Bluejay Mining has announced that it will reclaim a 100% ownership stake in the Enonkoski nickel-copper-cobalt project in Finland, following the conclusion of its joint venture (JV) agreement with mining giant Rio Tinto. The JV and earn-in agreement, signed in 2020, allowed Bluejay and Rio Tinto Exploration Finland to conduct exploration work at the Enonkoski project, with the potential for Rio Tinto to earn up to a 75% interest in the venture.
However, with the JV agreement now terminated, Rio Tinto will no longer have any ownership in the Finland-based project. As a result, Bluejay’s subsidiary, FinnAust Mining Finland, will retain full possession of all data, samples, and drill cores collected during the period of the JV agreement.
Bluejay’s CEO, Bo Møller Stensgaard, expressed that prior to the JV with Rio Tinto, the Enonkoski project had been relatively inconspicuous within their portfolio. Nevertheless, the collaboration has proven to be beneficial, significantly advancing their understanding of the project through an exploration expenditure of $4.65 million. The JV also brought attention to potential targets in proximity to the Hälvälä Ni-Cu-Co Mine, as well as unexplored areas within the Enonkoski Belt.
Stensgaard stated, “The exploration programs carried out to date have strengthened our belief in the prospectivity of the project, and we maintain that Enonkoski will continue to augment Bluejay’s portfolio of assets.”
The Enonkoski project includes a previously operational nickel-copper mine that produced approximately 6.7 million tonnes of nickel at an average grade of 0.8% between 1984 and 1994. With full ownership regained, Bluejay now plans to focus on evaluating several untested targets identified along the Enonkoski Belt.
In addition to Enonkoski, Bluejay has set its sights on the Outokumpu copper-zinc-nickel-cobalt-silver-gold project in Finland. The company intends to undertake detailed ground gravity and airborne magnetic surveys at this project to further explore its potential.
As Bluejay Mining continues to strengthen its position in Finland’s mineral-rich landscape, the company remains optimistic about the future prospects of its mining projects and is dedicated to expanding its portfolio of valuable assets.
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