August 1, 2018
Blue Sky Uranium Updates Activities at Amarillo Grande Project, Argentina
Vancouver, BC / Globe Newswire / August 1, 2018 / Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL2; OTC: BKUCF), „Blue Sky“ or the „Company“) is pleased to provide an update on activities at its wholly-owned Amarillo Grande Uranium-Vanadium project in Rio Negro, Argentina.The Company is currently engaged in completing metallurgical testing to support the Preliminary Economic Assessment (PEA) study it plans to complete by year-end, as well as conducting exploration work to identify and delineate additional resources.Recent and upcoming work programs include:
- PEA for the Ivana deposit
- Preliminary mineralogical testing completed by the Saskatchewan Research Council (“SRC”) laboratory
- Metallurgical and process test work underway at SRC
- Exploration to expand resources/identify new mineralization
- Ongoing auger drilling program in the Ivana area to delineate anomalous radiometric areas for follow-up with reverse circulation (RC) drilling 1000+ metre step-out (RC) drill program planned in the Ivana deposit area
“The recent announcement from Cameco to suspend production at the McArthur River mine reflects the current supply-demand imbalance conditions for uranium, but we believe it will achieve its goal of supporting the return to a sustainable uranium market,”commented Nikolaos Cacos, Blue Sky President & CEO.“We continue with our strategy to advance our exploration and PEA program work at Amarillo Grande so that we are positioned to capitalize on that return for our shareholders.”
PEA for the Ivana Deposit
Under the guidance of the Company’s Technical Advisor, Chuck Edwards, a new representative composite sample of uranium-vanadium mineralized material from the Ivana deposit has been made and submitted to The Saskatchewan Research Council (SRC) for mineralogical, metallurgical and process engineering work.SRC is one of Canada’s leading providers of applied research, development and demonstration (RD&D) and technology commercialization, including specific expertise in uranium.With over 71 years of RD&D experience, SRC provides products and services to its 1,500 clients in 20 countries around the world. SRC is an ISO 9001:2015 certified company.
The objectives of the work at SRC include confirming the balance of uranium and vanadium in the ore preparation, and optimizing the leach extraction rate and recovery.The work will include QEMSCAN® quantitative mineralogy testing and customized leach experiments. Preliminary QEMSCAN® mineralogy was conducted in June and has aided in the design of the current metallurgical and process testing. Results from the program will be used to design the flowsheet which will be incorporated into the PEA.
Coincident with the PEA work, Blue Sky continues to explore proximal to the Ivana deposit in order to expand resources, under the direction of Guillermo Pensado, Vice President, Exploration & Development for Blue Sky. To date, the Company has completed 425.5 metres of shallow auger drilling in 110 holes to test for extensions to the Ivana deposit; ongoing auger drilling will continue to test for deposit extensions as well as for new areas of mineralization on the greater Ivana property group.Radiometric probe results from the current program are being processed and will be reported in the near future.In addition, the Company is planning a 1,000+metre step-out drill program around the Ivana deposit, which is expected to commence in mid-August, to follow-up on the auger drilling program.
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 Project includes several major target areas over a 145-kilometre trend, with uranium and vanadium mineralization in loosely consolidated sandstones and conglomerates, 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 be evaluated.The Ivana deposit is the cornerstone of the Project and the first area to have a NI 43-101 Inferred Resource estimate, which includes 23.9 million tonnes averaging 0.036% U308 and 0.019% V2O5, containing 19.1 million pounds of U3O8 and 10.2 million pounds of V2O5, at a 100 ppm uranium cut-off (Thorson et al., April 18th 2018 filed on SEDAR).
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