VANCOUVER, BC (By Blue Sky, 29.Sep.2025, Words: 935) — Blue Sky Uranium Corp. announced that Ivana Minerales S.A. (“IMSA“, a partnership with a subsidiary of Corporacion America Group “COAM“) commenced the first exploration program on targets surrounding the Ivana deposit.
Pursuant to the Earn-In Agreement, IMSA has the exclusive right and option (the “Call Option“) to acquire a 100% interest in all or part of certain exploration targets at the Amarillo Grande Project (the “Call Option Targets“). The program started with a pole-dipole electrical tomography survey at the Ivana Gap target to delineate potential drill targets in the area immediately north of the Ivana Deposit.
In addition to this exploration initiative, the company also reports that IMSA has completed the previously announced infill drilling program at the Ivana Deposit, marking a key milestone towards completing a prefeasibility study (“PFS“). The infill program included 4,959m of drilling across 328 holes, bringing the total drilling at the deposit to 15,839m of drilling across 1,166 holes. The objective of the program is to provide data to update and upgrade the current mineral resource categories, which presently are comprised of approximately 80% indicated resources.
Nikolaos Cacos, Blue Sky President & CEO commented, “These complimentary programs contribute to Blue Sky’s strategic objectives of advancing the many high-quality exploration targets into economic uranium deposits at the district scale Amarillo Grande Project, with Ivana potentially providing the initial production and a central processing facility.”
Concurrent with the above programs, IMSA has initiated a comprehensive Gap Analysis, a key step in transitioning the Ivana Project from an exploration-stage asset into a development-stage project. The analysis, which is expected to take between four and six weeks, is designed to identify all the additional studies, engineering work, and permitting requirements needed to support both a pre-feasibility study and, ultimately, a definitive feasibility study (“DFS“). Beyond identifying any missing elements, the Gap Analysis will provide a structured roadmap with clear sequencing of tasks, indicative timelines, and an initial framework for estimating project-wide capital and operating costs.
Program details
Call Option Targets Exploration
This program began with a 5 line-kilometre pole-dipole electrical tomography (“ET“) survey to delineate new targets for drilling at the Ivana Gap target. The program aims to follow the southern extension of mineralization at the Ivana Central target where previous drilling identified a +2.4km long and +1km wide NNW-SSE corridor situated between 40m and 60m depth, open to the north and south. This corridor returned elevated silver-cobalt-copper-uranium-tungsten, including 0.35m @ 2,880ppm Ag (see press release dated 24 May 2023).
This geophysical method was successfully employed at the Ivana deposit, aiding in drill targeting that led to the discovery. The ET survey is useful for detecting potential buried zones with high porosity and the presence of a reduction zone where organic matter and/or pyrite/sulphide minerals have potentially trapped uranium mineralization.
The geophysical survey is expected to be concluded within 10 days, followed by approximately one week of data processing. Based on the ET results, the Company will define the extent of the planned diamond drilling program at the Ivana Gap target and the precise collar locations for the drill holes.
Ivana Deposit Infill Drilling Program
The completed RC drilling program included 328 holes, averaging 15m in depth, and totaling 4,959m of drilling. The program was carried out by Patagonia Drilling using a FlexiROC D65 drill rig from Atlas Copco, an ore-control track-mounted rig adapted to reverse circulation with triple cyclone to reduce dust loss during sampling and automatic sampling.
The program included grid drilling within the mineralized areas for better geological understanding and improved confidence, as well as drilling at the borders of the deposit model for better delineation of its extents. In addition, drilling also tested a crucial area near the core of the deposit, proximal to some of the highest uranium grades, where poor soil conditions had previously restricted access. The Ivana deposit now has a total of 15,839 metres of RC drilling in 1,166 holes spaced at approximately 75m x 75m within the boundaries of the modelled deposit.
A total of 5,443 samples were sent to ALS Argentina for preparation and sent to ALS Peru for analysis of multi-elements ultra-trace method combining four acid digestion with Inductively Coupled Plasma (“ICP“) instrumentation. The program included 322 blanks, fine and coarse blank samples, 162 duplicates from original samples and 92 certified standards, which were inserted into the sample sequence for quality assurance/quality control (“QA/QC“) purposes.
Ivana Deposit Gap Analysis
The scope of the Gap Analysis is extensive. It will assess metallurgy, mine design, process engineering, infrastructure, environmental and social considerations, water management, and permitting strategies. M3 Engineering and Technology Corporation is leading the process and is responsible for overall coordination, as well as reviewing metallurgical test work, process flowsheets, non-mining engineering activities, infrastructure requirements, and preparation of the final report. SRK Consulting is tasked with mine planning, reserve estimation, geotechnical studies, and the design and review of the tailings storage facility. Hidroar S.A. is reviewing all requirements related to the environmental impact assessment, with a particular focus on strategies for groundwater management, permitting compliance, and environmental baseline studies. Lionsgate Geological Consulting Inc. will review the mineral resource estimate. Meanwhile, Blue Sky’s internal team provides geological oversight, integrating exploration data, and managing general project coordination.
The Gap Analysis is not only a technical exercise but also a strategic step that will allow Ivana Minerales to evaluate project risks, define critical path activities, and prioritize expenditures. The outcome will be a comprehensive plan positioning the Ivana Project for advancement into pre-feasibility with a clear understanding of both the opportunities and challenges ahead.
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