PROJECTS

ANIT PROPERTY

Highlights

  • 15 kilometre trend of near-surface uranium mineralization discovered by Blue Sky
  • 1000m x 200m corridor strongly mineralized in uranium within a 3000m x 1000 m corridor strongly mineralized in vanadium
  • Mineralization open at depth in some areas and along paleo-channel strike; Exploration potential along >5km
  • Metallurgical testwork & beneficiation studies indicate amenability to low-cost upgrading & leaching

Location and Access

The 24,000 hectare Anit Property lies between the Santa Barbara and Ivana properties within the 140 kilometre NW-SE Amarillo Grande uranium trend discovered by Blue Sky in the centre of Rio Negro province. The property 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

The Anit property was a grassroots discovery by Blue Sky in the centre of the new uranium district. The discovery was made during “ground truthing” of results from the 2007 airborne radiometric survey that identified a 15 kilometre-long, and locally up to 1.5 kilometres wide, anomaly in the area.

Subsequent fieldwork included trenching, pit sampling, auger testing, radon gas surveys, and two aircore reverse circulation drill programs. This work culminated in the definition of more strongly mineralized and thicker portions of the mineralized paleochannel in the West and Central zones, as well as large areas of lower grade mineralization in the East zone and in showings located up to 200 metres north and 400 metres south of the Central zone.

The Phase I reverse circulation (“RC”) drill program completed in 2017 included 1,170 metres of drilling in 83 holes, with a maximum hole depth of 20 metres. The program successfully confirmed the spatial correlation of the previously recognized mineralized zones, and led to the delineation of a significant area of vanadium mineralization, covering a much larger area than the previously defined uranium mineralized zone. Initial interpretation of the observed spatial and quantitative relationship between the two metals may relate to initial concentration of vanadium-rich minerals in the paleochannel system, likely as vanadium-bearing oxide and/or hydroxide minerals, and subsequent formation of carnotite, incorporating a portion of the available vanadium upon introduction of uranium.

Additional exploration work to advance understanding of the mineralogy, metallurgical characteristics, grade and aerial extent of the vanadium mineralization at the Anit target will be incorporated into future exploration programs, which will include ground geophysics, RC drilling and mineralogy/metallurgical studies.

Local Geology

The majority of the uranium mineralization delineated to date is within six metres of surface and is hosted by unconsolidated clastic sediments, often below a thin veneer of unmineralized material. Carnotite, the only uranium mineral identified to date, occurs as coatings on grains of sand and pebbles. The sediments are interpreted as belonging to the upper section of the Chichinales formation, a tuff-rich fluvial sequence of Middle Tertiary age.

The primary focus of work at the Anit target to date has been on near-surface uranium mineralization related to the uranium-vanadium mineral carnotite (K2(UO2)2(VO4)2·3H2O) which occurs as coatings on grains and interstitially in weakly-consolidated medium-grained sands which have been sampled from surface to approximately 20 metres depth. Integration of the 2017 RC drill data has shown that elevated vanadium is distributed over a wider area with greater thickness than the main zone of uranium mineralization concentrated in the core of the paleo-channel; more work is required to determine the extent and mineralogy of the vanadium mineralization.

Metallurgy

Independent preliminary metallurgical test work has demonstrated that the mineralized material from the Anit property can be inexpensively upgraded by wet screening mineralized material to remove coarse pebbles that contain little or no uranium mineralization, producing a low-mass higher-grade concentrate. This has the potential to significantly reduce processing and transportation costs, making the development of several satellite deposits around one central processing facility a potential development scenario.

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