#Argentina #Rio Negro #Uranium #Blue Sky #Ivana Project

Blue Sky Uranium Launches New Drill Initiative for Ivana Uranium-Vanadium Project

Vancouver, BC - Blue Sky Uranium Corporation (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF) has announced the commencement of a significant drill program aimed at advancing the Ivana Uranium-Vanadium deposit located in Argentina's Rio Negro Province. This initiative is part of a joint venture with Ivana Minerales S.A., which is associated with the Corporacion America Group (COAM).

Scheduled to significantly accelerate the project's timeline, the new drill program reflects a robust financial commitment, having doubled its initial budget to $6 million, surpassing the minimum investment requirement of $3 million for the first operational year under the joint-venture agreement. This increased funding includes $4.4 million slated for feasibility studies, encompassing infill drilling, supplementary research, and preparation for the mandatory NI 43-101 technical report.

Nikolaos Cacos, President and CEO of Blue Sky Uranium, expressed enthusiasm about the progress, stating, "With COAM's strong backing, we aim to propel the Ivana project through the current drilling program while concurrently pursuing other essential operations such as metallurgy and process engineering. Our goal is to achieve feasibility and potential production at the earliest possible opportunity."

Details of the Drill Program

The infill drill program is anticipated to involve approximately 6,000 meters of reverse circulation (RC) drilling across around 330 drill holes, each averaging 18 meters in depth. The primary objective is to refine the understanding of known mineralized zones. This effort will support the reclassification of certain inferred resources to indicated resources, thus improving geological models to optimize the mining design. Additionally, it is intended to evaluate the potential for resource expansion in areas where mineralization remains open.

Upon completion of the infill drilling, Blue Sky plans to launch a second phase of drilling, aiming for up to 2,500 meters dedicated to exploring at least two promising new targets in proximity to the Ivana deposit. This phase will utilize both RC and diamond drilling methodologies to further define previously identified mineralization in satellite areas surrounding the project. Preliminary drilling in these satellite locations has yielded promising results, necessitating a more in-depth assessment. The second-phase exploration is budgeted at $1.6 million, encompassing drilling, geophysical studies, and permitting activities.

Company Background

Ivana Minerales S.A., the operational entity for the joint venture, not only bolsters Blue Sky's initiatives but is also pivotal in advancing the Ivana project. The terms of the agreement stipulate that COAM will finance cumulative expenditures of $35 million to secure a 49.9% indirect equity interest in the Ivana deposit. Following this initial stake, COAM has the opportunity to increase its equity to 80% by completing the feasibility study and covering the associated costs of up to $160 million needed to develop the project into commercial production. The joint venture additionally holds a call option to acquire 100% interest in certain exploration targets owned wholly by Blue Sky's subsidiary, conditional upon specific terms.

For further details regarding this announcement, stakeholders and interested parties can access more comprehensive reports and data on Blue Sky Uranium's official website.

About Blue Sky Uranium Corp.

As a pioneering entity in uranium exploration within Argentina, Blue Sky Uranium is dedicated to delivering substantial shareholder returns. The company focuses on fast-tracking a portfolio of high-potential uranium deposits towards low-cost production while emphasizing environmental stewardship and community engagement. Notably, the Amarillo Grande Project represents a significant discovery with potential to serve both domestic and international markets. The Corcovo project, recently optioned by the company, shows promise for in-situ recovery uranium deposits. Blue Sky is part of the Grosso Group, which has actively pursued resource exploration in Argentina since 1993.

For more information and to stay updated with Blue Sky Uranium’s developments, please visit blueskyuranium.com.