Press Releases

Bluelake Mineral provides a status update on the mineral resource estimates for the Joma project, Norway, and the Stekenjokk-Levi project, Sweden

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has as previously announced in February 2021, via its Norwegian subsidiary Joma Gruver AS entered into an agreement (the "Agreement") with SRK Consulting AB ("SRK") to conduct Mineral Resource Estimates ("MRE") for mineralization at Joma (Norway) and Stekenjokk-Levi (Sweden). Re-sampling of historical archived drill core for database validation from both Joma and Stekenjokk-Levi has now been completed as well as 3D modelling of mineralisation zones at Joma, with current efforts on geostatistical interpolation of copper and zinc grades. Publication of MRE report is pending the completion of additional technical review and validation of the block model following the interpolation.

The Joma and Stekejokk-Levi projects are both historical producers, extracting copper and zinc by underground mining methods.  SRK and the Company have agreed to release the MRE's sequentially, with Joma results expected to be announced shortly. The release of the MRE's have taken longer than originally expected due to the following factors:

  • Sampling and return of assay and geochemical analyses from archived drill core. This was an importan step in determining the validity of the historical drill information;
  • Detailed 3D modelling of all mineralization, based on the large drilling database of 2,981 drillholes, using advanced modelling techniques that consider metal zonation within the deposit. This is important to better understand the local geological continuity, and improve confidence in the MRE; and
  • SRK and the Company completing a more detailed review of technical factors, such as mining engineering, to better define the material which can be reported with "reasonable prospects for eventual economic extraction" as per Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Mineral Resource and Mineral Reserve guidelines.

The Company believes the MRE is on-track to produce a quality product which is instrumental in the next step which is a Preliminary Economic Assessment mining study.

Dr Lucy Roberts, who 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)). For the resampling programs SRK have relied on geologists in Norway and Sweden.

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Stockholm, July 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 July 8, 2021 at 9.00 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: info@bluelakemineral.com 

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 Minera AB, 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 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 tons with an average grade of 0.176% 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 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.

2021-07-09

As previously announced, Bluelake Mineral AB (pull) ("Bluelake Mineral" or "the Company"), 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 submitted a separate application for a Natura 2000 permit on May 3, 2021 in accordance with the Environmental Act to the County Administrative Board of Västerbotten. After reviewing this application, the County Administrative Board of Västerbotten now has announced that the application must be supplemented with further information.

2021-07-08
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has as previously announced in February 2021, via its Norwegian subsidiary Joma Gruver AS entered into an agreement (the "Agreement") with SRK Consulting AB ("SRK") to conduct Mineral Resource Estimates ("MRE") for mineralization at Joma (Norway) and Stekenjokk-Levi (Sweden). Re-sampling of historical archived drill core for database validation from both Joma and Stekenjokk-Levi has now been completed as well as 3D modelling of mineralisation zones at Joma, with current efforts on geostatistical interpolation of copper and zinc grades. Publication of MRE report is pending the completion of additional technical review and validation of the block model following the interpolation.

2021-06-24
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") today announces the outcome of the subscription for warrants for senior executives and board members resolved upon at the Annual General Meeting on May 26, 2021. Senior executives consisting of the Company's CEO, CFO and chief geologist have subscribed for a total of 1,560,000 warrants entitling to subscription for 1,560,000 new shares in the Company, whereby the share capital in the event of full subscription would increase by a maximum of SEK 156,000.

2021-06-08
Regulatory

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.

2021-06-01
Regulatory

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.

2021-05-26
Regulatory

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.

2021-05-21
Regulatory

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)
2021-05-19
Regulatory

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.

2021-05-19
Regulatory

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.

2021-05-11

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)

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