Blue Sky Uranium drilling Ivana Gateway Target, Amarillo Grande Uranium-Vanadium Project, Argentina
Blue Sky Uranium Corp. [TSXV: BSK; FSE: MAL2; OTCQB: BKUCF] has launched a 1,200-metre diamond drilling program at the Ivana Gateway target (formerly Ivana Gap), located 4,700 metres northwest of the Ivana deposit, within the Amarillo Grande Uranium-Vanadium district, Río Negro Province, Argentina (AGP).
In October 2025, the company completed a 5 km pole-dipole ET geophysical survey at Ivana Gateway, which delineated a 1.4 km-wide chargeability anomaly interpreted as the extension of the redox front system present at Ivana.
The aim of the current program is to test for mineralization and/or geochemical vectors related to a northern extension to the Ivana uranium deposit. The program will drill a fence of holes spanning 4300 metres, testing the interpreted redox front. Contractor AGV Falcon Drilling is executing the program and all holes are being drilled using HQ-diameter core. The drilling program was initiated in late October and 11 holes have been completed to date out of 19 planned. Drill core logging and sampling is ongoing, and analytical results will be released once received and interpreted.
Nikolaos Cacos, Blue Sky President & CEO commented, “We are pleased to be drilling a new priority target on Blue Sky’s 100% held concessions close to the Ivana deposit. We continue to refine and test our exploration model for the Amarillo Grande project, which we believe has the potential to host multiple deposits similar to Ivana.”
The Ivana Gateway target is located on concessions held by Blue Sky via its 100% owned subsidiary, Minera Cielo Azul S.A. (MCA). This drilling program is funded by Ivana Minerales S.A. (IMSA) the joint venture company (JVCO) established to advance the Ivana Uranium-Vanadium Project. Under the terms of the definitive agreement announced on December 2, 2024 IMSA has the exclusive right and option (Call Option) to acquire up to a 100% interest in certain exploration targets at Amarillo Grande. To exercise this right, IMSA must incur certain funding obligations over the six-year term of the Call Option, pay the relevant option price pursuant to the formula set out in the Call Option, and grant to MCA a 2% royalty on all Exploration Targets acquired under the Call Option.
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 owned by Blue Sky’s 100% held subsidiary, subject to certain conditions.
Blue Sky Uranium’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.