Ivana
Property and Ownership:The Ivana property consists of five granted exploration licenses and three exploration licenses registered on behalf of the Company totaling 713 km2 in Rio Negro. Five licenses have been granted and three are under application. It is located in the north-central part of Rio Negro near the municipality of Valcheta. The property is 100%owned by the Company.
Property Geology and Mineralization:
Uranium mineralization is hosted mainly in the Gran Bajo del Gualicho Formation, consisting of Oligocene-Miocene shallow marine mollusk shells, fine grained sandstones and white tuff and to a lesser extent in the Arroyo Barbudo Formation consisting of sandstone, claystones and gypsum of Upper Cretaceous-Paleocene age. The mineralized district is located where the basement volcanics outcrop at the basin margin. Near shoremarine and continental sediments are interbedded, providing a favourable geological environment to host large surficial type uranium deposits.
In addition, high grade uranium mineralization was recently found in the form of carnotite hosted in unconsolidated and well sorted reddish and yellowish sands covered by calcrete accompanied by lower grade mineralization hosted in green clays with carnotite occurring along parting planes. This mineralized material was encountered less than 500 m from Upper Proterozoic shales and schists of the Nahuel Niyeu Formation and Carboniferous to Permian granites of the Navarrete Plutonic Complex. The mineralized sands appear to be part of fluvial paleochannels eroded in the basement metamorphic and granitic rocks.
Significant results obtained to date are:
- a uranium discovery area within a 40 km by 10 km enclosed basin identified from the airborne radiometric survey. This area includes a major 20-km long northwest-southeast mineralized trend. The highlight is a hand excavated pit that returned 0.068% U3O8 over a width of 3 m in unconsolidated sediments beginning at surface and open to depth; and
- a new uranium discovery area along a 3.3 km long northwest-southeast mineralized trend situated 20 km south from the above trend. The highlight from the new discovery is an interval of 1.81% U3O8 over 0.75 m including 6.67% U3O8 over 0.15 m and open at depth.
The property's history is summarized as follows:
- 2010 - 22,000 km2 airborne radiometric survey; and
- 2011 - sampling of 58 auger holes and hand pits performed as well as follow-up ground radiometric surveys, prospecting and geological mapping.
Blue Sky considers the results to be very encouraging and exploration work will continue to evaluate anomalies using ground radiometrics, pit sampling and augering.