DEVEL ELOP OPING ING A H HIGH H GRADE DE ILMENIT ITE E DEPOS OSIT IT T I O 2 W ORLD S UMMIT 3-5 O CTOBER 2017 A LICANTE , S PAIN
GREENL ENLAND: AND: THE MISUNDERS DERSTOO OOD ISLAND ND ➢ TOO COLD? D? ? ? ? ? ➢ TOO HARD? RD? ? ? ➢ TOO ISOLA OLATE TED? ? ? 1
MAYBE IT’S TIME TO TO THINK AGAIN? GREENLAND HAS FOUR TIMES THE LAND AREA OF SPAIN and is only 75% covered in ice … 2017 2
WHAT IF THE WORLD’S MOST PROSPECTIVE COUNTRY ISN’T AS HARD AS YOU MIGHT IMAGINE? 3
DUNDAS ILMENITE PROJ OJEC ECTED TED TO O BEC ECOME OME A L A LAR ARGE SIZE ZE / LON ONG G LIFE IFE / LOW COS OST T DEP EPOSI OSIT 4
GREENL ENLAND: AND: THE FACTS With an area the size of Spain open to exploration / exploitation, increasing yearly... Supportive government focussed on developing a resource based economy Transparent Minerals Act and firm rule of law combining to provide a low sovereign risk jurisdiction 2016 Bluejay granted first of its kind marine exploration licence for minerals by Greenland Government Exploitation of Dundas is now possible due to profound climatic changes in Arctic >100 years of state sponsored research into Greenland's metal occurrences. 5
WHAT IF THIS IS THE WORLD’S LARGEST TITANIUM PROVINCE? Geological survey of Denmark and Greenland (GEUS) conducted a regional analysis of the titanium rich basalts and sediments at Dundas during 2017 Total ilmeni enite deposit sited d at Moriusaq derived from sills and dykes north of Moriusaq is estimated at between 500 to 1100 0 million n tonnes es. 6
GEOLOG OGY AND LICENCE CE AREA D u n d a s i s l o c a t e d 4 0 k m s o u t h - w e s t o f Q a a n a a q , G r e e n l a n d MORIUSA IUSAQ BAY ▪ Includes the initial production zone with a high-grade resource of 7.9Mt at 14.2% ilmenite ▪ This drowned beach target is the focus of feasibility study currently underway ITERLAK ERLAK DEL ELTA ▪ Extremely large tonnage potential at a grade of ±15% Dundas Project ilmenite ▪ Deltaic deposits from the Intelak drainage area are the major source of all mineralisation at Dundas The e deposit osit covers s three ee types es of terrain: ain: Raised ised beac eaches hes: contain ilmenite accumulations of unknown depths, along more than 20km of coastline ▪ ▪ Ac Activ tive e beac eaches hes: refers to the area seaward of the frontal dunes, including the beach, tidal zones and surf zone ▪ Drowned ed beac eaches hes: : refers to the areas seaward of active beaches. 7
DRILLING LING TO DATE TARGET To increase and expand current resource and validate the significant tonnage potential. Auger program completed at Iterlak and additional 15km of raised beach to the east SONIC C DRILLING ING AUGER DRILLING NG • 138 holes completed August 2017 using sonic drilling • Auger drilling completed at: • Iterlak, the largest target on the licence area • Ilmenite rich sediment observed in all samples confirming • A recently discovered super high-grade deposit to the east of mineralisation across entire onshore 30km licence Iterlak where initial sampling shows that extensive areas of up • Areas of the raised beach remain open at depth to 80% ilmenite in-situ exists in large quantities • High grade ilmenite observed in all 130 holes to date with some holes returning exceptional high-grade results from top Dundas to bottom Dundas 8
HIGHLIGHTS THAT DUNDAS IS POTENTIALLY CAPABLE OF RESOU OURCE CE SUPPORTING AN OPERATION OF CONSIDERABLE MINE LIFE AS WELL AS HAVING EXTENSIVE EXPLORATION POTENTIAL % % Volum lume e Ton onnage age Densit sity % % % % % % % % % T TiO 2 % T TiO 2 Ilmen menit ite e In- Class assif ifica icatio ion (M.m 3 ) (M.t) (t/m 3 ) THM >2mm mm >5mm mm <63µm In HM In-sit In itu situ Inferred 11.2 23.6 2.12 34.5 29.0 21.8 2.5 12.0 4.2 8.8 ▪ Independently proven to be the highest-grade mineral sand ilmenite project globally ▪ Includes a high-grade zone of 7.9Mt Mt at at 14 14.2% ilmeni enite (in situ) at Moriusaq, which is the focus of the feasibility and production studies currently underway Resource sits within a larger exploration target of ▪ between 90 90Mt Mt to to 130Mt Mt at at an an in in-situ situ gr grade ade of of between en 6.3% and 8.4% ilmeni nite Resour esource an and exp xplor orat ation on targ arget defined efined fr from om just ust 17 17% of of ▪ the the rai aised sed beach ach envi vironm onment ent wi with thin the the Mori oriusaq usaq targ arget Extensive raised beach area area 9
BATHYM YMETR ETRY Y SURVEY EY – COMPLET LETE E TARGET To enable a robust assessment of shipping options Covered an area of ±90km 2 • Dundas Project • Detailed regional off-shore survey identified and surveyed, and according to Danish Maritime Law, bulk carrier capable shipping channels and fixed- point moorage locations all identified along the Dundas coastline • Survey results demonstrate potential for bulk carrier access to near shore areas as well as the ability to emplace ship loading facilities • Results will feed into the feasibility assessment and trade off studies in preparation for lodging the exploitation application 10
ILME MENITE ITE IS HOMO MOGEN GENOUS OUS AN AND LOW IN DELETER TERIOUS OUS ELEME MENTS TS 11
THE ILMENIT ITE E IS A CONSISTENT ENT GRAIN IN SIZE ZE 12
RADIONUCL IONUCLIDES IDES ARE <10PPM 0PPM DETECTION TION LIMITS 13
EXPANSI NSIVE VE TITANIUM IUM DEPOSI OSIT More than 30km long, 1-3km in width, and in places more than 30m thick M o r i usa q B ay FIVE DISTINCT INCT PLACER R DEPOSITS SITS OF PRIMARY Y ILMENITE ITE IDENTIF TIFIED IED: 1. RAISED BEACH - ilmenite accumulations over widths of >1m along >30km of coastline (average grades to-date of ±20% ilmenite and >50% in some areas) 2. ACTIVE BEACHES - 50m either side of mid tide line, >30km long and >1m deep (average grades to-date of >50% ilmenite) 3. DROWNED BEACHES – large volume ilmenite bearing sediments located in I t e r l a k D e l t a <10m of water expected to be very high grade ilmenite 4. MORIUSAQ BAY - a low-medium tonnage area with average grades of ±50% ilmenite (up to 90% in areas) 5. ITERLAK DELTA - deltaic deposits from the Intelak drainage area, these are the primary source all sediments at Dundas. Extremely large tonnage potential at a grade of >15% ilmenite. 14
IS ITERLAK LAK A BILLION ON TONNE NE BEHEMO MOTH? H? TIME WI WILL TELL 15
EARLY Y SIGNS S ARE E POSIT ITIVE, IVE, AUGER ER FR FROM M ITERL RLAK AK AREA 16
MINE PLAN – OPTION ION 1 Raised and Active Beach mining using scrapers or excavator/trucks. 17
MINE PLAN – OPTION ION 2 Dredging within Tombolo and dozer pushing down to dredge and/or off shore dredging near Iterlak delta. 18
PROCES CESS S FL FLOWS WSHEE HEET – STAGE E 1 GREENLAND DUNDAS ILMENITE PROJECT TRU FLOW DIAGRAM 19
PROCES CESS S FL FLOWS WSHEE HEET - STAGE E 2 GREENLAND DUNDAS ILMENITE PROJECT WCP FLOW DIAGRAM 20
PROCES CESS S FL FLOWS WSHEE HEET - STAGE E 3 FEED BIN HORIZONTAL FILTER BELT ROTARY DRYER RARE EARTH MAGNETS M1 N/M M2 M2 NON-MAGNETIC MAGNETIC PREMIUM ILMENITE MINERAL MINERAL 21
PROJEC JECTED TED PRODUC DUCT T SPECIFICA IFICATION TION BluJ J – STAND ANDARD ARD ILMENITE ENITE E An ilmeni nite e ore suita table e as a preferential erential feed: d: • for r dire rect ct use in the producti ction n of TiO 2 pigme ment nt by the sulphat hate e process ess; or • to produce ce high qua qualit ity y titan anium um sulphat hate e slag Composition Range Typical ✓ Homogeneous and consistent grade concentrate TiO 2 % 45-47 46.2 FeO % >38 39.5 ✓ Readily soluble in sulphuric acid at high Fe 2 O 3 % 10-12 10.1 process efficiency Fe (total) % 54-55 54.0 Al 2 O 3 % <0.2 0.17 ✓ High FeO and low Fe 2 O 3 content SiO 2 % 1.0-1.5 1.30 Cr 2 O 3 % 0.05 0.05 ZrO 2 % 0.12 0.12 ✓ Low alkali content, compared to rock CaO % <0.4 0.34 ilmenite ores used for smelting MgO % <1.0 0.90 MnO % 0.50-0.57 0.56 ✓ Low key impurities such as Cr 2 O 3 Nb 2 O 5 % 0.02 0.02 P 2 O 5 % <0.02 0.01 ✓ Low radioactivity V 2 O 5 % <0.40 0.36 U ppm <10 <10 Th ppm <10 <10 22
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