Blue Sky Uranium partnership begins work at Ivana

Executive Summary

• Blue Sky Uranium’s joint venture Ivana Minerales SA (IMSA) has begun a new exploration program around the Ivian deposit, starting with a five‑km pole‑dipole electrical tomography survey at the “Ivana Gap” target.
• IMSA completed an extensive infill reverse‑circulation drilling campaign – 328 holes totaling 4,959 m – bringing cumulative drilling at Ivana to 15,839 m in 1,166 holes, supporting an upgrade of the mineral resource model (≈80 % indicated).
• A comprehensive four‑to‑six‑week “gap analysis” has been launched, led by M3 Engineering and SRK Consulting, to identify missing studies, engineering work, permitting and cost estimates required for a prefeasibility study and eventual definitive feasibility study.

Key Details

• Exploration Survey: 5 km pole‑dipole electrical tomography (ET) survey at Ivana Gap target; data processing expected within ~1 week after field completion (10‑day survey).
• Infill Drilling Program:
• 328 RC holes, average depth 15 m, total 4,959 m drilled by Patagonia Drilling using a FlexiROC D65 rig.
• Cumulative drilling at Ivana now 15,839 m in 1,166 holes on a ~75 m × 75 m grid.
• 5,443 samples sent to ALS Argentina (prep) and ALS Peru (ICP multielement ultratrace analysis). QA/QC included 322 blanks, 162 duplicates, 92 certified standards.
• Resource Impact: Program intended to provide data for updating/upgrading the current resource estimate, which presently consists of ~80 % indicated resources.
• Gap Analysis Scope & Teams:
• Lead: M3 Engineering and Technology Corp. (overall coordination, metallurgy, process engineering).
• SRK Consulting – mine planning, reserve estimation, geotechnical studies, tailings storage design.
• Hidroar SA – environmental impact assessment, groundwater management, permitting compliance.
• Lionsgate Geological Consulting Inc. – review of mineral resource estimate.
• Timeline: Gap analysis to be completed in 4–6 weeks; will deliver a roadmap with task sequencing, indicative timelines and preliminary capital/operating cost framework for PFS and DFS.
• Earn‑In Agreement Context: Under the earn‑in arrangement, COAM may finance up to US$35 M for a 49.9 % indirect equity stake and later up to US$160 M for an additional 30.1 % (total 80 %) upon completion of feasibility study and financing.
• Qualified Person: Technical content reviewed and approved by Ariel Testi, CPG, qualified under NI 43‑101.

Notable Quotes

“These complementary 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.” – Nikolaos Cacos, President & CEO, Blue Sky Uranium Corp.