80 Mile PLC Stock Price, News & Analysis

80 Mile PLC has entered into a binding agreement with March GL Company (MGL) for the development of the Jameson industrial gas and liquids project in Greenland. Under the deal, MGL will fund 100% of costs for two stratigraphic exploration holes, potentially earning up to a 70% interest in the project through a two-stage structure. MGL will earn 50% after the first hole and an additional 20% upon completing the second hole. The Jameson licenses cover 8,429 km² of onshore territory and will evaluate the presence of hydrogen, helium, and other industrial gases. MGL will pay 80 Mile $500,000 upon final documentation, with operations set to commence by summer 2026. The project leverages off $125 million of historical exploration work by ARCO between 1970-1990, with the basin being compared to major producing regions like Alaska's Prudhoe Bay Oil Field.

Bluejay Mining has mutually agreed with Towards Net Zero (TNZ) to terminate their equity subscription announced on February 14, 2023. TNZ made a prepayment of US$2 million for shares that will not be issued. Bluejay will repay the subscription amount today, thus releasing both parties from their obligations. The funds were intended for a maiden drilling program at Kangerluarsuk, which is still planned for the summer. Bluejay is exploring alternative financing plans to support this initiative.

No breach occurred between the parties, highlighting a cooperative resolution. The company continues to have significant projects in Greenland and Finland, including partnerships and a commitment of up to $37 million in exploration expenditure on three key projects.

Bluejay Mining plc has initiated a short follow-up drill programme at the Enonkoski Nickel-Copper-Cobalt Project in Finland, part of a Joint Venture with Rio Tinto. The current drill hole (ENON0029) will reach a depth of 400 meters, targeting pyroxenitic units for potential metal mineralization. Previous drilling revealed increasing nickel tenor and sulphide content, suggesting further exploration could uncover high-grade zones. The drilling operation is progressing effectively and under budget amidst high demand for rigs in Finland. Bluejay is committed to advancing its projects in both Greenland and Finland.

Bluejay Mining has reported promising results from the Enonkoski Ni-Cu-Co Project, following the first drilling program of 2023 in Finland. The drilling, conducted in January, involved two drill holes totaling 951.10 meters at the Laukunlampi target, discovering significant sulphide intervals. Notably, drill hole ENON0028 exhibited high nickel content, reaching up to 0.41%. The firm is utilizing ongoing geological and geophysical modeling to identify further drill targets, aiming to explore the potential for economic-grade mineralization. Bluejay's collaboration with Rio Tinto continues to enhance exploration efforts in this highly prospective area.

Bluejay Mining has released a strategic review led by Executive Chairman Robert Edwards, emphasizing a shift from a narrow project focus to a broader portfolio approach. The board has decided against a previously considered demerger of its subsidiary, Disko Exploration Ltd, believing it would not benefit shareholders. The company aims to enhance its project development strategy in Greenland and Finland, optimizing existing assets and introducing new opportunities. Notable projects include Dundas Ilmenite, Disko-Nuussuaq, and Kangerluarsuk, where substantial exploration activities are planned. A capital raise of up to $6 million is also announced for upcoming drilling programs.