TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, BC, March 7,
2023 /CNW/ - Blue Sky Uranium Corp. (TSXV:
BSK) (FSE: MAL2) (OTC: BKUCF), ("Blue Sky" or the
"Company") is pleased to announce that the Company is
launching a 1,200 metre RC exploration drilling program at the
Ivana East target, located 10km east of the Ivana deposit (see
Figure 1) in the southernmost sector of the wholly owned Amarillo
Grande Uranium-Vanadium Project in Rio
Negro Province, Argentina
("AGP").
Nikolaos Cacos, Blue Sky
President & CEO commented, "This target shows significant
similarities to the geological environment that hosts the nearby
Ivana deposit, representing a priority target for our goal of
identifying a cluster of deposits in the area."
This drilling program at Ivana East is a continuation of the
staged exploration drill testing of four high-priority targets
close to the Ivana deposit; also including Ivana North, Ivana Central and Cateo Cuatro.
Ivana North and Central have had
their initial drilling program completed; Cateo Cuatro has a drill
program planned for future completion. Once initial drilling is
complete at all four targets, further work will focus on areas
identified as having geological conditions most similar to those at
the Ivana deposit, and the best prospects for discovery of new
mineral resources that could be incorporated into future plans for
advancing the Ivana deposit.
RC Drilling Program
Description
As reported on September 26, 2022,
the Ivana East target was selected as a priority target as a result
of assessing 15 years of geological data to identify and rank
compelling targets with high potential for uranium-vanadium
mineralization, similar to the Company's cornerstone Ivana deposit.
The exploration work completed since 2019, which includes (IP)
pole-dipole tomography and seismic tomography refraction surveys,
detected blind signatures between 10m
and 30m in depth, similar to the
Ivana deposit geological setting (see Figure 2).
Based on the geological modelling of the target, the exploration
team has delineated an RC drilling program comprising up to 1,200
metres in 24 first and second priority holes with 40 metres as the
average depth. Second priority holes will be drilled
contingent on first-priority hole results (see Figure 3). The goal
of the program is to test the presence of uranium mineralization
deposited within high-porosity conglomerates and/or sandstones
related to a basal channel environment. This sub-type of uranium
sandstone deposit is the model defined for the Ivana deposit, where
poorly or unconsolidated sediments with organic matter overlaying
basement rocks represent the host rock for most of the contained
uranium.
The drilling program will be executed using a Morooka MST-1500
Crawler drill rig, using 51/2" hammer or tricone, and
connected to a double cyclone to reduce the dust loss during
sampling. Holes will be drilled vertically and are expected to
average 40 metres depth; samples will be collected every metre.
Samples will be sent to ALS Argentina for preparation by drying,
crushing to 70% <2mm, riffle splitting 250g and pulverizing to
85% <75 µm. Pulps will be sent to ALS Peru for analysis of
multi-elements using a ultra-trace method combining four acid
digestion with Inductively Coupled Plasma ("ICP") instrumentation.
Digestion is performed on a 0.25g of sample to quantitatively
dissolve most geological materials. Approximately every
10th sample, a blank, duplicate, or standard sample is
inserted into the sample sequence for quality assurance/quality
control (QA/QC) purposes.
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 project to prefeasibility level.
For additional details on the project and properties, please see
the Company's website: www.blueskyuranium.com.
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.