08:41 AM EDT, 03/26/2025 (MT Newswires) -- Blue Sky Uranium ( BKUCF ) said Wednesday that it established the Ivana Minerales joint venture with Abatare Spain to advance the Ivana uranium-vanadium deposit in Argentina.

According to a statement, the JV is currently vetting engineering groups to support the planned prefeasibility/feasibility study for the Ivana deposit. It is also initiating an exploration drilling program of up to 6,000 meters of reverse circulation drilling over the next six months.

Luis Leandro Rivera, who has 30 years of mining experience, including most recently serving as Senior Vice President of the Latin American region for AngloGold Ashanti, was appointed as general manager for the joint venture company.

"We look forward to an energetic program in the coming months that will continue to build value at this exciting project," said Nikolaos Cacos, Blue Sky's president and CEO.

Under the joint venture terms, Abatare will fund cumulative expenditures of US$35 million to acquire a 49.9% indirect equity interest in the Ivana deposit.

It also has the further right to earn up to an 80% equity interest in the joint venture by completing a feasibility study and funding the costs and expenditures up to US$160 million.