Bluejay now controls the two largest and potentially most valuable known commodity projects in Greenland.
“…The quality of the project speaks for it’s self. It will attract the right people at the right time…”
The month of June was a seminal one for Bluejay Mining as it presented not just an acquisition to its shareholders, but a name change with a funky stock market ticker.
Bluejay is pleased to announce it has reached agreement with the major shareholder of White Flame Energy to purchase the Company in two tranches. Subject to receiving the required acceptances from the balance of the White Flame Vendors the Company will initially acquire up to 51% of the issued share capital of White Flame and will be granted a 3 year option to acquire the remaining 49% on the same terms
The acquisition of White Flame Energy was pretty straightforward due to having directors in common. Its exploration and exploitation licences are in Greenland’s Jameson basin and already had $100 mln spent on it by previous prospectors.
Non-executive director Rod McIllree says shareholders are getting a good deal with these licences and their ‘contained value potential.’
“Where we are now with the project is it’s almost drill ready on some big target potential. We’re looking for a number of things here. This is the headline obviously is the industrial gas, is helium, hydrogen, white hydrogen, xenon, neon, etc.”
The board is now completing desk top studies which are precursors to finding a partner which is a preferred option for the Jameson Basin assets.
The area has already attracted the likes of Pulsar Helium with its 100% owned Tunu Project aimed at ‘optimising the rich reserves of helium.’ As a neighbour the Bluejay team hope they too will soon be optimising.
Investors though will soon be talking about 80 Mile, the new name for the enlarged business.
As Rod explains to Sarah Lowther in this video interview: “It’s a forward-looking name. There is a beach in Australia that’s the 80 Mile Beach, but I think it was just time now with these portfolio amendments to freshen up the decor and a new name is part of that process.”
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The author was remunerated but does not hold shares in the company
