Expansion Continues At The Ivana Discovery

 

VANCOUVER, BC - Blue Sky Uranium Corp. reported that initial analytical results from the Phase II reverse circulation (RC) drilling program confirm the previously reported significant expansion of the uranium-vanadium mineralized system at the Ivana target on its 100% owned Amarillo Grande uranium-vanadium project, in Rio Negro Province, Argentina.

"The initial assays of the second phase of the program confirm our field observations that we are continuing to significantly expand the known uranium-rich system at Ivana," stated Nikolaos Cacos, Blue Sky President & CEO. "The exploration program has added a potential expansion of more than two kilometers to the recently defined greater than two-kilometer-long uranium-rich corridor."

The Phase II program is planned to include up to 3000 meters of both extension testing and infill drilling with a goal of resource delineation. Broader exploration will include additional geophysical surveying to the west and south, followed by auger testing in areas of interest. Metallurgical testwork is also underway on material from Ivana, and the Company plans to initiate baseline environmental testing.

Results from the current program have extended the two-kilometer-long near-surface strongly mineralized corridor defined in the Phase I program by an additional two kilometers to the south, at the Ivana target. The previously defined corridor is between 200 and greater than 400 meters wide, up to 20 meters thick, with grades as high as 3,136 ppm U3O8 over one meter. The Phase II RC drill results received to date are from holes 159 through 193, which total 428 meters.

The near-surface uranium mineralization in the core of the mineralized corridor is associated with fine-grained dark colored mineral(s), in the process of being identified, and pyrite hosted by medium-grained partially indurated sandstones with abundant organic matter; carnotite mineralization is observed in areas peripheral to the strongly mineralized corridor core. Grades range from 2 ppm to 2,058 ppm U3O8 (AGI-0169) at depths ranging from surface and 22 meters; corridor width is interpreted as being consistent with the previously defined segment (200 to 400 meters). Between holes AGI-0137 and AGI-0186 the thickness of the mineralized intervals detected is highly consistent, ranging from 11 to 16 meters over a horizontal distance of approximately 1.2 kilometers. A 400 x 200 meter depression, currently partially water-filled, occurs in the area where the strongly mineralized corridor changes direction from northeast to southeast trending. Step-out hole AGI-0180, located 1.1 kilometers to the south of the southeast-trending strongly mineralized corridor, includes 7 meters averaging 109 ppm U3O8 an d could represent a significant extension to the southeast that will require further drilling to confirm.