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

ANCOUVER, BC, April 5, 2022 /PRNewswire/ – 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 (see Figure 1 and Table 1*).

Highlights of the new RC drill results include*:

• 5m averaging 1,566ppm U₃O₈ and 243ppm V₂O₅ in hole AGI-568, located more than 1.5kilometres from the southwest margin of the current mineral resource
  • including 7,027ppm U₃O₈ and 236ppm V₂O₅ over 1m
• 3m averaging 702ppm U₃O₈ and 1,119 ppm V₂O₅
  • including 1,774ppm U₃O₈ and 1,981ppm V₂O₅ over 1 m in AGI-601
• 6m averaging 344ppm U₃O₈ and 242ppm V₂O₅
  • including 933ppm U₃O₈ and 109ppm V₂O₅ over 1m in AGI-616
• 8m averaging 128ppm U₃O₈ and 141ppm V₂O₅
  • including 562ppm U₃O₈ and 30ppm V₂O₅ over 1m in AGI-617
• 6m averaging 232ppm U₃O₈ and 43ppm V₂O₅
  • including 448ppm U₃O₈ and 16ppm V₂O₅ over 1m in AGI-629

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 (U₃O₈ >30ppm) including three holes with U₃O₈ intervals of 5 metres >100ppm U₃O₈, including 1 metre at 0.7% (7027 ppm) U₃O₈ (AGI-568, see Table 1). 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 U₃O₈ including 1metre at  0.17% (1774 ppm) U₃O₈ (see Figure 1).

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 V₂O₅ up to 1m at 0.198% (1981 ppm) V₂O₅ 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.

Methodology and QA/QC

The drilling program is being carried out by AVG Patagonia Drilling using a FlexiROC D65 drill rig from Atlas Copco, an ore-control track-mounted rig adapted to reverse circulation with triple cyclone to reduce the dust loss during sampling and automatic sampling.

Samples were sent to Bureau Veritas Minerals Argentina for preparation by drying, crushing to 80% passing 10 mesh and then pulverizing a 250g split to 95% passing 150 mesh. The first 190 pulps, including QAQC controls, were then sent to Bureau Veritas Commodities Canada Ltd. for analysis of 45 elements by Inductively Coupled Plasma Mass Spectrometry (“ICP-MS“) following a four-acid digestion (method MA-200). The following 898 pulps, also including QAQC samples, were sent to ALS Canada Ltd. for analysis of 48 elements by Inductively Coupled Plasma Mass Spectrometry (“ICP-MS“) following a four-acid digestion (method ME-MS61).  Approximately every 10th sample a blank, duplicate, or standard sample is inserted into the sample sequence for quality assurance/quality control (“QA/QC“) purposes. The QA/QC internal assessment determined that analytical results reported herein are within standard industry limits.

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