TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC):
BKUCF
VANCOUVER, Dec. 4, 2019 /CNW/ - Blue Sky Uranium Corp.
(TSX-V: BSK, FSE: MAL2; OTC: BKUCF), ("Blue Sky" or the
"Company") is pleased to provide an update on the ongoing
exploration activities at its wholly-owned Amarillo Grande
Uranium-Vanadium Project in Rio
Negro, Argentina
("AGP").
A 5-kilometre-long chargeability anomaly has been identified
along an 8-kilometre Induced Polarization (IP) geophysical survey
line across the Ivana North target area (see IP pseudo section
Figure 1: https://bit.ly/2P5ANDV). The area is located
approximately 20 kilometres north of the Ivana uranium-vanadium
deposit and 10 kilometres north of the Ivana Central target area
(see Figure 2: https://bit.ly/2P99DMe). The chargeability
anomaly begins at or near surface and extends to +30 metres in
depth. It correlates locally with airborne and ground radiometric
anomalies, as well as superficial carnotite mineralization observed
and previously sampled by the Company. Results from surface pit
sampling in this area include 1.40% U3O8
over 1.10 m, including 2.74%
U3O8 over 0.5 m
(see March 13, 2012 News
Release).
"The positive initial results from our ongoing work at Ivana
North are very encouraging and continue to support our belief that
the Amarillo Grande project has district scale potential for new
uranium discoveries," stated Nikolaos Cacos, Blue Sky President &
CEO. These two compelling targets, Ivana North and Ivana
Central, will continue to be refined with ongoing exploration work
to prepare for a reverse circulation drilling program focussed on
identifying significant near-surface uranium deposits along the
25km-long exploration corridor north of Ivana deposit."
Since completion of the Preliminary Economic Assessment ("PEA")
study for the Ivana uranium-vanadium deposit (February 27, 2019 News Release), Blue Sky has
been continuously advancing its exploration work in the area
peripheral to, and up to 25 kilometres to the north of, the Ivana
deposit at Ivana Central and Ivana North (April 29, May 16
and September 19, 2019 News
Releases). Work has included auger drilling and radiometric
probing, surface pit sampling and IP geophysical surveying.
IP Geophysical Survey: The initial IP pole-dipole
survey line at Ivana North was carried out to determine if the
technique could be used to detect chargeability anomalies in the
subsurface, potentially representing disseminated pyrite
concentrations related to the strong superficial uranium-vanadium
mineralization observed in the area. The technique was
employed successfully at the Ivana deposit where chargeability
anomalies were confirmed to be related to disseminated pyrite
associated with uranium and vanadium mineralization. Zones of
disseminated pyrite associated with the Ivana deposit are believed
to indicate proximity to a reduction-oxidation ("redox") front, a
key control for uranium mineralization in many deposits of this
type. In addition, at the Ivana Central target (September 19, 2019 News Release) a moderate
chargeability anomaly was identified, associated locally with
near-surface uranium mineralization, radiometric anomalies, as well
as geological and alteration patterns comparable with those
associated with the Ivana deposit.
The initial IP survey at Ivana North consisted of an
8-kilometre-long line perpendicular to regional Bajo del Gualicho
lineament and parallel to interpreted regional ancestral
groundwater drainage (see Figure 2, above). A 5-kilometre long
chargeability anomaly with medium to high chargeability and low to
very low resistivity was detected, extending along the central
portion of the pseudo-section (station 1900 to 6900) with apparent
variable thickness ranging from 10 to 30 metres at an average depth
of 15 metres below surface. The chargeability intensity ranges
between 5.44 and 19.7 mV/V and it is interpreted to represent
moderate to significant levels of disseminated pyrite, potentially
partially oxidized. The low resistivity intensity ranges between
0.32 and 5.06 ohm.m; interpreted to result from high porosity
sediments filled by salty water.
The high chargeability and low resistivity signature observed at
Ivana North is similar to that associated with the higher-grade
mineralized zones at the Ivana Deposit, where the chargeability
anomalies were confirmed to be related to disseminated pyrite and
low resistivity (or high conductivity) as reflecting high porosity
loosely consolidated sandstone and conglomerate host rocks.
Therefore, the chargeability anomaly at Ivana North may be
indicative of potential pyrite-associated uranium-vanadium
mineralization in the subsurface related to the superficial
uranium-vanadium mineralization observed in the area and
representing a compelling target for drill testing.
Qualified Persons
The results of the Company's exploration program were reviewed,
verified 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 Ivana deposit is the cornerstone of the Project
and the first part of the district for which both a Mineral
Resource Estimate and a Preliminary Economic Assessment have been
completed. Mineralization at the Ivana deposit has
characteristics of sandstone-type and surficial-type
uranium-vanadium deposits. The sandstone-type mineralization is
related to a braided fluvial system and indicates the potential for
a district-size system. In the surficial-type deposits,
mineralization coats loosely consolidated pebbles, and is amenable
to leaching and simple upgrading.
The Project includes several other target areas over a regional
trend, 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.
For additional details on the project and properties, please see
the Company's website.
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, while respecting the environment, the communities, and
the cultures in all the areas in which we work. Blue Sky has 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"
______________________________________
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.
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SOURCE Blue Sky Uranium Corp.