/Joint Venture: Bill Gates, Jeff Bezos and Bloomberg backed Company
Joint Venture with Bill Gates, Jeff Bezos and Bloomberg backed Company

Joint Venture: Bill Gates, Jeff Bezos and Bloomberg backed Company

Joint Venture with Bill Gates, Jeff Bezos and Bloomberg backed Company
Joint Venture with Bill Gates and Jeff Bezos backed Company

  Canada NewsWire

  LONDON, Aug. 9, 2021

LONDON, Aug. 9, 2021 /CNW/ -- Bluejay, the AIM and FSE listed, and OCTQB
(ticker: BLLYF) traded, exploration and development company with projects in
Greenland and Finland, has signed a joint venture agreement ('JV' or the
'Agreement') with KoBold Metals ('KoBold'), at the Company's Disko-Nuussuaq
nickel, copper, cobalt, platinum magmatic massive sulphide project ('Disko' or
the 'Disko Project') in Central West Greenland.


  * KoBold's purpose is to discover and develop new ethical sources of the
    critical materials for electric vehicles. KoBold's objective is to make
    more discoveries of outstanding orebodies by drawing on world-class
    expertise in exploration geoscience and by developing full-stack
    exploration technology to use machine learning and other scientific
    computing techniques to enable highly effective exploration
  * Principal investors in KoBold include Breakthrough Energy Ventures, a
    climate & technology fund, overseen by Bill Gates, and whose investors
    include Michael Bloomberg, Jeff Bezos, and Ray Dalio. Other investors in
    KoBold include Andreessen Horowitz, the premier Silicon Valley venture
    capital fund and Equinor, the Norwegian state-owned multinational energy
  * KoBold has been recognised in 2021 as a Technology Pioneer by the World
    Economic Forum and as one of the 100 most promising private artificial
    intelligence companies in the world by CB Insights – and the only one
    within the mining industry

The Agreement

  * KoBold will earn 51% of the Disko-Nuussuaq licence holding through a two
    stage earn-in commitment- Stage I: Advanced geological and geophysical
    evaluation of Disko-Nuussuaq to refine drill-targets using KoBold's
    proprietary technology, $3.4 million sole-funded by 31 December 2022-
    Stage II: Sole funding of either US$11.6 million in drilling expenditure
    or 15 pre-agreed drill holes within the Disko licence area by 31 December
    2024- Bluejay can maintain its 49% shareholding by funding its pro-rata
    commitment after Stage II
  * Bluejay is a well-recognised and respected partner by communities,
    stakeholders and regulators in Greenland and will manage field operations
    until 2024
  * Should KoBold complete Stage I work but not complete the drilling
    commitment in Stage II before 31 December 2024, 2.0% of the JV company and
    thereby control will revert to Bluejay with both parties subject to
    continuing standard dilution methodology

Kurt House, CEO of KoBold, said:  "The Disko region has seen the rare
convergence of events in earth's history that could have resulted in forming a
world-class battery metal deposit.

"KoBold's technology is perfectly suited to discovering new resources at
Disko. Our proprietary library of analytical tools, Machine Prospector®, will
enable effective deployment of exploration capital and maximize our chances of
discovery at Disko-Nuussuaq.

"We are excited to invest in Greenland's emerging mineral sector and to
partner with Bluejay in light of their strong track record in Greenland and
the outstanding potential of the Disko project."

Bo Stensgaard, CEO of Bluejay, said : "This Agreement is transformative for
Bluejay. We are delighted to have a partner at the pinnacle of technical
innovation for new exploration methods, backed by some of the most successful
investors in the world.

"Additionally, Bluejay retains the ability to self-fund to maintain a 49%
ownership through to production, providing external public investors with the
opportunity of investing alongside a private investment entity of this

"Disko is a project with great potential for the discovery of globally
significant deposits of battery metals. It is, however, this scale that
necessitated a financially and technically strong partner to develop Disko.
After many conversations with many groups from all over the world we are
pleased to enter into partnership with a group that shares our position on
fairness and providing a transparent long-term outcome for shareholders as
well as being a credible and reliable partner that shares our commitment to
environmental sustainability. I am very pleased to say that we have achieved
this now with KoBold, an organisation with the heft and technical capability
to grow this project to its full commercial potential. We are extremely
excited to be working with them."

Dr. Peter Lightfoot , Lead of Magmatic Systems at KoBold, said : "The
Disko-Nuussuaq Property is centred in a region of extensive contaminated and
metal-depleted volcanic centres where there is clear evidence for the
equilibration of flood basalt magma with crustal sulfur with potential for the
concentration of magmatic sulphides in shallow sub-volcanic intrusions. The
rich inventory of government and exploration data provides an excellent
starting point for KoBold to utilize proprietary technology to support

"After working on the Noril'sk mineral system and applying the ideas to help
Falconbridge with their exploration work, it is exciting to see this work come
to fruition."

The Disko  Project

The Disko Project is hosted within the West Greenland Tertiary Igneous
Province where Bluejay holds several licences that make up its holding of
2,897 square kilometres ('km²'). In recent years, the Company has seen a
licence acquisition "race" where Bluejay's first-mover holdings have been
surrounded by other licence holders, most notably Anglo American which holds
almost 10,000 km².

Previous studies and work conducted by the Company highlighted a strong
correlation between the Norilsk massive sulphide emplacement in Siberia, which
is the marginal producer of nickel and palladium, and Disko. Bluejay has
undertaken multiple work campaigns, undertaking aerial surveys, extensive
geochemical sampling utilising the most modern analytical techniques with
ultra-low sensitivity as well as soil gas hydrocarbon sampling. These new
"deep-penetrating" geochemical and gas surveys have for the first time
provided metal anomaly signals coincident with previously identified
large-scale geophysical responses.

More than 30 years of exploration by companies, including Cominco and
Falconbridge, but also more recent work by Vismand Exploration and Cairn
Energy backed Avannaa Resources, as well as government-backed work and data
acquisition by the Geological Survey of Greenland/Geological Survey of
Denmark, has resulted in a vast amount of scientific data (both geological,
geochemical and geophysical) all pointing to globally significant
accumulations of metals.  

For further details on the announcement please use the link:

For further information please visit  http://www.bluejaymining.com  or

Roderick McIllree Bluejay Mining plc +44 (0) 20 7907 9314
Bo Stensgaard     Bluejay Mining plc +45 2367 8067
Eric Sondergaard  Bluejay Mining plc +1 403 813 1830
Tim Blythe        Blytheweigh        +44 (0) 20 7138 3205
Megan Ray         Blytheweigh        +44 (0) 20 7138 3205


Bluejay has multiple projects in Greenland and Finland, and has now secured
three globally respected entities as partner, customer, and co-investor on
three of its projects, giving the Company and its shareholders both portfolio
and commodity diversification in high quality jurisdictions.

Its most advanced project is the Dundas Ilmenite Project in Greenland, which
is fully permitted and being developed towards production in the near
term. The Dundas Ilmenite Project has been proven to be the highest-grade
mineral sand ilmenite project globally, with a Mineral Resource reported in
accordance with the JORC Code of 117 million tonnes ('Mt') at 6.1% ilmenite
and a maiden offshore Exploration Target of between 300Mt and 530Mt of
ilmenite at an average expected grade range of 0.4 - 4.8% ilmenite in-situ.
The Company has agreed a Master Distribution Agreement with a major Asian
conglomerate for up-to 340,000ktpa of its anticipated 440,000ktpa annual
output. The Company's strategy is focused on securing financing ahead of
commencing commercial production at Dundas in order to create a company
capable of self-funding exploration on its current and future projects.

Bluejay holds two additional projects in Greenland - the 692sq km
Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), where historical
work has recovered grades of 41% zinc, 9.3% lead and 596 g/t silver and
identified four large-scale drill ready targets; and the 2,025 sq km
Thunderstone project which has the potential to host large-scale base metal
and gold deposits. Bluejay also has a joint-venture agreement with a mining
major at Enonkoski in Finland; has recently signed a binding agreement for a
partial divestment in a fourth Finnish project, and with KoBold at Disko
following today's announcement.

Cision View original content:

SOURCE Bluejay Mining plc

Cision View original content:

CO: Bluejay Mining plc

ST: England

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