Blue Sky Reported Phase I RC Drilling Results from Ivana Target on Amarillo Grande Surficial Uranium-Vanadium Project

Blue Sky Uranium Corp. reported complete results from the Phase 1 reverse circulation (RC) drilling program at Ivana, the first of three targets to be drilled in 2017 on the Amarillo Grande uranium-vanadium project, in Rio Negro Province.

This is the first drill program at the Ivana target, and it successfully outlined a large area of elevated uranium, within twenty metres of surface, measuring approximately two kilometres square. Within this area multiple higher-grade uranium-vanadium mineralized intervals were intercepted, predominantly in the west-central and east-central part of the drilled area. Delineating the dimensions and average grades of these potential mineralized corridors will be a key priority of the next phase of drilling, as will testing for potential extensions, particularly along the northeastern flank of the area drill-tested in Phase I.

Highlights include:

  • 910 ppm U3O8 over 6.0m in Hole AGI-88
  • 626 ppm U3O8 over 6.0m in Hole AGI-05

The planned 3,000 metre reverse circulation drill program is continuing. Drilling at the Anit target has been completed, with a total of 1,170 metres in 83 holes. The drill rig is now being mobilized to the Santa Barbara target at the northwest end of the Amarillo Grande project.

«We are pleased to be making progress in understanding the controls on uranium-vanadium mineralization at Amarillo Grande» stated Nikolaos Cacos, Blue Sky President & CEO. «We look forward to the balance of results from Phase I and to commencing Phase II.»


Ivana Drill Program Technical Summary

The Ivana target is located at the southern end of the 140-kilometre long trend which comprises the 250,000-hectare Amarillo Grande project. This first RC drilling program at Ivana included 1,390 metres in 98 holes. Uranium-vanadium mineralization at Ivana is believed to be related primarily to carnotite mineralization, a secondary leachable uranium mineral. Visible carnotite has been observed in a number of the drill holes completed to date. Sixty-five percent of the holes completed at Ivana contained at least 30ppm U3O8 over a minimum of 1.0 metre, with uranium values ranging from below detection (<0.1ppm) up to 2,316 ppm U3O8 (or 0.23% U3O8), and vanadium values ranging from below detection (<1ppm) up to 1,892 ppm V2O5 (or 0.19% V2O5).

The current drilling at Ivana tested a 3.5 km by 2.0 km area that had been previously identified by the Company through radiometric surveys, surface sampling and auger holes surveyed by radiometric probes. The RC drilling program has shown that higher-grade uranium-vanadium mineralization appears to be open to the east and that hole-to-hole continuity of mineralization is greater on the northeastern flank of the drilled area. Lithological drillhole interpretation indicates that areas of elevated uranium-vanadium mineralization correlate with sand-rich domains and that interfingered clay-dominant strata are much less likely to be mineralized. The drilling in this area of the Ivana target has allowed the Company to compile stratigraphic sections of the prospective sedimentary succession above the basement which will be of assistance in ongoing exploration of the area.

Based on these positive results, the exploration team is preparing a follow-up exploration program for Ivana that includes a second RC drilling campaign.


About the Amarillo Grande Project

This new uranium district was first identified, staked and underwent preliminary exploration by Blue Sky from 2007 to 2012 as part of the Grosso Group’s strategy of adding alternative energy focus to its successful portfolio of metals exploration companies. The close proximity of several major targets suggest that if resources are delineated a central processing facility would be envisioned. The area is flat-lying, semi-arid and accessible year round, with nearby rail, power and port access.

Mineralization identified to date represents a Surficial Uranium style of deposit, where carnotite mineralization coats loosely consolidated pebbles of sandstone and conglomerates. Carnotite is amenable to leaching, and preliminary metallurgical work indicates that the mineralized material can be upgraded using a very simple wet screening method. The near-surface mineralization, ability to locally upgrade, amenability to leaching and central processing possibility suggest a potentially low-cost development scenario for a future deposit.

Rio Negro Province is host to several facilities related to the nuclear industry. Furthermore, the Provincial government recently launched in conjunction with the Federal government the construction proposal of the 5th Nuclear Plant in Argentina at its territory. This is the concretion of the Strategic Plan 2015-2025 as published by the Argentina Atomic Energy National Commission (CNEA), which includes a strategic objective «To ensure the supply of domestic uranium for nuclear power plants in operation, under construction and planned

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