Blue Sky Uranium Commences Diamond Drilling at Ivana East Target, 10 kilometres Northeast of the Ivana Uranium Deposit within the Amarillo Grande District, Argentina
Blue Sky Uranium Commences Diamond
Drilling at Ivana East Target, 10 kilometres
Northeast of the Ivana Uranium Deposit within
the Amarillo Grande District, Argentina
Vancouver, British Columbia--(Newsfile Corp. - April 7, 2026) -
Blue Sky Uranium Corp. (TSXV:
BSK) (FSE: MAL2) (OTCQB: BKUCF) ("Blue Sky" or the "Company")
and its joint-venture
operating company, Ivana Minerales S.A. ("
IMSA
"), are pleased to announce the commencement of a
new 1,200 metre diamond drilling ("
DDH
") exploration program at the Ivana East target, located
approximately 10 kilometres northeast of the Ivana uranium-vanadium deposit within the Company's
flagship Amarillo Grande Project in Rio Negro Province, Argentina (see Figure 1 below).
Geological interpretation indicates that the prospective Chichinales Formation, identified as the host unit
at the Ivana deposit, extends toward Ivana East. Despite the partial exposure of basement rocks
between the two areas, Ivana East preserves the key geological conditions associated with uranium
mineralization in the district (see Figure 2 below).
This program represents the first systematic drill testing at Ivana East under the Company's joint venture
with a subsidiary of Corporación América Group ("
COAM
") and is part of Blue Sky's strategy to expand
beyond the Ivana deposit and unlock additional value across the district-scale Amarillo Grande Project.
Nikolaos Cacos, Blue Sky President & CEO commented,
"The start of drilling at Ivana East is a key
milestone as we continue to explore the broader potential of the Amarillo Grande district. With the
support of our JV partner, we are advancing and testing a pipeline of high-quality targets that share
important geological characteristics with the Ivana deposit and offer compelling discovery potential
close to a well-advanced asset."
The Company has recently completed a diamond drilling program at the Ivana Gateway target, located
within the same district. A total of 1,188.5 metres was drilled, with the final hole completed in late
February 2026. The drilling contractor has since been mobilized to Ivana East, supporting the continued
advancement of exploration activities across the Amarillo Grande Project. Final assay results from the
Ivana Gateway program are expected by the end of April 2026.
Ivana East Target Overview
Ivana East has evolved into a compelling exploration target through the integration of historical datasets
and modern geological interpretation. The target was initially identified by airborne radiometric surveys
and advanced through follow-up work including surface radiometry, auger drilling and geophysical
surveys, ultimately reaching the drill-ready stage.
An initial reverse circulation ("
RC
") drilling program
was launched at Ivana East in 2023 however the program was suspended due to equipment issues.
Building on the successful development of the Ivana deposit model, the Company now interprets Ivana
East as a priority target within the same broader geological framework. The exploration concept is
based on the continuation of the prospective Chichinales Formation host horizon, where permeable
sandstones and conglomerates occur near the basement unconformity—conditions known to host
uranium mineralization at Ivana.
Between the Ivana deposit and Ivana East, erosion is interpreted to have removed portions of the
sedimentary sequence, leaving basement rocks exposed over much of the intervening area.
Nevertheless, the preserved geological framework supports the potential for mineralization within
favourable horizons at shallow depth.
The target is defined by several key elements that are also observed at the Ivana deposit: shallow depths
to prospective horizons (approximately 10–30 metres), favourable geological architecture, and
geophysical responses consistent with porous sedimentary units overlying basement rocks.
2026 Diamond Drilling Program
The 2026 program comprises an initial diamond drilling ("
DDH
") campaign of up to approximately 1,200
metres, designed to test priority zones within the Ivana East target area.
The program includes a series of scout drillholes with an average depth of approximately 50 metres,
targeting shallow uranium mineralization along the unconformity between the Chichinales Formation and
the underlying basement rocks.
To further support a geological model, the program includes one and potentially two, drillholes planned to
be extended to depths of approximately 100 metres. These deeper holes are part of the same drill fence
and designed to test unit continuity toward the east, where the basement surface is interpreted to occur
at greater depth. The holes will provide information to refine the geological interpretations, identify key
alteration patterns, and better define redox boundaries prior to follow-up drilling.
The use of diamond drilling will provide continuous core recovery, enabling detailed geological,
structural, and alteration logging—critical inputs for refining the exploration model and guiding
subsequent drilling phases. Figure 1 shows location of the initial set of holes at Ivana East, totaling
approximately 850 metres of drilling.
The location and execution of subsequent holes are contingent on
results from the initial set.
Figures
Figure 1. Ivana East Target Drill Program, Initial Planned Holes.
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Figure 2. Ivana East target 3D Geological Modelling
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Qualified Persons
The technical contents of this news release have been reviewed and approved by Mr. Ariel Testi, CPG,
who works for the Company and is a Qualified Person as defined in National Instrument 43-101.
About Ivana Minerales S.A.
Ivana Minerales S.A. is the operating company for the joint-venture between Blue Sky and its partner
Abatare Spain, S.L.U. ("
COAM
") to advance the Ivana Uranium-Vanadium deposit in Rio Negro
Province of Argentina. The activities of JVCO are subject to the earn-in transaction (the "
Agreement
") in
which COAM will fund cumulative expenditures of US$35 million to acquire a 49.9% indirect equity
interest in the Ivana deposit, and then has the further right to earn up to an 80% equity interest in JVCO
by completion of a feasibility study and funding the costs and expenditures up to US$160,000,000 to
develop and construct the project to commercial production, subject to the terms and conditions in the
Agreement. JVCO also has a Call Option to acquire a 100% interest in all or part of certain exploration
targets (including Ivana East) owned by Blue Sky's 100% held subsidiary, subject to certain conditions.
For additional details, please refer to the News Release dated February 27, 2025, as well as the
Company's latest Financial Statements & MD&A available at
blueskyuranium.com
.
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 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'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's recently optioned Corcovo project has
demonstrated potential to host an in-situ recovery uranium deposit. 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
For further information please contact:
Corporate Communications
Tel: 1-604-687-1828
Toll-Free: 1-800-901-0058
Email:
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 and forward-looking information
(collectively, the "forward-looking statements") within the meaning of applicable securities laws.
Forward-looking statements address future events and conditions and therefore involve inherent risks
and uncertainties. Any statements that are contained in this press release that are not statements of
historical fact may be deemed to be forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends"
"expects" and similar expressions which are intended to identify forward-looking statements. More
particularly and without limitation, this press release contains forward-looking statements that, other
than statements of historical fact, address activities, events or developments the Company believes,
expects or anticipates will or may occur in the future, including, without limitation, statements about the
potential to further expand the mineralized footprint within trucking distance of the Ivana Deposit, the
Company's planned drilling campaigns, its objectives and the potential mineral content of its projects.
Forward-looking statements are not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty therein.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the
actual results of the Company to differ materially from those discussed in the forward-looking
statements and, even if such actual results are realized or substantially realized, there can be no
assurance that they will have the expected consequences to, or effects on, the Company. Factors that
could cause actual results or events to differ materially from current expectations include, among
other things: uncertainty relating to mineral resources; risks related to heavy metal and transition
metal price fluctuations, particularly uranium and vanadium; risks relating to the dependence of the
Company on key management personnel and outside parties; the potential impact of global
pandemics; risks and uncertainties related to governmental regulation and the ability to obtain,
amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in
connection with mining activities; and the possibility that future exploration, development or mining
results will not be consistent with the Company's expectations, including in respect of the Company's
planned exploration program described in this news release. 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 forward-looking statements contained in this press release are made as of the date
of this press release, and the Company does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a result of new information, future
events or otherwise, except as expressly required by securities law.
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