Vancouver, BC / Marketwired / September 18, 2017 / Blue Sky Uranium
Corp. (TSX-V: BSK, FSE: MAL2; OTC: BKUCF), "Blue Sky" or the "Company")
is pleased to report Phase I Extension reverse circulation (RC) drilling
results for the Ivana target and the Phase I results from the remainder of
the Amarillo Grande uranium-vanadium project, in Rio Negro Province,
Argentina (see Map 1:
https://www.blueskyuranium.com/assets/news/2017-09-18-nrm1-bsk-g97x6f.pdf).
At the Ivana target, RC drilling on the eastern flank of the
previously-reported Phase I drilling area (June 19, 2017 News Release) has
defined a
strongly mineralized corridor that extends more
than
2 kilometres in a northeast direction, is between 200
and >400 metres wide, up to 20 metres thick, and is open to expansion to
the southeast and to the north (see Map 2:
https://www.blueskyuranium.com/assets/news/2017-09-18-nrm2-bsk-g97x6f.pdf). This largely continuously mineralized zone includes a higher-grade core
zone over one kilometre in length, which includes drill intercepts of up to
3,136 ppm U
3O8 over one metre (AGI-0100). Strong
uranium grades are also present within the interpreted southeastern
extension (942ppm U
3O8 over one metre in AGI-0124);
and, the northern extension (817ppm U
3O8 over one
metre - AGI-0138).
Highlights include:
-
1,861 ppm U3O8 over 3 m
- within 405 ppm U3O8 over 20 m in
AGI-0100
-
1,410 ppm U3O8 over 1 m
- within 571 ppm U3O8 over 6 m in
AGI-0120
-
942 ppm U3O8 over 1 m
- within 575 ppm U3O8 over 3 m in
AGI-0124
-
877 ppm U3O8 over 1 m
- within 423 ppm U3O8 over 7 m in
AGI-0119
-
835 ppm U3O8 over 1 m
- within 447 ppm U3O8 over 6 m in
AGI-0137
-
814 ppm U3O8 over 1 m
- within 570 ppm U3O8 over 5 m in
AGI-0099
-
647 ppm U3O8 over 1 m
- within 420 ppm U3O8 over 5 m in
AGI-0131
"
These results represent a significant new uranium-vanadium discovery
," stated Nikolaos Cacos, Blue Sky President & CEO.
"We have always held the belief that Blue Sky's Amarillo Grande
project, covering 269,000-hectares, has district-wide potential for
uranium-vanadium discovery - and these results confirm that. We thank
our technical team, led by Guillermo Pensado, and our shareholders for
their patience and perseverance."
Most of the uranium-vanadium found to date at Ivana and elsewhere on the
Amarillo Grande property has consisted of carnotite mineralization in a
surficial deposit type setting. Examples of surficial uranium deposits
include Langer Heinrich in Namibia, which has Proven and Probable ore
reserves and stockpiles with an average grade of 471 ppm U
3O8
[1]
and in in the 9 months ending in March 2017 had C1 unit cash costs of
US$17.51/lb U
308.
[2]
In some of the recent strongly mineralized holes at Ivana, potentially
primary mineralization was observed and the deposit style appears to
include more characteristics of sandstone-type deposits. Sandstone deposits
represent approximately 18% of world uranium resources, with grades of
typically 0.05 to 0.35% U. These deposits are a leading source of uranium
production in Kazakhstan, the USA and Niger
[3]
.
The Company has commenced additional geophysical surveys and RC drilling to
expand the strongly mineralized corridors identified to date at Ivana.
Metallurgical testwork is also progressing.
Drill Program Technical Summary:
The 269,000-hectare (~665,000 acre) Amarillo Grande project spans a
140-kilometre long trend along which a number of areas of uranium-vanadium
mineralization have been identified. From northwest to southeast there are
three primary outcropping target areas named Santa Barbara, Anit and Ivana.
This Phase 1 and Phase 1 extension RC drilling program included a total of
3,730 metres of RC drilling in 256 holes. A complete list of weighted
average intervals >30ppm U
308 in all holes, as
well as hole location data can be viewed here:
https://www.blueskyuranium.com/assets/news/2017-09-18-nrt-bsk-g97x6f.pdf.
The majority of holes are vertical and, as such, reported mineralized
intercepts are believed to approximate true thickness.
Ivana Target
The first 98 holes from Ivana were previously reported in the Company's
news release dated June 19
th, 2017. Based on the first set of
results, a follow-up program was designed, including additional electrical
tomography (ET) geophysical surveying and 60 RC drill holes totaling 858
metres, to further define an area with elevated uranium-vanadium on the
eastern flank of the previously-drilled area. Overall, approximately
two-thirds (104) of the 158 holes at Ivana returned intervals of at least
one metre of more than 30 ppm U
3O8 and
grades ranged as high as 3,136 ppm over 1 metre. The mineralized area now
covers approximately 3,400 metres x 1,300 metres with depths to 23 metres,
including higher-grade zones. Map 3 shows drill holes with collars coloured
by intercept grade and grade x thickness (U
3O8 x m)
contours:
https://www.blueskyuranium.com/assets/news/2017-09-18-nrm3-bsk-g97x6f.pdf. Along Line 9 between holes AGI-053 and AGI-102 the continuous mineralized
corridor extends over approximately 2 kilometres with mineralized
thicknesses ranging between 3 and 20 metres. Along the line of holes which
parallels Line 9, 200 metres to the northwest, the strongly mineralized
corridor has been defined between holes AGI-058 and AGI-133. These holes
extend over approximately 1.5 kilometres, with mineralized intervals
ranging in thickness from 3 to 12 metres. The mineralized corridor remains
largely open to extension to the southeast and potentially connects with
the >1000 grade x thickness area defined by holes AGI-124 & 137 on
the eastern flank of the currently drilled area (southeastern extension on
Map 1), also is open to expansion. The mineralized corridor is potentially
also open to expansion to the north, from holes AGI-156 to AGI-138. The
mineralization along this trend of holes is more variable and includes
intervals of 7 metres of 255 ppm U
3O8 and 171 V2O5 (AGI-138) including a single interval of one
metre of 816 U
3O8 and 205 V2O5.
Drill hole highlights from the follow-up Phase I drilling at Ivana are
provided below in Table 1.
Table 1. Ivana Target Phase I Follow-up Drill Hole Highlights
All holes at Azimuth 0, Dip -90
Hole #
|
From (m)
|
To (m)
|
Interval (m)
|
U3O8 (ppm)
|
V2O5 (ppm)
|
AGI-0099
|
3
|
20
|
17
|
238
|
101
|
including
|
12
|
17
|
5
|
570
|
61
|
including
|
15
|
16
|
1
|
814
|
68
|
AGI-0100
|
0
|
20
|
20
|
405
|
117
|
including
|
4
|
15
|
11
|
691
|
130
|
including
|
9
|
12
|
3
|
1,861
|
38
|
including
|
10
|
11
|
1
|
3,136
|
29
|
AGI-0101
|
9
|
16
|
7
|
158
|
122
|
including
|
12
|
13
|
1
|
429
|
79
|
AGI-0119
|
11
|
18
|
7
|
423
|
91
|
including
|
11
|
12
|
1
|
877
|
114
|
AGI-0120
|
1
|
19
|
18
|
254
|
75
|
including
|
12
|
18
|
6
|
571
|
53
|
including
|
12
|
13
|
1
|
1,410
|
34
|
AGI-0124
|
5
|
18
|
13
|
224
|
112
|
including
|
8
|
11
|
3
|
575
|
67
|
including
|
9
|
10
|
1
|
942
|
48
|
AGI-0131
|
10
|
22
|
12
|
212
|
95
|
including
|
12
|
17
|
5
|
420
|
65
|
including
|
13
|
14
|
1
|
647
|
39
|
AGI-0137
|
10
|
23
|
13
|
285
|
118
|
including
|
11
|
17
|
6
|
447
|
58
|
including
|
14
|
15
|
1
|
835
|
45
|
AGI-0138
|
12
|
19
|
7
|
255
|
171
|
including
|
17
|
18
|
1
|
816
|
205
|
AGI-0147
|
12
|
19
|
7
|
176
|
42
|
including
|
13
|
14
|
1
|
407
|
34
|
AGI-0154
|
13
|
18
|
5
|
257
|
56
|
including
|
13
|
16
|
3
|
359
|
41
|
The follow-up program provided new information that has resulted in the
geological team updating the deposit model reflecting characteristics of
sandstone-type and surficial-type uranium-vanadium mineralization.
Higher-grade mineralization is believed to be related to fluvial
medium-to-coarse sandstones and conglomerates within an ancient deltaic
braided stream environment that lies unconformably over granitic basement.
Uranium-vanadium mineralization at Ivana occurs primarily in the form of
carnotite, a uranium vanadate, however in some of the higher-grade areas
potentially primary mineralization was observed. Additional geophysical
surveys and RC drilling to define the expansion potential of mineralized
corridors is ongoing at Ivana and metallurgical testwork is also
progressing on material from Ivana.
Anit Target
Drilling at Anit included 83 holes for a total of 1170 metres, with the
deepest holes drilled to 20 metres. A map of the drill holes can be found
at:
https://www.blueskyuranium.com/assets/news/2017-09-18-nrm4-bsk-g97x6f.pdf. The program was designed to audit previous exploration results as well as
test adjacent areas for extensions to mineralization. The program
successfully confirmed the spatial correlation of the previously recognized
mineralized zones. Out of 83 holes drilled, 53 returned intervals with at
least one metre of more than 30 ppm U
3O8. This area
is particularly well-mineralized in vanadium with 55 of the holes returning
intervals of at least one metre of 500 ppm V
2O5, withvalues reaching as high as 3,411 ppm (0.34% in AGA-049). Drill
hole highlights are provided below in Table 2:
Table 2. Anit Target Phase I Drill Hole Highlights All holes at Azimuth 0, Dip -90
Hole #
|
From (m)
|
To (m)
|
Interval (m)
|
U3O8 (ppm)
|
V2O5 (ppm)
|
AGA-0044
|
1
|
6
|
5
|
137
|
400
|
including
|
1
|
2
|
1
|
484
|
539
|
AGA-0051
|
0
|
4
|
4
|
113
|
1,177
|
including
|
2
|
3
|
1
|
315
|
2,085
|
AGA-0059
|
0
|
4
|
4
|
463
|
1,494
|
including
|
1
|
2
|
1
|
1,114
|
2,510
|
AGA-0077
|
1
|
4
|
3
|
250
|
985
|
including
|
2
|
3
|
1
|
511
|
1,808
|
AGA-0078
|
0
|
4
|
4
|
336
|
1,478
|
including
|
0
|
2
|
2
|
535
|
1,486
|
AGA-0081
|
0
|
7
|
7
|
238
|
418
|
including
|
2
|
3
|
1
|
704
|
894
|
AGA-0082
|
0
|
2
|
2
|
277
|
514
|
including
|
0
|
1
|
1
|
468
|
652
|
AGA-0083
|
0
|
7
|
7
|
382
|
384
|
including
|
3
|
4
|
1
|
1,007
|
678
|
Integrating the results of the 2017 RC drilling with the previous pit
sampling, trench sampling and aircore drilling data is ongoing and is aimed
at refining future infill and step-out drilling plans.
Santa Barbara Target
This was the first drill program at this target area and was considered a
scouting program. Fifteen holes were drilled ranging from 4 to 25 metres
length, for a total of 312 metres. Values of uranium and vanadium were low
in all holes; this target area represents the lowest priority for follow-up
work. A map of the drill holes can be found at:
https://www.blueskyuranium.com/assets/news/2017-09-18-nrm5-bsk-g97x6f.pdf.
Methodology and QA/QC
Preparation of all samples reported herein was completed Bureau Veritas
Minerals of Mendoza, Argentina. Samples were prepared by drying, crushing
to 80% passing 10 mesh and then pulverizing a 250 g split to 95% passing
150 mesh. Pulps were analyzed by Bureau Veritas Commodities Canada Ltd. for
45 elements by means of Inductively Coupled Plasma Mass Spectrometry
following a four-acid digestion (MA-200). Approximately every 10
th sample a blank, duplicate, or standard sample was inserted
into the sample sequence for quality assurance/quality control (QA/QC)
purposes. No significant QA/QC issues were identified during review of the
data.
The drilling program been carried out using an FlexiROC D65 drill rig from
Atlas Copco, an ore-control track-mounted rig adapted to reverse
circulation with triple cyclone to reduce the dust loss during sampling and
automatic sampling. Every hole was surveyed by a senior geophysicist from
Geopehuen SRL Service Company using a natural gamma probe from Geovista
Ltd. The probe was previously calibrated at the Comisi�n Nacional de
Energ�a At�mica facility (Atomic Energy National Commission,
CNEA).
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 proximity of several major
targets suggests 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 at Amarillo Grande has characteristics of
sandstone-type and surficial-type uranium-vanadium deposits. In
surficial-type uranium deposits, carnotite mineralization coats loosely
consolidated pebbles of sandstone and conglomerates. Carnotite is amenable
to leaching, and preliminary metallurgical work at the project 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.
For additional details on the project and properties, please see the
Company's website:
www.blueskyuranium.com
Qualified Person
The results of the Company's drilling program have been 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 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 has the exclusive right to over 434,000 hectares
(equiv. to 1,072,437 acres) of property 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
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email: info@blueskyuranium.com
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.
[1]
http://www.paladinenergy.com.au/sites/default/files/presentation_file/17.05.16-march-quarter-investor-conference-call-and-update.pdf
[2]
http://www.asx.com.au/asxpdf/20170516/pdf/43j9k625v9h138.pdf
[3]
http://www.world-nuclear.org/information-library/nuclear-fuel-cycle/uranium-resources/geology-of-uranium-deposits.aspx
|