Bluelake Mineral announces updated mineral resource estimate for the Joma copper and zinc project in Norway

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has, as previously announced, via its Norwegian subsidiary Joma Gruver AS, entered into an agreement with SRK Consulting AB ("SRK") to conduct Mineral Resource Estimates ("MRE") for mineralization at Joma (Norway) and Stekenjokk-Levi (Sweden). SRK has previously on July 29, 2021, presented a preliminary Mineral Resource Statement for Joma.  SRK now has completed an updated Mineral Resource estimate for Joma based on revised metal prices for copper and zinc and also including the so called Joma South deposit which had not formed part of the original estimate. The updated MRE amounts to Indicated Mineral Resources of some 6.0 Mt with a mean Cu and Zn grade of 1.00% and 1.66% respectively and Inferred Mineral Resources of some 1.2 Mt with a mean Cu and Zn grade of 1.2% and 0.7% respectively.  The NSR (Net Smelter Return) value for the Indicated Mineral Resource is estimated to 95.95 USD/t and 97.0 USD/t for the Inferred Mineral Resource.

The Joma project is an historic producer (1972 to 1998) of copper and zinc with approximately 11 million tonnes of processed ore from a volcanogenic massive sulfide deposit. The Company is now advancing the Joma project together with the Stekkenjokk-Levi project in Sweden, which is 75 km away by paved road. The Company has commissioned SRK to complete MREs at both deposits to be followed by a Preliminary Economic Assessment ("PEA").  The Company believes the close proximity of the two projects can provide development synergies.

SRK now has completed an updated Mineral Resource Statement for the Joma Project.  The MRE is reported and classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) and NI43-101 Standards of Disclosure for Mineral Projects (May 2016).  The Mineral Resources have an effective date of 9 December 2021 and have been depleted to reflect the current understanding of the mining completed up to the date of the mine closure (1998).  Mineral Resources are reported as in situ and undiluted. The Mineral Resources are reported within mineable stope optimiser shapes, generated using a net smelter return of 50 USD/t, with a minimum stope shape of 10mX x 10mY x 3mZ using a Cu and Zn price of 9,100 and 2,800 USD/t respectively and include royalty reductions.  The Mineral Resources are summarized in Table 1 below:

Project

Classification

Tonnes (Mt)

Cu %

Zn %

NSR ($/t)

Cu tonnes (Kt)

Zn tonnes (Kt)

Joma

Measured

-

-

-

-

-

-

Indicated

6,0

1,00

1,66

95,95

60,0

99,6

Inferred

0,3

0,9

1,4

81,3

3

4

Joma South

Measured

-

-

-

-

-

-

Indicated

-

-

-

-

-

-

Inferred

0,9

1,3

0,5

102,2

12

5

Total indicated mineral resource

6,0

1,00

1,66

95,95

60,0

99,6

Total inferred mineral resource

1,2

1,2

0,7

97,0

15

9

Table 1: SRK Mineral Resource Statement for the Joma Project, Norway, 9 December 2021

The updated Mineral Resource Statement for the Joma project in Table 1 is taken from the memorandum entitled "Revised Mineral Resource Statement for the Joma VMS Project, Norway" dated December 9, 2021, which the Company received from SRK Consulting (UK) Ltd and is attached to this press release. This document from SRK includes important technical notes and descriptions of the MRE for the Joma project and should be read together with this press release.

Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. A Preliminary Economic Assessment ("PEA") may include Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative, geologically, to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability

Qualified Persons:  The December 2021 Mineral Resource Statement for the Joma Project was produced by a team of independent consultants from SRK Consulting (UK) Ltd. Dr Lucy Roberts, who is the Qualified Person for the declaration of the Mineral Resources, is a full-time employee of SRK Consulting (UK) Ltd, has reviewed the content of this press release. Dr Roberts is a Member of the Australian Institute of Mining and Metallurgy and has Chartered Professional status (MAusIMM(CP)). 

Stockholm, December 2021
Bluelake Mineral AB (publ)
The Board of Directors

Publication of information

This information is inside information which Bluelake Mineral AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was submitted, for publication on December 9, 2021 at 19.00 CET, by the contact person below.

Additional information

For additional information, please contact:
Peter Hjorth, CEO, Bluelake Mineral AB (publ), phone +46-725 38 25 25
Email: [email protected] 

General information about the Company

Bluelake Mineral AB (publ) is an independent Swedish company active in exploration and mine development of copper, zinc, nickel and gold resources.

The Company owns approximately 99% of the subsidiary Vilhelmina Mineral AB, which is focusing on development of copper and zinc deposits in the Nordic region. In Sweden, the Company owns Stekenjokk-Levi project, where a total of approximately 7 million tonnes of ore were mined between 1976 and 1988 with an average grade 1.5% Cu and 3.5% Zn. Stekenjokk-Levi is, according to a recent (November 2021) Mineral Resource estimate by SRK Consulting, contains Inferred Mineral Resources of approximately 6.7 million tonnes with 0.9 % Cu, 2.7 % Zn, 0.6 % Pb, 55 Ag g/t and 0.2 g/t Au for Stekenjokk and Inferred Mineral Resources of 5.1 million tonnes with 1.0 % Cu, 1.5 % Zn, 0.1 % Pb, 22 Ag g/t and 0.2 g/t Au for Levi (at a NSR cut-off of 60 USD/t). In Norway, the Company is owner in the Joma field, where approximately 11.5 million tonnes of ore were processed between 1972 and 1998 with an average grade of 1.5% Cu and 1.5% Zn.

In addition, the Company owns the nickel projects Rönnbäcken (which is Europe's largest known undeveloped nickel resource) and Orrbäcken in Sweden. According to the mining consulting company SRK, the Rönnbäcken project contains a mineral resource of 668 million tonnes with an average grade of 0.176% nickel ("measured and indicated"). The preliminary economic assessment that SRK completed predicts a production of 26,000 tonnes of high-grade nickel concentrate per year for 20 years, which would be a significant proportion of Sweden's total annual use of nickel which thereby has a strategic value. Orrbäcken is an exploration license that is considered to have potential as a nickel deposit.

The Company owns the gold project Haveri, through its subsidiary Palmex Mining Oy, which in 2014 carried out a so-called Preliminary Economic Assessment (PEA) prepared by SRK Consulting. This report estimates 1.56 million oz. historically inferred mineral resource of gold equivalents with a grade of 0.93 g/t gold.) Kattisavan is mainly considered to have potential as a gold resource and is located within the so-called gold line, close to projects such as Svartliden, Fäboliden and Barsele.

Bluelake Mineral har ingått avsiktsförklaring rörande försäljning av dotterbolaget Palmex Mining Oy samt efterföljande investeringar i Mahvie Minerals AB

Bluelake Mineral AB (publ) ("Bluelake Mineral" eller "Bolaget") har idag ingått en icke-bindande avsiktsförklaring med Mahvie Minerals AB ("Mahvie Minerals") och majoritetsaktieägarna i Mahvie Minerals angående försäljning av samtliga aktier i Bolagets dotterbolag Palmex Mining Oy till Mahvie Minerals ("Försäljningen"). Bluelake Mineral kommer i Försäljningen att erhålla en köpeskilling om 14 800 000 kronor i form av ett skuldebrev, som ska användas för att teckna nyemitterade aktier i Mahvie Minerals genom kvittning ("Kvittningsemissionen"). Vidare ska Bluelake Mineral investera ytterligare 4 000 000 kronor i kontanter i Mahvie Minerals i en riktad nyemission av aktier ("Kontantemissionen", och tillsammans med Försäljningen och Kvittningsemissionen, "Transaktionerna"). Efter genomförandet av Transaktionerna kommer Bluelake Mineral att äga 50,1 % av aktierna i Mahvie Minerals och avsikten är att dela ut aktierna i Mahvie Minerals till aktieägarna i Bluelake Mineral genom en så kallad Lex Asea-utdelning, i samband med vilken aktierna i Mahvie Minerals också avses att noteras på en multilateral handelsplattform ("Noteringen").


Bluelake Mineral has entered into a letter of intent regarding the sale of all shares in its subsidiary Palmex Mining Oy and subsequent investments in Mahvie Minerals AB

Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") has today entered into a non-binding letter of intent with Mahvie Minerals AB ("Mahvie Minerals") and the majority shareholders in Mahvie Minerals regarding the sale of all shares in the Company's subsidiary Palmex Mining Oy to Mahvie Minerals (the "Sale"). Bluelake Mineral will in the Sale receive a consideration of SEK 14,800,000 in the form of a promissory note, which shall be used to subscribe for new shares in Mahvie Minerals by way of set-off (the "Set-off Issue"). Furthermore, Bluelake Mineral shall invest additional SEK 4,000,000 in cash in Mahvie Minerals in a directed issue of shares (the "Cash Issue", and together with the Sale and the Set-off Issue, the "Transactions"). Following completion of the Transactions, Bluelake Mineral will own 50.1% of the shares in Mahvie Minerals, and the intention is to distribute the shares in Mahvie Minerals to the shareholders in Bluelake Mineral through a so-called Lex Asea dividend, in connection with which the shares in Mahvie Minerals are also intended to be listed on a multilateral trading facility (the "Listing").


Bluelake Minerals dotterbolag Vilhelmina Mineral beviljas tillstånd för gruvverksamhet inom Natura 2000-området Vardo- Laster- och Fjällfjällen i Vilhelmina kommun

Bluelake Mineral AB (publ) ("Bolaget" eller "Bluelake Mineral") har via dotterbolaget Vilhelmina Mineral AB den 2 juni 2022 beviljats Natura 2000-tillstånd för gruvverksamhet. Länsstyrelsen i Västerbotten beslutar att bevilja Vilhelmina Mineral AB tillstånd enligt 7 kap. 28a § miljöbalken för gruvverksamhet i anslutning till och inom Natura 2000-området Vardo-, Laster- och Fjällfjällen (SE0810394) i Vilhelmina kommun. Länsstyrelsen bedömer att miljökonsekvensbeskrivningen uppfyller kraven i 6 kap. miljöbalken. Detta tillstånd är giltigt i 30 (trettio) år från beslutsdatum.


Bluelake Minerals' subsidiary Vilhelmina Mineral is granted permission for mining operations in the Natura 2000 area Vardo- Laster- and Fjällfjällen in Vilhelmina municipality, Sweden

Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") has, via its subsidiary Vilhelmina Mineral AB, been granted a Natura 2000 permit for mining operations on 2 June 2022. The County Administrative Board of Västerbotten has granted Vilhelmina Mineral AB a permit in accordance with Chapter 7 Section 28a of the Environmental Code for mining activities in connection with and within the Natura 2000 area Vardo, Laster and Fjällfjällen (SE0810394) in Vilhelmina municipality. According to the County Administrative Board the environmental impact assessment meets the requirements in chapter 6 of the Environmental Code. This permit is valid for 30 (thirty) years from the date of the decision and further advances the permitting process for the Company's Stekenjokk-Levi copper-zinc project.


Bluelake Mineral offentliggör delårsrapport första kvartalet 2022

Första kvartalet 2022 (januari - mars)

  • Intäkterna för första kvartalet uppgick till 0,0 (0,0) mkr
  • Prospekterings- och utvärderingskostnader för första kvartalet uppgick till -2,0 (-1,5) mkr
  • Resultatet efter skatt för första kvartalet uppgick till -4,6 (-3,1) mkr
  • Resultatet per aktie för första kvartalet uppgick till -0,09 (-0,004) kr

Bluelake Mineral announces financial report for first quarter 2022

Första kvartalet 2022 (januari - mars)

  • Intäkterna för första kvartalet uppgick till 0,0 (0,0) mkr
  • Prospekterings- och utvärderingskostnader för första kvartalet uppgick till -2,0 (-1,5) mkr
  • Resultatet efter skatt för första kvartalet uppgick till -4,6 (-3,1) mkr
  • Resultatet per aktie för första kvartalet uppgick till -0,09 (-0,004) kr

Kommuniké från årsstämma i Bluelake Mineral

Aktieägarna i Bluelake Mineral AB (publ) ("Bolaget" eller "Bluelake") har den 12 maj 2022 hållit årsstämma i Stockholm, varvid följande huvudsakliga beslut fattades.


Bulletin from Annual general Meeting of the shareholders in Bluelake Mineral

The shareholders of Bluelake Mineral AB (publ) ("Bluelake" or the "Company") have held an Annual General Meeting on May 12, 2022 (the "AGM") whereby the following main decisions were made.


Bluelake Mineral offentliggör lönsamhetsstudie för koppar och zinkprojektet Joma och Stekenjokk-Levi med ett positivt nuvärde på 90 - 200 miljoner USD

Bluelake Mineral AB (publ) ("Bolaget" eller "Bluelake Mineral") offentliggör resultaten av en preliminär lönsamhetsstudie ("PEA") för det 100 % innehavda koppar- och zinkprojekt som omfattar Stekenjokk-Levi fyndigheten, belägen i Sverige, och Joma-fyndigheten, belägen i Norge ("Projektet"). PEA innehåller ett uppdaterat utlåtande om mineraltillgång och en ekonomisk bedömning för en planerad gruvdrift med ca 750 000 ton årlig brytning ("ktpa") under en period om 17 år med produktion av koppar, zink, bly, guld och silver.


Bluelake Mineral announces positive PEA for Joma and Stekenjokk-Levi copper and zinc project including post-tax NPV 8% of between USD 90 to 200 million over a 17-Year mine life

Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") is pleased to announce the results of a Preliminary Economic Assessment ("PEA") for its 100% owned copper and zinc project which comprises the Stekenjokk-Levi deposit, located in Sweden, and the Joma deposit, located in Norway (the "Project"). The PEA considers a target 750 kilo tons per annum ("ktpa") mining operation over a mine life of 17 years.  The Company believes the Project has the potential to supply copper and zinc to the growing renewable energy economy of northern Europe.


Bluelake Mineral AB (publ) offentliggör årsredovisning 2021

Bluelake Mineral AB (publ) ("Bluelake" eller "Bolaget") offentliggör årsredovisning för verksamhetsåret 2021 inklusive revisionsberättelse. Årsredovisningen är reviderad av Bolagets revisor och finns tillgänglig på Bolagets hemsida www.bluelakemineral.com


Bluelake Mineral AB (publ) offentliggör årsredovisning 2021

Bluelake Mineral AB (publ) ("Bluelake" eller "Bolaget") offentliggör årsredovisning för verksamhetsåret 2021. Årsredovisningen är reviderad av Bolagets revisor och finns tillgänglig på Bolagets hemsida www.bluelakemineral.com.


Bluelake Mineral genomför riktad nyemission

Styrelsen i Bluelake Mineral AB (publ) ("Bluelake Mineral" eller "Bolaget") har idag, med stöd av bemyndigande från årsstämman den 26 maj 2021, beslutat att till en grupp privata investerare ("Investerarna") genomföra en riktad nyemission av högst 1 396 647 aktier till en teckningskurs om 3,58 kronor per aktie, det vill säga till ett sammanlagt värde om cirka 5 MSEK ("Nyemissionen").


Bluelake Mineral conducts a directed share issue

The Board of Directors of Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company") has today, with the support of an authorization from the Annual General Meeting held May 26, 2021, decided on a new share issue directed to a group of private investors (the "Investors") of a maximum of 1,396,647 shares at a subscription price of SEK 3.58 per share and at a total value of approximately MSEK 5 (the "Share Issue").


Kallelse till årsstämma i Bluelake Mineral AB (publ)

Aktieägarna i Bluelake Mineral AB (publ), org nr 556493-3199 ("Bolaget"), kallas härmed till årsstämma den 12 maj 2022 kl. 10.00 på Brahegatan 29, 114 37 Stockholm, Sverige.


Announcement of Annual General Meeting in Bluelake Mineral AB (publ)

The shareholders of Bluelake Mineral AB (publ), company registration no 556493-3199 (the "Company"), are hereby invited to participate in the Annual General Meeting ("AGM") to be held May 12, 2022 at 10 am at Brahegatan 29, 114 37 Stockholm, Sweden.


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