Blue Sky Uranium Commences Drill Program to Accelerate Advancement of the Ivana Uranium-Vanadium Project, Argentina TSX Venture Exchange: BSK Frankfurt Stock Exchange: MAL2 OTCQB Venture Market (OTC): BKUCF
Blue Sky Uranium Commences Drill Program to Accelerate Advancement
of the Ivana Uranium-Vanadium Project, Argentina
TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, BC
,
June 16, 2025
/CNW/ -
Blue Sky Uranium Corp.
(TSXV: BSK) (FSE: MAL2) (OTC: BKUCF)
, ("Blue Sky"
or the
"Company")
is pleased to
announce Ivana Minerales S.A. ("
JVCO
", a partnership with a subsidiary of Corporacion America Group "
COAM
") has commenced the next infill drill program to
advance the Ivana Uranium-Vanadium deposit towards feasibility. As announced on
May 14, 2025
, JVCO has doubled its original exploration program budget to
US$6.0M
, beyond the minimum annual commitment of
US$3M
for the first year stipulated in the joint-venture agreement. The new estimate includes
US$4.4M
for
costs associated with the feasibility program, including the infill drilling, other studies and surveys, and the NI 43-101 technical report preparation.
Nikolaos Cacos
, President & CEO of the Company stated,
"With COAM's support, JVCO plans to rapidly advance Ivana with this drill program while continuing
other work such as metallurgy and process engineering in order to achieve feasibility and potential production as swiftly as possible."
The infill drill program is expected to include up to 6,000 metres of reverse circulation ("
RC
") drilling in approximately 330 drill holes with an estimated average
depth of 18 metres. The program aims to achieve better definition of the known mineralized bodies to support the reclassification of some inferred mineral
resources to indicated mineral resources and to improve the geological modeling to allow the design of the Ivana deposit to be adjusted for mining. It will also
assess the potential extension of zones where mineralization remains open to expansion, as outlined in the most recent
Preliminary Economic Assessment
.
Following the infill drilling program, a second phase drill program of up to 2,500 metres is planned to start immediately, to test at least two new high-potential
exploration targets near the Ivana deposit. The campaign will employ both RC and diamond drilling methods to further delineate mineralization previously identified
in satellite areas surrounding the Ivana Project, many of which have returned encouraging results from earlier drilling and require more detailed definition. The
budget for the brownfields exploration program is
US$1.6M
, including the drilling-related costs, geophysics and permitting.
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. 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 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 potential to host an in-
situ recovery ("
ISR
") 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
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 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; ri
sks 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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For further information please contact: Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email:
CO: Blue Sky Uranium Corp.
CNW 07:00e 16-JUN-25