TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, Nov. 15, 2018 /CNW/ - Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL2; OTC: BKUCF, "Blue Sky" or the "Company") is pleased to report high grades of uranium and vanadium in initial pit samples located a kilometre west of the Ivana Uranium-Vanadium deposit on its wholly-owned Amarillo Grande Project in Rio Negro, Argentina. Pit sampling and auger drilling is ongoing in the area west of the Ivana deposit.
"These results further demonstrate the expansion potential of the Ivana deposit, this time to the west, and the ongoing pitting and auger drilling program has the possibility of significantly expanding the footprint of this new mineralized area," stated Nikolaos Cacos, Blue Sky President & CEO."
Highlights of results from channel samples collected from pit walls with significant uranium or vanadium mineralization include:
- 5,032 ppm U3O8 & 323 ppm V2O5 over 1.7 m at AGI-CAL26,
- Including 10,658 ppm (1.07%) U3O8 and 566ppm V2O5 over 0.5 m
- 1,420 ppm U3O8 & 539 ppm V2O5 over 2.1 m at AGI-CAL36,
- Including 3,931 ppm U3O8 and 1,055 ppm (0.1%) V2O5 over 1.1 m
- 1,082 ppm U3O8 & 503ppm V2O5 over 2.0 m at AGI-CAL10,
- Including 2,453 ppm U3O8 and 950ppm V2O5 over 0.6 m
- 510 ppm U3O8 & 457ppm V2O5 over 2.0 m at AGI-CAL39,
- Including 1,290 ppm U3O8 and 782ppm V2O5 over 0.8 m
- 489 ppm U3O8& 355 ppm V2O5 over 2.0 m at AGI-CAL37,
- Including 867 ppm U3O8and 500 ppm V2O5 over 1.0 m
The brownfields pit sampling program is on-going, with a total of 133 pits planned. A map of the pits completed and currently planned is shown in Figure 1 (https://bit.ly/2zPCkGz). To date, analytical results have been received from 39 pits, 35 of which cover an area of approximately 1 kilometre by 500 metres, with the remaining 4 being from a second larger grid to the north. The pits were dug from surface down to a maximum of 2.1 metres. Pits revealed that uranium and vanadium mineralization is commonly present in the area below a 40 to 60 centimetre veneer of un-mineralized soil; the mineralization is hosted in unconsolidated sediments or regolith from underlying basement units.
These results demonstrate that the Ivana Uranium-Vanadium deposit is open for lateral expansion to the west of the current mineral resource (Thorson et al., April 18th 2018, filed on SEDAR), in addition to the southern expansion potential recently demonstrated by step-out drilling (see news release dated October 9th, 2018: https://bit.ly/2JYgS6V). Table 1 (https://bit.ly/2B339sy) contains all significant intervals (>1m averaging >30ppm U3O8 or >250ppm V2O5) as well as pit location information.
Methodology and QA/QC
Pits were situated on an approximate 100 metre by 100 metre grid. Pits were dug by hand to a maximum depth of 2.1 metres. Sampling was done via composite channel sampling whereby each of the 4 pit walls were sampled by continuous chipping of material over a specified interval covering a defined lithological bed.
Samples are being sent to Bureau Veritas Minerals of Mendoza, Argentina for preparation by drying, crushing to 80% passing 10 mesh and then pulverizing a 250g split to 95% passing 150 mesh. Pulps are being sent to Bureau Veritas Commodities Canada Ltd. for analysis of 45 elements by means of Inductively Coupled Plasma Mass Spectrometry (ICP-MS) following a four-acid digestion (MA-200). Samples over 4,000ppm uranium are re-assayed after phosphoric acid leach by Inductively Coupled Plasma Electron Spectrometry (ICP-ES). Approximately every 10th sample a blank, duplicate, or standard sample is inserted into the sample sequence for quality assurance/quality control (QA/QC) purposes. No significant QA/QC issues were detected by the Company during review of the data.
The results of the Company's drilling program were reviewed, verified (including sampling, analytical and test data) and compiled 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 Project includes several major target areas over a regional trend, with uranium and vanadium mineralization in loosely consolidated Tertiary 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 consolidate production. 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.
Mineralization at Amarillo Grande has characteristics of sandstone-type and surficial-type uranium-vanadium deposits. The sandstone-type mineralization is related to a Tertiary braided fluvial system and indicates the potential for a district-size system. In the surficial-type deposits, carnotite mineralization coats loosely consolidated pebbles, and is amenable to leaching and simple upgrading.
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.
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. Blue Sky holds 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, 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 including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. 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. 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.
SOURCE Blue Sky Uranium Corp.
For further information: Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email: [email protected]