Blue Sky Uranium Commences Drill Program to Accelerate Advancement of the Ivana Uranium-Vanadium Project, Argentina

Rhea-AI Summary

Blue Sky Uranium Corp announces the commencement of an infill drill program at its Ivana Uranium-Vanadium deposit through joint venture JVCO. The program budget has been doubled to US$6.0M, with US$4.4M allocated for feasibility studies. The drilling campaign includes up to 6,000 meters of reverse circulation drilling across 330 holes, averaging 18 meters depth, aimed at reclassifying inferred resources to indicated resources. A second phase of 2,500 meters of drilling is planned to explore new targets near the Ivana deposit, with US$1.6M budgeted for brownfields exploration. The joint venture with Corporacion America Group subsidiary aims to accelerate the project towards feasibility and potential production.

Positive

• Budget doubled to US$6.0M from initial US$3M commitment, showing strong financial support
• Comprehensive drilling program with 6,000 meters planned across 330 holes
• Additional 2,500 meters exploration program to test new high-potential targets
• Partnership with established company (Corporacion America Group) strengthening project development

Negative

• Project still in pre-feasibility stage, requiring significant work before production
• Uranium mining projects face complex regulatory and environmental requirements

TSX Venture Exchange: BSK
Frankfurt Stock Exchange: MAL2
OTCQB Venture Market (OTC): BKUCF

VANCOUVER, BC, June 16, 2025 /PRNewswire/ - Blue Sky Uranium Corp. (TSXV: BSK) (FSE: MAL2) (OTC: BKUCF), ("Blue Sky" or the "Company") is pleased to announce Ivana Minerales S.A. ("JVCO", a partnership with a subsidiary of Corporacion America Group "COAM") has commenced the next infill drill program to advance the Ivana Uranium-Vanadium deposit towards feasibility. As announced on May 14, 2025,  JVCO has doubled its original exploration program budget to US$6.0M, beyond the minimum annual commitment of US$3M for the first year stipulated in the joint-venture agreement. The new estimate includes US$4.4M for costs associated with the feasibility program, including the infill drilling, other studies and surveys, and the NI 43-101 technical report preparation.   

Nikolaos Cacos, President & CEO of the Company stated, "With COAM's support, JVCO plans to rapidly advance Ivana with this drill program while continuing other work such as metallurgy and process engineering in order to achieve feasibility and potential production as swiftly as possible."

The infill drill program is expected to include up to 6,000 metres of reverse circulation ("RC") drilling in approximately 330 drill holes with an estimated average depth of 18 metres. The program aims to achieve better definition of the known mineralized bodies to support the reclassification of some inferred mineral resources to indicated mineral resources and to improve the geological modeling to allow the design of the Ivana deposit to be adjusted for mining. It will also assess the potential extension of zones where mineralization remains open to expansion, as outlined in the most recent Preliminary Economic Assessment.

Following the infill drilling program, a second phase drill program of up to 2,500 metres is planned to start immediately, to test at least two new high-potential exploration targets near the Ivana deposit.  The campaign will employ both RC and diamond drilling methods to further delineate mineralization previously identified in satellite areas surrounding the Ivana Project, many of which have returned encouraging results from earlier drilling and require more detailed definition. The budget for the brownfields exploration program is US$1.6M, including the drilling-related costs, geophysics and permitting.

Qualified Persons

The technical contents of this news release have been reviewed and approved by Mr. Ariel Testi, CPG, who works for the Company and is a Qualified Person as defined in National Instrument 43-101.

About Ivana Minerales S.A.

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. For additional details, please refer to the News Release dated February 27, 2025, as well as the Company's latest Financial Statements & MD&A available at 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 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'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 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.

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 and forward-looking information (collectively, the "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements that, other than statements of historical fact, 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 planned drilling campaigns, its objectives and the potential mineral content of its projects. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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: uncertainty relating to mineral resources; risks related to heavy metal and transition metal price fluctuations, particularly uranium and vanadium; risks relating to the dependence of the Company on key management personnel and outside parties; the potential impact of global pandemics; risks and uncertainties related to governmental regulation and 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, including in respect of the Company's planned exploration program described in this news release. 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 forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/blue-sky-uranium-commences-drill-program-to-accelerate-advancement-of-the-ivana-uranium-vanadium-project-argentina-302481632.html

SOURCE Blue Sky Uranium Corp.

FAQ

What is the size of Blue Sky Uranium's (BKUCF) new drilling program at Ivana?

The program includes up to 6,000 meters of reverse circulation drilling across approximately 330 holes, with an average depth of 18 meters, plus an additional 2,500 meters planned for exploration targets.

How much is Blue Sky Uranium investing in the Ivana project development?

The joint venture has doubled its budget to US$6.0M, with US$4.4M allocated for feasibility studies and US$1.6M for brownfields exploration.

What is the main purpose of BKUCF's infill drilling program?

The program aims to reclassify inferred mineral resources to indicated mineral resources and improve geological modeling for mining design at the Ivana deposit.

Who is Blue Sky Uranium's joint venture partner for the Ivana project?

Blue Sky Uranium has partnered with a subsidiary of Corporacion America Group (COAM) through the joint venture company Ivana Minerales S.A. (JVCO).

What are the next steps after the infill drilling program for BKUCF?

A second phase drilling program of 2,500 meters will commence to test at least two new high-potential exploration targets near the Ivana deposit.