05.03.2018

Blue Sky Uranium Announces Initial Mineral Resource Estimate for Ivana Deposit, Amarillo Grande Uranium-Vanadium Project, Argentina

Vancouver, BC / Globe Newswire / March 5, 2018 / Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL2; OTC: BKUCF), „Blue Sky“ or the „Company“) is pleased to announce the initial independent mineral resource estimate for the Ivana Deposit at the Company’s 100% owned Amarillo Grande uranium-vanadium project, in Rio Negro Province, Argentina.

Highlights

  • Inferred mineral resource estimate of 23.9 million tonnes averaging 363 parts per million (“ppm”) U308 containing 19.1 million pounds of U3O8 at a 100 ppm uranium cut-off.
  • Mineralization at Ivana is hosted by loosely consolidated sediments from surface to 24 metres depth; it is expected that resources would be extracted via open-pit methods
  • Metallurgical and beneficiation test work in progress to provide additional data for a maiden Preliminary Economic Assessment in 2018
  • The Ivana deposit remains open for expansion
  • Additional resource potential exists in the Ivana area and throughout the 140-km long trend at the Amarillo Grande project

“This first resource estimate represents the biggest uranium discovery in Argentina in the last 40 years and it represents for Blue Sky a major step towards our goal of defining a low-cost regional-size uranium producing district,” commented Nikolaos Cacos, Blue Sky President & CEO. “We are excited to move forward with a preliminary economic assessment this year, particularly as the project remains open for expansion.”

A NI 43-101 Technical Report supporting disclosure of this mineral resource and containing additional details will be filed by Blue Sky on SEDAR within 45 days of this press release.

Results from ongoing metallurgical studies and preliminary beneficiation studies are expected by the end of the first quarter.This data will contribute to a Preliminary Economic Assessment (PEA) for the Ivana deposit, which is expected to be completed before the end of the year.

The arcuate (“C”) shape of the Ivana deposit is believed to represent a preserved sector of a regional mineralized redox-front, which often include more than one deposit. Therefore, follow-up drilling programs will test for lateral extensions to the currently defined deposit, as well as previously recognized local targets identified by airborne and hand-held radiometric surveys and geological modeling.

Ivana Location, Geology and Metallurgy

The Ivana deposit is located in the southernmost of three target areas that comprise the Amarillo Grande Uranium-Vanadium project.The project has year-round access through a well-maintained gravel road, and is in a semi-arid area with low rainfall and population density.Mineralization was first identified at Ivana after field follow-up of a 2010 regional high-resolution airborne radiometric and magnetic survey.

The Ivana deposit displays characteristics of surficial-type and sandstone-type “roll front” uranium-vanadium deposits. Mineralization at Ivana includes primary coffinite and uraninite, in pore spaces of poorly-consolidated sandstones and conglomerates, in addition to peripheral secondary carnotite, which occurs interstitially to and coats pebbles and clasts in loosely consolidated sandstones and conglomerates.The Amarillo Grande project is believed to have district-scale potential for discovery of similar styles of mineralization.

 

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