UK-based exploration and development company Bluejay Mining announced that it will assume complete ownership of the Enonkoski nickel-copper-cobalt project in Finland.

Previously, Bluejay and Rio Tinto Exploration Finland (Rio Tinto) jointly conducted exploration works at the Enonkoski project, under a joint venture (JV) agreement, which ended last week.

With the conclusion of the JV agreement, Rio Tinto will no longer own any interest in the project.

Bluejay, through its subsidiary FinnAust Mining Finland, has retained 100% ownership of the Finnish project, along with data, samples and drill cores collected during the JV with Rio Tinto.

Bluejay Mining CEO Bo Møller Stensgaard said: “Prior to the JV with Rio Tinto, Enonkoski was one of the least visible projects within Bluejay’s portfolio.

“The JV has enabled us to significantly advance our knowledge of the Project through $4.65m in exploration expenditure and it has opened up the potential of targets close to the Hälvälä Ni-Cu-Co Mine, as well as targets within less explored parts of the Enonkoski Belt that remain untested.

“The exploration programmes carried out to date have strengthened our belief in the prospectivity of the Project, and we maintain that Enonkoski will continue to augment Bluejay’s portfolio of assets.”

In a separate development, Bluejay has unveiled the preliminary results from this year’s first exploration programme at the Hammaslahti Cu-Zn-Au-Ag project, located in eastern Finland.

The results showed that all seven drill holes intersected broad zones of disseminated to semi-massive sulphide mineralisation corresponding to the E-lode orebody.

Last month, the company raised £1.3m ($1.65m) funds to focus on the further development of the Hammaslahti project, where the first phase of diamond drilling has been completed.

In addition, Bluejay unveiled its plans to undertake detailed ground gravity and 3C UAV magnetics surveys over the high-priority Haapovaara target Belt, at its Outokumpu Cu-Zn-Ni-Co-Ag-Au project.

The planned gravity survey will involve around 600 stations, covering 12km2 of area, and the 3C UAV magnetic survey will cover the same area.

Furthermore, the UK-based company recently increased its licence areas to become the largest landholder on the highly prospective Outokumpu belt, which hosts three past-producing mines.

Bluejay Mining executive chairman Robert Edwards said: “Bluejay remains convinced that our portfolio of base metal projects in Greenland and Finland present commercial opportunities to generate value well in excess of outlay.

“As we have previously stated, we have been keen to advance our Finnish exploration portfolio in 2023 as we believe that the opportunities merit expenditure due to the geological opportunity combined with the relative ease and low cost of execution.

“Bluejay’s exploration activities in Finland are supported by our in-country exploration office, core storage and logging facilities located in the town of Outokumpu.”