Rio's subsidiary, Rio Tinto Iron and Titanium Canada, will carry out the analysis, including a smelter test sample to be assessed at the Sorel-Tracy plant in Quebec, Canada.
Bluejay said while the two companies would work together to review and improve on the technical work completed on Dundas to date, Rio could pull out at any time and there was no guarantee the ilmenite assessment would lead to any future transaction.
CEO Roderick McIllree said delivery of a large bulk sample to the Sorel-Tracy plant would be a key outcome for Bluejay.
"We believe that the ilmenite from Dundas will prove to be a very valuable material for the Sorel-Tracy plant operation and believe that the experience and expertise from Rio Tinto will provide an opportunity for technological and economic optimisation," he said.
He added the company would continue to drive Dundas towards permitted exploitation and expected to continue to expand the resource base both onshore and offshore.
Dundas has a current JORC-compliant mineral resource of 101 million tonnes grading 7.1% ilmenite.
"Consequently, we are now able to refocus some of our attention to our other significant and high-value projects namely Disko, Kangerluarsuk and Finland," he said.
At 10.2p (US12.92c), Bluejay's shares (AIM:JAY) have dropped 26% since the start of the year.
