07:57 AM EDT, 04/10/2025 (MT Newswires) -- Blue Moon Metals (MOON.V) released Thursday a maiden National Instrument 43-101-commpliant resource estimate for the Sulitjelma volcanogenic massive sulphide deposit in Norway.

The project hosts 17 million tonnes grading 1.06% copper and 0.21% zinc, the company said.

Blue Moon said the resource estimate does not include gold, silver or sulfur, which were historically recovered and considered by-product credits. The company said it plans to advance the project through additional exploration and technical studies to further evaluate its economic viability. Underground development is expected to start in the third quarter.

"We think Blue Moon can bring back mining in this district, with a much more efficient and modern practice by the end of this decade, with exciting regular drill results," CEO Christian Kargl-Simard said. "The addition of gold, silver, sulfur and cobalt in a future resource would also increase the strategic nature of the deposit."

Blue Moon's share price jumped 13.6% on Wednesday to $2.50 on the TSXV.