Name of the Project
Dundas ilmenite project.

Location
Greenland.

Project Owner/s
Bluejay Mining.

Project Description
A prefeasibility study (PFS) has highlighted a simple and proven development scenario for the Dundas project, including dry mining, a wet concentrator and dry magnetic separation of mineral assemblage.

The PFS is based only on an initial Joint Ore Reserves Committee- (Jorc-) compliant ore reserve of 67.1-million tonnes, with a mean grade of 3.45% titanium dioxide (equal to 7.3% ilmenite in situ) and taken from within the Moriusaq project area only. The current Dundas mineral resource is estimated at 117-million tonnes with a mean grade of 2.91% titanium dioxide, following the addition of the Iterlak East and West mineral resources announced in May 2019. The PFS considers a base case and an upside case. The base case represents the project economics based on exploiting the current indicated mineral resources. The base case is defined geologically by active and raised beaches along the Moriusaq bay area, which host the mineral sand occurrences. The ilmenite-enriched heavy mineral sands tend to occur in the raised and active beach sediments.

The heavy mineral sands are expected to be extracted using surface mining techniques, as a result of the shallow nature of the orebody. The material will be transported to a wet plant for initial processing to produce a heavy mineral concentrate. The heavy mineral concentrate will be transported to a dry plant to produce two ilmenite concentrates – premium and standard – which will be loaded onto ships for transport to customers.

Oversize material and tailings rejects will be transported to the mined-out areas for disposal, allowing for continuous rehabilitation of the raised beaches. The upside case represents the project economics based on exploiting the current indicated and inferred mineral resources. As per the base case, the upside case is defined geologically by active and raised beaches along the Moriusaq bay area. In this case, the mine life has been extended by the addition of inferred resources to the mine schedule. not mined until the latter years of the mine life.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax $83.1-million and an internal rate of return of 32.8%.

Capital Expenditure
Capital expenditure is estimated at $245-million.

Planned Start/End Date
For the base case site construction works are proposed to start in June 2020, with mining and processing of the ore expected to start in September 2021. First product shipment will occur in late October 2021.

Latest Developments
The PFS was submitted to the Mineral Licence and Safety Authority, the government of Greenland, on June 5, 2019, and includes a maiden Jorc-compliant ore reserve. The PFS and ore reserve will be updated as the mine plan is expanded.

Bluejay has started a value engineering process with IHC Robbins and Inuiplan A/S to identify further operational improvements in parallel with adding additional resources to the mine plan.

Key Contracts and Suppliers
IHC Robbins and Inuiplan A/S (value engineering process).

On Budget and on Time?
Too early to state.

Contact Details for Project Information
Bluejay Mining, tel +44207907 9326.