Blue Sky Uranium Corp. (TSX-V:BSK, OTCQB:BKUCF) has announced assays from the second tranche of results from the recently completed reverse circulation (RC) drilling program at the Ivana deposit, within its wholly-owned Amarillo Grande uranium-vanadium project in Argentina’s Rio Negro Province.
The company said the assay results reported include 970 samples from 115 RC holes averaging 8.5 metres (m) depth that tested areas of lower drill hole density at the margins of, and within, the western portion of the Ivana deposit, as well as testing the potential expansion of the deposit to the west.
"We are very pleased with these recent results that indicate great success in all aspects of the program,” the company’s president and CEO Nikolaos Cacos said in a statement. “New strong uranium and vanadium mineralization both within the deposit margins and in a large step-out hole confirm the potential to both expand and upgrade the Ivana deposit."
READ: Blue Sky Uranium says it has completed Ivana deposit drill program at Argentina project
Highlights of the new RC drill results include:
- 5m averaging 1,566 parts per million (ppm) U3O8 (triuranium oxide) and 243ppm V2O5 (vanadium pentoxide) in hole AGI-568, located more than 1.5 kilometres from the southwest margin of the current mineral resource including 7,027ppm U3O8 and 236ppm V2O5 over 1m
- 3m averaging 702ppm U3O8 and 1,119 ppm V2O5 including 1,774ppm U3O8 and 1,981ppm V2O5 over 1 m in AGI-601
- 6m averaging 344ppm U3O8 and 242ppm V2O5 including 933ppm U3O8 and 109ppm V2O5 over 1m in AGI-616
- 8m averaging 128ppm U3O8 and 141ppm V2O5 including 562ppm U3O8 and 30ppm V2O5 over 1m in AGI-617
- 6m averaging 232ppm U3O8 and 43ppm V2O5 including 448ppm U3O8 and 16ppm V2O5 over 1m in AGI-629
The company noted that the second group of assay results from the current program includes holes from step-out drilling targeting the uranium and vanadium mineralized zone to the west of the current Ivana mineral resource, initially discovered during the 2018 pit-sampling program.
Of the 23 holes in this sector, it said six returned anomalous uranium (U3O8 > 30ppm), including three holes with U3O8 intervals of 5m > 100ppm U3O8, including 1m at 0.7% (7027 ppm) U3O8.
The other holes reported were drilled at the margins and within the western sector of the Ivana current mineral resource boundary and have confirmed the continuity of the mineralization in a number of locations, as well as the potential expansion to the south from hole AGI-601, which intersected 3m at 702ppm U3O8 including 1m at 0.17% (1774 ppm) U3O8.
The company said an additional 2,300 samples collected from the final 209 holes drilled at Ivana in the current program have recently been sent for laboratory analysis. Analytical results will be published once they are received and interpreted.
“We look forward to the final results of the program that will help us plan the next steps in the process for this remarkable deposit and project,” Cacos concluded.
Blue Sky's wholly-owned Amarillo Grande asset in Rio Negro province is a new uranium district controlled by Blue Sky.
The Ivana deposit is the first part of the district for which both a resource estimate and a preliminary economic assessment (PEA) have been completed.
Contact the author at stephen.gunnion@proactiveinvestors.com