VANCOUVER, BC, Oct. 21, 2021 /CNW/ - Blue Sky Uranium
Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF), "Blue Sky" or
the "Company") reports today that the 3,500 metre reverse
circulation ("RC") resource advancement drilling program at its
Ivana deposit (September 28, 2021
News Release) is now underway with 50 holes totaling 293 metres
completed to date. Additionally, permits have been received to
complete the initial drilling program at the Ivana Central target,
which is the second tranche of a separate exploration drilling
program at the Company's wholly-owned Amarillo Grande
Uranium-Vanadium Project in Rio Negro
Province, Argentina ("AGP")
as announced on February 17,
2021. Further, interpreted analytical results for the
first tranche of the wide-spaced shallow exploratory drilling
program are reported. The aim of this initial drilling program is
to further assess the potential of the Ivana North and Central
target areas and to provide vectors to focus subsequent drilling
programs.
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"We are pleased that this latest program has given us
valuable information at Ivana North to help us target follow-up
drilling in the area. The elements identified by these
initial drill holes are very similar to the geochemical pathfinder
footprint at the Ivana deposit. The preliminary results from Ivana
Central are also very encouraging, and we look forward to
continuing the systematic exploration work which is progressing on
a similar path to that which led to the discovery of the Ivana
deposit ten kilometres to the south," stated Nikolaos Cacos, Blue Sky President &
CEO. "These results re-affirm the potential of Amarillo
Grande to become a multi-deposit uranium district."
The location of all 46 holes (1,870 metres) completed to date at
Ivana North and Central are shown on Figure 1, as well as the
distribution of planned holes yet to be completed at Ivana
Central. Table 1 includes summary results highlights for
all 40 holes drilled over a 20 square kilometre area at Ivana
North, as well as from the initial 6 holes drilled at Ivana
Central.
At Ivana North, anomalous low-grade (less than 100ppm) uranium
intercepts were returned in thirty percent of the holes completed,
often accompanied by anomalous pathfinder elements including
molybdenum and selenium (see Figure 2a-c). Based on the
similarities to the geochemical pathfinder footprint at the Ivana
deposit, the Ivana North results are interpreted to confirm the
potential for discovery of a REDOX front related uranium
mineralized system in the Ivana North area. The Ivana North
results have provided additional information for follow-up drill
targeting, which will be further evaluated and prioritized once the
first phase of Ivana Central drilling is completed.
Of the first six holes (286 metres) drilled at Ivana Central,
two intersected anomalous uranium, including 120 ppm
U3O8 over 1 metre at in hole AGIC-01.
Approximately 1,200 metres of the initial planned program remains
to be drilled at Ivana Central.
Drilling Program Details
The Ivana Central and Ivana North targets, located at 10 and 20
kilometres north of the Ivana deposit, respectively, are
interpreted as being located along the same regional REDOX front as
the Ivana deposit. Each target covers a large area of approximately
4 by 7 kilometres. The goal of this drilling program is to complete
wide-spaced fences of drill holes over the target areas to provide
below-surface information to assist in vectoring towards uranium
mineralization "trapped" along potential REDOX fronts. Comparable
REDOX fronts in other jurisdictions commonly host multiple uranium
deposits, either laterally along the front or as a series of
stacked REDOX fronts separated laterally and/or in depth.
The Company's strategy has been to deploy an initial ~1,500
metres of drilling at each of the Ivana North and Ivana Central
targets, followed by ~1,500 metres of follow-up detailed drilling
to better define areas with the best results at both targets. The
next stage of the exploration program will focus on completing the
initial drilling planned at Ivana Central.
The analytical results reported herein include 281 samples from
Ivana Central and 665 samples from Ivana North. Ivana Central
holes were sampled from top to bottom using a one metre sample
interval; selected one-metre intervals were sampled from the holes
drilled at Ivana North. The Ivana North samples were selected on
site by the geologist in charge based on one or more parameters,
including: radiometric anomaly detection by down-hole probe; the
presence of uranium or pathfinder elements indicated by handheld
XRF; observation of alteration signatures and/or visible
carnotite.
The Ivana North drilling program tested an area covering 4
kilometres by 5 kilometres on roughly 400 to 800 metre centres (see
Methodology section below for details). All holes were surveyed
with a calibrated radiometric probe.
Review of the analytical results to date indicate the presence
of uranium, vanadium and pathfinder element anomalies consistent
with sandstone type uranium deposits as seen at the Ivana
deposit. Anomalous uranium results range from 1.1 to 70.9 ppm
U3O8 at Ivana North; anomalous vanadium
results range from 17.9 to 1510.1 ppm
V2O5. As shown in Table 1,
approximately 30 percent of the holes at Ivana North returned
anomalous intervals of uranium at depths ranging from 2 to 50
metres below surface, with 4 drill holes (AGIN-04, -22, -24, and
AGIN-30) intersecting 2 or more stacked anomalous intervals.
Intervals with anomalous uranium range from 1 to 9 metres in
thickness and display variable uranium/vanadium ratios, as observed
for the Ivana deposit. This is interpreted to be a result of
remobilization of primary mineralization with low vanadium into the
near surface environment, where uranium precipitates as carnotite,
a uranium vanadate mineral. This interpretation is supported by the
results of the downhole radiometric probe survey.
Radiometric response from the probe did not show direct correlation
in all cases with analytical uranium content, a phenomena known as
"disequilibrium". Disequilibrium is known to occur where
uranium has been remobilized geologically recently and, for
example, precipitated as carnotite resulting in a weak, or no,
radiometric response. It had previously been detected at Amarillo
Grande in surface sampling work.
Geostatistical analysis has been carried out on the geochemical
exploration data from Ivana North. Elements which show
positive correlation with anomalous uranium values include cobalt,
copper, lanthanum, molybdenum, rhenium, selenium, and yttrium.
Molybdenum and selenium display the best positive correlation with
higher uranium values, a relationship also observed at the Ivana
deposit (see Figure 2a-c). The presence of lanthanum and
yttrium is currently interpreted to be related to a process prior
to mineralization where acidic water generated secondary porosity
and prepared the host rock for the entrance of the uranium-rich
underground waters from the regional mineralizing system. Overall,
initial geochemical patterns of uranium and pathfinder element
anomalies suggest potential vectors to prospective areas, as shown
on Figure 2, often peripheral to the initial drill grids, that will
require follow-up drill testing as the program progresses.
At Ivana Central only 6 of the planned holes have been
completed, with two returning anomalous intervals as shown in Table
1. Individual results range from 0.6 to 119.8 ppm
U3O8 and 12.5 to 299.9 ppm
V2O5. As a majority of the planned drilling
at Ivana Central remains to be finished, interpretation and
geostatistical analysis of the results is incomplete and will be
reported when additional assays are received.
Methodology and QA/QC
The 2021 drilling program was executed by AVG Falcon Drilling
using a ProminasTM R3H drill rig, a multipurpose direct circulation
hydraulic drilling rig on tracks. This drill was deployed to
address recovery issues with the previously used reverse
circulation drill rig; it produces wet chip samples which were
collected from sampling buckets every metre. Every hole was
surveyed with a calibrated radiometric Mount SoprysTM probe. An
additional geoelectrical SP-SPR survey was run on 32 holes in order
to approximate the location of geological contacts between
sedimentary units.
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. Pulps 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 (MA-200). Samples over 4,000 ppm
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. The QAQC internal assessment indicate that assays results
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 of 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.