Ivana deposit; Rio Negro province, Argentina
After raising C$0.87M in October of last year, Blue Sky Uranium (TSXV: BSK; US-OTC: BKUCF) has been busy defining drill targets on their fully owned Amarillo Grande Uranium Vanadium project in Rio Negro, Argentina. An 8 kilometre long IP survey has been completed, which identified a 5 km long anomaly 20 km north of the Ivana deposit. The next step will be a reverse circulation (RC) drill program to hit the typical near surface mineralization. Management is looking to increase the resource towards a district scaled size, being redox type which regularly relates to very large deposits, and which in turn will likely improve 2019 PEA economics further. Speaking of which, as a reminder at a relatively (industry wide) low base case uranium oxide (O3O8) price of US$50/lb U3O8, the after-tax NPV8 of Ivana is US$135.2M and the IRR is 29.3%.