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Bluejay Minerals making making "excellent progress"

Operationally, it continued to focus on the Dundas Titanium Project, the world's highest-grade ilmenite mineral sand deposit

BlueJay Mining PLC -

Bluejay Mining PLC (LON:JAY) said that in the first six months of the year it had made “excellent progress” in Greenland, a “jurisdiction increasingly recognised as one of the last underdeveloped mineral regions”.

Operationally, it continued to focus on the Dundas Titanium Project, the world's highest-grade ilmenite mineral sand deposit.

A 15% upgrade took the resource to 117mln tonnes at 6.1% of the iron-titanium oxide that makes up ilmenite. The maiden offshore exploration target was set at 330-530Mt.

In the six months ended June 30, Bluejay submitted environmental and social impact assessments for Dundas and it has inked an agreement with an arm of mining major Rio Tinto.

“As I think you will agree, the work streams have been extensive, and the team has done a stellar job in advancing shareholders' interests as well as to continue to de-risk the portfolio and build value,” said chairman Mike Hutchinson.

As is common with companies at this formative stage of development, Bluejay was loss-making. The operating loss was £982,334. More importantly, cash and equivalents as at June 30 was £6.5mln.

Quick facts: BlueJay Mining PLC

Price: 7.62 GBX

AIM:JAY
Market: AIM
Market Cap: £73.91 m
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