#Argentina #Blue Sky Uranium #Ivana Deposit #Rio Negro #COAM

Blue Sky Uranium and COAM Launch New Joint Venture

Blue Sky Uranium Corp. has recently announced the establishment of a new joint venture (JV) company in collaboration with its partner Abatare Spain, S.L.U. (often referred to as COAM). The newly formed entity, Ivana Minerales S.A., is set to focus on advancing the Ivana Uranium-Vanadium deposit located in the Rio Negro province of Argentina. This partnership marks a significant step in the process of extracting the resources from this promising location.

Leadership and Experience

To lead the new joint venture, Blue Sky Uranium has appointed Mr. Luis Leandro Rivera as General Manager of Ivana Minerales S.A. Rivera comes with a wealth of experience spanning over three decades in various aspects of mining, from exploration to operational management. He was previously the Senior Vice President for the Latin American region at AngloGold Ashanti, where he managed multiple mines across two countries. His extensive expertise is expected to be invaluable in navigating the complexities of transitioning the Ivana project towards potential production.

Strategic Focus

Nikolaos Cacos, President and CEO of Blue Sky, expressed his satisfaction in welcoming such a seasoned professional to spearhead operations at Ivana. He noted that Rivera's immediate contributions include building an efficient operational structure, integrating experienced teams, and supervising engineering bids. Their focus is to speed up the next phase of exploration drilling, reinforcing the commitment to extract value from the project in the forthcoming months.

Upcoming Exploration Plans

Under JVCO, plans are already underway for a substantial drilling campaign that aims to test for new uranium resources at the Ivana site. The initiative involves approximately 6,000 meters of Reverse Circulation (RC) drilling over around 315 shallow holes, stretching out up to two kilometers from the main deposit into a target area known as 'Bajo Huenteleo.' This location has emerged as a focal point due to its high potential for uranium mineralization, which remained unexplored until recent improvements in accessibility.

Funding and Future Projects

The exploration programs are fully financed through the agreement with COAM, which entails a commitment to cover cumulative costs of $35 million in exchange for a 49.9% indirect equity stake in the Ivana project. Additionally, COAM holds an option to expand its ownership to 80% by completing a feasibility study and investing up to $160 million to take the project into commercial production.

Operational Efficiency

One of the operational goals for JVCO is to maximize the effective utilization of funds while minimizing redundant hiring. Collaborative efforts will see both partners leverage existing resources, with administrative tasks managed by affiliates of Corporación América, and environmental and geological roles fulfilled by the Grosso Group — the go-to team for Blue Sky since its inception. This approach will ensure technical continuity as they strive to enhance operations.

The Future of Blue Sky Uranium

Blue Sky Uranium Corporation prides itself on being a leader in uranium exploration within Argentina. With aspirations to drive exceptional shareholder returns by fast-tracking uranium deposits into low-cost producers and maintaining a commitment to environmental and community welfare, the company operates across two provinces in Argentina. Their flagship Ivana Uranium-Vanadium deposit represents a cornerstone of this vision, aligning with the growing demand for uranium in both domestic and international markets.

In summary, the inception of Ivana Minerales S.A. heralds a promising chapter in Blue Sky Uranium's journey, poised to unlock significant value from the Ivana deposit and contribute to the strategic landscape of uranium mining in Argentina in the months and years ahead.