Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF) , “Blue Sky” or the “Company”) is pleased to announce that the Company’s ongoing data compilation and target delineation program at its wholly-owned Amarillo Grande Uranium-Vanadium Project in Rio Negro Province , Argentina (“AGP”) has highlighted two new priority uranium targets for drill testing.
Blue Sky’s ongoing detailed review and reinterpretation of over 14 years of geological data collected at the project has reclassified two areas as compelling targets with high potential for uranium-vanadium mineralization similar to the Company’s cornerstone Ivana deposit. Ivana is primarily a near-surface sandstone uranium deposit, with an inferred mineral resource estimate of 22.7 million pounds of U 3 0 8 and 11.5 million pounds of V 2 O 5 (28 million tonnes averaging 0.037% U 3 O 8 & 0.019% V 2 O 5 at a 100ppm uranium cut-off as reported in the Preliminary Economic Assessment (PEA) announced February 27 th , 2019, published on SEDAR). The Ivana deposit covers a small fraction of the more than 300,000 hectare AGP property; there is potential to identify multiple new zones of uranium-vanadium mineralization throughout the large project area.
“Since the completion of the Ivana deposit PEA in 2019 we have been continuing to advance exploration targeting work and have been conducting detailed field programs to identify additional mineralized zones and potentially resources for the project. We previously delineated strong targets at Ivana Central and Ivana North where we look forward to resuming an initial drilling program.” stated Nikolaos Cacos , Blue Sky President & CEO. “The areas described in this news release further expand our pipeline of compelling drill targets within the 140-kilometer uranium trend on the AGP, which has potential to become a multi-deposit uranium district.”
The geological characteristics at the AGP are comparable to other mature uranium districts around the world where multiple uranium deposits are found. All the targets currently in the AGP exploration pipeline are interpreted to be associated with the same regional oxidation-reduction (“REDOX”) front (or uranium trap) where the Ivana Deposit is located and therefore have potential for similar discoveries.
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.
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