Blue Sky Uranium Reports 5 Metres Grading 0.15% U3O8 Including 1 Metre Of 0.7% U3O8 From 1.5 Kilometre Step-Out Drill Hole At The Ivana Deposit, Argentina
Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF) “Blue Sky” or the “Company”) is pleased to announce assay results from the second tranche of results from the recently completed reverse circulation (” RC “) drilling program at the Ivana Deposit (as announced on March 23, 2022 ), within its wholly-owned Amarillo Grande Uranium-Vanadium Project (” AGP “) in Rio Negro Province Argentina . The assay results reported include 970 samples from 115 RC holes averaging 8.5m depth that tested areas of lower drill hole density at the margins of, and within, the western portion of the Ivana deposit; as well as testing the potential expansion of the deposit to the west.
Nikolaos Cacos , Blue Sky President & CEO commented, “We are very pleased with these recent results, that indicate great success in all aspects of the program. New strong uranium and vanadium mineralization both within the deposit margins and in a large step-out hole confirm the potential to both expand and upgrade the Ivana deposit. We look forward to the final results of the program that will help us plan the next steps in the process for this remarkable deposit and project.”
This second group of assay results from the current program includes holes from step-out drilling targeting the uranium and vanadium mineralized zone to the west of the current Ivana mineral resource, initially discovered during the 2018 pit-sampling program and reported on November 15, 2018 . Of the 23 holes in this sector, six returned anomalous uranium (U 3 O 8 >30ppm) including three holes with U 3 O 8 intervals of 5 metres >100ppm U 3 O 8 , including 1 metre at 0.7% (7027 ppm) U 3 O 8 (AGI-568). The other holes reported herein were drilled at the margins and within the western sector of the Ivana current mineral resource boundary and have confirmed the continuity of the mineralization in a number of locations, as well as the potential expansion to the south from hole AGI-601, which intersected 3 metres at 702 ppm U 3 O 8 including 1metre at 0.17% (1774 ppm) U 3 O 8.
Notably the majority of these reported holes returned intervals with vanadium grades higher than the average grade of the Ivana deposit, as reported in the current mineral resource estimate published on February 27, 2019 . From the 115 holes reported at this time, 112 holes intercepted values ranging from 1m at +150ppm V 2 O 5 up to 1m at 0.198% (1981 ppm) V 2 O 5 in AGI-601. These higher grades of vanadium, in many cases accompanying uranium, are interpreted as resulting from the presence vanadium oxide minerals like carnotite, a uranium-vanadate, within the first few metres below surface. This interpretation is based on previous mineralogy studies, as reported in the Company’s Preliminary Economic Assessment (Kuchling et al., June 28, 2019 filed on SEDAR). Carnotite is a leachable mineral; therefore, the interpretation of higher content of oxidized vanadium minerals may represent additional potential to be assessed in the future.
An additional 2,300 samples collected from the final 209 holes drilled at Ivana in the current program have recently been sent for laboratory analysis. Analytical results will be published once they are received and interpreted.
About the Amarillo Grande Project
The Company’s 100% owned Amarillo Grande Uranium-Vanadium Project in Rio Negro Province , Argentina is a new uranium district controlled by Blue Sky. The Ivana deposit is the cornerstone of the Project and the first part of the district for which both a Mineral Resource Estimate and a Preliminary Economic Assessment have been completed. Mineralization at the Ivana deposit has characteristics of sandstone-type and surficial-type uranium-vanadium deposits. The sandstone-type mineralization is related to a braided fluvial system and indicates the potential for a district-size system. In the surficial-type deposits, mineralization coats loosely consolidated pebbles, and is amenable to leaching and simple upgrading.
The Project includes several other target areas over a regional trend, at or near surface. The area is flat-lying, semi-arid and accessible year-round, with nearby rail, power and port access. The Company’s strategy includes delineating resources at multiple areas and advancing the entire project to prefeasibility level.
About Blue Sky Uranium Corp.
Blue Sky Uranium Corp. is a leader in uranium discovery in Argentina . The Company’s objective is to deliver exceptional returns to shareholders by rapidly advancing a portfolio of surficial uranium deposits into low-cost producers, while respecting the environment, the communities, and the cultures in all the areas in which we work. Blue Sky has the exclusive right to properties in two provinces in Argentina . The Company’s flagship Amarillo Grande Project was an in-house discovery of a new district that has the potential to be both a leading domestic supplier of uranium to the growing Argentine market and a new international market supplier. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
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