TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, BC, April 11,
2022 /CNW/ - Blue Sky Uranium Corp. (TSXV:
BSK) (FSE: MAL2) (OTC: BKUCF) ("Blue Sky" or the
"Company") is pleased to announce that the Company is
resuming its 4,500 metre exploration drilling program with new
holes planned at the Ivana Central target, located 10 kilometres
north of the Company's Ivana Deposit at its wholly-owned Amarillo
Grande Uranium-Vanadium Project in Rio
Negro Province, Argentina
("AGP") (see Figure 1).
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Six holes totaling 286 metres were drilled at Ivana Central in
2020 before the program was paused, leaving approximately 1,200
metres to be completed at this target. Two of the first six holes
at Ivana Central intersected anomalous uranium, including 120 ppm
U3O8 over 1 metre in hole AGIC-01 (see News
Release date October 21, 2021) and
all holes returned anomalous vanadium and pathfinder elements
similar to those associated with uranium mineralization at the
Ivana deposit. The new drilling will test the continuity of
the prospective horizons intersected in the initial holes.
Nikolaos Cacos, Blue Sky
President & CEO commented, "Ivana Central is the next area
we are evaluating in our continued push to identify and delineate
new mineralization and deposits at the district-scale Amarillo
Grande project. We look forward to completing this tranche of
drilling so that we can plan detailed follow up and advance to
testing other targets in the Ivana area."
A total of 1,584 metres have also been completed at the Ivana
North target (see October 21, 2021
News Release). Following completion of the current tranche of
drilling at Ivana Central, approximately 1,500 metres of drilling
will be deployed in refining delineation of areas with the best
results from both targets.
Ivana Central Target
Details
Ivana Central is a blind exploration target consisting of a
mainly soil-covered depression covering an area of 5 by 9
kilometres. This target zone was initially identified by Blue Sky's
previous joint venture partner Areva in 2013 via a drilling program
of 11 core holes totaling 2023.5 metres, with depths ranging from
110 to 280 metres, in the southern sector of the Amarillo Grande
project. In 2018 Blue Sky's exploration team relogged, sampled and
re-interpreted those holes and applied the in-house geological and
exploration models and experience that have been developed and
refined as the Ivana deposit has been discovered and advanced. This
work identified a suite of pathfinder element anomalies, including
molybdenum, selenium, cobalt, lanthanum, rhenium, yttrium, lead,
and zinc, that the Company employs as geochemical indicators to
vector towards blind uranium deposits.
The exploration work at Ivana Central continued with
auger-holes, radiometric surveys and pit-sampling, followed by
induced polarization ("IP") Pole-Dipole tomography (see
Press Releases May 16 and
September 19, 2019). From the
auger-holes surveyed, radiometric anomalies were detected in some
holes and at several different depths; some are open to depth. The
sampling program encountered reduced carbonaceous alteration and
carnotite mineralization. The IP survey detected areas with high
chargeability anomalies interpreted to represent moderate to low
levels of disseminated pyrite, suggesting proximity to an
oxidation-reduction ("REDOX") zone as potential "trap" for
uranium mineralization.
This information was used to plan the initial reverse
circulation ("RC") drilling program originally launched in
2020, as reported on March 2, 2020.
Two holes successfully intercepted uranium-vanadium anomalies at
the expected depths, with a third showing weak uranium values.
Those intercepts suggest that the mineralization potentially
continues to the west, onto a mineral tenure for which permits were
pending at that time but which have now been secured. The new
program is designed primarily to test that potential westward
continuity of the mineralization (see Figure 1) as well as to test
some undrilled areas to the east showing IP chargeability
anomalies.
The drilling program will employ a multipurpose direct
circulation hydraulic drilling rig on tracks. This drill produces
wet chip samples which are collected from sampling buckets every
metre; the drill rig also has the ability to recover drill core.
Every hole will be surveyed with a calibrated radiometric Mount
SoprysTM probe. An additional geoelectrical SP-SPR survey will be
completed on holes in order to approximate the location of
geological contacts between sedimentary units.
Qualified Persons
The design of the Company's exploration program was undertaken
by the Company's geological staff under the supervision
of David Terry, Ph.D., P.Geo. Dr. Terry is a Director of the
Company and a Qualified Person as defined in National Instrument
43-101. The contents of this news release have been reviewed
and approved by Dr. Terry.
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.
For additional details on the project and properties, please see
the Company's website.
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.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
______________________________________
Nikolaos Cacos, President, CEO and
Director
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Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain forward-looking statements.
Forward-looking statements address future events and
conditions and therefore involve inherent risks and uncertainties.
All statements, other than statements of historical fact, that
address activities, events or developments the Company believes,
expects or anticipates will or may occur in the future, including,
without limitation, statements about the Company's plans for its
mineral properties; the Company's business strategy, plans and
outlooks; the future financial or operating performance of the
Company; and future exploration and operating plans are
forward-looking statements.
Forward-looking statements are subject to a number of risks
and uncertainties that may cause the actual results of the Company
to differ materially from those discussed in the forward-looking
statements and, even if such actual results are realized or
substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on, the Company.
Factors that could cause actual results or events to differ
materially from current expectations include, among other things:
the impact of COVID-19; risks and uncertainties related to the
ability to obtain, amend, or maintain licenses, permits, or surface
rights; risks associated with technical difficulties in connection
with mining activities; and the possibility that future
exploration, development or mining results will not be consistent
with the Company's expectations. Actual results may
differ materially from those currently anticipated in such
statements. Readers are encouraged to refer to the Company's public
disclosure documents for a more detailed discussion of factors that
may impact expected future results. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, unless required pursuant to applicable laws. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties.
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SOURCE Blue Sky Uranium Corp.