Press Releases

Bluelake Mineral has appointed SRK Consulting to conduct updated mineral resource estimates for Joma and Stekenjokk-Levi

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "The Company") has, via Norwegian subsidiary Joma Gruver AS, entered into an agreement (the "Agreement") with SRK Consulting AB ("SRK Consulting") to conduct updated mineral resource estimates ("MRE") for the mineralizations in Joma in Norway and in Stekenjokk-Levi in Sweden.

According to the Agreement an MRE shall be made for each of the Stekenjokk-Levi and Joma deposits. The MRE shall conform to the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Mineral Resource and Mineral Reserve guidelines and disclosure levels as defined by National Instrument 43-101 ("NI 43-101"). The MRE shall include the elements copper, zinc, for Joma and copper, zinc, gold and silver for Stekenjokk-Levi. SRK Consulting will investigate whether silver can also be estimated for Joma, either directly or as a correlation, and whether this can be included in the Mineral Resource Statement. The intention is that the resource estimates primarily will be based on historical data and resampling of existing drill core in drill core archives in Sweden and Norway. Necessity of new drilling will be evaluated, but new drilling shall be avoided if possible. The objective of the MRE study is to generate resource estimates in the classification of Indicated Mineral Resources and / or Inferred Mineral Resources. The classification applied will be determined once the re-sampling programme and estimates are completed. Unless new drilling is necessary, the MRE is estimated to be completed within a period of three months. The deliverables for the project will be based on an MRE to be managed and overseen by Dr Lucy Roberts, who is a full-time employee of SRK Consulting (UK) Ltd. Dr Roberts is a Member of the Australian Institute of Mining and Metallurgy, and has Chartered Professional status (MAusIMM (CP)). For the resampling program local geologists in Norway and Sweden will be engaged.


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

Stockholm February 5, 2021

Additional information

For additional information, please contact:
Peter Hjorth, Managing Director, Bluelake Mineral AB (publ), phone +46-725 38 25 25

General information about the Company

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

The Company owns approximately 98% of the subsidiary Vilhelmina Minera AB (publ)l, which is focusing on the development of copper and zinc deposits in the Nordic region. In Sweden, the Company owns Stekenjokk, where a total of approximately 7 million tons of ore was mined between 1976 and 1988. According to previous resource estimates, there is a remaining indicated mineral resource of approximately 7.4 million tons with grades of 1.17% Cu, 3.01% Zn and 47 g/ton Ag (at cut-off grade of 0.9% Cu). In Norway, the Company is owner in the Joma field, where approximately 11.5 million tons of ore was processed between 1972 and 1998 with an average grade of 1.5% Cu and 1.5% Zn. The Joma field (excluding Gjersvik) is estimated to contain an additional indicated mineral resource of approximately 5.7 million tons with grades amounting to 1.55% Cu and 0.82% Zn (at cut-off grade 0.8% Cu). 

In 2017, the Company acquired the Cypriot company Mezhlisa Resources Cyprus Ltd ("Mezhlisa"). At the end of 2020, the Company transferred the ownership of all shares in Mezhlisa to the newly formed subsidiary Mezhlisa Resources AB. Through the Russian subsidiary OOO Bakcharneftegaz (BNG), Mezhlisa controls 71-1 exploration and production licenses in the Tomsk region of Russia. Mezhlisa is currently registered as the owner of 72.3809 percent of BNG. Mezhlisa has, based on that, access to the exploration and evaluation project that BNG acquired at a public auction in August 2010, license 71-1 "Ellej-Igajskoje" in Tomsk Oblast, Russia. The Company conducts an exploration program of oil and gas assets on licenses 71-1 which has shown significant potential. 

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 approximately 574 million tons with an average grade of 0.174% nickel ("measured and indicated"). The preliminary economic assessment that SRK completed predicts a production of 26,000 tons 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 Mineral AB, 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 AB (publ) ("Bluelake Mineral" or "the Company") has, in accordance with a resolution from the Extraordinary General Meeting on April 30, 2021, made a dividend in kind of all shares in Mezhlisa Holding AB (publ) ("Mezhlisa"). The record date was May 12, 2021. The Swedish Tax Agency has published information on the distribution of the acquisition cost based on the so called Lex Asea.


As previously announced, Bluelake Mineral AB (publ), ("the Company" or " Bluelake Mineral") and its Norwegian subsidiary Joma Gruver AS, have continued work related to the permitting process in Norway and hired environmental consultant Multiconsult Norge AS for the implementation of the so-called planning process, including a number of impact assessment studies and a zoning plan. The work is proceeding according to plan with a constructive dialogue with authorities and local and regional stakeholders. The Company hereby publishes some 20 documents that make up the major part of the of the application for approval of the zoning plan at Røyrvik municipality where the Joma mine is located. The zoning plan with impact assessments will be discussed in a so-called regional planning forum on June 16 and the documents form the basis for this meeting. In this meeting, issues concerning reindeer husbandry and the environment will be the main topics.


The shareholders of Bluelake Mineral AB (publ) ("Bluelake" or the "Company") have held an Annual General Meeting on May 26, 2021 (the "AGM") whereby the following main decisions were made.


First Quarter 2021 (January - March)

  • Revenue in first quarter amounts to MSEK 0.0 (0.01)
  • Exploration and evaluation costs for first quarter amounts to MSEK -1.5 (-0.01)
  • After-tax result for the first amounts to MSEK -3.1 (8.3)
  • Result per share for first quarter amounts to SEK -0.004 (0.02)

The Board of Directors of Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company") has today, with the support of an authorization from the Extraordinary General Meeting held 2020-12-17, decided on a new share issue directed towards KAZ Invest AB ("KAZ Invest") of a maximum of 6,837,607 shares at a subscription price of SEK 1.17 per share at a total value of 8 MSEK.


Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") has decided to initiate a review of strategic alternatives for its subsidiary Nickel Mountain AB ("Nickel Mountain"), which holds the nickel project Rönnbäcken, in order to maximize its future potential. Rönnbäcken is one of the largest, unexploited nickel deposits in Europe with the potential as a strategic resource for both the European battery technology vertical and the European steel vertical.


Bluelake Mineral AB (publ) ("the Company" or "Bluelake Mineral"), has via its Swedish subsidiaries Vilhelmina Mineral AB (publ) ("Vilhelmina Mineral") and Nickel Mountain AB ("Nickel Mountain") from the Swedish Mining Inspectorate obtained extension with one year for each of four exploration permits named Kattisavan nr 4 (gold), Orrbäcken nr 4 (nickel), Blåsjön Syd nr 2 and Ankarvattnet nr 2 (copper and zinc)


As previously announced, Bluelake Mineral AB (publ) ("the Company" or "Bluelake Mineral"), has via its Swedish subsidiary Vilhelmina Mineral AB (publ) ("Vilhelmina Mineral") applied for an exploitation concession within the exploration permits Levi K no. 1 and Stekenjokk K no. 1 in Vilhelmina municipality. In its statement to the Swedish Mining Directorate, the County Administrative Board of Jämtland has previously recommended that an exploitation concession for Stekenjokk K no. 1 should be granted. However, during the ongoing examination of the exploitation concession application the County Administrative Board of Västerbotten has declared that an examination according to Natura 2000 is required for both of the applied exploitation concessions before a final assessment can be made. Therefore, Vilhelmina Mineral has now submitted a separate application for a Natura 2000 permit in accordance with the Environmental Act to the County Administrative Board of Västerbotten.


Bluelake Mineral AB (publ) ("Bluelake" or "the Company") hereby published the annual report for 2020. The annual report has been audited by the Company's auditor and is also available at the Company's website 


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") which is held on May 26, 2021 at 10 am at Brahegatan 29, 114 37 Stockholm, Sweden.