Blue Sky Uranium (BSK-V) starts drilling 2,000 m at Ivana project in Rio Negro province, Argentina.
Nov 18, 2013 - News Release
Blue Sky Uranium Corp. drilling is under way on the company's Ivana project in Rio Negro province, Argentina.
A ground based geophysical program is also underway along with a Phase I, 9 drill hole 2,000 meter program. These exploration programs are fully funded by AREVA Mines as part their exploration partnership with Blue Sky Uranium.Drilling at the Ivana project is targeting roll-front uranium mineralization at a depth up to 400 meters. The diamond drill program will target uranium mineralization associated with the "Bajo de Valcheta" Basin, an interpreted large fault-controlled "half-graben" filled with "red bed" type fluviatile sediments which are believed to be part of the Upper Cretaceous Neuquen Group. The "Bajo de Valcheta" Basin is a large (60 x 12 km) interpreted enclosed half-graben structure filled with Cretaceous clastic fluviatile sediments. A small salar (playa lake) occupies the lower (eastern) end of the area. Carnotite mineralization was encountered in some of the hand pits within the basin.
The Company and AREVA Mines have recently amended the terms of the MOU dated December 20, 2011. To maintain the Option in good standing AREVA must complete Phase 2 work by December 31, 2013, with a minimum expenditure of CDN $2 million. Upon the completion of Phase 2 work AREVA should elect to proceed with one or two properties. If two projects are selected AREVA must incur a minimum Phase 3 expenditure of CDN $4 million and if only one project is selected a minimum Phase 3 expenditure of CDN $3 million. Phase 3 work must be completed no later than December 31, 2017. Upon the completion of the Phase 3 program AREVA will have earned a 51% interest in the selected project(s).Blue Sky is pleased to announce a non-brokered private placement financing of 10,000,000 units at a price of $0.05 per unit for gross proceeds of $500,000. Each unit will consist of one common share and one transferable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at a price of $0.10 per share for two years from the date of issue. This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. Directors, officers and employees of the Company may participate in a portion of the financing. A commission may be paid on a portion of the financing. The proceeds from this financing will be used for further exploration and development of the Company's property portfolio in Argentina and for general working capital. |
