TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF
VANCOUVER, BC, Aug. 20,
2024 /CNW/ - Blue Sky Uranium Corp. (TSXV:
BSK) (FSE: MAL2) (OTC: BKUCF), "Blue Sky" or the
"Company") is pleased to provide an update on activities
at its Amarillo Grande Uranium-Vanadium Project ("AGP") in
Argentina. Field work is currently
concentrating on surface exploration while the updating of
environmental permits for further drilling is underway. The aim of
the on-going program is to apply different techniques to detect the
presence and continuity of blind uranium mineralization at
depth. The recent work included mapping, soil and pit sampling,
auger drilling and the first isotopic survey. The isotopic
technique uses geochemical analysis of soils to detect uranium at
depth based on its natural decay into specific lead isotopes
detectable in surface samples, a method that has been successfully
demonstrated in other uranium districts. Blue Sky's work to
date was concentrated in the Ivana sector, where anomalous isotopic
patterns or footprints identified at the Ivana deposit will be
compared with samples collected at other areas of known
mineralization, like Ivana Central, in order to identify new drill
targets. If successful, this technique will be used as a regional
tool to identify new targets and vector drilling for the potential
discovery of blind uranium mineralization throughout the 145-km
long AGP. Final results of sample analyses and interpreted target
generation from the program are in progress.
"This new program is another step in the execution of our
strategic plan to discover and develop a cluster of deposits that
could feed a central processing facility at Ivana and expand the
proposed development scenario presented in the recent positive PEA.
Once the Company closes the proposed JV transaction with COAM, and
in light of the recent positive tax measures in Argentina, summarized below, we anticipate
advancing Ivana towards pre-feasibility, and, if positive, then
feasibility and development, as quickly as possible," commented
Nikolaos Cacos, Blue Sky President
& CEO.
These exploration activities continue while the Company works
towards finalizing the transaction with Corredor Americano S.A. ("COAM"). As announced
on June 10, 2024, Blue Sky has
signed a binding term sheet with COAM, an Argentine affiliate of
Corporación América Group, to complete an option agreement in
respect to the Company's Ivana Uranium-Vanadium deposit. The
transaction provides COAM the option to earn up to a 50% indirect
interest in the Property by advancing Ivana through to completion
of a feasibility study. Following a positive feasibility study,
COAM can earn an additional 30% interest by funding 100% of the
estimated capital costs to achieve commercial production.
In addition, the term sheet includes a call-option that will
allow COAM to fund the exploration programs at targets located in
adjacent areas of the Ivana deposit over the next five years.
Both companies are currently advancing the transaction towards
the conclusion of due diligence and finalization of the definitive
agreement.
New Argentina Investment Legislation:
On June 28, 2024, Argentine
President Javier Milei obtained
approval of his main legislative initiative, termed the Bases Law
(Ley de Bases), that includes a package of proposed changes
over a significant number of laws and regimes in Argentina. In particular, the Bases Law
contains an Incentive Regime for Large Investments (RIGI)
applicable to new investments over US$200
million in mining, among others, presented within the next 2
to 3 years. The RIGI grants 30-year special status for these
investments, including tax stability, reduction of income tax (25%
tax rate rather than general scale which ranges from 25-35%),
exemptions of import-export duties, accelerated depreciation,
staged ability to keep export proceeds in foreign currency reaching
100% after 3-4years, and the option to settle disputes using
international arbitration courts, as the main benefits.
The Amarillo Grande Project is located in Rio Negro Province, which was the first province
to adopt the RIGI shortly after the approval of the new law. By the
end of July, the joint-venture between YPF, the national oil and
gas (O&G) company, and Petronas, the Malaysian O&G national
company, chose Rio Negro as the
location in which to invest US$30
billion on the construction of a liquification plant for the
exportation of the unconventional natural gas produced from the
Neuquén basin.
Qualified Persons
The design of the Company's exploration program was undertaken
by the Company's geological staff under the supervision
of David Terry, Ph.D., P. Geo. Dr. Terry is a Director of the
Company and a Qualified Person as defined in National Instrument
43-101. The technical contents of this news release have been
reviewed and approved by Dr. Terry.
About the Amarillo Grande Project
The Company's 100% owned Amarillo Grande Uranium-Vanadium
Project in Rio Negro Province,
Argentina is a new uranium
district controlled by Blue Sky. The Ivana deposit is the
cornerstone of the Project and the first part of the district for
which both a Mineral Resource Estimate and a Preliminary Economic
Assessment have been completed. Mineralization at the Ivana deposit
has characteristics of sandstone-type and surficial-type
uranium-vanadium deposits. The sandstone-type mineralization is
related to a braided fluvial system and indicates the potential for
a district-size system. In the surficial-type deposits,
mineralization coats loosely consolidated pebbles, and is amenable
to leaching and simple upgrading.
The Project includes several other target areas over a regional
trend, at or near surface. The area is flat-lying, semi-arid and
accessible year-round, with nearby rail, power and port access. The
Company's strategy includes delineating resources at multiple areas
and advancing the project to prefeasibility level.
For additional details on the project and properties, please see
the Company's website: www.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 surficial 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 has the
exclusive right to properties in two provinces in Argentina. The Company'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 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.
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 SEC's mining guidelines strictly prohibit information of this
type in documents filed with the SEC. U.S. investors are cautioned
that mineral deposits on adjacent properties are not indicative of
mineral deposits on our properties.
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SOURCE Blue Sky Uranium Corp.