Bluejay Mining PLC (LON:JAY) has confirmed it is in discussions with Rio Tinto Iron and Titanium Canada Inc. (RTIT) in connection with an agreement to assess the commercial potential of Bluejay's Dundas ilmenite project in Greenland.
The AIM-listed group said it is optimistic that an agreement will be concluded with RTIT in due course, however, nothing has been finalised at this stage. The company said will make a further announcement as and when appropriate.
Bluejay pointed out that it was making the statement after an unfortunate technical issue experienced, whilst its IT department was undertaking website maintenance, inadvertently led to the release of a statement of regarding the discussions with RTIT.
In December, Bluejay announced an upgraded resource estimate for the Dundas project.
The firm said the updated JORC compliant mineral resource for the project was now 101mln tonnes at 7.1% ilmenite (in-situ), with higher grade portions at various cut off grades of 31.2mln tonnes at 10.7% ilmenite using a 3.5% cut off and 16mln tonnes at 12.9% ilmenite using a 4.5% cut off.
The new resource, which covered the Moriusaq area of the project, would replace a previous 2018 resource model and is expected to add positively to project economics ahead of the completion of an optimised pre-feasibility study (PFS), expected in the first quarter of 2019.