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Blue Sky Uranium Resumes Exploration Drilling Program at Targets Close to Ivana Deposit, within the Uranium-Vanadium Amarillo Grande Project, Argentina

Blue Sky Uranium Corp. announced that the company is resuming its 4,500 metre exploration drilling program with new holes planned at the Ivana Central target, located 10 kilometres north of the Company's Ivana Deposit at its wholly-owned Amarillo Grande Uranium-Vanadium Project in Rio Negro Province, Argentina (‘AGP’). Six holes totaling 286 metres were drilled at Ivana Central in 2020 before the program was paused, leaving approximately 1,200 metres to be completed at this target. Two of the first six holes at Ivana Central intersected anomalous uranium, including 120 ppm U3O8 over 1 metre in hole AGIC-01 and all holes returned anomalous vanadium and pathfinder elements similar to those associated with uranium mineralization at the Ivana deposit. The new drilling will test the continuity of the prospective horizons intersected in the initial holes. A total of 1,584 metres have also been completed at the Ivana North target. Following completion of the current tranche of drilling at Ivana Central, approximately 1,500 metres of drilling will be deployed in refining delineation of areas with the best results from both targets. Ivana Central Target Details: Ivana Central is a blind exploration target consisting of a mainly soil-covered depression covering an area of 5 by 9 kilometres. This target zone was initially identified by Blue Sky's previous joint venture partner Areva in 2013 via a drilling program of 11 core holes totaling 2023.5 metres, with depths ranging from 110 to 280 metres, in the southern sector of the Amarillo Grande project. In 2018 Blue Sky's exploration team relogged, sampled and re-interpreted those holes and applied the in-house geological and exploration models and experience that have been developed and refined as the Ivana deposit has been discovered and advanced. This work identified a suite of pathfinder element anomalies, including molybdenum, selenium, cobalt, lanthanum, rhenium, yttrium, lead, and zinc, that the Company employs as geochemical indicators to vector towards blind uranium deposits. The exploration work at Ivana Central continued with auger-holes, radiometric surveys and pit-sampling, followed by induced polarization (‘IP’) Pole-Dipole tomography. From the auger-holes surveyed, radiometric anomalies were detected in some holes and at several different depths; some are open to depth. The sampling program encountered reduced carbonaceous alteration and carnotite mineralization. The IP survey detected areas with high chargeability anomalies interpreted to represent moderate to low levels of disseminated pyrite, suggesting proximity to an oxidation-reduction (‘REDOX’) zone as potential ‘trap’ for uranium mineralization. This information was used to plan the initial reverse circulation (‘RC’) drilling program originally launched in 2020, as reported on March 2, 2020. Two holes successfully intercepted uranium-vanadium anomalies at the expected depths, with a third showing weak uranium values. Those intercepts suggest that the mineralization potentially continues to the west, onto a mineral tenure for which permits were pending at that time but which have now been secured. The new program is designed primarily to test that potential westward continuity of the mineralization as well as to test some undrilled areas to the east showing IP chargeability anomalies. The drilling program will employ a multipurpose direct circulation hydraulic drilling rig on tracks. This drill produces wet chip samples which are collected from sampling buckets every metre; the drill rig also has the ability to recover drill core. Every hole will be surveyed with a calibrated radiometric Mount SoprysTM probe. An additional geoelectrical SP-SPR survey will be completed on holes in order to approximate the location of geological contacts between sedimentary units.

Blue Sky Uranium Corp. Resumes Exploration Drilling Program At Targets Close to Ivana Deposit, Within the Uranium-Vanadium Amarillo Grande Project Argentina

Blue Sky Uranium Corp. Announces Assay Results from the Second Tranche of Results from the Recently Completed Reverse Circulation Drilling Program At the Ivana Deposit

Blue Sky Uranium Corp. announced assay results from the second tranche of results from the recently completed reverse circulation (RC) drilling program at the Ivana Deposit, within its wholly-owned Amarillo Grande Uranium-Vanadium Project (AGP) in Rio Negro Province, Argentina. The assay results reported include 970 samples from 115 RC holes averaging 8.5m depth that tested areas of lower drill hole density at the margins of, and within, the western portion of the Ivana deposit; as well as testing the potential expansion of the deposit to the west. Highlights of the new RC drill results include: 5m averaging 1,566ppm U3O8 and 243ppm V2O5 in hole AGI-568, located more than 1.5kilometres from the southwest margin of the current mineral resource including 7,027ppm U3O8 and 236ppm V2O5 over 1m; 3m averaging 702ppm U3O8 and 1,119 ppm V2O5 including 1,774ppm U3O8 and 1,981ppm V2O5 over 1 m in AGI-601; 6m averaging 344ppm U3O8 and 242ppm V2O5 including 933ppm U3O8 and 109ppm V2O5 over 1m in AGI-616; 8m averaging 128ppm U3O8 and 141ppm V2O5 including 562ppm U3O8 and 30ppm V2O5 over 1m in AGI-617; 6m averaging 232ppm U3O8 and 43ppm V2O5 including 448ppm U3O8 and 16ppm V2O5 over 1m in AGI-629. This second group of assay results from the current program includes holes from step-out drilling targeting the uranium and vanadium mineralized zone to the west of the current Ivana mineral resource, initially discovered during the 2018 pit-sampling program and reported on November 15, 2018. Of the 23 holes in this sector, six returned anomalous uranium (U3O8 >30ppm) including three holes with U3O8 intervals of 5 metres >100ppm U3O8, including 1 metre at 0.7% (7027 ppm) U3O8. The other holes reported herein were drilled at the margins and within the western sector of the Ivana current mineral resource boundary and have confirmed the continuity of the mineralization in a number of locations, as well as the potential expansion to the south from hole AGI-601, which intersected 3 metres at 702 ppm U3O8 including 1metre at 0.17% (1774 ppm) U3O8. Notably the majority of these reported holes returned intervals with vanadium grades higher than the average grade of the Ivana deposit, as reported in the current mineral resource estimate published on February 27, 2019. From the 115 holes reported at this time, 112 holes intercepted values ranging from 1m at +150ppm V2O5 up to 1m at 0.198% (1981 ppm) V2O5 in AGI-601. These higher grades of vanadium, in many cases accompanying uranium, are interpreted as resulting from the presence vanadium oxide minerals like carnotite, a uranium-vanadate, within the first few metres below surface. This interpretation is based on previous mineralogy studies, as reported in the Company's Preliminary Economic Assessment (Kuchling et al., June 28, 2019 filed on SEDAR). Carnotite is a leachable mineral; therefore, the interpretation of higher content of oxidized vanadium minerals may represent additional potential to be assessed in the future. An additional 2,300 samples collected from the final 209 holes drilled at Ivana in the current program have recently been sent for laboratory analysis. Analytical results will be published once they are received and interpreted. Methodology and QA/QC: The drilling program is being carried out by AVG Patagonia Drilling using a FlexiROC D65 drill rig from Atlas Copco, an ore-control track-mounted rig adapted to reverse circulation with triple cyclone to reduce the dust loss during sampling and automatic sampling. Samples were sent to Bureau Veritas Minerals Argentina for preparation by drying, crushing to 80% passing 10 mesh and then pulverizing a 250g split to 95% passing 150 mesh. The first 190 pulps, including QAQC controls, were then sent to Bureau Veritas Commodities Canada Ltd. for analysis of 45 elements by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) following a four-acid digestion (method MA-200). The following 898 pulps, also including QAQC samples, were sent to ALS Canada Ltd. for analysis of 48 elements by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) following a four-acid digestion (method ME-MS61). Approximately every 10th sample a blank, duplicate, or standard sample is inserted into the sample sequence for quality assurance/quality control (QA/QC) purposes. The QA/QC internal assessment determined that analytical results reported herein are within standard industry limits.

Blue Sky Uranium Corp. Discovers Additional Uranium/Vanadium from Step-Out Drilling At the Ivana Deposit, Argentina

Blue Sky Uranium Corp. announced the results from the first twenty-six holes of the on-going drilling program at the Ivana Deposit, within its wholly-owned Amarillo Grande Uranium-Vanadium Project ("AGP") in Rio Negro Province, Argentina. As announced on September 28th, 2021, the current 3,500-metre reverse circulation ("RC") drill program is testing the potential expansion of the Ivana deposit to the west as well as adding holes in areas of lower drill hole density at the margins of, and within, the Ivana deposit to aid in upgrades to the mineral resource estimate that will support advanced engineering studies. Highlights of the new results include: 3m averaging 431ppm U3O8 and 371ppm V2O5 including 878ppm U3O8 and 518ppm V2O5 over 1m in AGI-0503; 4m averaging 296ppm U3O8 and 268 ppm V2O5 including 581ppm U3O8 and 271ppm V2O5 over 1 m in AGI-0489; 4m averaging 214ppm U3O8 and 281ppm V2O5 including 419ppm U3O8 and 369ppm V2O5 over 1m in AGI-0511; 2m averaging 301ppm U3O8 in AGI-0499 and 333ppm V2O5 in AGI-0499. This first small group of results are from holes drilled from approximately 500m to 1.5km west of the Ivana deposit, distributed over about one square kilometre covering an area that had been previously explored by pit sampling and interpreted as the western extension of the Ivana deposit. The average hole depth is 5 metres, with a maximum of 11 metres. Of the 26 holes reported, eight returned anomalous uranium (U3O8 >35ppm) including four holes with U3O8 intervals >100ppm. Notably, 23 holes returned at least one interval of more than 150ppm V2O5. The uranium and vanadium mineralization are present in all cases from surface, or near surface, forming a 3- to 4-metre-thick mineralized horizon where carnotite is interpreted as the principal uranium-vanadium mineral. Over 200 of the planned 260 holes have been drilled to date and the drilling program is ongoing. Turnaround time for analytical results from the laboratory have been significantly extended in the last two months, but now appear to be returning to reasonable levels and Blue Sky anticipates additional results in the coming weeks.