#Argentina #Blue Sky Uranium #Rio Negro #BSK

Blue Sky Uranium Advances Ivana Project's Drill Plans

Blue Sky Uranium Corp., listed on the TSX Venture Exchange under the symbol BSK, has announced significant updates to its drilling agenda for the Ivana Uranium-Vanadium Project located in Argentina. The company recently unveiled plans to ramp up drilling activities in 2025, aiming to move the project towards a feasibility stage.

The revised drilling program, overseen by Blue Sky's joint-venture operating company, Ivana Minerales S.A., marks a pivotal shift in the project’s trajectory. Initially budgeted at $3 million per year, the new allocations have expanded the budget to a total of $6 million. These funds will be used for the infill drilling program, which is set to receive $4.4 million, while an additional $1.6 million will support forthcoming exploration drilling initiatives.

Nikolaos Cacos, the President and CEO of Blue Sky Uranium, expressed enthusiasm about the aggressive work plan laid out by the joint-venture team. He stated, "It is clear that JVCO has decided to move forward with an aggressive work plan aimed at achieving technical and economic feasibility in the shortest possible time. This supports the near-term goal for Ivana, building a strong asset for our shareholders that offers Argentina a potential domestic uranium supply for its nuclear energy generation."

The next drilling phase is projected to involve up to 6,000 meters of reverse circulation (RC) drilling, consisting of approximately 330 holes with an average depth of 18 meters. This phase of drilling is crucial for reallocating some inferred mineral resources into indicated resources, ultimately refining the geological models to optimize the mining plan. Following this infill drilling, a second phase will commence, with an additional 2,500 meters designated for exploring two new high-potential targets beyond the current scope.

The operational team at JVCO is currently assessing drilling proposals and determining the best approach to ensure two rigs will operate simultaneously, expediting the planned drilling schedule.

Anticipating the commencement of drilling this fiscal quarter, Blue Sky is finalizing technical and statutory requirements in alignment with community expectations and legal stipulations. Concurrently, the JVCO technical team is evaluating engineering firms capable of driving both the technical and economic dimensions of the project towards feasibility. The criteria for selection include maintaining the highest safety standards, local expertise, and adherence to budget and scheduling commitments.

About the Ivana Minerales S.A.

Ivana Minerales S.A. operates as part of the partnership between Blue Sky Uranium and Abatare Spain, aimed at advancing the Ivana deposit within the Rio Negro Province. This joint venture is based on a detailed earn-in agreement wherein COAM is set to fund $35 million in expenses to secure a 49.9% indirect equity interest in the Ivana prospective mining site. Furthermore, COAM maintains rights to escalate this interest up to 80% through funding the completion of a feasibility study, targeting a total investment of around $160 million.

Incorporated in its strategic outlook, Blue Sky Uranium is poised to not only enhance the potential of its mining operations but also to provide a sustainable supply of uranium crucial for Argentina's nuclear energy ambitions. Through these endeavors, the company aims to ensure significant returns for its shareholders while remaining committed to environmentally conscious practices and respect for local communities and cultures across its operational territories.

Blue Sky Uranium Corp. stands as a notable entity in uranium exploration, with a goal of transforming identified deposits into viable production assets, ultimately serving both local and international markets. The Amarillo Grande Project marks a significant breakthrough in the potential for domestic uranium supply in Argentina, demonstrating the company's proactive approach in a competitive sector. With the upcoming drilling activities, anticipation grows for the results and the future success of the Ivana Uranium-Vanadium Project.