Joint venture with Bill Gates and Jeff Bezos backed by the company

LONDON, August 9, 2021 / PRNewswire / – Bluejay, the AIM and FSE listed company, and publicly traded OCTQB (ticker: BLLYF), an exploration and development company with projects in Greenland and Finland, has signed a joint venture agreement (“JV” or “the” Agreement “) with KoBold Metals (” KoBold “), on the magmatic massive platinum, nickel, copper, cobalt and platinum sulfide project ( ‘Disko’ or ‘the’ Disko Project ‘) in West Central Greenland.

KoBold

• The goal of KoBold is to discover and develop new ethical sources of critical materials for electric vehicles. KoBold’s goal is to make more exceptional deposit discoveries by leveraging world-class exploration geoscience expertise and developing comprehensive exploration technology to utilize machine learning and other exploration techniques. scientific computation to enable very efficient exploration decision making.
• Key KoBold investors include Breakthrough Energy Ventures, a climate and tech fund, overseen by Bill Gates, and whose investors understand Michael bloomberg, Jeff Bezos, and Ray dalio. Other investors in KoBold include Andreessen Horowitz, Silicon Valley’s leading venture capital fund, and Equinor, the Norwegian energy multinational.
• KoBold was recognized in 2021 as a technology pioneer by the World Economic Forum and as one of the 100 most promising private artificial intelligence companies in the world by CB Insights – and the only one within the mining industry

The agreement

• KoBold will earn 51% of the Disko-Nuussuaq license through a two-step earning pledge
  – Step I: Advanced geological and geophysical assessment of Disko-Nuussuaq to refine drill targets using KoBold’s proprietary technology, $ 3.4 million funded only by December 31, 2022
  – Phase II: One-off funding from one or the other $ 11.6 million in drilling expenses or 15 pre-granted drill holes in the Disko license area in December 31, 2024
  – Bluejay can maintain its 49% stake by funding its commitment on a pro rata basis after phase II
• Bluejay is a recognized and respected partner by communities, stakeholders and regulators in Greenland and will manage field operations until 2024
• Should KoBold complete the Stage I work but not complete the Stage II drilling engagement before December 31, 2024, 2.0% of the company JV and therefore control will revert to Bluejay with both parties subject to the standard continuous dilution methodology

Kurt House, CEO of KoBold, said: “The Disko region has seen the rare convergence of events in Earth’s history that could have resulted in the formation of a world-class battery metal deposit.

“KoBold’s technology is ideally suited to discovering new resources at Disko. Our exclusive library of analytical tools, Machine Prospector®, will allow efficient deployment of exploration capital and maximize our chances of discovery at Disko-Nuussuaq.

“We are delighted to invest in from Greenland emerging mining sector and partner with Bluejay in light of their strong track record in Greenland and the exceptional potential of the Disko project. ”

Bo Stensgaard, CEO of Bluejay, said: “This agreement is transformative for Bluejay. We are delighted to have a partner at the top of technical innovation for new exploration methods, backed by some of the most successful investors in the world.

“In addition, Bluejay retains the ability to self-finance to maintain 49% ownership through production, offering external public investors the opportunity to invest alongside a private investment entity of this magnitude.

“Disko is a project with great potential for the discovery of battery metal deposits of global importance. However, it is this scale that required a financially and technically sound partner to develop Disko. After many conversations with many groups around the world, we are pleased to partner with a group that shares our stance on fairness and delivering a long-term transparent result for shareholders while being a credible partner. and reliable who shares our commitment to environmental sustainability. I am very happy to say that we have achieved this goal now with KoBold, an organization with the capacity and technical capacity to develop this project to its full commercial potential. We are extremely happy to work with them. ”

Dr. Peter Lightfoot, Head of magmatic systems at KoBold, noted: “The Disko-Nuussuaq property is centered in an area of ​​vast contaminated and metal-depleted volcanic centers where there is clear evidence of the equilibration of inundation basalt magma with crustal sulfur with potential for magmatic sulphide concentration in the area. shallow subvolcanic intrusions. The rich inventory of government and exploration data provides an excellent starting point for KoBold to use proprietary technology to support exploration. “

“After working on the Noril’sk mineral system and applying the ideas to help Falconbridge with their exploration work, it’s exciting to see this work come to fruition. ”

The disc Project

The Disko project is hosted in the Tertiary Igneous Province of West Greenland, where Bluejay holds several licenses that make up its 2,897 square kilometer (“km²”) property. In recent years, the company has experienced a licensing “race” in which the holdings of Bluejay’s early arrivals were surrounded by other licensees, including Anglo-American which owns nearly 10,000 km².

Previous studies and work carried out by the Company have shown a strong correlation between the placement of massive Norilsk sulphides in Siberia, which is the marginal producer of nickel and palladium, and Disko. Bluejay undertook several work campaigns, undertaking aerial surveys, extensive geochemical sampling using the most modern analytical techniques with ultra-low sensitivity as well as sampling of hydrocarbons in soil gases. These new “deep penetrating” geochemical and gas surveys have for the first time provided signals of metallic anomalies coinciding with previously identified large-scale geophysical responses.

More than 30 years of exploration by companies, including Cominco and Falconbridge, but also more recent work by Vismand Exploration and Cairn Energy supported by Avannaa Resources, as well as work supported by the government and data acquisition by the Geological Survey of Greenland/ Geological survey of Denmark, has given rise to a large amount of scientific data (both geological, geochemical and geophysical) all indicating significant accumulations of metals on a global scale.

For more details on the announcement, please use the link: https://polaris.brighterir.com/public/bluejay_mining/news/rns/story/x2gk0nw

For more information, please visit http://www.bluejaymining.com or contact:

Remarks

Bluejay has several projects in Greenland and Finland, and has now secured three globally respected entities as partner, client and co-investor on three of its projects, providing the company and its shareholders with portfolio and commodity diversification in high quality jurisdictions.

Its most advanced project is the Dundas Ilmenite project in Greenland, which is fully licensed and under development towards short-term production. The Dundas Ilmenite Project has proven to be the highest grade mineral sand ilmenite project in the world, with a mineral resource declared under the JORC code of 117 million tonnes (‘Mt’) at 6, 1% ilmenite and a first offshore exploration target of between 300Mt and 530Mt ilmenite at an expected mean grade range of 0.4 to 4.8% ilmenite in situ. The Company has entered into a master distribution agreement with a major Asian conglomerate for up to 340,000 ktpa of its expected annual production of 440,000 ktpa. The Company’s strategy is focused on obtaining financing before the start of commercial production at Dundas in order to create a company capable of self-financing exploration on its current and future projects.

Bluejay owns two other projects in Greenland – the 692 km² Kangerluarsuk zinc-lead-silver project (“Kangerluarsuk”), where historical work has recovered grades of 41% zinc, 9.3% lead and 596 g / t silver and have identified four large-scale targets ready for drilling; and the 2,025 km² Thunderstone project which has the potential to host large scale base metal and gold deposits. Bluejay also has a joint venture agreement with a mining major at Enonkoski in Finland; recently signed a binding agreement for a partial divestiture of a fourth Finnish project, and with KoBold at Disko following today’s announcement.

SOURCE Bluejay Mining plc

Related links

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