Bluejay Mining PLC Announces Placing and Operational Update

LONDON, UK / ACCESSWIRE / June 28, 2023 / Bluejay Mining plc ('Bluejay' or the 'Company'), the AIM, FSE listed and OTCQB traded exploration and development company with projects in Greenland and Finland, is pleased to announce that it has raised gross proceeds of £1.3 million through the placement of 74,285,707 shares ("Placing Shares") to new and existing shareholders, including our two largest shareholders, at a price of 1.75 pence per share (the "Placing").

Foto: Accesswire

The funds raised will be focussed on the Company's 100% owned Hammaslahti copper-zinc-silver-gold ('Cu-Zn-Ag-Au') project ('Hammaslahti') in eastern Finland where the Company completed Phase 1 of a diamond drilling programme last week.

Highlights

· £1.3 million ($1.65 million) gross proceeds raised for the further development at the Hammaslahti Cu-Zn-Ag-Au project and for general corporate purposes.

o Recent drilling on the East-lode ('E-lode') ore body mineralisation at Hammaslahti has encouragingly intersected sulphide mineralisation in all holes, further work is planned on the E-lode, as well as down-plunge extensions to previously mined ore-lodes, to enable the delivery of a maiden Mineral Resource Estimate ('MRE') for the ore bodies.

o Prospect of a further 1,000 metres ('m') of drilling to be carried out in August 2023.

o The Hammaslahti Project has the potential to provide meaningful value to shareholders in a short timeframe.

· Discussions are progressing with two well capitalised prospective investors from US and Nordic jurisdictions offering complementary technical and financial capabilities to the Company. However, there can be no certainty that any binding agreements will be entered into with these investors.

· Unseasonal and unexpected sea-ice conditions in the fjords leading to the Kangerluarsuk zinc-lead-silver ± copper-critical metals ('Zn-Pb-Ag ± Cu-Critical Metals') project ('Kangerluarsuk') presented significant operational and capital risk to the Company. The Board of Directors have taken the decision not to proceed with the planned 2023 maiden drilling programme and associated fieldwork at Kangerluarsuk. The decision not to proceed with the programme at Kangerluarsuk has resulted in lower capital requirements.