Finland Mining Projects Strategic portfolio of polymetallic assets offers additional upside

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Mining in Finland

FINLAND

Bluejay holds a strategic portfolio of high grade copper, zinc and nickel assets in Finland covering approximately 4,710sq km. This land package comprises three primary project areas – the Hammaslahti, Outokumpu and Enonkoski projects. The projects are located in a prolific geological belt in south east Finland, in a prime exploration region where local operators such as ASX listed Altona Mining Limited have delivered positive results (the Kylylahti mine was acquired by Swedish mining company Boliden AB for US$95 million in 2014).

Finland is one of the largest producers of nickel, copper, chromite, copper and zinc in Europe and has a vibrant mining and exploration industry. With a pro-mining government, low sovereign, and a highly skilled mining workforce available, the country is an attractive investment destination.

Bluejay is currently assessing the best way to manage this portfolio moving forward.  Whilst the Company continues to believe in the prospective development potential of these Finnish assets, its primary focus is on advancing its growing operations in Greenland.

New discoveries in Finland have been made by:

Anglo American PLC

In 2011 the UK-based mining giant made a significant nickel discovery at Sakatti in Northern Finland. Reportedly the largest high-grade nickel discovery in Europe with grades in excess of 4% and significant concentrations of copper, gold and platinum.

Agnico Eagle Mines Limited

In 2009 the NYSE/TSX near million-ounce per annum gold producer commissioned the high-grade Kittilä gold mine in Finland with production of 175,000 oz pa. from 4.8 million oz gold in reserves (33 million tonnes grading 4.5 g/t Au).

Altona Mining Limited

In 2012 the ASX-listed company commissioned the Outokumpu Copper-Zinc-Gold Mine (directly adjacent to FinnAust’s Outokumpu Project). The project has declared resources of 15.9 million tonnes of copper dominant polymetallic base metal mineralisation (copper, gold, nickel, zinc, cobalt) (including Kylylahti, Saramäki, Vuonos, Hautalampi and Riihilahti deposits) containing 156,200 tonnes of copper and 32,300 tonnes of nickel. On 22 August 2013 Altona announced the identification of the new Wallaby zone at the Kylylahti Mine with highlights being 29.0m at 4.7% copper, 37.6m at 3.2% copper, 36.0m at 3.3% copper, 26.7m at 3.4% copper, 20.4m at 4.1% copper.

First Quantum Minerals Limited

One of the world’s foremost copper producers which operates the Pyhäsalmi mine, an underground copper and zinc mine located in central Finland. Also operates the Kevitsa Nickel-Copper-Gold-Platinum mine in northern Finland.

Finland

Bluejay holds a strategic portfolio of high grade copper, zinc and nickel assets in Finland covering approximately 4,710sq km. This land package comprises three primary project areas – the Hammaslahti, Outokumpu and Enonkoski projects.

Finland is one of the largest producers of nickel, copper, chromite, copper and zinc in Europe and has a vibrant mining and exploration industry. With a pro-mining government, low sovereign, and a highly skilled mining workforce available, the country is an attractive investment destination.

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Outokumpu Copper Project

The Outokumpu licence covers the majority of the north-south trending Outokumpu Copper Belt, which has produced several high-grade copper mines, including the world famous Outokumpu Copper mine which produced 57mt @ 3.1% Cu + polymetallic credits between 1908-1988.

6 drill ready targets have been identified to date, which the Company views as having good potential for hosting high grade copper along strike from and immediately adjacent to the aforementioned Outokumpu Copper mine.

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Hammaslahti Copper-Zinc

Hammaslahti is considered prospective for volcanogenic massive sulphide (‘VMS’) mineralisation. The historic Hammaslahti mine exists within the Company’s licence area; total run of mine production was ±10Mt at an average grade of 1.16% copper, 1.55% zinc, 0.59 g/t gold and 5.2 g/t silver. The Hammaslahti Area lies immediately to the southeast of Outokumpu, approximately 30 km southeast from Joensuu town, eastern Finland.

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Enonkoski Nickel-Copper PGE Project

Enonkoski includes a previously producing nickel-copper mine, which reportedly produced 6.7Mt at an average grade of 0.8% of nickel (‘Ni’) between 1984 and 1994. Bluejay has confirmed extensions and repeats of high grade nickel, copper and PGE mineralisation 2km south east of the old Enonkoski Mine, with best historic drill intercepts include 15m @ 6.9% Ni, 2.0% of copper (‘Cu’) and 0.33% of cobalt (‘Co’).

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