VANCOUVER, BC, Sept. 8,
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
third and last tranche of the recently completed reverse
circulation ("RC") drilling program at the Ivana Deposit (as
announced on April 5, 2022), within
its wholly-owned Amarillo Grande Uranium-Vanadium Project
("AGP") in Rio Negro
Province, Argentina. This
tranche of drilling returned 2,042 samples from 209 holes averaging
9.3m 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*).
These results will be included in a future mineral resource
estimate update for the Ivana deposit.
Highlights of the new RC drill results include*:
- 7m averaging 309ppm
U3O8 and 417 ppm
V2O5
-
- including 1,273ppm U3O8 and
1,260ppm V2O5 over 1 m in
AGI-817
- 8m averaging 197ppm
U3O8 and
202ppm V2O5
-
- including 805ppm U3O8 and 243ppm
V2O5 over 1m in
AGI-764
- 4m averaging 238ppm
U3O8 and
56ppm V2O5
-
- including 580ppm U3O8 and 50ppm
V2O5 over 1m in
AGI-630
- 9m averaging 123ppm
U3O8 and
204ppm V2O5
-
- including 500ppm U3O8 and 332ppm
V2O5 over 1m in
AGI-823
- 7m averaging 117ppm
U3O8 and
161ppm V2O5
-
- including 409ppm U3O8 and 234ppm
V2O5 over 1m in
AGI-819
- 6m averaging 207ppm
U3O8 and
90ppm V2O5
-
- including 335ppm U3O8 and 25ppm
V2O5 over 1m in
AGI-637
*All holes were
vertical, and the reported intervals are believed to represent true
thickness.
|
Nikolaos Cacos, Blue Sky
President & CEO commented, "These results complete a very
successful program, once again hitting significant uranium and
vanadium mineralization both at our infill and expansion
targets. We look forward to updating our resource estimate
and moving the Ivana deposit closer to a prefeasibility stage in
the future."
The assay results from drilling in the step-out zone, to the
west of the current Ivana mineral resource, have confirmed the
presence of uranium and vanadium mineralization near surface. Hole
AGI-764, located 700m west of the
boundary of the current mineral resource estimate published on
February 27, 2019, includes 8 metres
averaging 197ppm U3O8 and 202ppm
V2O5 from 1 to 9 metres in depth, including
1m @ 805ppm
U3O8 and 243ppm V2O5
starting at 1 metre.
In this potential expansion step-out zone, the presence of near
surface vanadium mineralization is notable, as observed in the
following highlighted intercepts:
- 4m averaging 580 ppm
V2O5; including 969ppm
V2O5 over 1 m in AGI-748
- 5m averaging 469 ppm
V2O5; including 932ppm
V2O5 over 1 m in AGI-750
- 2m averaging 544 ppm
V2O5 in AGI-781
Drilling of areas with previously low-density hole coverage
within the boundary of the current mineral resource estimate
yielded a number of significant uranium intercepts as reported
above, in addition to those previously reported on April 5, 2022. Many of these holes also had
notable vanadium intercepts, as highlighted below:
- 7m averaging 417 ppm
V2O5; including 1,260ppm
V2O5 over 1 m in AGI-817
- 2m averaging 552 ppm
V2O5; including 828ppm
V2O5 over 1 m in AGI-806
- 7m averaging 244 ppm
V2O5; including 498ppm
V2O5 over 1 m in AGI-796
The entire program collected 3,136 samples from 350 new holes,
totaling 3,346 metres drilled. This new data set will be included
in a future mineral resource estimate. The new database includes
samples from 838 RC holes sampled every metre. The aim of a new
resource estimation is to upgrade a portion of the current inferred
mineral resources into indicated mineral resources for the purposes
of supporting a future prefeasibility study (PFS).
Methodology and QA/QC
The drilling program was 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 ALS Argentina for preparation by drying,
crushing to 70% <2mm, riffle splitter 250g and pulverize to 85%
<75 µm. Pulps were sent to ALS Peru for analysis of
multi-elements ultra-trace method combining four acid digestion
with Inductively Coupled Plasma ("ICP") instrumentation. Digestion
is performed on 0.25g of sample to quantitatively dissolve most
geological materials. Analytical analysis is performed with
combinations of ICP-AES (Atomic Emission Spectrometry) & ICP-MS
(Mass Spectrometry). Approximately every 10th sample a blank,
duplicate, or standard sample is inserted into the sample sequence
for quality assurance/quality control ("QA/QC") purposes. A
total of 2 out of 355 CRM analyses reported warnings in the range
of 2-3 Standard Deviations from the certified value; 1 failure of
just over 3 Standard Deviations from the certified value was
reported. These were viewed as non-consecutive and within the
acceptable limits. 104 duplicate samples were submitted; 70%
of the duplicates reported <20% average difference. A
total of 223 included blanks were analyzed with no failures.
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.