Bluejay Mining (LON: JAY | OTCMKTS: BLLYF | FRA: S5WA) unveiled plans on Monday for a maiden diamond drill and field programme at its promising Enonkoski nickel-copper-cobalt joint venture project in Finland. The project is well-timed, given the massive interest in battery metals at the moment.

Mining behemoth Rio Tinto (ASX: RIO | LON: RIO | NYSE: RIO) is the company’s partner in the joint venture (“JV”), where a 3,000-metre drill programme starts next month. This will test for mineralisation in a number of geophysical targets, located in Enonkoski’s Tevanjoki and Laukunsuo areas.

Bluejay explained that the chosen targets have a base of till nickel anomalies supporting them, alongside “historical observations of mineralised noritic outcrops and boulders”. These are similar to rocks seen at the former Laukunkangas mine nearby.

This followed a magnetic survey of an area south-east of Laukunkangas, which completed mid-April. The newly acquired data is being processed and interpreted right now before the upcoming drilling.

ALS will perform the drilling result assays, which the JV partners will evaluate.

In summer and autumn 2021, the JV partners plan further exploration activities in the Enonkoski area with an update to follow “in due course”. Bluejay stressed that “strict Covid-19 protocols” are in place for all exploration activity.

Both the drilling programme and the field programme are part of the JV and earn-in agreement between Bluejay and Rio Tinto. Rio Tinto can acquire an up to 75% interest in Enonkoski by spending $20 million.

So far, efforts at Enonkoski include re-logging and sampling 19 historical diamond drillholes, with ongoing interpretation.

There have also been two detailed ground magnetic surveys at Laukunsuo and Tevanjoki, as well as two Tromino trial surveys and “2.5D airborne electromagnetic inversion processing”.

Nickel, copper, and cobalt are all huge players in the electrification revolution taking place right now. All three are used in electric vehicles (“EVs”). Most lithium ion batteries, the kind used in EVs, rely on nickel as well as cobalt. Copper is also a major EV component, not just for batteries but also electric motors, wiring, and charging stations.

Demand for EVs is rising as governments crack down on traditional diesel and petrol cars in order to hit emissions targets. The UK, for example, is banning all net petrol and diesel cars by 2030, with potentially following in the mid-2030s.  Norway has one of the earliest bans, coming in just four years

Enonkoski is one of Bluejay’s three large-scale project areas in east Finland. The other two are the Hammaslahti copper-zinc-gold-silver and Outokumpu copper-cobalt-zinc-nickel-gold-silver projects.

Bluejay chief executive Bo Møller Stensgaard said the company’s work with Rio Tinto “is progressing well” with investigations finding “some appealing near-mine targets that will now be tested through drilling”. The JV partners will continue to evaluate “other high potential areas” of Enonkoski.

“There remains a high level of interest in many of our battery metal projects and we remain confident in advancing those further for the benefit of our shareholders. We look forward in updating the market with the results at Enonkoski and further information on the progress at our other assets in due course,” Stensgaard concluded.

Author: Anna Farley

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