Blue Sky Uranium launches hydrogeological program at Ivana uranium-vanadium deposit, Argentina
Blue Sky Uranium Corp. [TSXV: BSK; FSE: MAL2; OTCQB: BKUCF], and Ivana Minerales S.A. (IMSA, the operating company for the joint-venture between Blue Sky and a subsidiary of Corporacion America Group, COAM) reported the start of a hydrogeological study in the vicinity of the Ivana uranium-vanadium deposit within its 100%-owned Amarillo Grande Project in Rio Negro Province, Argentina. The program is designed to evaluate potential water sources required to support future mining and processing operations, as well as to characterize groundwater conditions relevant to potential mine dewatering requirements.
The hydrogeological program will include geophysical surveys, drilling of exploratory water wells, installation of groundwater monitoring piezometers, short- and long-duration pumping tests, water quality analysis, and the development of a hydrogeological model for the project area. The results of this work will support ongoing technical studies related to future development of the Ivana deposit.
The program began in early March and is estimated to require approximately five months to complete. The cost of the hydrogeological study is currently estimated at approximately US$400,000, excluding additional work such as drilling of water wells and pumping tests, which will be defined as the program advances.
Nikolaos Cacos, Blue Sky President & CEO commented, “Advancing hydrogeological studies is an important step in the technical progression of the Ivana deposit toward future development stages. Understanding groundwater conditions and identifying reliable water supply options early in the engineering process helps reduce project risk and supports the advancement of the project toward Pre-Feasibility and Feasibility level studies.”
The hydrogeological study is being carried out by Hidroar S.A., a specialized Argentine hydrogeological consulting firm with more than 30 years of experience providing groundwater and water resource services to the mining, oil & gas, institutional and infrastructure sectors.
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.
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 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.