The share price of Bluejay Mining fell by 14% on Wednesday, as the exploration and development company announced an equity raise of  £600 000 through the private placement of 60-million shares at 1p each.

The funds raised will be focussed on the company's 100%-owned Hammaslahti copper/zinc/silver/gold project in eastern Finland, where it is developing a Joint Ore Reserve Committee-compliant mineral resource estimate (MRE), has completed two phases of diamond drilling over the summer, and is awaiting final assay results on the second phase holes.

Results from an ongoing lithogeochemical and petrographic study as well as some further regional geochemical analysis are also expected.

“The immediate use of these funds will position us for a productive and pivotal second half of 2023, and what we believe could be a transformational 2024,” commented executive chairperson Robert Edwards.

“We have attempted to highlight the hidden value within our portfolio of energy transition-focused base metals assets. First of all, we are awaiting the final assay results from our recent drilling campaign at Hammaslahti. Thereafter, we are aiming to develop a maiden MRE for H2 2023 which encompasses recent drilling as well as some historical holes, notably the E-lode discovery hole which returned 8.65 m grading 2.2% copper, 2.0% zinc, 0.5 % lead, 47.5 g/t silver, and 0.5 g/t gold, including 5.60 m grading 3.2% copper, 3.2% zinc, 81.1 g/t gold and 0.9 g/t silver."

The historical Hammaslahti mine was previously operated between 1971 and 1986 and produced seven-million tonnes of high-grade copper/zinc/gold/silver ore.

Beyond Hammaslahti, Bluejay is keen to undertake further geophysics on the Outokumpu project as well as potentially undertake a 1 000 m to 1 500 m drill campaign on defined, untested targets, notably Makkola, Hälvalä and Kiislampi within the Enonkoski project not drilled by Bluejay in conjunction with its former joint venture (JV) partner, Rio Tinto.

"We would reiterate that our 100%-owned Kangerluarsuk project remains a high-priority target for Bluejay for 2024. As previously explained, due to unforeseen sea-ice conditions, we were unable to progress with our intended maiden drilling campaign in summer 2023 but we are very much focussed on driving forward with a 2024 programme. Of equal priority is the advancement of our 49%-owned Disko-Nuussuaq nickel/copper/cobalt/platinum group elements/gold project together with our JV partner, Kobold Metals."

Additionally, Bluejay is continuing discussions with strategic investors with respect to partnering on one or more of its base metals projects in Finland and Greenland.