Blue Sky Uranium has announced the acquisition of the Corcovo and Chihuidos projects in the Neuquén Basin of Argentina.

The projects are prospective for uranium deposits suitable for ISR.

This deal will expand the company’s exploration territory, adding nearly 80,000 hectares (ha) to its portfolio and bolstering its medium to long-term prospects for additional uranium mineral resources.

Blue Sky Uranium secured the option to earn a 100% stake in the Corcovo project.

This project, consisting of two adjacent exploration properties totalling around 20,000ha, is located at the north-eastern edge of the Neuquén basin.

The Corcovo option agreement includes a payment plan of $400,000 (C$548,602) in five instalments over three years by Blue Sky Uranium.

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Additionally, the company agreed to a 1% net smelter return (NSR) on both properties, with the option to buy back the NSR for a total of $500,000.

A further payment of $500,000 to the vendor is contingent upon the project reaching commercial production.

Blue Sky Uranium also gained 100% control over the Chihuidos project, which encompasses six exploration property units totalling almost 60,000ha, all of which are fully controlled by Blue Sky Uranium and were acquired through staking.

These units are located in the core zone of the oil and gas-producing Neuquén basin.

The company’s holdings now exceed 480,000ha across the provinces of Rio Negro, Chubut, Neuquén and Mendoza, with the potential for significant uranium resources.

The Amarillo Grande Project remains the flagship of Blue Sky Uranium, featuring Argentina’s largest (NI 43-101) mineral resource estimate for uranium, along with a valuable vanadium credit and a positive preliminary economic assessment.

Blue Sky Uranium has also initiated the permitting process for upcoming field programmes, indicating a proactive approach to advancing its projects and realising its exploration goals.

Blue Sky Uranium president and CEO Nikolaos Cacos said: “Within our flagship Amarillo Grande Project (“AGP”) we have the Ivana deposit moving into the prefeasibility stage, and multiple established exploration targets that are ready for the next steps.

“So it is time for us to look to expand our longer-term project pipeline, particularly with the strong support we are seeing for the uranium market.

“Similar to the surficial mining targets at AGP, ISR-amenable uranium deposits provide the opportunity for low-cost, low-impact production and the potential for shorter development timelines.”