TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, Sept. 19, 2019
/CNW/ - Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL2; OTC:
BKUCF), "Blue Sky" or the "Company") is pleased to provide
an update on the ongoing exploration activities at its wholly-owned
Amarillo Grande Uranium-Vanadium Project in Rio Negro, Argentina ("AGP").
Near-surface mineralization as well as geophysical, geological
and alteration patterns comparable with those associated with the
Company's Ivana uranium-vanadium deposit have been identified at
the Ivana Central target, as a result of initial induced
polarization ("IP") geophysical surveying and ongoing auger
drilling. The Ivana Central target is located 10 kilometres north
of the Ivana deposit, within the 145 km prospective trend at the
AGP (see Figure 1: https://bit.ly/2kGIyFb).
"These initial results enhance our confidence in the
potential for discovery at Ivana Central," stated
Nikolaos Cacos, Blue Sky President
& CEO. "These compiled results from multiple techniques have
revealed near surface anomalies covering an area measuring 3 by 8
kilometres which is open in all directions. These targets will be
tested with an initial drilling program focussed on identifying
significant near-surface uranium discoveries similar to the Ivana
deposit."
Since the release of its Preliminary Economic Assessment ("PEA")
on February 27th, 2019
Blue Sky has been continuing its exploration efforts to delineate
additional high-potential targets for RC drilling with ongoing
auger drilling, pit sampling and IP surveying
programs.
The ongoing auger drilling program will be complemented with
further IP geophysics surveying at the Ivana Central and Ivana
North targets, followed up by a targeted reverse circulation ("RC")
drilling program aimed at identifying new uranium-vanadium
deposits, which is expected to be completed this fall.
Program Details
Significant results to date include:
IP Geophysical Survey: The Induced Polarization
Pole-Dipole initial survey line at Ivana Central was carried out to
verify that the technique, which was successfully employed at the
Ivana deposit, could be useful for detecting buried potential zones
of uranium-vanadium mineralization at Ivana Central. The aim of the
program was to identify disseminated pyrite mineralization within
areas of reduced carbonaceous alteration, suggesting proximity to
an oxidation-reduction ("redox") zone as potential "trap" for
uranium mineralization. The originally planned 6-kilometre-long IP
survey line was extended to 7.65 kilometres as an open
chargeability anomaly was detected in the western part of the
surveyed area (see Figure 2: https://bit.ly/2kerdTL).
Two areas of elevated chargeability were identified; the western
anomaly extends from Station -1650 to almost Station 850,
representing a 2.5-kilometre-long anomaly (open to the west) with
apparent variable thickness ranging from 15 to 35 metres at an
average depth of 30 metres below surface. The chargeability
intensity for the western anomaly ranges between 3.35 and 5.81 mV/V
and is interpreted to represent moderate to low levels of
disseminated pyrite. The eastern anomaly is characterized by
similar chargeability values from Station 1500 to Station 6000,
representing a 4.5-kilometre-long anomaly (also open to the east),
with apparent thickness ranging between 10 and 20 metres; it is
deeper, mainly below 40 metres, and open to depth; therefore,
potential edge effects need to be considered.
Auger Drilling & Pit Sampling: A total of
32 of the planned 74 auger holes at Ivana Central have now been
completed for a total of 272.1 metres drilled to date. Holes
are located every 400 metres along NE-SW fences, covering the
interpreted extent of the ancient drainage basin. Fences of holes
are spaced at 800 metre intervals. Analytical results from sampling
of the initial 26 holes display anomalous results for uranium,
vanadium, molybdenum, selenium and rhenium (sampling protocol
described below). The anomalous values detected are significant
from the exploration point of view as they collectively represent
potential indicators of proximity to a roll-front type uranium
system, similar to the Ivana deposit. The anomalies observed in the
suite of pathfinder elements are open towards the central and
western portions of the Ivana Central target, as well towards the
Ivana North target located few kilometres to the north (see Figure
3: https://bit.ly/2kIckJI). Auger holes were drilled with a power
auger to approximately 10 metres vertical depth. A homogenized
composite sample of material from each hole, and select specific
intervals, were collected for analysis and each hole was surveyed
with a down-hole radiometric probe where possible.
A total of 26 holes were surveyed using a calibrated Mount
Soupris radiometric probe and radiometric anomalies were detected
in a number of holes and at several different depths; some are open
to depth.
The program also encountered reduced carbonaceous alteration and
carnotite mineralization. Five sample pits were dug where carnotite
was observed. Two of these, at IC-CAL-2019_001 & 003 (see
yellow stars in Figure 1), exposed carnotite U-V mineralization
related to caliche with a non-radiometric response, suggesting the
mineralization is in disequilibrium and has recently been
remobilized; in one of the sample pits the mineralization remained
open to depth.
Assay Results
Samples for analysis were sent to Bureau Veritas Minerals of
Mendoza, Argentina for preparation
by drying, crushing to 80% passing 10 mesh and then pulverizing a
250g split to 95% passing 150 mesh. Pulps are being sent to Bureau
Veritas Commodities Canada Ltd. for analysis of 45 elements by
means of Inductively Coupled Plasma Mass Spectrometry (ICP-MS)
following a four-acid digestion (MA-200). Samples over 4,000ppm
uranium are re-assayed after phosphoric acid leach by Inductively
Coupled Plasma Electron Spectrometry (ICP-ES). Approximately every
10th sample a blank, duplicate, or standard sample is inserted into
the sample sequence for quality assurance/quality control (QA/QC)
purposes. No significant QA/QC issues were detected by the Company
during review of the data.
Qualified Persons
The results of the Company's exploration program were 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 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
for which a central processing facility could consolidate
production.
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
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.
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SOURCE Blue Sky Uranium Corp.