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magazineBluejay Mining has ‘exceptional deposit’ claims broker
Bluejay Mining (JAY:AIM) 18.5p
Gain to date: 34.5%
Original entry price: Buy at 13.75p, 13 April 2017
Shares in the mineral sands explorer have been on a strong run since late July. We attribute this success to positive feedback from an analyst site visit to its Pituffik project in Greenland and better than expected drill results.
Chief executive Roderick McIllree says the first drill hole immediately east of its current resource area has intersected ‘what appears to be extremely high-grade ilmenite bearing material throughout the entire 5.5m hole depth’. He calls this ‘a remarkable outcome’.
A new drill rig has shown minerals sands to a depth in excess of 30m in some areas. Broker SP Angel says this is ‘dramatically’ better than its depth expectations and comments that Pituffik appears to be ‘an exceptional deposit’.
‘It is too early to give an accurate estimate as to the eventual scale of the mineral sands at Pituffik but it is easy to make the assumption that the resource should expand to a significant multiple of the current and relatively conservative SRK estimate of 23.6mt grading 8.8% ilmenite,’ says the broker.
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