas and coupled with our existing exploration camp
provides us with unparalleled and dominant access to the entire region. We
note with high interest the endeavours of industry giants like BHP, who are
now appearing at scale in the northern latitudes in search of copper. Copper
is seen as remaining in deficit for the next 5 years and we are positioning
the Company to take advantage of what will be a highly supportive environment
for copper developers. The Thule Copper project represents a massive
opportunity for shareholders not just for immediate exploration success, but
also as potential for long-term M&A for strategic early movers as these
new regions transform into strategic geopolitically competitive hubs. "

 

 

Map of Licence Area Applied for

Figure 1. MEL 2015-08 Expanded Application Area

 

Qualified Person

The scientific and technical disclosure included in this announcement has been
reviewed and approved by Roderick McIllree, a director of Bluejay Mining plc,
who is also a Fellow of the Australasian Institute of Mining and Metallurgy
(FAusIMM). Mr. McIllree has sufficient experience, relevant to the styles of
mineralisation and type of deposits under consideration and to the activity
that he is undertaking, to qualify as a Qualified Person ('QP') as defined by
the AIM rules, and for the purposes of The Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Mr. McIllree has
reviewed this press release and consents to the inclusion in the press release
of the matters based on his information in the form and context in which this
appears.

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018.

For further information please visit http://www.bluejaymining.com
(about%3Ablank)  or contact:

 Eric Sondergaard                        Bluejay Mining plc               enquiry@bluejaymining.com
 Ewan Leggat / Adam Cowl                 SP Angel Corporate Finance LLP   +44 (0) 20 3470 0470

(Nominated Adviser and Broker)
 Tim Blythe / Megan Ray / Said Izagaren  BlytheRay                        +44 (0) 20 7138 3205

(Media Contact)

 

Proximity to BHP's Camelot Project in Nunavut & Northwest Territories,
Canada

The Thule Basin, located near BHP's Camelot Project, reflects a growing
interest in mineral exploration ventures within the high Arctic region. This
strategic geographical adjacency highlights a broader trend of exploration
activities expanding into remote and challenging environments.

Rio Algom Exploration Inc., a Canadian subsidiary of BHP licensed to operate
in Canada, plans an early-stage mineral exploration program from 2024 to 2025
across the Queen Elizabeth Islands, Nunavut, and Northwest Territories, all
within the continuous permafrost zone. The program targets six potential
exploration areas: Melville Island, Ellef Ringnes Island, Amund Ringnes
Island, Axel Heiberg Island, and Ellesmere Island, collectively known as the
Camelot Project. Field activities including geological reconnaissance, will
occur during the 2024-2025 summer season. Additionally, a small acquisition of
1D geophysical data (magnetotellurics and passive seismic stations) is
proposed for one Nunavut project area.

Figure 2. Northern Latitude Project Areas

 

Notable Mineralisation

Cominco Showing, Wolstenholme Fjord

Discovered by Cominco during a regional exploration campaign in 1975 the
"Cominco Showing" is located on the north side of the Wolstenholme Fjord
within the Dundas Formation, reduced sedimentary rocks. It lies only 36 km
southeast of the Moriusaq exploration camp. An extensive zone of outcropping
malachite-azurite mineralisation is present with chalcopyrite-pyrite noted.

Historical sampling (and logging notes) of a sedimentary horizon along the
base of the mineralised zone returned results of 34m at 1% Cu with location
notes commenting that the mineralised horizon disappears under ice). With
significant glacial retreat in the last 50 years revisiting this site is
expected to yield further continuity of this mineralised layer inland. The
author notes similarities between the showing and the White Pine type copper
deposit model and deems the lower part of the Dundas Shale Formation to be
favourable for further exploration success (Gill, 1975). This outcrop has
never been followed up and represents a highly prospective starting point for
Bluejays sediment-hosted copper exploration.

 

Hill 620 Showing, Olrik Fjord

At "Hill 620" on the south side of the Olrik Fjord (55km NE of Moriusaq), an
area of approximately 100 square meters and 3m thickness shows
malachite-azurite-stained and bleached sandstones and gossans belonging to the
Qaanaaq Formation, situated just north of the Itilleq Fault. This site was
initially identified by the Geological Survey of Greenland (GGU). Analysis of
grab samples returned copper contents between 0.31 and 0.83%. Petrological
investigations have identified the presence of chalcopyrite, pyrite, bornite,
digenite, and covellite as the primary sulphide minerals. Mineralisation is
open along strike where it disappears under cover. GGU publication "Rapport
Nr. 90" from 1985 noted the target requires follow up and possible drilling,
however, further work was not completed. An EM16 profile was completed across
the cropping out mineralisation and indicated "the mineralisation could be
more widespread than showing on surface".

Despite these promising findings, no subsequent exploration activities have
been conducted. Notably, the mineralisation, characterized by redbed-type
copper, a different sub-type of sedimentary hosted copper deposits compared to
the Cominco Showing described above. This offers multiple environments for
exploration within the expanded licence area.

Figure 3. The green zone in the foreground, outlines the "Hill 620 showing‟
within the Qaanaaq Formation (Bq). The juxtaposition of the Dundas Group (Do)
against the basement (Ps) is seen in the background; dotted lines indicate the
faults in the Olrik half graben, adapted from Dawes (2006)

Malachite Staining, Existing Dundas Exploration Licence

During investigation of the sill complex immediately adjacent to the raised
beaches at the Dundas project, zones of malachite staining were observed. The
mineralisation was observed coating fractures and disseminated within the
dolerite sills. Preliminary values, using in field portable X-ray fluorescence
scanning returned values up to 7% copper. These showings represent a possible
contact-type mineralisation related to the emplacement of the sills into the
reduced sedimentary package. Formation of secondary minerals along fracture
surfaces indicates remobilisation of copper, possibly from underlying sulphide
mineralisation.

Figure 4. Malachite Staining at Dundas within Ilmenite Rich Dolerite Dykes

 

Figure 5. Known Cu Occurrences within Expanded Licence Area

 

 

 

Operational Efficiency

Management and employees of Bluejay Mining have a well-established network and
experience of operating in the high arctic environment. A permanent and fully
equipped camp facility, located at Moriusaq will be used to service field
operations on the newly expanded exploration licence, allowing for efficient
testing of historic and newly developed sedimentary copper occurrences.
Relationships with stakeholders and service providers will assist in this
program and Bluejay will continue to support the local Inuit population with
training and employment opportunities, ensuring best practice exploration.

Thule Basin Regional Geology

The Proterozoic Thule Basin (Supergroup) is a 6-8 km thick continental to
shallow marine sequence straddling Baffin Bay and Smith Sound. The basin is
predominantly preserved in a series of grabens along the coast of NW
Greenland, although smaller exposures are also found on eastern Ellesmere
Island, Canada. These exposures are preserved in down-faulted areas, with a
substantial exposed succession approximately 2300 meters thick, unconformably
underlain by a high-grade Archaean-Palaeoproterozoic crystalline shield.
Additionally, gravimetric, seismic, and magnetic data suggest an offshore
extension of the Thule Supergroup, with estimates indicating a thickness
ranging between 8 and 20 kilometres.

Limited prospecting efforts by the Geological Survey of Denmark and Greenland
(GEUS), have yielded ore-grade samples of copper mineralisation from several
localities within the basin, with reported concentrations exceeding 10% copper
(Thomassen and Krebs, 2004). Notably, the annual public mineral hunt program,
Ujarassiorit, has returned samples from the Thule Basin with copper values
surpassing 10% (i.e., above the upper detection limit of the analytical
packages used), indicating the significant mineralisation potential of the
region.

Mafic volcanics in the lower portion of the Thule Supergroup, consisting
mainly of pyroclastic flows and volcaniclastic units are related to the
emplacement of the c. 1270 Ma Mackenzie Large Igneous Province.

Figure 6. Geological map of Northwest Greenland, with outlined extent of the
Thule basin (Dawes, 2006).

 

 

 

Stratigraphy of the Thule Basin

Thule Basin architecture remains largely intact. The broad stratigraphy of the
Thule Supergroup is well documented and mapped at a scale of 1:500,000 scale.
Five recognized groups (Smith Sound, Nares Strait, Baffin Bay, Dundas, and
Narssârssuk) comprise the Thule Supergroup, each characterized by distinct
lithological units and depositional environments.

Figure 7. Cross Section through Thule Supergroup. Stratigraphic positions of
known Cu occurrences are shown; note that the Dundas and Narssârssuk Groups
are more geographically constrained than the Baffin Bay, Nares Strait and
Smith Sound Groups (Dawes, 2006).

Nares Strait Group

The Nares Strait Group represents the lower Thule Supergroup in the central
basin, with a thickness of up to approximately 1200 meters and dominated by
sandstones, including redbeds, along with basaltic volcanics. Deposition
occurred in alluvial plain, littoral, and offshore environments, with
formations including the Northumberland, Cape Combermere, Josephine Headland,
Barden Bugt, and Clarence Head formations. Notably, it serves as an excellent
copper source, with identified copper mineralisation present. Sandstone- and
volcanic-hosted redbed type Cu mineralisation has been identified during
limited prospecting. The Nares Strait Gp., signifies excellent Cu source rocks
at the base of the stratigraphy. also has potential for unconformity-type U
mineralisation.

Baffin Bay Group

The Baffin Bay Group, widely distributed in the Thule Basin and adjacent
areas, has a thickness ranging from 300 to 1300 meters and is dominated by
multicoloured siliciclastics, including sandstones, gritstones, and
quartz-pebble conglomerates, interspersed with intervals of shales and
siltstones and intruding basaltic sills. Depositional environments of the
Baffin Bay Group range from shallow marine to terrestrial. The group outcrops
in the central and southern parts of the outcrop belt in NW Greenland, as well
as on Ellesmere Island, Canada. Its formations include the Kap Trautwine,
Robertson Fjord, Wolstenholme, and Qaanaaq formations, with identified copper
mineralisation and potential for unconformity-type uranium mineralisation.

Smith Sound Group

The Smith Sound Group, located at the northern basin margin, has a thickness
of up to 700 meters, and is influenced by basin margin faults and underlying
paleo-topography. Comprised mainly of multi-coloured sandstones and shales,
including redbeds, with subordinate stromatolitic carbonates and intrusions of
c. 1270 Ma mafic sills, the group reflects a transition from shallow marine to
terrestrial depositional environments. Its formations include the Cape
Camperdown, Pandora Havn, Kap Alexander, and Rensselaer Bay. Additionally, the
Rensselaer Bay Formation presents a complex sequence of multi-coloured
sandstones and siltstones, with shale, sandstone, and dolomite dominating
different parts of the formation.

Dundas Group

The Dundas Group, estimated to be 1 to 3 kilometres thick, is characterized by
interbedded fine-grained sandstone, siltstone, and black shales, along with
lesser amounts of carbonate, chert, and evaporitic strata, indicating a shift
towards deeper water deposition. Neoproterozoic, Ti-rich mafic sills and
dykes, such as the Franklin-Thule dyke swarm dated to approximately 720 - 716
million years ago, are common within the group. These formations are
associated with minor occurrences of Cu-Zn-Ba sulphides and the ilmenite-rich
heavy mineral sand deposits found on the raised and active beaches of
Bluejay's Dundas Ilmenite Project. The Dundas Group consists of the Kap Powell
and Olrik Fjord formations. The Kap Powell Formation, characterized by a
greater proportion of sandstone in the central part of the basin is overlain
by the Olrik Fjord Formation, approximately 400 meters thick, comprising
siliciclastic redbed para-sequences with minor interlayered carbonates.

Narssârssuk Group

Lastly, the Narssârssuk Group overlays the Dundas Group in the southern part
of the basin, with a thickness ranging from 1.5 to 2.5 kilometres and
consisting of cyclic mixed siliciclastic-carbonate strata with evaporites,
reflecting tidal deposits in shallow water. Formations within this group
include the Imilik, Bylot Sund, and Aorfêrneq formations. Importantly, the
group is age equivalent to Nanisivik Fm. (part of the former Society Cliffs
Fm.) of the Bylot Supergroup which hosts the Nanisivik Pb-Zn deposit (18Mt @
9% Zn, 0.7% Pb, 35g/t Ag) on Baffin Island mined by Cominco/Teck.

Sediment-Hosted Cu in the Thule Basin: Mineral Systems Framework

Throughout the Meso- to Neoproterozoic Thule Supergroup, redbed units are
prominently featured in its stratigraphical succession. Approximately 20 to
55% of the total stratigraphical thickness in four of the five groups
constituting the Thule Supergroup is estimated to be composed of these redbed
successions, contributing approximately 0.5 to 1.9 kilometres to the basin's
sedimentary package. Evidence suggests significant fluid/brine activity within
the basin, possibly facilitated by block faulting associated with half-graben
structures, which could have created fracture-permeability and hydrologic
conditions conducive to the formation of redbed Cu-type mineralisation. The
distribution of known redbed Cu occurrences within the Thule Supergroup
reinforces this association, as they are predominantly located adjacent to
major faults (GEUS, 2020).

Despite the lack of previous commercial exploration, all the key components
required to form a viable sediment-hosted Cu mineral system have been
identified (or can be invoked at a reasonable level of confidence) for the
Thule basin from a review of the available data.

·      Favourable geological setting (cratonic basin)

·      Prolonged depositional history basement Cu endowment

·      Source rocks (volcanics, redbed sandstones)

·      Evaporates (brine production) energy drivers

·      Evidence of leaching/fluid flow

·      Structure/fluid pathways

·      Host rocks traps/seals

·      Existing Cu occurrences recognised

Figure 8. Sediment Hosted Copper Deposit Model (Hitzman et al, 2010)

 

Geodynamic Environment

Globally, the late Mesoproterozic was a period of widespread tectonic
convergence, culminating in the amalgamation of the Rodinia supercontinent.
However, in Laurentia, long-lived orogenesis on its eastern margin was
punctuated by short-lived extension that generated the Midcontinent Rift ca.
1110-1085 Ma. Whereas this cratonic rift basin is typically considered an
isolated occurrence, new Re-Os depositional ages (Greenman et al, 2021)
demonstrate a temporal overlap with multiple cratonic basins in northern
Laurentia that also formed during this period - namely, the Bylot Basins and
the Amundsen and Hornby Basins, all now located in the high Arctic.

Most paleogeographical reconstructions indicate that during the Late
Mesoproterozoic to early Neoproterozoic, Laurentia, which encompassed
present-day Greenland, was positioned close to the palaeoequator,
approximately ±30 degrees on either side of the equator throughout the
basin's depositional history. This positioning suggests a favourable
paleoclimate conducive to sedimentation, carbonate and evaporite production,
among other factors.

The Thule basin is situated in the easternmost region of the Bylot basins,
spanning NE Canada and NW Greenland, which include the Borden, Aston-Hunting,
Fury and Hecla, and Thule basins. This system of late Mesoproterozoic
(approximately 1.27-1.0 billion years ago) sedimentary basins coincided the
emplacement of the Mackenzie Large Igneous Province, the Ottawan phase of the
Grenville Orogeny c. 1090-1030 Ma, and the formation of the Midcontinent Rift.
Notably, the Midcontinent Rift hosts economically viable sediment-hosted
copper deposits of the same age, such as Highland Copper's White Pine deposit.
Historical production records from White Pine between 1953-1995, reveal
extraction of 179.7 million tonnes at 1.14% copper and 7.8 grams per tonne of
silver. Presently, the Highland Copper deposit has an indicated resource of
133.4 Mt @ 1.07% Cu and 14.9 g/t Ag and an inferred resource of 97.2 Mt @ 1.03
% Cu and 8.7 g/t Ag.

 

Figure 9. Left: Paleogeography with Thule Basin location adapted from: Roberts
et al, 2022. Right: NE Canada and NW Greenland High Arctic Basins (Greenman et
al, 2021)

 

From a global perspective, the late Mesoproterozoic to early Neoproterozoic
age range of the Thule basin coincides with various sediment-hosted copper
belts worldwide. These include the Central African Copperbelt (Zambia-DRC),
the Kalahari Copper Belt (Botswana), the Midcontinent Rift (Canada-USA), and
Redstone (Canada).

Although geochronological data is limited, the Thule basin exhibits an
extended depositional history, spanning from approximately 1270 to 720 Ma.
This prolonged duration is generally viewed as a favourable characteristic for
sediment-hosted Cu deposits.

Figure 10. Stratigraphy of Bylot Basins (Greenman et al., 2023)

 

Studies propose a depositional environment characterized by shallow marine,
subtidal to supratidal low-energy sedimentation, resembling modern coastal
sabkhas in hot, arid to semi-arid conditions. These conditions, as suggested
in several studies, including Dawes (2006) and Kettanah et al. (2016),
indicate a high potential for the generation of basinal brines. The
intra-cratonic nature of the basin likely contributed to the formation of a
hydrologically closed basinal architecture, where highly oxidized and saline,
moderate temperature basinal brines were likely produced. These brines could
have facilitated reduction-controlled sulphide precipitation over extended
periods, potentially spanning tens to hundreds of millions of years,
considering the basin's prolonged depositional history, as outlined in models
proposed by Hitzman et al. (2010).

Metals and Fluid Source

The Thule Basin has multiple metal sources, including continental clastic
sediments featuring extensive basal redbed sequences, which represent the
thickest accumulation of redbeds across Greenland. Additionally, mafic
volcanic sequences are present in the lower stratigraphy, accompanied by
multiple generations of mafic sills and dykes throughout the stratigraphy.
Some of these intrusive bodies, such as the Franklin-Thule sills, are reported
to exhibit anomalously high copper content, as documented by Parnell and Boyce
(2019).

Within the underlying Paleoproterozoic and Archean crystalline basement, known
copper occurrences are documented, notably within the Prudhoe Land
supracrustal complex and the Thule mixed gneiss complex, as reported by
Thomassen and Krebs (2004). Furthermore, iron oxide copper-gold (IOCG) type
mineralisation is observed within the Etah Group. However, given the
substantial volumes of redbeds and mafic volcanics within the Thule basin, it
is conceivable that a basement source for the metals may not be necessary.
Nonetheless, the presence of known Cu mineralisation in the underlying
basement further enhances the overall Cu prospectivity of the basin.

The Thule basin presents potential fluid sources, particularly in the form of
evaporite-derived brines. Gypsum and anhydrite are documented within the
shallow marine sequences of the Dundas and Narssârssuk Groups of the upper
Thule Supergroup. Notably, the Narssârssuk Group's Imilik formation features
an 8-meter-thick homogeneous bed of gypsum, as reported in a geotechnical
drill core south of the Pituffik Space Base by Davies et al. (1963).
Additionally, the Aorfêrneq formation within the Narssârssuk Group exhibits
various forms of evaporite, including thin beds, veins, nodules, and breccia
matrix. Field studies also report evaporate dissolution breccias, providing
evidence of vanished evaporites and probable brine generation.

Despite the Mesoproterozoic oceans exhibiting low seawater sulphate
concentrations, the existence of giant deposits of this age such as White
Pine, demonstrates that viable sediment-hosted Cu systems can develop in the
presence of a readily leachable metal source rock, even without hypersaline
and sulphate-rich brines (Jones et al, 2023).

Evidence of basinal fluids: a fluid inclusion study (Kettanah et al. 2016) of
the gangue minerals in the Kiatak Pb-Cu-Ba occurrence (located within the
Dundas Group of the Thule Supergroup and associated with a sill of the
Franklin-Thule dyke swarm, c. 720 - 716 Ma) indicates two fluid types: prior
to galena precipitation a high salinity (~20 wt.% eq. NaCl) basinal-type
aqueous brine cooled from temperatures >300 °C and was trapped first in
early calcite, and with further cooling, in barite together with solid bitumen
inclusions. Following galena crystallisation, secondary inclusions containing
a similar brine, but of lower salinity, higher Ca:Na ratio, and lower
temperature, were trapped in calcite. Corrosion of galena was followed by
precipitation of lower temperature (~100 °C) barite from a second fluid,
comprising immiscible water and methane.

Evidence of basinal fluids is apparent in a fluid inclusion study conducted by
Kettanah et al. (2016) on gangue minerals in the Kiatak Pb-Cu-Ba occurrence,
situated within the Dundas Group of the Thule Supergroup and associated with a
sill of the Franklin-Thule dyke swarm dating to approximately 720 - 716 Ma.
Two distinct fluid types have been identified prior to galena precipitation, a
high salinity (~20 wt.% eq. NaCl) basinal-type aqueous brine cooled from
temperatures exceeding 300 °C, initially trapped in early calcite, and later
in barite along with solid bitumen inclusions. Subsequent to galena
crystallisation, secondary inclusions containing a similar brine, albeit of
lower salinity, higher Ca:Na ratio, and lower temperature, were confined
within calcite. The corrosion of galena preceded the precipitation of barite
from a second fluid at a lower temperature (~100 °C), composed of immiscible
water and methane.

Furthermore, the presence of high total organic carbon (TOC) black shales at
various stratigraphic levels within the Thule Basin suggests a probable
methane source. These black shales, akin to those in other Bylot basins
described as shale gas reservoirs by Greenman (2022), indicate the potential
for methane generation within the Thule Basin.

Figure 11. Fluid Inclusion Study of Kiatak Pb-Cu-Ba occurrence (Kettanah et
al. 2016)

 

Drivers & Pathways of Fluid Flow

Energy drivers within the Thule Basin encompass multiple episodes of
voluminous mafic magmatism associated with two Large Igneous Provinces (LIPs):
the Mackenzie LIP, approximately 1.27 billion years ago, and the subsequent
Franklin LIP around 720 - 716 million years ago, as identified by Pu et al.
(2022) and Dufour et al. (2023). These events suggest a potential geodynamic
trigger for large-scale fluid flow, possibly linked to incipient basin
inversion or compression induced by far-field stresses from Grenvillian
orogenesis, similar to the contemporaneous Midcontinent Rift.

Fluid pathways within the basin are delineated by various structural elements,
including basin margins, extensional basinal faults, grabens, half grabens,
unconformities, breccias, and local folding. Evidence of syn-sedimentary
faulting is present, along with inherited structures from the underlying
Archaean and Paleoproterozoic basement. The Thule Basin is predominantly
dissected by the Thule half-graben system, characterized by WNW-ESE-trending
faults, some of which have experienced displacement of several kilometres.
Many major faults exhibit signs of hydrothermal alteration, with reports of
mineralisation containing quartz-barite-pyrite-chalcopyrite. Notably, the
basin remains unmetamorphosed, preserving its permeability and facilitating
fluid flow processes.

Metal Deposition

Trap rocks within the Thule Basin consist of thick sequences of reduced
sediments, including carbonates and pyritic black shales with high Total
Organic Carbon (TOC), predominantly found in the upper stratigraphy of the
Thule Supergroup, as noted by Dawes (1997; 2006). These sedimentary packages
likely served as in-situ reductants or trap rocks for copper-bearing fluids.

Evidence of hydrocarbons in the basin, indicated by the presence of methane
and solid bitumen in fluid inclusion and petrological studies conducted by
Kettanah et al. (2016), suggests the existence of mobile reductants. This
presence, alongside the in-situ reductants mentioned earlier, is believed to
enhance the overall copper prospectivity of the Thule Basin.

Dispersion of Fluids

Indicators of widespread fluid flow are evident throughout the Thule Basin,
notably in the extensively leached/bleached redbeds of the Baffin Bay and
Nares Strait Groups, where hematite destruction by reduced fluids is observed.

The unconformity between the sediments of the Thule Supergroup and the
underlying Archean-Paleoproterozoic basement exhibits significant hematisation
upon exposure, both in the rocks above and within a bleached regolith below
the unconformity. These findings strongly suggest interaction with oxidised
fluids.

The presence of zinc-lead mineralisation higher in the stratigraphy prompts
speculation about its relation to a sediment-hosted copper system. These
occurrences could possibly represent the depletion of such a system or are
associated with a distinct mineralising system or fluid source.

Figure 12. (A) Bleaching of ferruginous sandstone with relict redbeds,
Northumberland Ø. (B) Unconformity below the Thule Basin at Bowdoin Fjord
with noticeable bleaching of basal sandstone beds and a pale regolith zone up
to c. 2 m thick.

Thule Basin Exploration History

The Thule Basin has not been subjected to systematic or commercial mineral
exploration for base or precious metals. The primary exploration efforts have
been directed towards ilmenite-rich heavy mineral sands found on raised and
active beaches, sourced from the Ti-rich mafic sills and dykes intruding the
Dundas Group of the Thule Basin. Base metal exploration has been limited to
prospecting conducted by the geological survey.

·      1950's: Geological mapping by the United States Geological Survey
(USGS) of the area surrounding the US Military's Pituffik Space Base.

·      1950's - 1994: Geological Survey of Greenland (GGU; now the
Geological Survey of Denmark and Greenland, GEUS) carried out numerous
geological mapping expeditions in Northwest Greenland including the Thule
basin. Resulted in the production of the 1:500,000 scale geological map of the
Thule area in 1991. Survey geologist, Peter Dawes was responsible for much of
the original mapping.

·      1989 - Present: Ujarassiorit (Greenland's annual public minerals
hunt) has returned several high-grade Cu and Zn-Pb samples from the Thule
basin including several samples with >10% copper.

·      2001, 2003, 2007: Geological Survey of Denmark and Greenland
(GEUS) carried out stream sediment sampling and prospecting. Several
sediment-hosted Cu occurrences discovered.

·      1994-1995: Minor regional prospecting by the Greenlandic
state-owned exploration company, Nunaoil A/S

·      2010-2015: Hunter Minerals Pty Ltd began exploration of
ilmenite-rich heavy minerals sands (2010-2015).

·      2015-Present: From 2015 to present Bluejay Mining plc (through
its 100% owned subsidiary Dundas Titanium A/S) has carried out extensive
exploration and drilling of the ilmenite-rich sands. In 2019, Bluejay shipped
a 42,000-tonne bulk sample from their Dundas ilmenite project to the Port of
Contrecoeur in Canada, representing the most northerly sealift of dry bulk
cargo ever completed globally. Bluejay received an exploitation mining licence
for the project in December 2020.

·      2017-Present: Greenroc Mining plc have also been exploring an
adjacent ilmenite-rich heavy minerals sands project, which is currently at an
earlier stage of exploration compared to Dundas.

References

Davies, W.E., Krinsley, D.B. & Nicol, A.H. 1963: Geology of the North Star
Bugt area, northwest Greenland. Meddelelser om Grønland 162, 12, 68 pp. ISSN
0025-6676

Dawes, P.R. 1997: The Proterozoic Thule Supergroup, Greenland and Canada:
history, lithostratigraphy and development. Geology of Greenland Survey
Bulletin 174, 120 pp. https://doi.org/10.34194/ggub.v174.5025 (about%3Ablank)

Dawes, P.R. 2006: Explanatory notes to the Geological map of Greenland, 1:500
000, Thule, Sheet 5. Geological Survey of Denmark and Greenland Map Series 2,
97 pp. + map. https://doi.org/10.34194/geusm.v2.4614 (about%3Ablank)

Dufour, F., Davies, J.H.F.L., Greenman, J.W., Skulski, T., Halverson, G.P.,
and Stevenson, R. (2023) New U-Pb CA-ID TIMS zircon ages implicate the
Franklin LIP as the proximal trigger for the Sturtian Snowball Earth event.
Earth and Planetary Science Letters, v. 618, article no: 118259. DOI:
https://doi.org/10.1016/j.epsl.2023.118259 (about%3Ablank)

Gill, F.D. 1975; Report on the Melville Bugt reconnaissance project - 1974.
Internal Cominco Ltd., Canada, company report, 4 pp. (Geological Survey of
Denmark and Greenland, GEUS Report File 20255)

Greenman, J.W., dos Santos, A., Patzke, M., Gibson, T., Ielpi, A., and
Halverson, G.P. (2023) A tectonostratigraphic framework for the late
Mesoproterozoic Bylot basins of Laurentia. Journal of the Geological Society,
v. 180(3). DOI: https://doi.org/10.1144/jgs2022-174 (about%3Ablank)

Greenman, J.W., Rooney, A.D., Patzke, M., Ielpi, A., and Halverson, G.P (2021)
Re-Os geochronology highlights widespread latest Mesoproterozoic (ca. 1090-
1050 Ma) intracratonic basin development of Laurentia. Geology, v. 49(7), pp.
779-783. https://doi.org/10.1130/G48521.1 (about%3Ablank)

Jones, S.M. (2020). Alteration and fluid flow associated with sediment-hosted
stratiform copper mineralisation in the 1.1 Ga Midcontinent Rift System, USA.
University of St Andrews, UK. Unpublished Ph.D. thesis. DOI:
https://doi.org/10.17630/sta/137 (about%3Ablank)

Jones, S.M., Cloutier, J., Prave, A.R., Raub, T.D., Stüeken, E.E., Stein,
H.J., Yang, G., and Boyce, A.J. (2023). Fluid Flow, Alteration, and Timing of
Cu-Ag Mineralisation at the White Pine Sediment-Hosted Copper Deposit,
Michigan, USA. Economic Geology, 118(6), pp. 1431-1465. DOI:
https://doi.org/10.5382/econgeo.5013 (about%3Ablank)

Kettanah, Y., Zentilli, M., Hanley, J., Tweedale, F. (2016). Geological
setting and fluid inclusion characteristics of a lead-copper-barium occurrence
hosted in a Neoproterozoic mafic sill at Kiatak, Northumberland Island,
Northwestern Greenland, Ore Geology Reviews, Volume 79, pp 268-287,
https://doi.org/10.1016/j.oregeorev.2016.05.027 (about%3Ablank)

Thomassen, B. & Krebs, J.D. 2004: Mineral exploration of selected targets
in the Qaanaaq region, North-West Greenland: follow-up on Qaanaaq 2001.
Danmarks og Grønlands Geologiske Undersøgelse Rapport 2004/42, 64 pp.

 

 

 

 

 

 

 

 

 

 

 

About Bluejay Mining plc

Bluejay is listed on the London AIM market, Frankfurt Stock Exchange and its
shares also trade on the Pink Market in the US. The Company is advancing
multiple highly prospective projects in Greenland and Finland. Bluejay offers
both portfolio commodity diversification focused on base, energy and precious
metals in Tier 1 jurisdictions.

Bluejay's most advanced project, through its 100% owned subsidiary Dundas
Titanium A/S in Northwest Greenland, is the Dundas Ilmenite Project, which is
fully permitted with a JORC Mineral Resource of 117Mt at 6.1% ilmenite and a
maiden offshore Exploration Target of between 300Mt and 530Mt of ilmenite at
an average expected grade range of 0.4 - 4.8% ilmenite in-situ. Bluejay has
agreed a Master Distribution Agreement with a major Asian conglomerate for
up-to 340ktpa of its anticipated 440ktpa annual output. The Company has signed
on a major European bank to head the financing syndicate for Dundas. Bluejay's
strategy is focused on finalising and securing financing ahead of commencing
commercial production at Dundas in order to create a company capable of
self-funding exploration on its current and future projects.

Bluejay, through its wholly owned subsidiary Disko Exploration Ltd., has
signed a definitive Joint Venture Agreement with KoBold Metals to guide and
fund exploration for new deposits rich in the critical materials required for
the green, future and electrification energy transition (the Disko-Nuussuaq
nickel-copper-cobalt-PGE Project). The JV has completed intensive analysis and
interpretation of the extensive geochemical, geophysical, and geological data
collected during the previous exploration campaigns. Leveraging KoBold's
proprietary artificial intelligence (AI) and machine learning (ML) platforms,
this comprehensive analysis has resulted in the identification of seven
initial priority targets within the project area. These seven priority targets
exhibit spatial characteristics indicative of potential deposits on a scale
comparable to renowned mining operations such as Norilsk, Voisey's Bay, or
Jinchuan. The JV is now planning a focused ground-loop electromagnetic survey
to refine and prioritize each locality appropriately.

Disko Exploration Ltd holds two additional projects in Greenland - the 692 sq.
km Kangerluarsuk zinc-lead-silver project, where historical work has recovered
grades of up to 45.4% zinc, 9.3% lead and 596 g/t silver; and the 920 sq. km
Thunderstone project which has the potential to host large-scale base metal
and gold deposits.

In Finland, Bluejay currently holds three large scale multi-metal projects
through its wholly owned subsidiary FinnAust Mining Finland Oy. The Company
has identified multiple drill ready targets at the Enonkoski
nickel-copper-cobalt project in East Finland. Bluejay's Hammaslahti
copper-zinc-gold-silver project hosts high-grade VMS mineralisation and
extensions of historical ore lodes have been proven. The drill ready Outokumpu
copper-nickel-cobalt-zinc-gold-silver project is located in a prolific
geological belt that hosts several high-grade former mines. In August 2023,
Bluejay successfully divested its Black Schist Projects in Finland to Metals
One plc in a transaction worth £4.125 million (Bluejay currently owns c. 29%
of the issued ordinary share capital of AIM listed Metals One plc).

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