Mining Lease. All diamond drill holes drilled during the JV were within a maximum distance of 1.3 kilometres from the Mining Lease and most drill holes are only a few hundred metres away from the Mining Lease boundary. Given that most of the immediate near-mine targets surrounding Laukunkangas have now been tested by drilling and with the JV Agreement's Stage 1 expenditure milestone of US$ 5 million approaching (whereby Rio Tinto would have earned a 51% stake in the Project) it was a logical time for both parties to make a decision on whether or not to continue the JV. "Bluejay's focus will now turn to assessing the wealth of as-yet-untested targets that have been identified along the Enonkoski Belt through the various regional geophysical surveys, top of bedrock drilling and geological mapping programmes under the JV. This includes the Makkola intrusion which is located close to the Hälvälä Ni-Cu-Co Mine in the eastern part of the >15 kilometre long belt. This target ranked very highly in the recent belt scale prospectivity assessment of all known intrusions. The recent work, including a detailed ground gravity survey, indicates the potential for the presence of shallow mineralisation at Makkola. "Alongside these activities, we will be assessing strategies for the project going forward for the best outcome for our shareholders. We have enjoyed an excellent collaborative partnership with Rio Tinto and thank them for their professionalism, technical input, and support throughout these last two years."
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