TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, BC, Sept. 26,
2022 /CNW/ - Blue Sky Uranium Corp. (TSXV:
BSK) (FSE: MAL2) (OTC: BKUCF) ("Blue Sky" or the
"Company") is pleased to announce that the Company is
launching a comprehensive field exploration program at the Cateo
Cuatro sector to refine drilling targets, and has advanced the
Ivana East target to the drill-testing stage. The Ivana East target
is 10km east of the Ivana deposit while Cateo Cuatro is located
32km to the southwest. These important targets have been
prioritized by the Company as part of its strategy aimed at
defining additional uranium deposits within the 145km long and
wholly owned Amarillo Grande Uranium-Vanadium Project in
Rio Negro Province, Argentina ("AGP").
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As reported on November 2, 2020,
these target areas were identified through Blue Sky's ongoing
detailed review and reinterpretation of over 15 years of geological
data and classification of compelling targets with high potential
for uranium-vanadium mineralization like the Company's cornerstone
Ivana deposit (see Figure 1).
Nikolaos Cacos, Blue Sky
President & CEO commented, "These two targets show
significant similarities to the geological environment present at
our Ivana deposit, which it is advancing towards prefeasibility
studies. The definition of both targets represents the results of a
persistent comprehensive exploration program along the district
scale Amarillo Grande Project, and their location close to the
Ivana Deposit may represent a potential for the discovery of a
cluster of deposits."
The Cateo Cuatro target area was initially prospected in 2013,
with preliminary mapping, auger drilling, and water sampling
completed at that time. The recently launched comprehensive
exploration program at Cateo Cuatro will include geological
mapping, auger drilling, radiometric surveying, seismic and/or IP
tomography surveys and reverse circulation ("RC") drilling. The
Ivana East target was also initially identified in 2012 through an
airborne radiometric survey. At that time limited, surface
radiometric surveying and auger drilling were carried out and
seismic and IP-tomography surveys were completed in 2021; Ivana
East is ready for initial RC drill testing. Drilling at both
targets will be carried out after the Cateo Cuatro field work is
complete.
Detailed Target
descriptions
Ivana East:
The Ivana East target is located 10km northeast of the Ivana
deposit, in the southern portion of the Amarillo Grande project.
The area was initially identified in 2012 by airborne radiometric
surveys which detected NW-SE elongated anomalies that were followed
up by limited hand-held ground radiometric surveys and auger
drilling. The follow-up hand-held radiometric survey confirmed
surface anomalies and led to the drilling of 13 shallow auger holes
to a maximum of 4.35m depth with no
down-hole radiometric anomalies detected.
A geological review in 2019 and 2020 established that the area
exhibits geological similarities to the Ivana deposit setting with
the interpretation that sediments of the uranium host Chichinales
Formation unconformably overly intrusive and metamorphic basement
rocks at relatively shallow depth. Two different geophysical
surveys were conducted over the target for the indirect
confirmation of this geological relationship, which is interpreted
to have potential for hosting blind basal channel uranium
mineralization, similar to the Ivana deposit (see Figure 2).
Radiometric anomalies on surface ranging up to 1831 counts per
second (cps) are interpreted as remobilized uranium precipitated by
evaporation at surface; the uranium source potentially being
related to leaching from blind uranium mineralization at depth
close to the unconformity contact between the basal conglomerate
member of the Chichinales formation and the underlying basement
rock. This is analogous to the geological relationship present at
the Ivana deposit where the component main uranium mineralization
was defined, 10 km to the west of Ivana East.
Two 4km induced polarization (IP) pole-dipole tomography survey
lines were run over the central portion of the Ivana East target
where radiometric anomalies had been detected on surface. The
survey was run by Geofísica Argentina S.A. using a transmitter VIP
5000 and receptor Iris Elrec Pro (10 channels/time domain),
applying a "roll along" array. The pseudo-sections display a
similar pattern to those from over the Ivana deposit.
The chargeability/resistivity pseudo sections indicate the
presence of flat-lying high conductivity horizons, interpreted as
high porosity, water filled, sands and conglomerates of the
Chichinales formation, overlaying lower conductivity units
potentially representing the basement rocks. Very low conductivity
horizons observed at surface are interpreted to represent calcrete
units, common in the area. The chargeability pseudo-sections
show subtle high features within the high conductivity horizons
like those observed at Ivana deposit, believed to relate to zones
containing oxidized pyrite and organic matter which are related to
uranium mineralization (see Figure 3).
A seismic tomography refraction survey was also carried out at
Ivana East by Geoservicios that used a Mae Instruments Advanced
SYSMATRACK device and geophones with high sensitivity (80 V/m/s
4.5Hz) and central frequency. The data was collected from four
profiles, between 1.2 and 1.4km each with length between stations
of 120m, using 24 geophones separated
5m apart.
The data collected were P-waves and multi-analysis superficial
waves (MASW) and the properties obtained were velocity of P and S
waves (Vp and Vs). Pseudo-sections for parameters Vp, Vs and Vp/Vs
were generated. They are interpreted to display changes in the
physical characteristics of the subsurface geology allowing a
geological model to be constructed (see Figure 4).
This methodology had not been applied before at the Amarillo
Grande project and therefore a reference test line was completed
over the Ivana deposit where the geology is already known in
detail. The results showed excellent definition at shallow depths
when rock units with highly contrasting density are present; at the
Ivana deposit poorly consolidated sediments overlie igneous and
metamorphic basement rocks. Similar geological conditions are
interpreted to be present at Ivana East target, and are also
observed at Cateo Cuatro target.
The survey at Ivana East comprised three lines with some
overlap, collectively covering a total of 4km. The
pseudo-sections for the different parameters (Vp, Vs and Vp/Vs)
were used to interpret the different type of rocks present and
generate a geological model with a significant level of detail for
50 to 100m below surface (see Figure
5).
The interpreted geologic section comprises basement rock at
depth unconformably overlain by a package of sedimentary rocks
increasing in thickness to the east. Within the sediment
package, it was possible to interpret coarse grain sedimentary
horizons (conglomerates and sands) as well as fine-grained horizons
likely related to tuffaceous sand, siltstone, and claystone. These
sequences are interpreted as basal and middle member of the
Chichinales formation, respectively, which may be interbedded to
the east with Bajo del Gualicho lacustrine sediments where the
sedimentary wedge thickens.
The IP and seismic targets at Ivana East with similar signatures
to the Ivana deposit are interpreted to be between 10m and 30m depth
and will be tested with an upcoming RC drilling program.
Cateo Cuatro:
The Cateo Cuatro target area is located 32 kilometres southwest
of the Ivana deposit and was initially recognized in 2012. Field
work at that time included mapping, hand-held radiometric
surveying, soil and pit sampling, and auger drilling. A total of 55
auger holes were drilled and surveyed with a down-hole radiometric
probe in 2013 in the southern portion of the target area. The auger
holes were shallow, with an average depth of 4.0m and a maximum depth of 9.5m. The holes were surveyed using a calibrated
Mount Sopris radiometric probe which detected anomalies ranging
from 70 to 1575 cps related to altered sandstones; some of the
anomalies were open to depth.
The current geological model based on public aeromagnetic
surveys indicates the presence of a NE-SW basin filled by
Tertiary-aged Chichinales Formation fluvial sediments unconformably
overlying basement rocks of the North Patagonian
metamorphic/igneous complex or Cretaceous redbeds of the Neuquen
Group (see Figure 6).
The previously completed auger holes encountered a variety of
alteration patterns in Chichinales Formation sandstones, pebbly
sandstones and carbonaceous sandstones interpreted to reflect
proximity to a REDOX front like the one observed at the Ivana
deposit (see Figure 7). The planned exploration program includes
geological mapping, geochemistry and radiometric surface surveys,
auger drilling in prospective areas, seismic and/or IP geophysical
surveys, followed by RC drilling.
Corporate Update: New Stock Option
Plan and Equity Incentive Plan
On August 12, 2022, the Company
adopted a 10% rolling stock option plan (the "Stock Option Plan")
and a restricted share unit, performance share unit and deferred
share unit plan (the "Equity Incentive Plan"). The number of common
shares of the Company reserved for issuance under the Stock Option
Plan cannot exceed 10% of the number of common shares of the
Company that are outstanding on each applicable grant date, and
18,569,380 common shares of the Company are reserved for issuance
under the Equity Incentive Plan.
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 project to prefeasibility level.
For additional details on the project and properties, please see
the Company's website: www.blueskyuranium.com.
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.
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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