VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 28, 2017) – Blue Sky Uranium Corp. (TSX VENTURE:BSK)(FRANKFURT:MAL2)(OTCQB:BKUCF) (“Blue Sky” or the “Company”)
is pleased to provide initial results from the ongoing Phase 1 reverse
circulation (RC) drilling program at the Ivana target on the Amarillo
Grande uranium project, in Rio Negro Province, Argentina. The results
from 31 holes received to date outline a broad area of near surface
uranium measuring approximately 1,800 metres by 600 metres. Within this
area, a higher-grade northwest oriented corridor is interpreted to have
been intersected by four holes and a second area with higher grades is
indicated by two holes at the eastern margin of the drill grid. A full
geologic interpretation will be completed once results from the
remaining 66 holes from the Ivana target are received. Blue Sky holds
over 440,000 hectares of property located in two provinces in the most
prospective uranium regions of Argentina.
Drill hole highlights include:
- 743 ppm U3O8 over 3.0m in AGI-27
- 547 ppm U3O8 over 6.0m in AGI-05
“The initial results from the Ivana area provide
important information on where to focus our follow-up drilling as we
delineate new zones of surficial uranium mineralization at Amarillo
Grande,” stated Nikolaos Cacos, Blue Sky President & CEO. “These initial results confirm the broad occurrence of uranium mineralization at Ivana.”
The 250,000-hectare Amarillo Grande project includes three
areas of known mineralization (Ivana, Anit and Santa Barbara) within a
140 kilometre-long uranium trend discovered by Blue Sky. This 3,000
metre preliminary drill program is designed to delineate the mineralized
zones at all three areas, for follow-up infill drilling. The program is
testing areas prospective for discovery of near-surface uranium
mineralization as identified by ground radiometric surveys, trenching,
manually excavated pits and geo-electrical surveys. This program is the
first phase of the overall 10,000 metre program which is designed to
prepare for potential resource estimation later this year.
Blue Sky believes the mineralization that has been discovered
through the work to date at Amarillo Grande can be classified as
Surficial-type uranium. Examples of Surficial uranium deposits include
Langer Heinrich in Namibia, which has Proven and Probable ore reserves
totalling 91.31 Mlb at an average grade of 560 ppm U3O8 and produces approximately 4 Mlb per year(1),
and Toro Energy Limited’s development-stage Wiluna project, which has
Measured and Indicated resources totalling 66.6 Mlb within 10 metres of
surface at an average grade of 525 ppm U3O8.(2) Wiluna consists of 5 separate deposits within a 100-kilometre district in western Australia.
Program Details
The preliminary drilling phase at the Ivana target area is
now complete and included 97 holes totaling 1,390 metres with an average
hole depth of 14 metres. Complete results have been received from the
first 31 of the 97 holes completed at the Ivana target; of these, 21
holes intersected near-surface zones of mineralization exceeding 30 ppm U3O8
over a minimum of 1.0 metre. Highlights of the exploratory drilling
results to date are provided in Table 1 below. All results reported
herein are from vertical holes drilled at 100-200 metre intervals along
two northeast oriented lines spaced at 600 metres apart. A map of the
drill hole locations is available here: https://blueskyuranium.com/assets/img/news/6-2017MAR24-IVANA-DRILLING-Press.jpg. These holes outline a broad area of near-surface uranium (>30 ppm U3O8
over a minimum of 1.0 metre) measuring approximately 1,800 metres by
600 metres. Within this area, a higher-grade northwest oriented corridor
is interpreted to have been intersected by holes AGI-04, -05, -25 and
-27, and a second potentially by AGI-25 and -27 at the eastern margin of
the drill grid. A full geologic interpretation will be completed once
results from the remaining 66 holes in the Ivana target are received.
Table 1: Highlights of Ivana RC drilling results from AGI-01to AGI-31
| Drill Hole # | From (m) | To (m) | Interval* (m) | U3O8 ppm | V2O5 ppm |
| AGI-04 | 1.0 | 4.0 | 3.0 | 245 | 395 |
| AGI-05 | 0.0 | 6.0 | 6.0 | 547 | 716 |
| AGI-14 | 16.0 | 18.0 | 2.0 | 152 | 563 |
| AGI-16 | 0.0 | 3.0 | 3.0 | 370 | 251 |
| AGI-21 | 4.0 | 7.0 | 3.0 | 184 | 321 |
| AGI-25 | 3.0 | 5.0 | 2.0 | 321 | 387 |
| AGI-27 | 0.0 | 3.0 | 3.0 | 743 | 600 |
*insufficient drilling has been completed to determine whether the reported widths represent true thickness
The drill holes were laid out along northeast oriented lines
or fences to transect approximately orthogonally paleo channels
overlying basement rocks. Holes were drilled at 100 metre intervals in
areas delineated by ground radiometric anomalies, and at 200 metre
intervals in peripheral areas. A table with complete drill hole
information and results is available here: https://blueskyuranium.com/assets/img/news/6-2017MAR-BSK-AGI01-to-31.pdf.
Based on the results received to date, anomalous near-surface uranium
has been intersected outside of the surface radiometric anomalies and to
depths of up to 19 metres below surface. Although it is believed that
the widespread uranium mineralization intersected in the drilling is
generally flat-lying in nature, insufficient drilling has been carried
out to date to determine if the reported widths are representative of
true thickness, and, the degree of continuity between adjacent
intercepts.
Uranium mineralization at Ivana is believed to be related
primarily to carnotite mineralization, a secondary leachable uranium
mineral. Visible carnotite has been observed in a number of the drill
holes completed to date. Uranium values in the results reported herein
ranged from below detection (<10ppm) up to 1,838 ppm U3O8 (or 0.18% U3O8), and Vanadium values ranged from 29 ppm up to 2,015 ppm V2O5.
The drilling program been carried out using an ROC L8 drill
rig from Atlas Copco, an ore-control track-mounted rig adapted to
reverse circulation with double cyclone in order to reduce the dust loss
during sampling. Every hole was surveyed by a senior geophysicist from
Geopehuen SRL Service Company using a natural gamma probe from Geovista
Ltd. The probe was previously calibrated at the Comisión Nacional de
Energía Atómica facility (Atomic Energy National Commission, CNEA).
Analyses of samples reported herein were performed by Alex
Stewart Assayers of Mendoza, Argentina, an internationally recognized
analytical services provider. Samples were prepared by drying, crushing
to 80% passing 10mesh and then pulverizing a 600g split to 95% passing
106 microns. Pulps were analyzed for 42 elements by means of Inductively
Coupled Plasma Mass Spectrometry following a four-acid digestion (ICP
MA-42). Approximately every 10th sample a blank, duplicate,
or standard sample was inserted into the sample sequence for quality
assurance/quality control (QA/QC) purposes. Review of the QAQC results
for the samples reported herein identified two of five BSK inserted with
analyses below the acceptable range. All lab inserted standards were
within the acceptable range, as were all blanks. The Company is
investigating this and will report any material developments in the
future. Note that 10,000 ppm = 1% and 1% = 1.1792% U3O8, 1% = 1.785% V2O5.
About the Amarillo Grande Project
This new uranium district was first identified, staked and
underwent preliminary exploration by Blue Sky from 2007 to 2012 as part
of the Grosso Group’s strategy of adding alternative energy focus to its
successful portfolio of metals exploration companies. The close
proximity of several major targets suggest that if resources are
delineated a central processing facility would be envisioned. The area
is flat-lying, semi-arid and accessible year round, with nearby rail,
power and port access.
Mineralization identified to date represents a Surficial
Uranium style of deposit, where carnotite mineralization coats loosely
consolidated pebbles of sandstone and conglomerates. Carnotite is
amenable to leaching, and preliminary metallurgical work indicates that
the mineralized material can be upgraded using a very simple wet
screening method. The near-surface mineralization, ability to locally
upgrade, amenability to leaching and central processing possibility
suggest a potentially low-cost development scenario for a future
deposit.
Rio Negro is host to several facilities related to the
nuclear industry. Furthermore, the Provincial government is amenable to
mining as a means of socio-economical development. In addition, the
Federal government has expressed support for building domestic resources
of uranium. In particular, the Argentina Atomic Energy National
Commission (CNEA) published its Strategic Plan 2015-2025, which includes
a strategic objective “To ensure the supply of domestic uranium for
nuclear power plants in operation, under construction and planned.”
For additional details on the project and properties, please see the Company’s website: www.blueskyuranium.com.
Qualified Person
The results of the Company’s drilling program have been
reviewed, verified (including sampling, analytical and test data) and
compiled 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 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. Blue Sky holds has the exclusive right
to over 428,000 hectares of property 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 among the first domestic
suppliers of uranium to the growing Argentine market. 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, 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
including but not limited to comments regarding the timing and content
of upcoming work programs, geological interpretations, receipt of
property titles, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. 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. 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.
Contact Information
-
Blue Sky Uranium Corp.
Corporate Communications
1-604-687-1828 or Toll-Free: 1-800-901-0058
[email protected]
www.blueskyuranium.com
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