Blue Sky Uranium Launches Strategic Exploration Program for In-Situ Recovery Uranium Targets in Argentina with Two New Project Acquisitions
OTCQB Venture Market (OTC): BKUCF
Highlights:
- Option to earn a 100% in the ~20,000-hectare Corcovo project in the eastern part of the Neuquén basin within the province of Mendoza:
- Capitalizes on new mining promotion initiatives from the provincial government.
- The state-owned
National Atomic Energy Commission ("CNEA") identified uranium exploration potential in this area. - Uranium radiometric anomalies detected at depth in oil and gas wells, with geologic conditions consistent with those hosting ISR uranium deposits.
- 100% control of the ~60,000-hectare
Chihuidos Project in the centre of the Neuquén basin, in the province of Neuquén:- Initially recognized by CNEA in the 1960´s and 70´s; more recently explored by Cameco Corp., in joint venture with
Calypso Uranium Corp. in the early 2000's. - Situated on a topographic high surrounded by airborne radiometric anomalies and surface uranium occurrences, providing potential for a preserved uranium mineralized system at depth.
- Initially recognized by CNEA in the 1960´s and 70´s; more recently explored by Cameco Corp., in joint venture with
Blue Sky has initiated the permitting process for field programs. At the same time, the Company is working to identify and prioritize prospective targets for future exploration and drill testing by updating and verifying the database for both projects, which include publicly available bore-hole surveys and seismic 2D/3D surveys from historic oil and gas ("O&G") exploration.
With these new strategic acquisitions, BSK reinforces its position as a key player in uranium exploration in
The
To use ISR techniques, the mineralization needs to be hosted within a confined aquifer formed by permeable sediments, like sandstones, sealed above and below by impermeable layers like claystone. These layers confine the native groundwater, which is naturally elevated in uranium and other metals, and precipitation of the minerals can occur. The mining procedures injects an agent, in most cases an oxidant, and uses the same native groundwater to oxidize and re-dissolve the uranium. Once in solution, the uranium is pumped to the surface and recovered in a resin/polymer ion exchange or liquid ion exchange (solvent extraction) system. The final product is a uranium precipitate usually known as yellowcake.
The Neuquén basin is comprised of a +7,000m thick marine and continental sedimentary sequence formed in the Upper Triassic to Middle Tertiary periods. The basin is recognized for its conventional and unconventional oil and gas resources and production. Uranium occurrences are present at different stratigraphic levels throughout the basin. The known occurrences are related to Cretaceous red-beds, such as: the historical uranium-copper-vanadium producing mines of Huemul and Agua Botada to the north in Mendoza province; the Rahue-Co,
The Corcovo option agreement includes the right to acquire a 100% interest in both tenures under the following terms:
- Payment of
US$400,000 in 5 installments over 3 years. - A 1% NSR payable to the vendor, on both properties, which Blue Sky has the right to buy back for a total of
US$500,000 . - A payment of
US$500,000 to the vendor if the project achieves commercial production.
The project covers a flat area at the southernmost edge of a Quaternary volcanic plateau situated approximately 600 metres above sea level ("masl"). This plateau overlays older sequences of the Neuquén Basin. In this region, the geological formation creates a natural trap for hydrocarbons, which migrated from central basin through porous sandstone horizons or "carriers". This hydrocarbon migration may represent the oxidation-reduction front required for uranium accumulation, potentially forming economic deposits. The presence of lacustrine shales, which overlay the sandstone units, acts as barrier, preventing the migration of hydrocarbons and uranium.
This model was initially recognized by CNEA and followed by a pioneer exploration team prospecting uranium mineralization throughout the Neuquén basin using O&G borehole radiometric data, acquired from Argentine government public databases, as a vectoring prospecting tool. Those surveys exposed uranium anomalies at the Corcovo area associated with the unconformity between Cretaceous units, (Rayoso and Neuquén groups) which are found at depths from 200m to 600m below surface. The presence of uranium anomalies related to high-porosity units, sealed by fine sediments, represents prospective geological conditions for exploring for ISR uranium deposits.
The Chihuidos project is comprised of six exploration property units totaling almost 60,000 hectares which are 100% controlled by Blue Sky and were acquired by staking. These cover the core zone of the O&G producing Neuquén basin (see Figure 1). The Chihuidos project covers a topographic high surrounded by airborne radiometric anomalies to the north and to the east previously detected by
This range (~1300 masl) comprises a sequence of asymmetrical folded sediments, gently dipping to the east. The erosive windows
The exploration potential of this project is related to demonstrating continuity at depth of the uranium occurrences and airborne radiometric anomalies present on surface at the topographic lows surrounding the project. Those mineralized horizons are expected to be found as preserved uranium systems at depth, within gently-dipping permeable sandstone and limited by impermeable claystone or siltstones, also providing the basic required conditions for ISR mining techniques, as described above.
The contents of this news release have been reviewed and approved by
For additional details on the Company's projects and properties, please see the Company's website: www.blueskyuranium.com.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
______________________________________
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that 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 plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
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: the impact of COVID-19; risks and uncertainties related to 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.
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 Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. We advise U.S. investors that the
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