Blue Sky Uranium discovers uranium mineralization in initial drilling at Ivana Gateway Target, Amarillo Grande Project, Argentina
Blue Sky Uranium Corp. [TSXV: BSK; FSE: MAL2; OTCQB: BKUCF] reported the first set of results from diamond drilling at the Ivana Gateway target within its 100%-owned Amarillo Grande Uranium-Vanadium Project in Rio Negro Province, Argentina.
The drilling program was launched in December 2025 with a plan to drill a fence of holes across approximately 4,300 metres to test for mineralization and/or geochemical vectors related to a northern extension to the Ivana uranium deposit. The first set of 12 holes, totaling 796 metres in combined depth, were drilled across the eastern side of the Ivana Gateway target and confirmed the presence of uranium mineralization, including: 3.4 metres averaging 272 ppm U₃O₈ in AGIG-007, starting at 54 metres, including 0.5 metres at 815 ppm U₃O₈ and 1.5 metres averaging 302 ppm U₃O₈ in AGIG-002 starting at 57 metres.
The mineralized intervals occur within organic-rich, reduced sandstone horizons consistent with roll-front conditions and the geological model established at the nearby Ivana Deposit. These reduced units correlate spatially with previously identified IP chargeability anomalies, interpreted to reflect disseminated pyrite developed under reducing conditions rather than uranium directly. The highest uranium grades coincide with elevated handheld scintillometer (RS-125) readings. The mineralized intervals also show association with pathfinder elements (Mo, W, Ag, Cu, Pb, Zn), consistent with the redox front model.
The program is now continuing with the second phase to drill six holes across the remaining 400 metres on the western side of the target where integrated geological interpretation and Induced Polarization (IP) surveys define a compelling exploration corridor along the interpreted redox trend between Ivana Central and the Ivana Deposit.
Nikolaos Cacos, Blue Sky President & CEO commented, “Ivana Gateway continues to demonstrate the geological characteristics we associate with uranium mineralization along the Amarillo Grande trend. The combination of confirmed uranium intercepts to the east and an untested strong coincident IP anomaly to the west provides a clear and compelling target for the follow-up drilling that we are initiating. We believe this work has the potential to further expand the mineralized footprint within trucking distance of the Ivana Deposit.”
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.
The diamond drilling program was carried out by AGV Falcon Drilling. Core is logged, photographed, and geologically described. Mineralized intervals are identified based on lithology, alteration, and radiometric response, where applicable. Sample intervals are determined by geological boundaries and typically range from approximately 0.15 to 1.5 metres in length.
Samples were sent to ALS in Mendoza, Argentina for preparation by drying, crushing to 70% <2mm, riffle splitter 250g and pulverize to 85% <75 µm. Pulps were sent to ALS in Lima, Peru for analysis of multi-elements ultra-trace method combining four acid digestion with Inductively Coupled Plasma (ICP) instrumentation. Digestion is performed on 0.25g of sample to quantitatively dissolve most geological materials. Analytical analysis is performed with combinations of ICP-AES (Atomic Emission Spectrometry) & ICP-MS (Mass Spectrometry). Approximately every 10th sample, blank, duplicate, or standard samples were inserted into the sample sequence for quality assurance/quality control (QA/QC).
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, Argentina. The activities of JVCO are subject to the earn-in transaction 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 is a leader in uranium discovery in Argentina. 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.