VANCOUVER, BC, April 5, 2022 /CNW/ - 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
*All holes were
vertical, and the reported intervals are believed to represent true
thickness.
|
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.
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
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.