PROJECTS

IVANA PROPERTY

Highlights

  • 25km anomaly with near-surface uranium mineralization within unconsolidated sediments
  • 4,500m x 1,500m corridor with high-grade mineralization corresponding to ground radiometric anomalies
  • Exploration included a radiometric probe survey, 59 sampling pits, 235 short drill-holes totaling 760 metres, and 11 diamond drill holes totaling 2,024 metres
  • Results include 1.81% U3O8 over 0.75 m, within 2 metres of surface, in pit samples
  • Mineralization open at depth and along the +4.5 km corridor

Location and Access

The Ivana group of properties covers over 118,000 hectares. It is the southernmost property along the 140 kilometre NW-SE trend that contains a series of airborne radiometric anomalies. The project has year-round access through a well-maintained gravel road, and is in a semi-arid area with low rainfall and population density.

Discovery History

Ivana was the third discovery area in the district. In April, 2010, Blue Sky was granted a special airborne geophysics license covering 2.265 million hectares that included all of the prospective areas for uranium in the San Jorge sedimentary basin of Rio Negro Province. The license allowed Blue Sky to fly high-resolution airborne radiometric and magnetic surveys. Blue Sky was given the exclusive right to acquire new exploration licenses on the targets identified in the survey. The Ivana property was acquired to cover several of the anomalies found in this survey.

A follow-up ground radiometric survey confirmed a +25 kilometre long anomaly caused by uranium mineralization on or near surface. Field programs have included prospecting, geological mapping, sampling/testing of hand pits, auger & shallow rotary drill holes, and a 2,023 metre diamond drill program comprised of 11 holes. Much of this work was funded through a joint venture with the multi-national uranium company, Areva. Results to date confirm the potential for a uranium deposit on the property, and the Company plans additional work to delineate resources.

Local Geology

At Ivana the basement and remnants of the Cretaceous Neuquen Basin sediments are overlain by middle Tertiary aged tuffaceous sands of the Chichinales Formation and coastal marine sediments of the Gran Bajo del Gualicho Formation, both interbedded. The Chichinales Formation is a potential target for sandstone-hosted uranium deposits. It is in turn overlain by Pliocene to Quaternary sands and gravels. Arid conditions that prevailed during much of Pliocene and later time led to the development of extensive soil development, creating trap sites for superficial uranium concentration. To date, the mineralization found at Ivana is within the first four metres of the surface in the form of the mineral carnotite that coats the grains of sand or gravel in the unconsolidated sediments.

For additional details on the Ivana Property, please refer to the Technical Report and filings on SEDAR.