TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, BC, June 17,
2024 /CNW/ - Blue Sky Uranium Corp. (TSXV:
BSK) (FSE: MAL2) (OTC: BKUCF), "Blue Sky" or the
"Company") is pleased to announce the acquisition of two
new projects totaling nearly 80,000 hectares that are prospective
for discovery of uranium deposits amenable to In Situ Recovery
("ISR") in the Neuquén Basin of Argentina (see Figure 1). These
acquisitions represent a strategic initiative to broaden the
Company's medium to long-term prospects for discovery of additional
uranium mineral resources.
Highlights:
- Option to earn a 100% in the ~20,000-hectare Corcovo project in
the eastern part of the Neuquén basin within the province of
Mendoza:
- Capitalizes on new mining promotion initiatives from the
provincial government.
- The state-owned National Atomic Energy Commission
("CNEA") identified uranium exploration potential in this
area.
- Uranium radiometric anomalies detected at depth in oil and gas
wells, with geologic conditions consistent with those hosting ISR
uranium deposits.
- 100% control of the ~60,000-hectare Chihuidos Project in the
centre of the Neuquén basin, in the province of Neuquén:
- Initially recognized by CNEA in the 1960´s and 70´s; more
recently explored by Cameco Corp., in joint venture with Calypso
Uranium Corp. in the early 2000's.
- Situated on a topographic high surrounded by airborne
radiometric anomalies and surface uranium occurrences, providing
potential for a preserved uranium mineralized system at depth.
Blue Sky has initiated the permitting process for field
programs. At the same time, the Company is working to
identify and prioritize prospective targets for future exploration
and drill testing by updating and verifying the database for both
projects, which include publicly available bore-hole surveys and
seismic 2D/3D surveys from historic oil and gas ("O&G")
exploration.
Nikolaos Cacos, Blue Sky
President & CEO commented, "Within our flagship Amarillo
Grande Project ("AGP") we have the Ivana deposit moving into
the prefeasibility stage, and multiple established exploration
targets that are ready for the next steps. So it is time for us to
look to expand our longer-term project pipeline, particularly with
the strong support we are seeing for the uranium market.
Similar to the surficial mining targets at AGP, ISR-amenable
uranium deposits provide the opportunity for low-cost, low-impact
production and the potential for shorter development timelines. Not
surprisingly, ISR is the most commonly used production method in
uranium mining globally, and projects amenable to these recovery
methods are highly sought after for future production. Both Corcovo
and Chihuidos provide us with excellent prospects for identifying
ISR-amenable uranium resources and we look forward to repeating the
exploration success that we have had at AGP."
With these new strategic acquisitions, BSK reinforces its
position as a key player in uranium exploration in Argentina. The Company now controls more than
480,000ha (or 4,800sq km) with the potential for uranium resources
in Rio Negro, Chubut, Neuquén, and Mendoza provinces. The Amarillo
Grande Project is the Company's cornerstone district-scale uranium
project, including Argentina's
largest (NI 43-101) mineral resource estimate for uranium with a
significant vanadium credit, and a positive recent preliminary
economic assessment.
About In-Situ Recovery Uranium
Deposits
The World Nuclear Association summarizes the process of in
situ recovery mining (also known as solution mining or in situ
leaching ("ISL") as "leaving the ore where it is in the
ground, and recovering the minerals from it by dissolving them and
pumping the pregnant solution to the surface where the minerals can
be recovered. Consequently, there is little surface disturbance and
no tailings or waste rock generated."
To use ISR techniques, the mineralization needs to be hosted
within a confined aquifer formed by permeable sediments, like
sandstones, sealed above and below by impermeable layers like
claystone. These layers confine the native groundwater, which is
naturally elevated in uranium and other metals, and precipitation
of the minerals can occur. The mining procedures injects an agent,
in most cases an oxidant, and uses the same native groundwater to
oxidize and re-dissolve the uranium. Once in solution, the uranium
is pumped to the surface and recovered in a resin/polymer ion
exchange or liquid ion exchange (solvent extraction) system. The
final product is a uranium precipitate usually known as
yellowcake.
The Neuquén Basin
The Neuquén basin is comprised of a +7,000m thick marine and continental sedimentary
sequence formed in the Upper Triassic to Middle Tertiary periods.
The basin is recognized for its conventional and unconventional oil
and gas resources and production. Uranium occurrences are present
at different stratigraphic levels throughout the basin. The known
occurrences are related to Cretaceous red-beds, such as: the
historical uranium-copper-vanadium producing mines of Huemul and
Agua Botada to the north in Mendoza province; the Rahue-Co,
Cerro Mesa, Campesino Norte and Las
Carceles uranium-copper-vanadium occurrences in the central region
in Neuquén province; and the new uranium-vanadium Amarillo Grande
district discovered by Blue Sky in 2006 to the south, in Rio Negro
province. More recently, the presence of uranium mineralization was
identified to the east, in La Pampa province, the same region where
the Corcovo project is located in the adjacent area of Mendoza
province.
The Corcovo Project and Option
Agreement
The Corcovo Project is comprised of two adjacent exploration
properties totalling approximately 20,000 ha at the northeastern
edge of the Neuquén basin (see Figure 1). The project is in Mendoza
province, within the Western Malargüe Mining District
("MDMO"). The government of Mendoza has launched a new
vehicle to support development in the province, with a particular
focus on mining as a key to both the clean energy transition and
growth of local economies (www.impulsamendoza.com.ar). Within
this vehicle, the MDMO has been studied and identified as a region
very suitable for mining development due to high geological
potential and low competition for land or water use. The
result is an initiative to speed up and de-bureaucratize procedures
for project approvals.
The Corcovo option agreement includes the right to acquire a
100% interest in both tenures under the following terms:
- Payment of US$400,000 in 5
installments over 3 years.
- A 1% NSR payable to the vendor, on both properties, which
Blue Sky has the right to buy back for a total of US$500,000.
- A payment of US$500,000 to the
vendor if the project achieves commercial production.
The project covers a flat area at the southernmost edge of a
Quaternary volcanic plateau situated approximately 600 metres above
sea level ("masl"). This plateau overlays older sequences of
the Neuquén Basin. In this region, the geological formation creates
a natural trap for hydrocarbons, which migrated from central basin
through porous sandstone horizons or "carriers". This hydrocarbon
migration may represent the oxidation-reduction front required for
uranium accumulation, potentially forming economic deposits. The
presence of lacustrine shales, which overlay the sandstone units,
acts as barrier, preventing the migration of hydrocarbons and
uranium.
This model was initially recognized by CNEA and followed by a
pioneer exploration team prospecting uranium mineralization
throughout the Neuquén basin using O&G borehole radiometric
data, acquired from Argentine government public databases, as a
vectoring prospecting tool. Those surveys exposed uranium anomalies
at the Corcovo area associated with the unconformity between
Cretaceous units, (Rayoso and Neuquén groups) which are found at
depths from 200m to 600m below surface. The presence of uranium
anomalies related to high-porosity units, sealed by fine sediments,
represents prospective geological conditions for exploring for ISR
uranium deposits.
The Chihuidos Project
The Chihuidos project is comprised of six exploration property
units totaling almost 60,000 hectares which are 100% controlled by
Blue Sky and were acquired by staking. These cover the core
zone of the O&G producing Neuquén basin (see Figure 1). The
Chihuidos project covers a topographic high surrounded by airborne
radiometric anomalies to the north and to the east previously
detected by Calypso Uranium Corp. and related to uranium
occurrences known as Cerro Mesa and
Las Carceles. The project is located 60km west of Añelo city,
considered the capital of the unconventional gas production in
Argentina.
This range (~1300 masl) comprises a sequence of asymmetrical
folded sediments, gently dipping to the east. The erosive windows
Cerro Mesa and Las Carceles (~850
masl) to the east and north expose the uranium occurrences related
to Cretaceous continental sediments of the Rayoso and Neuquén
Groups. Within these units, the uranium mineralization is observed
as lenses or tabular bodies hosted by channel-fill sandstones and
fine conglomerates, interbedded between fine sediments. The
mineralization is associated in both Groups with bleaching
alteration, commonly 6 to 10m thick,
and associated with organic matter or bitumen, representing the
reductant required for uranium precipitation. Radiometric anomalies
are also detected at depth in many of the O&G wells drilled in
the area.
The exploration potential of this project is related to
demonstrating continuity at depth of the uranium occurrences and
airborne radiometric anomalies present on surface at the
topographic lows surrounding the project. Those mineralized
horizons are expected to be found as preserved uranium systems at
depth, within gently-dipping permeable sandstone and limited by
impermeable claystone or siltstones, also providing the basic
required conditions for ISR mining techniques, as described
above.
Qualified Persons
The contents of this news release have been reviewed and
approved by 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.
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.
For additional details on the Company's projects and properties,
please see the Company's website: www.blueskyuranium.com.
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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