Bluejay Mining plc, formerly FinnAust Mining Plc, estimated maiden resources at its Pituffik titanium project in Greenland of 23.6 million tonnes at an in situ ilmenite grade of 8.8% in the inferred category.
Company CEO Roderick McIllree said, "The maiden resource has exceeded even our expectations."
The resource includes a high-grade zone of 7.9 million tonnes at a grade of 14.2% ilmenite in situ at the Moriusaq onshore target, which is the focus of the ongoing feasibility and production studies, the company said April 10.
The project area also includes an exploration target of between 90 million and 130 million tonnes at a titanium dioxide grade of between 3% and 4%, assumed to be between 6.3% and 8.4% ilmenite.
The London-listed company's shares were up more 4% around noon trading.