Cosa Resources Corp. (CSE: COSA ) (“ Cosa Resources ” or the “Company”) is pleased to announce it has engaged Expert Geophysics Limited (“Expert”) to conduct airborne MobileMT™ surveys at its 100% owned Ursa and Orion uranium projects in the Athabasca Basin.
Highlights
Keith Bodnarchuk, President & CEO, commented: “Cosa’s first pass work at the Ursa and Orion projects demonstrates our commitment to efficiently and effectively exploring these projects for the next major uranium deposit. We are eager to see the results of this survey and work towards drill testing.”
Andy Carmichael, VP of Exploration commented: “Ursa and Orion contain nearly 75 kilometres of combined strike length of highly underexplored magnetic lows hosting EM conductors. With such a large area to explore, MobileMT results will evaluate prospective corridors in their entirety to identify and prioritize key areas for follow-up.”
Planned Survey
Approximately 2,900 line-kilometres of MobileMT surveying is planned at Ursa and Orion in summer 2023, with 90% of the work to be completed at Ursa. MobileMT is a modern, helicopter-borne, magnetotelluric (MT) survey system capable of detecting both the basement-hosted EM conductors and sandstone-hosted zones of anomalous resistivity commonly associated with significant Athabasca Basin uranium deposits. MobileMT is capable of resolving resistivity contrasts to depths exceeding 1000 metres, and MT surveys have mapped basement conductors and sandstone alteration zones at both the McArthur River and Shea Creek uranium deposits.
The planned survey is a time- and cost-effective approach to gaining a high-level assessment of the nearly 75 kilometres of underexplored, prospective strike length covered by the properties, and will accelerate exploration through the prioritization of target areas. Surveying is planned to begin in late June and will take approximately three weeks to complete.
Ursa Property
Existing geophysical coverage at Ursa comprises a patchwork of historical airborne and ground surveys, most of which were completed between 1978 and 2008. Historical airborne EM surveys generally confirmed that basement-hosted EM conductors are present but lacked the resolution for meaningful interpretation. Historical ground EM surveys also indicate basement EM conductors are present, but follow-up drilling rarely intersected conductive basement units. Despite ineffective targeting, the sparse historical drilling intersected structurally disrupted sandstone and basement, hydrothermal alteration, and weak mineralization. Most notably, drill holes CR-03 and CR-08 intersected up to 0.05% and 0.18% U 3 O 8 uranium in the basement, respectively, which has not been adequately followed up (Figure 2).
The upcoming MobileMT survey will be the first time this portion of the Cable Bay Shear Zone (CBSZ) has been covered by an airborne system capable of imaging the basement well beyond the unconformity. Cosa believes the results will greatly improve the understanding of this regional-scale structural corridor.
The 65 kilometres of the CBSZ covered by Ursa offers a highly prospective, significantly underexplored geological analogue to the geological settings underpinning major current- and past-producing uranium mines in the eastern Athabasca Basin. The depth to the unconformity on the project is estimated to be between 600 and 1000 metres.
Orion Property
Located 15 kilometres northeast of Ursa, Orion covers eight kilometres of a curvilinear zone of low magnetic susceptibility with historical electromagnetic conductors mantling a magnetic high, implying favorable structural complexity. No historical drilling has been completed on the project, and the depth to the unconformity is estimated to be between 750 and 900 metres based on neighboring drilling.
Expected Follow-up
Following receipt of the finalized MobileMT dataset, 3D inversion of the survey results will be completed by third party specialists. Cosa aims to utilize inversion results to guide ground-based EM surveys over high-priority target areas and generate quality targets for subsequent drill testing.
Figure 1 – Cosa’s Eastern Athabasca Portfolio with Prospective Uranium Corridors
Figure 2 – Survey Coverage at Ursa, Orio
About Cosa Resources
Cosa Resources is a Canadian mineral exploration company based in Vancouver, BC and is focused on the exploration of its uranium and copper properties in northern Saskatchewan. The portfolio includes six uranium exploration properties: Ursa, Orion, Castor, Charcoal, Helios, and Astro, totaling 140,677 ha in the eastern and northern Athabasca Basin.
The team behind Cosa Resources has a track record of success in Saskatchewan, with several decades of combined experience in uranium exploration, discovery, and development in the province.
Qualified Person
The Company’s disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa Resources. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company’s properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain “Forward‐Looking Statements” within the meaning of applicable securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward‐looking statements or information. These forward looking statements or information relate to, among other things: the exploration, development, and production at the Company’s mineral projects.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; the Company’s ability to operate in a safe and effective manner.
These statements reflect the Company’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified in the Company’s public disclosure documents. Readers are cautioned against attributing undue certainty to forward‐looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward‐looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
Click here to connect with Cosa Resources Corp. (CSE: COSA ), to receive an Investor Presentation
Cosa Resources (TSXV:COSA, OTCQB:COSAF, FSE:SSKU), is a Vancouver-based uranium exploration company with a portfolio of highly prospective assets in Saskatchewan’s Athabasca Basin region.
Cosa’s portfolio of uranium projects comprises more than 160,000 hectares of land within or proximal to Saskatchewan’s Athabasca Basin. Each project captures portions of highly prospective northeast trending uranium corridors and district-scale structural corridors, such as the Cable Bay and Grease River Shear Zones and the Larocque Trend.
The Athabasca Basin region is well known for hosting some of the world’s largest and highest-grade uranium deposits within these prominent and continuous magnetic low corridors; examples include Cameco’s McArthur River mine and IsoEnergy’s Hurricane deposit. Cosa’s projects are considered underexplored and boast strong potential to host world-class uranium deposits.
Supported by a team of technically focused and successful geologists and mining executives, Cosa believes that a combination of new ideas and aggressive exploration in underexplored areas has the potential to yield the next Tier 1 uranium discovery.
Left to Right: Steve Blower, Andy Carmichael, Craig Parry, and Justin Rodko.
Recipients of the AME Colin Spence Award for 2022.
Cosa has strategically assembled a management team with a history of success in the Athabasca Basin. With well over a century of combined uranium experience, Cosa’s management team has been involved with several uranium discoveries in recent years. Chairman Steve Blower was part of the discovery team behind 92 Energy’s Gemini zone, IsoEnergy’s Hurricane deposit, and Denison’s Gryphon deposit. For his role in the Hurricane discovery, he was co-recipient of the AME 2022 Colin Spence Award for excellence in global mineral exploration, alongside fellow Cosa team members Andy Carmichael, Justin Rodko and Craig Parry.
With the world's shift away from fossil fuels, nuclear power has been gaining popularity in recent years. As of now, there are around 440 nuclear reactors globally, consuming roughly 62,500 tonnes of uranium (tU) per year, and the demand for the metal is only growing as more reactors come online. This has created a consistent and growing need for new sources of uranium to keep up with the increasing demand.
This rise in long-term demand for uranium has resulted in a growing spot price, reaching US$53.20 in September 2023, an increase of 14.72 percent from the previous month and 29.92 percent from last year. Given the current geopolitical climate in pursuit of cleaner power and reduced carbon emissions, nuclear power has become increasingly popular as an alternative to fossil fuels. It’s clear that new sources of uranium are necessary to meet the growing demand for the metal, which is now included as one of the Canadian Government’s 31 critical minerals.
In addition to a strong focus on uranium exploration and commitment to ESG practices, Cosa Resources also prioritizes strong corporate governance. The company believes that effective corporate governance is essential for building and maintaining trust with investors and stakeholders, as well as ensuring the long-term success and sustainability of their business. To support this goal, Cosa Resources has established a strong board of directors with diverse backgrounds and expertise. The board provides oversight and guidance on key strategic and operational decisions, and they are responsible for ensuring that the company operates in compliance with all relevant laws, regulations, and ethical standards. Cosa has additional support from Inventa Capital Corporation, a privately held merchant bank that specializes in financing and supporting companies that explore for and develop mineral deposits to fuel and support global energy and technology needs.
Cosa’s uranium projects comprise over 160,000 hectares of land between several properties located within or proximal to Saskatchewan’s Athabasca Basin. These projects capture portions of highly prospective northeast trending uranium corridors and district-scale structural corridors such as the Cable Bay and Grease River Shear Zones and the Larocque Trend. The Athabasca Basin is well known for hosting some of the world's largest and highest-grade uranium deposits within these prominent and continuous magnetic low corridors; examples include Cameco’s McArthur River mine and IsoEnergy’s Hurricane deposit.
Cosa's projects have seen only 18 historical drill holes, with 15 of them conducted on the Ursa project. This project, featuring over 60 kilometers of strike length of the Cable Bay Shear Zone, is still considered significantly underexplored. Notably, Ursa has not undergone drilling since 2002, and the most recent drilling across any Cosa project occurred on the Helios grounds in 2007. All of Cosa's uranium projects are fully owned by the company.
In 2023, Cosa Resources expanded its uranium portfolio with the acquisition of the Astro and Orbit uranium exploration properties in the Athabasca Basin region. Orbit covers four kilometers of the interpreted strike extension of a reactivated graphitic structural trend. The 6,669-hectare project was acquired by low-cost staking. Astro is a 40,025-hectare project covering a 20-kilometre strike length of electromagnetic (EM) conductors which are untested by drilling.
Further to the company’s expansion efforts, it has also acquired the Polaris and Eclipse uranium exploration properties in the Athabasca Basin. Polaris covers 3,290 hectares and 9 kilometers of prospective magnetic low zones near the southwestern Athabasca Basin and Eclipse covers 1,622 hectares in the Eastern Athabasca Basin with thin sandstone cover.
Ursa property
Ursa covers 65 kilometers of strike length of the Cable Bay Shear Zone, a highly prospective and underexplored geological analogue to the setting underpinning major current- and past-producing eastern Athabasca uranium mines. At Ursa, the sub-Athabasca unconformity is estimated to be between 850 and 1,000 meters below surface. Cosa’s 2023 MobileMT survey covered more than 90 percent of this expansive project with the objective of defining and prioritizing conductive strike for follow up exploration and avoiding costly systematic drilling of the entire project.
The survey mapped more than 100 kilometers of basement conductive trend strike-length within Ursa. The property-scale conductivity model has greatly improved Cosa’s understanding of the project’s basement geology and allowed the identification of bends, splays and interpreted stepovers along basement conductive trends, all of which suggest favorable structural complexity.
The Ursa conductivity model includes numerous zones of anomalous sandstone conductivity. Interpretation has identified 10 initial target areas consistent with Cosa’s criteria, which cover an aggregate basement conductive trend length of approximately 24 kilometers. Importantly, none of the 15 historical drill holes within the project, including the three weakly mineralized drill holes, are proximal to the initial target areas identified by Cosa.
Confidence in the conductivity model is gained from its consistency with historical drilling results. Drilling at Ursa largely failed to intersect broad, strong zones of sandstone-hosted clay enrichment and the model contains no significant zones of enhanced sandstone conductivity proximal to historical drill holes. Historical drill holes which intersected broad intervals of pervasively silicified sandstone are located within a zone of extremely low sandstone conductivity in the 3-D model, suggesting variations in conductivity related to alteration are detectable by the survey system and accurately represented in the conductivity model.
Cosa is highly encouraged by the survey results at Ursa and will prioritize follow-up of top priority targets with target refinement through industry-best ground EM surveying in advance of diamond drilling in 2024.
The 12,835-hectare Helios project is located 14 kilometers south of the northern rim of the Athabasca Basin. The project comprises two target areas:
The western portion of Orion covers 8 kilometers of curvilinear magnetic low strike length containing historical EM conductors and flanked by magnetic highs. One drill hole has been completed within the project outside of the survey area and the depth to the unconformity is estimated to be between 750 and 900 meters.
The 2023 MobileMT survey mapped more than 10 kilometers of basement conductive trend strike length at Orion. Basement conductive trends at Orion are complex, with bends and splays evident. An additional 1.5 kilometers of conductive strike length is inferred to extend beyond the surveyed area to the western property boundary and beyond to Orano’s Parker Lake Project. Historical drilling at Parker Lake intersected positive results including graphitic basement beneath sandstone structures with illitic alteration and elevated uranium geochemistry.
A prominent, northwest-trending zone of anomalously high sandstone conductivity is centered above where an east-west trending basement conductive zone bends to the northwest. The 4-kilometer-long, 1.4-kilometer-wide feature is the highest-amplitude sandstone-hosted anomaly in the Ursa and Orion conductivity models. Northwest-trending topographic features partly coincident with the anomaly suggest post-Athabasca structural reactivation may have occurred.
As at Ursa, follow up work at Orion will include industry-best ground EM surveying for target refinement followed by drill testing. Additionally, Cosa will consider expanding MobileMT coverage over the eastern portion of the project which was acquired after the 2023 survey was completed.
Cosa’s 100-percent-owned Astro project spans more than 40,000 hectares and is located 28 kilometers west of Cameco’s McArthur River uranium mine and 13 kilometers north of the Millennium deposit. Historical geophysical surveys have defined 20 kilometers of conductor strike length while modern geophysical surveys indicate a potential to increase conductive strike length significantly.
Also 100-percent-owned by Cosa, the Orbit property spans 22 kilometers south of the Key Lake Mill and historical mine. The project captures 4 kilometers of inferred strike extension of a prospective, reactivated graphitic structural trend. Weak mineralization has been intersected to the southwest but drilling 10 kilometers southwest along trend intersected 0.07 percent uranium over 0.2 meters within strongly altered graphitic faulting.
The Eclipse property comprises three claims totalling 1,622 hectares in the eastern Athabasca Basin. With only two drill holes and limited geophysical surveys completed historically, the property is underexplored. Historical drill logs indicate drill hole 4633-1-79 intersected bleached zones and a metre-scale zone of lost core within the sandstone above faulted basement, while drill hole 4633-2-79 intersected bleached zones in the sandstone. Both drill holes intersected metasediments in the basement and were terminated less than 25 metres below the unconformity.
The Polaris Property comprises five mineral claims in two blocks totaling 3,290 hectares in the southwestern Athabasca Basin region. Polaris is located 8 kilometers south of the Smart Lake uranium occurrence, 25 kilometers southwest of the JR Zone, 35 kilometers west of the Triple R uranium deposit, and 39 kilometers west of the Arrow uranium deposit. The project covers 9 kilometers of magnetic-low strike length located between 4 and 22 kilometers outside the present-day extent of the Athabasca Basin.
The Aurora Property covers 17 kilometers of the southeastern rim of the Athabasca Basin between Key Lake and the GMZ uranium discovery. Aurora comprises seven contiguous claims totaling 16,896 hectares which cover 17 kilometers of the Athabasca Basin's southeastern rim. Between 1983 and 2002 the Key Lake Mine produced 209.8 million pounds of U3O8 at an average grade of 2.3 percent U3O8.
Aurora covers a prominent, complex zone of low magnetic susceptibility with its northern edge generally coincident with the current edge of the Athabasca Basin. Aurora is underexplored and initial work by Cosa in Q2 and Q3 2024 is expected to include airborne EM, radiometric, and/or gravity surveys to generate target areas for follow-up.
Keith Bodnarchuk is a professional geoscientist with more than 15 years of experience in exploration, mining and capital markets. He led strategy and corporate development for IsoEnergy and was responsible for the acquisition and divestment of several projects. Bodnarchuk has previously worked as project geologist at Denison Mines with a focus on uranium exploration in North America and Africa.
Steve Blower is a geologist with over 30 years of experience in the minerals industry including mine geology, resource estimation, and exploration for a variety of commodities. For the past 17 years, as president and CEO of Pitchstone Exploration., VP of exploration for Denison Mines, VP of exploration for IsoEnergy., and a consultant/director of 92 Energy, he has been involved in three uranium discoveries in the Athabasca Basin. Earlier in his career, Blower was a mine geologist at the Huckleberry and Similco open-pit copper mines in British Columbia. Blower holds a BSc in geological sciences from the University of British Columbia and an MSc in geological sciences from Queen's University.
Andy Carmichael has nearly 20 years in mineral exploration, most of which focused on uranium exploration and resource delineation in the Athabasca Basin, Hornby Basin, Colorado Plateau and Namibia. Carmichael has served as VP of exploration for IsoEnergy, where he was a key member for the discovery and completion of the initial mineral resource for the Hurricane deposit, currently the world’s highest grade indicated mineral resource in uranium. Carmichael has worked at the Triple R, Phoenix, Gryphon and J-Zone deposits, and has a BSc with honours in geology from Saint Mary’s University.
Darren Morgans is a Canadian CPA and Australian CA, and has been a practicing finance professional since 1995. He has worked with Canadian and Australian publicly listed resource companies for 25 years. Morgans is currently CFO of Velocity Minerals, a gold explorer and developer with assets in Bulgaria. Prior to Velocity, Morgans was the CFO of Perpetua Resources, (formerly Midas Gold . At Perpetua, he assisted with its IPO in 2011 and subsequently raised over C$200 million in equity, convertible debt and royalty financings, to advance the Stibnite Gold Project from a small resource to a Feasibility Study with almost 5 million oz in reserves.
Wes Short has worked in the natural resources sector for the past eight years and was a founding member of the IsoEnergy team as manager of corporate affairs and corporate secretary until 2021, and previously held the role of corporate secretary with NxGold from 2018 until 2020 as well as its successor, Consolidated Uranium, until 2021. Short holds a Bachelor of Commerce in finance from the University of Northern British Columbia.
Justin Rodko is a professional geoscientist with nearly a decade of uranium exploration experience in Saskatchewan and Nunavut. Rodko is an original member of the IsoEnergy exploration team where he played a critical role in the discovery and completion of the initial mineral resource for the Hurricane zone. Rodko was previously a senior geologist at IsoEnergy and has worked at Orano’s (Areva) Kiggavik project in Nunavut as well as the Waterbury Cigar and Waterbury UEM projects, and at NexGen’s Arrow deposit in the Athabasca Basin.
Craig Parry has over 20 years in the resource sector and is a co-founder and partner of Inventa Capital, a private natural resources investment company. Parry also serves as chairman of Vizsla Silver, director (formerly chairman) at Skeena Resources, executive chairman at Vizsla Copper, and has previously served as CEO of IsoEnergy. Parry is a founding member of both IsoEnergy and NexGen Energy and has also led exploration teams exploring iron core, copper, diamonds, coal and bauxite in Australia. He was principal geologist for the Kintyre uranium project pre-feasibility study, holds an Honours Degree in geology, and is a member of the AusIMM.
Ted Trueman serves as a director of Cosa and is a professional engineer with over 50 years of diverse experience in mining. Trueman has led several exploration teams that have made discoveries in uranium, gold and silver. He previously served as CEO of Pitchstone Exploration prior to being acquired by Fission Energy..
Janine Richardson serves as a director of Cosa and is a CPA with over 30 years of finance experience in the mining industry. Richardson previously served as chief financial officer of IsoEnergy and CFO of Consolidated Uranium. She graduated from McMaster University with a Bachelor in Economics and has a diploma in accounting from Wilfrid Laurier University.
* Disclaimer
The scientific and technical information on this website has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved by Andy Carmichael, VP Exploration for Cosa Resources Corp. and a "qualified person" as defined by NI 43-101. This profile refers to neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company’s properties.
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce the completion of the winter 2024 diamond drilling program at its 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property").
Highlights
Three holes totalling 3,438 meters completed at the Kodiak target area
Drill hole UR24-03 intersected structures, hydrothermal alteration and minor sulphide mineralization in the Athabasca sandstone several hundred metres above the unconformity
High-strain ductile basement fabrics with late brittle overprint were identified
Sufficient supplies and equipment have been mobilized to conduct an expanded summer program
Keith Bodnarchuk, President and CEO, commented: "Congratulations to Andy and the entire team for safely and effectively completing our inaugural drill program at the 100% owned Ursa project. To intersect encouraging structure and alteration with an initial drill program is a tremendous technical success at such a large and under-explored Project. With the completion of our over-subscribed bought deal financing for $6.5 million in March, we are fully funded for our upcoming summer exploration program consisting of drilling and target refinement at Ursa, while also advancing multiple other projects to drill readiness for 2025. We are eager to have the drill turning again this summer and to continue building off of these encouraging initial results."
Andy Carmichael, VP of Exploration, commented: "Having intersected clear evidence of post-Athabasca structure and hydrothermal alteration,initial drilling results at Ursa exceed our expectations and have upgraded the Kodiak target area and the Project overall. Drill hole UR24-03, the third and final of the program, intersected a broad zone of sandstone alteration containing dravitic structures and sulphides. As structurally controlled dravite and sulphide alteration occur proximal to several Athabasca uranium deposits, these results present a compelling follow-up target for the upcoming summer drilling season. Prior to resuming drilling, we plan to deploy an extensive Ambient Noise Tomography (ANT) survey to assist with strike prioritization and generate additional target areas. We look forward to updating the market with complete summer exploration plans at Ursa and our other projects in the near-term. Finally, we thank Bryson Drilling for their safe and efficient performance on Cosa's inaugural drill program."
Diamond Drilling at Ursa
Three drill holes totalling 3,438 metres were completed during winter 2024 to assess the Kodiak target area for the presence of structure and hydrothermal alteration characteristic of large unconformity-related uranium deposits of the Athabasca Basin. Kodiak is characterized as a complex zone of basement conductivity with several conductors identified by ground-based Stepwise Moving Loop Transient Electromagnetic (SWML-TEM) surveying proximal to a sandstone-hosted conductivity anomaly defined by airborne MobileMT™ surveying. Immediately down-ice of Kodiak are overlapping zones of anomalous illite, uranium, and boron concentrations as defined by historical boulder sampling work (Figure 2 - see Cosa's news released dated March 4th, 2024).
Drill hole parameters are presented in Table 1, and drill hole locations are shown in plan and cross section in Figures 2 and 3, respectively.
Table 1 — Winter 2024 Diamond Drill Hole Parameters
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UR24-01
Drill hole UR24-01 was designed to test a modelled subvertical SWML-TEM conductor proximal to a sandstone conductivity anomaly from the 2023 MobileMT™ survey results. Minor structures and alteration were intersected in the sandstone including a weak breccia with dravite infill from 982.9 to 984.0 metres. The unconformity was intersected at 1,032.0 metres and basement comprised non-conductive metasediments dipping to the northwest. Brittle reactivation of early ductile structures was observed as quartz-carbonate veining within mylonitized paragneiss.
UR24-02
Drill hole UR24-02 targeted a modelled southeast-dipping conductor 400 metres northwest of the UR24-01 target and evaluated a broad width of sandstone between the two holes for favourable alteration and structure. No anomalous results were intersected in the sandstone. Basement comprises northwest dipping, highly strained, locally graphitic and pyritic augen-textured cordierite pelitic gneisses. Minor structures, including graphitic slips and faults, were intersected and a broad zone of weak to moderate sericitization and argillization extends approximately 110 metres below the unconformity, terminating below a cluster of discrete graphitic faults.
UR24-03
Drill hole UR24-03 was collared 920 metres northwest of UR24-02 and drilled southeast at -70° to evaluate a broad width of sandstone for favourable structure and alteration and to further define basement geology in the Kodiak area. Between 181 and 224 metres are several metre-scale structural zones with fracturing and faulting which are variably bleached, silicified, desilicified, and hematitized. Unaltered and unstructured sandstone followed to 536 metres (Figure 4).
A broad zone of anomalous structure and hydrothermal alteration from 536 to 728 metres is pervasively bleached (Figure 5) and hosts fracture- and fault-controlled sulphides, clay, dravite, chlorite, siderite, drusy quartz, and silicification. Minor structures are common in this interval and include slickensided surfaces and faulting (Figures 3 and 6). Notably, from 713.5 to 756 metres are several occurrences of massive to semi-massive dravite including dravite-filled veinlets and breccias comprising bleached and/or hematitized sandstone fragments set in a dravite matrix (Figures 7 and 8). Alteration associated with the dravitic structures is variable and includes drusy quartz, hydrothermal hematite, magnetite, siderite, and sulphides. Below 756 metres, only minor alteration and structure were intersected to the sub-Athabasca unconformity at 1033.5 metres. Basement in UR24-03 comprises high-strain, cordierite-augen pelitic gneiss and lesser semipelitic gneiss. Intermittent sericite alteration is present throughout the basement with intervals of minor graphitic faulting between 1074.5 and 1100.0 metres.
The intersection of a broad zone of structure and hydrothermal alteration in the medial sandstone of UR24-03, including sulphides and dravitic breccia, is considered highly encouraging and has validated the Company's target area selection and drilling strategy. The UR24-03 alteration zone was intersected 250 to 460 metres vertically above the sub-Athabasca unconformity. The down-dip projection of the dravitic zone to the unconformity, located 150 metres northwest of the UR24-03 unconformity intercept, represents a compelling follow-up target for the upcoming summer drilling program.
Next Steps
Additional work is warranted at the Kodiak target area and throughout the Project. All geochemical and most clay spectroscopy results remain pending, and these results will influence follow-up at Kodiak.
To aid in strike prioritization, the evaluation of existing target areas, and the generation of new target areas, Cosa is planning an extensive Ambient Noise Tomography (ANT) survey at Ursa covering the 27-kilometres of conductive strike which hosts the Kodiak, Kodiak North, Smokey, and Panda West target areas (Figure 1). This conductive trend also hosts all three of the weakly mineralized historical drill holes on the Project. ANT has only recently been deployed in the Athabasca Basin and initial results suggest it may be an effective tool for defining large zones of hydrothermal alteration at depth, potentially representing a relatively cost-effective alternative to conventional strike prioritization tools such as DC-Resistivity surveys.
Cosa is also pleased to report that during winter drilling operations the Company utilized the winter access trail to mobilize sufficient fuels, equipment, and supplies to Ursa to conduct the planned ANT surveys and summer drilling with minimal aircraft support.
Figure 1 — Ursa Target Areas Defined by 2023 MMT Survey over Basement Conductivity Model (100 metres Below the Unconformity)
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Figure 2 — Kodiak Target Area with Historical Boulder Sampling Results over Basement Conductivity Model (100 metres Below the Unconformity)
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Figure 3 — Cross Section of the Kodiak Target Area, (Looking Northeast)
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Figure 4 — Example of Unaltered Sandstone from UR24-03 (464.4 - 482.1 metres)
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Figure 5 — Pervasively Bleached Sandstone from UR24-03 (553.7 - 571.3 metres) 450 metres above the sub-Athabasca Unconformity (Figure 6 Area Shown in Green)
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Figure 6 — Slickesided Sandstone Hosting Dravite and Sulphides from UR24-03 (567.5 m, highlighted in Figure 5)
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Figure 7 — Dravitic Stuctures from UR24-03 (713.5 to 715.0 metres), with Detail
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Figure 8 — Dravitic Breccia with Hydrothermal Hematite, Magnetite, and Pyrite from UR24-03 (752.3 m)
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About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at our Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium deposits. Initial drilling results from Ursa in winter 2024 are positive and include the intersection of a broad zone of alteration with associated structure in the Athabasca sandstone located 250 to 460 metres above the sub-Athabasca unconformity. Follow-up is planned in the second half of 2024.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206631
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Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that it has closed the brokered private placement previously announced by the Company on February 12, 2024, as upsized on February 13, 2024, for aggregate gross proceeds of C$6,500,816 (the "Offering"). The Offering was completed through a syndicate of underwriters, led by Haywood Securities Inc. and including PI Financial Corp. (collectively, the "Underwriters").
Pursuant to the Offering, the Company issued 2,128,000 units of the Company (the "Hard Dollar Units") at a price of C$0.47 per Hard Dollar Unit and 7,704,000 charity flow-through units of the Company (the "Charity FT Units", and together with the Hard Dollar Units, the "Units") at a price of C$0.714 per Charity FT Unit.
Each Hard Dollar Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Charity FT Unit consists of one Share of the Company that qualifies as a "flow-through share" within the meaning of the Income Tax Act (Canada) and will qualify as an "eligible flow-through share" as defined in The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) and one-half of one Warrant.
Each Warrant entitles the holder to purchase one Share (a "Warrant Share") at an exercise price of C$0.67 until March 5, 2026, subject to an acceleration provision whereby, if for any ten consecutive trading days, the closing price of the Shares exceeds $1.20 per Share on the TSX Venture Exchange, the Company may announce by way of press release that the expiry date of the Warrants will be accelerated to 30 days thereafter.
The gross proceeds from the sale of the Charity FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada), and to incur "eligible flow-through mining expenditures" pursuant to The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) (collectively, the "Qualifying Expenditures") related to the Company's uranium projects in the Athabasca Basin, Saskatchewan, on or before December 31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers of the Charity FT Units effective December 31, 2024. The net proceeds from the sale of the Hard Dollar Units will be used to fund exploration and for additional working capital purposes.
In consideration for the services provided by the Underwriters in connection with the Offering, on closing the Company: (i) paid to the Underwriters a cash commission equal to 5.0% of the gross proceeds of the Offering, other than in respect of Units issued to certain purchasers on a president's list agreed upon by the Company and the Underwriters (the "President's List"), in which case the commission in respect of such issuance was equal to 3.0%; and (ii) issued compensation options of the Company (the "Compensation Options") to the Underwriters to acquire that number of common shares in the capital of the Company (each a "Compensation Option Share") which is equal to 6.0% of the number of Units sold under the Offering, other than in respect of Units issued to purchasers on the President's List, in which case the Company did not issue any Compensation Options. Each Compensation Option entitles the holder to acquire one Compensation Option Share until March 5, 2026, at an exercise price of C$0.47.
Taylor Collison Limited acted as a special financial advisor to the Company with respect to the Offering.
The Company welcomes CQS (UK) LLP, as investment manager for both CQS Natural Resources Growth and Income PLC and Geiger Counter Limited, as a new insider of the Company.
The securities issued and made issuable pursuant to the Offering are subject to a hold period expiring on July 6, 2024.
Directors and officers of the Company subscribed for an aggregate of 120,500 Hard Dollar Units for gross proceeds of $56,635 under the Offering. Participation by insiders of the Company in the Offering constitutes a related-party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance of these securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 as the common shares of the Company are listed on the TSX Venture Exchange. The issuance of these securities is also exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101 as the fair market value was less than $2,500,000.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Cosa Resources
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 200,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at their Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium deposits.
For further information on Cosa Resources, please contact:
Keith Bodnarchuk, President & CEO
Tel: +1 888-899-2672 (COSA)
Email: info@cosaresources.ca
Website: www.cosaresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Cosa expects or anticipates will or may occur in the future including the intended use of proceeds of the Offering and the tax treatment of the Charity FT Units.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the future tax treatment of the Charity FT Units, competitive risks and the availability of financing; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of potential health epidemics, pandemics or other outbreaks of communicable diseases; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200440
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Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that following completion of ground-based geophysical surveying, the Company has commenced diamond drilling at its 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property").
Highlights
Up to 3,000 metres of drilling planned to evaluate the highly prospective Kodiak target area
Interpretation of historical boulder geochemistry survey results identified large illite, uranium, and boron anomalies down-ice of the Kodiak target area
Mobilization of additional fuel and supplies to facilitate larger spring and summer drill program is underway
Keith Bodnarchuk, President and CEO, commented: "After months of assembling an industry-leading exploration team and a portfolio of prospective and underexplored uranium projects, we are thrilled to announce Cosa's inaugural drill program at our 100% owned Ursa Project is underway. We want to thank our stakeholders, shareholders, and supporters for their enthusiasm as we work towards our goal of discovering the Athabasca Basin's next major uranium deposit. With the close of our $6.5 million financing expected soon, we are ready to begin testing targets at Ursa while advancing multiple other key projects towards drill readiness. The additional funding will also allow us to expand summer drilling at Ursa where warranted. We look forward to updating the market on exploration results."
Andy Carmichael, VP of Exploration, commented: "We would like to thank Accurate Industries, Bryson Drilling, Matrix Camps, and Athabasca Catering for their valued contributions to getting this drill campaign underway under difficult winter conditions. The recently completed ground geophysical survey confirmed quality basement conductors are present in target areas identified from the Property-wide 2023 MobileMT survey. Compilation of historical data has identified geochemical anomalies in boulders down-ice of several of Cosa's geophysically-driven target areas. We are excited to be drilling this large and prospective Project."
Diamond Drilling at Ursa
Up to 3,000 metres of diamond drilling is planned at Ursa this winter. The objective of drilling is to complete first pass testing in one or two of the eleven target areas identified from Cosa's 2023 MobileMT survey (see Cosa's news release dated November 1st, 2023). Six initial target areas were followed-up with ground-based Stepwise Moving Loop Transient Electromagnetic (SWML-TEM) surveying in late 2023 and early 2024 to refine basement conductor locations for drill targeting (Figure 1).
Cosa's drilling strategy is to test for the presence of structure and hydrothermal alteration typical of the Athabasca Basin's high-grade unconformity-related uranium deposits. As the sandstone expressions of these features are extensive vertically and along strike but narrow across strike, drilling will be completed at relatively shallow inclinations (-70 to -75 degrees) to maximize the width evaluated across strike. Drilling will be proximal to EM conductors that may reflect structurally reactivated graphitic basement rocks typically associated with Athabasca uranium deposits. Intersections of favourable alteration and/or structure would warrant follow-up and upgrade the tested target area and its along-strike extensions.
Kodiak
Drilling will begin in the Kodiak area where SWML-TEM surveying mapped a clear, basement-hosted EM conductor adjacent to a zone of anomalous sandstone conductivity identified by the 2023 airborne MobileMT™ survey. In addition to this favourable geophysical signature, a 12-kilometre-long by up to 4-kilometre-wide boulder illite anomaly upgrades the prospectivity of the target area, suggesting the presence of a large-scale hydrothermal alteration zone extending to the top of bedrock (Figure 2). Illitic alteration is commonly associated with Athabasca unconformity-related uranium deposits such as Hurricane and Cigar Lake, forming a halo in the sandstone much broader than the mineralization. Overlapping the illite anomaly are coincident, 7-kilometre long by up to 2-kilometre-wide uranium and boron anomalies. Ice flow direction indicators suggest the bedrock source lies to the northeast; as overburden in the area is relatively thin, the source of the anomalous boulders is interpreted to lie within the Project.
Other Target Areas
Geophysical processing and modelling of the ground EM survey results is ongoing for the Grizzly, Bruin, Smokey, and Panda West target areas. Depending on initial results and weather conditions, Cosa may begin drill testing an additional target area in the current program.
Next Steps
Drilling results, including geochemical assays and clay spectroscopy of core, will guide a larger drill program planned for spring and summer 2024. The Company is considering and coordinating further geophysical work to be conducted in spring and early summer of 2024. In conjunction with the pending interpretations of ground SWML-TEM survey results, this work will aid summer drill targeting.
Concurrent with ongoing drilling operations, Cosa is utilizing the winter access trail to mobilize equipment, fuel, and supplies required to complete summer drilling and geophysical surveys. This investment in planned summer work will streamline summer operations costs by significantly reducing the need for aircraft support.
Figure 1 - Ursa Target Areas Defined by 2023 MMT Survey over Basement Conductivity Model (100 metres Below the Unconformity)
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Figure 2 - Kodiak Target Area with Historical Boulder Sampling Results over Basement Conductivity Model (100 metres Below the Unconformity)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/200265_772f720d14f3d9ca_004full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at our Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium deposits.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200265
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Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce the acquisition of the 100% owned Cosmo uranium property in the eastern Athabasca Basin, Saskatchewan ("Cosmo" or the "Property").
Highlights
12 contiguous mineral dispositions totalling over 9,300 hectares with no encumbrances acquired via low-cost staking
Cosmo captures 18 kilometres of prospective magnetic low strike-length with no prior drilling
Mobilization for Cosa's initial diamond drilling program at the Ursa Project is nearing completion
Keith Bodnarchuk, President and CEO, commented: "With the successful acquisition of Cosmo, we continue to strengthen our portfolio of prospective and under-explored uranium projects in the Athabasca Basin. As the clean energy revolution builds momentum, projects with sufficient size and the right geological framework are becoming more difficult to acquire. We look forward to advancing Cosmo to drill testing given the proximity to known mineralization on trend and the project's location close to existing infrastructure."
Andy Carmichael, VP of Exploration, commented: "Historically, the Mudjatik domain was considered less prospective than other parts of the eastern Athabasca Basin and so received far less exploration attention. The discovery of the Hurricane deposit in 2018 proved the Mudjatik is highly prospective and revitalized exploration of this previously undervalued domain. Cosmo's 18 kilometres of Mudjatik magnetic low has never seen a modern ground geophysical survey or a single drill hole and represents an excellent exploration prospect proximal to the mining and milling infrastructure of the eastern Athabasca."
The Cosmo Property
Cosmo comprises 12 claims totaling 9,308 hectares in the eastern Athabasca Basin and is located 36 kilometres west of the Hurricane Deposit and 58 kilometres north of the Cigar Lake Mine (Figure 1). Provincial Highway 905 passes within seven kilometres of the Property and a network of trails and a provincial powerline pass through the Property (Figure 2).
Cosmo covers 18 kilometres of curvilinear magnetic low strike length interpreted to represent favourable metasediments. Historical exploration was limited to a 1979 lake sediment sampling program and a 2007 airborne geophysical survey. While no drilling is known within the Property, historical drilling located 13 to 25 kilometres along strike to the east intersected several intervals of weak uranium mineralization, including 0.20% U3O8 over 1.2 metres in drill hole BL-14-20 (549.9 - 551.1 m).
Next Steps
Cosa anticipates initial work will include electromagnetic (EM) surveying to define target areas within the Property. Given the ease of access and proximity to known mineralization along strike, positive results would warrant aggressive follow up work including ground EM and diamond drilling.
Other News
Despite unseasonably warm conditions, mobilization of drilling equipment, supplies, and personnel to Cosa's Ursa Project is ongoing and is nearing completion. Diamond drilling is expected to commence immediately thereafter. Additionally, Keith Bodnarchuk, CEO, and Justin Rodko, Corporate Development Manager, will be attending PDAC in Toronto, Ontario from March 3rd to 6th 2024 and will be available for meetings.
Figure 1 — Cosa's Portfolio of Athabasca Basin Region Uranium Exploration Properties
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/198662_9315bce244fec916_003full.jpg
Figure 2 — Cosmo Property Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/198662_9315bce244fec916_004full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
Cosa's award-winning management team has a long track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had integral roles in the discovery of Denison Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at their Ursa Project, which captures over 60-kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization and limited historical drilling. It potentially represents the last remaining eastern Athabasca corridor to not yet yield a major discovery. Modern geophysics completed by Cosa in 2023 identified multiple high-priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium deposits.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198662
News Provided by Newsfile via QuoteMedia
TSX VENTURE COMPANIES
BULLETIN V2024-0472
HIGH TIDE INC. ("HITI.WR")
BULLETIN TYPE: Warrant Expiry-Delist
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
Effective at the opening, February 20, 2024 , the Share Purchase Warrants of the Company will trade for cash. The Warrants expire February 22, 2024 and will therefore be halted at Noon E.T. and delisted at the close of business February 22, 2024 .
TRADE DATES
February 20, 2024 - TO SETTLE – February 21, 2024
February 21, 2024 - TO SETTLE – February 22, 2024
February 22, 2024 - TO SETTLE – February 22, 2024
The above is in compliance with Trading Rule C.2.18 – Expiry Date :
Trading in the warrants shall be for cash for the two trading days preceding the expiry date and cash same day on expiry date. On the expiry date, trading shall cease at 12 o'clock noon E.T. and no transactions shall take place thereafter except with permission of the Exchange.
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BULLETIN V2024-0473
ATACAMA COPPER CORPORATION ("ACOP")
BULLETIN TYPE: Resume Trading, Company Tier Reclassification, Reverse Takeover-Completed , Consolidation, Private Placement-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
The common shares of the Company have been halted from trading since October 26, 2023 pending completion of a Reverse Take-Over.
Resume Trading
Effective at the opening, Thursday, February 15, 2024 , the common shares of Atacama Copper Corporation will resume trading on a consolidated basis on TSX Venture Exchange under the symbol "ACOP".
Company Tier Reclassification
In accordance with Policy 2.5, the Company has met the requirements for a Tier 1 company. Therefore, effective at the opening, Thursday, February 15, 2024 , the Company's Tier classification will change from Tier 2 to Tier 1:
Classification
Tier 1 - Mining Issuer
Reverse Takeover-Completed
TSX Venture Exchange has accepted for filing the Company's Reverse Takeover ('RTO'), which includes the following transactions:
The RTO consists of the arm's length amalgamation of TCP1 Corporation for consideration of 41,686,618 post-consolidation shares at a deemed price of $1.08 per share.
7,219,935 post-consolidation common shares issued to Principals pursuant to the RTO are subject to a Tier 1 Surplus Security Escrow Agreement to be released over an 18-month period. In accordance with the Exchange's Seed Share Resale Restrictions, 17,500,116 post-consolidation common shares issued to non-Principals pursuant to the RTO are legended in accordance with a Tier 1 Value Security Escrow Agreement to be released over an 18-month period and 2,132,868 post-consolidation common shares issued to non-Principals are legended to be released after a 4-month hold.
308,642 post-consolidation shares were issued to Company officers to settle accrued salaries totaling $233,333 , and to settle 3 promissory notes totaling $100,000 , at a deemed price of $1.08 per share. 1,157,407 post-consolidation shares were issued to an arm's length party in relation to a success fee paid upon completion of the RTO.
In addition, 231,481 shares were issued pursuant to the settlement of a termination agreement regarding consulting services with a company controlled by an officer and director of the Resulting Issuer.
Consolidation
Pursuant to a resolution passed by directors on February 6, 2024 , the Company has consolidated its capital on a six (6) old for one (1) new basis. The name of the Company has not been changed.
Effective at the opening, Thursday, February 15, 2024 , the common shares of Atacama Copper Corporation will commence trading on TSX Venture Exchange on a consolidated basis.
Private Placement – Brokered
TSX Venture Exchange has accepted for filing documentation with respect to a Brokered Private Placement announced on October 26, 2023 , December 15, 2023 and December 20, 2023 :
Number of Shares (Post-Consolidation): | 11,834,159 shares |
Purchase Price: | $1.08 per share |
Number of Placees: | 75 placees |
Insider / Pro Group Participation: | ||||||
Placees | # of Placee (s) | Aggregate # of Shares | ||||
Aggregate Existing Insider | N/A | N/A | ||||
Aggregate Pro Group Involvement: | 4 | 3,975,978 | ||||
Aggregate | Aggregate # of Shares | Aggregate # of Warrants | |
Agent(s) Fee: | $442,794.66 | N/A | 2,459,970 |
The Company issued news releases on December 20, 2023 , January 11, 2024 , and February 1, 2024 , confirming closing of the private placement.
The Exchange has been advised that the above transactions have been completed.
For further information, please refer to the Company's Filing Statement dated February 7, 2024 , which is filed on SEDAR+.
The Company is classified as a 'Mining' company.
Post-Consolidation Capitalization: Unlimited shares with no par value of which
61,300,981 shares are issued and outstanding
Escrow: 25,771,801 common shares
Transfer Agent: TSX Trust Company
Symbol: ACOP (unchanged)
CUSIP #: 04590A 20 4 (new)
Company Contact: | Tim Warman, Chief Executive Officer & Director |
|
|
| +1 (604) 646-1890 |
| info@atacamacopper.ca |
_______________________________________
BULLETIN V2024-0474
SATELLOS BIOSCIENCE INC. ("MSCL")
BULLETIN TYPE: Graduation
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has been advised that the Company's shares will be listed and commence trading on Toronto Stock Exchange at the opening on February 15, 2024 , under the symbol "MSCL".
As a result of this Graduation, there will be no further trading under the symbol "MSCL" on the TSX Venture Exchange after the close of the market on February 14, 2024 , and its shares will be delisted from the TSX Venture Exchange.
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NEX COMPANY:
BULLETIN V2024-0475
ZIDANE CAPITAL CORP. ("ZZE.H")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: February 13, 2024
NEX Company
Effective at the opening, Thursday, February 15, 2024 , the securities of Zidane Capital Corp. (the "Company") will resume trading. Further to the Exchange Bulletin dated October 30, 2023 , a news release was issued on February 9, 2024 , announcing that the Company will not be proceeding with its proposed transaction. The transaction contemplated would have constituted a Qualifying Transaction as defined under Exchange Policy 2.4.
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24/02/13 - TSX Venture Exchange Bulletins
TSX VENTURE COMPANIES
BULLETIN V2024-0476
ANGUS GOLD INC. ("GUS")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on January 19, 2024 :
Number of Shares: | 5,800,000 charity flow-through shares |
Purchase Price: | $0.80 per charity flow-through share |
Warrants: | 2,900,000 share purchase warrants to purchase 2,900,000 shares |
Warrant Exercise Price: | $0.80 for a two-year period |
Number of Placees: | 1 placee |
Insider / Pro Group Participation: N/A | ||
Finder's Fee: N/A |
The Company issued a news release on February 8, 2024 , confirming the closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
_______________________________________
BULLETIN V2024-0477
BARKSDALE RESOURCES CORP. ("BRO")
BULLETIN TYPE: Convertible Debentures, Amendment; Shares for Bonuses
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to an amendment to a non-brokered private placement of convertible debenture originally issued on January 25, 2022 , and amended on October 12, 2022 ("Convertible Debenture"):
Aggregate Principal of | $1,500,000. |
Original Maturity Date: | December 31, 2022 (amended to December 31, 2023) |
New Maturity Date: | December 31, 2024. |
As consideration for the amendment to the Convertible Debenture, the Company has cancelled the existing aggregate 2,777,777 transferable share purchase warrants issued to the arm's length lender ("Lender") in connection with the Convertible Debenture, and has issued 2,777,777 new transferable common share purchase warrants ("New Warrants") to the Lender. The New Warrants will entitle the holder thereof to purchase common shares in the capital of the Company ("Shares") at an exercise price of $0.60 per Share, until December 31, 2024 .
For further information, please reference the Company's press releases dated December 17, 2021 ; December 13, 2023 ; December 21, 2023 , and January 11, 2024 .
_______________________________________
BULLETIN V2024-0478
BLOCKCHAINK2 CORP. ("BITK")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on January 18, 2024 :
Number of Common Shares: | 5,000,000 common shares |
Purchase Price: | $0.105 per common share |
Number of Placees: | 8 placees |
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider Involvement: | 3 | 1,809,523 |
The Company issued a news release on February 6, 2024 , confirming closing of the private placement.
________________________________________
BULLETIN V2024-0479
CASA MINERALS INC. ("CASA")
BULLETIN TYPE: Warrant Term Extension
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has consented to the extension in the expiry date of the following warrants:
Private Placement:
# of Warrants: | 20,000,000 |
Previously Amended Expiry Date of Warrants: | February 20, 2024 |
New Expiry Date of Warrants: | February 20, 2025 |
Exercise Price of Warrants: | $0.10 (Unchanged, but previously adjusted on July 28, |
These warrants were issued pursuant to a private placement of 20,000,000 shares with 20,000,000 share purchase warrants attached, which was accepted for filing by the Exchange effective June 25, 2021 .
_______________________________________
BULLETIN V2024-0480
CASA MINERALS INC. ("CASA")
BULLETIN TYPE: Warrant Term Extension
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has consented to the extension in the expiry date of the following warrants:
Private Placement:
# of Warrants: | 1,014,200 |
Previously Amended Expiry Date of Warrants: | February 20, 2024 |
New Expiry Date of Warrants: | February 20, 2025 |
Exercise Price of Warrants: | $0.10 (Unchanged, but previously adjusted on July 28, |
These warrants were issued pursuant to a private placement of 1,014,200 shares with 1,014,200 share purchase warrants attached, which was accepted for filing by the Exchange effective September 2, 2021 .
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BULLETIN V2024-0481
Cosa Resources Corp. ("COSA")
BULLETIN TYPE: Halt
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
Effective at 12:59 p.m. PST , Feb. 12, 2024 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
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BULLETIN V2024-0482
Cosa Resources Corp. ("COSA")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
Effective at 5:00 a.m. PST , Feb. 13, 2024 , shares of the Company resumed trading, an announcement having been made.
_______________________________________
BULLETIN V2024-0483
DELTA RESOURCES LIMITED ("DLTA")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange (the "Exchange") has accepted for filing documentation pertaining to a Property Acquisition Agreement dated January 16, 2024 (the "Agreement"), between Delta Resources Limited (the "Company") and arm's length vendors (the "Vendors"). Pursuant to the Agreement, the Company will have the option to acquire 100% interest in twenty-one claims covering 1,170 hectares at the Delta-2 property (the "Property"). The Property is a mining claims property located 35 kilometers southeast of the Town of Chibougamau, Quebec .
As consideration on closing, the Company shall pay the Vendors a one-time cash payment of $5,000 , and issue 350,000 common shares of the Company priced at $0.105 per share. Pursuant to the Agreement, the Vendors shall retain a 2% Net Smelter Return ("NSR") royalty on the claims. The Company retains the right to buy back a 1% NSR from the Vendors for $1,000,000 and retains a right of first refusal on the purchase of the remaining 1% NSR royalty.
For further details, please refer to the Company's news releases dated January 19, 2024 .
_______________________________________
BULLETIN V2024-0484
GR SILVER MINING LTD. ("GRSL")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Brokered Private Placement announced January 17, 2024 :
Number of Shares: | 6,700,000 shares |
Purchase Price: | $0.10 per share |
Warrants: | 3,350,000 share purchase warrants to purchase 3,350,000 shares |
Warrant Exercise Price: | $0.15 for a two-year period |
Number of Placees: | 14 placees |
Aggregate Cash | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | $35,820 | N/A | 358,200 |
Finder's Warrants Terms: Each warrant entitles the holder to purchase one common share at the price of $0.15 for period of 2 years from the date of issuance.
The Company issued a news release on February 12, 2024 confirming closing of the private placement.
_______________________________________
BULLETIN V2024-0485
LIBERO COPPER & GOLD CORPORATION ("LBC")
BULLETIN TYPE: Shares for Bonuses
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue 750,000 bonus warrants to a non-arm's length party in consideration of a non-interest bearing loan in the amount of $300,000 with a term of one year. Each warrant is exercisable for one share at a price of $0.20 per year for a one-year period.
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BULLETIN V2024-0486
OMAI GOLD MINES CORP. ("OMG")
BULLETIN TYPE: Private Placement- Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on January 10, 2024 :
Number of Shares: | 29,467,399 common shares |
Purchase Price: | $0.07 per share |
Warrants: | 14,733,700 share purchase warrants to purchase 14,733,700 shares |
Warrant Exercise Price: | $0.11 for an 18-month period |
Number of Placees: | 13 placees |
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate # of Units |
Aggregate Existing Insider | N/A | N/A |
Aggregate Pro Group Involvement: | 1 | 700,000 |
Aggregate Cash | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | $110,713.08 | N/A | 1,581,615 |
Finder's Warrants Terms: Each warrant entitles the holder to purchase one common share at the
price of $0.07 . 159,000 of the finders' warrants expire on February 2, 2025 and 1,422,615 expire on February 2, 2026 .
The Company issued a news release on February 02, 2024 , confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
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BULLETIN V2024-0487
OSINO RESOURCES CORP. ("OSI")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on December 18, 2023 :
Number of Shares: | 8,849,557 common shares |
Purchase Price: | $1.13 per common share |
Number of Placees: | 1 placees |
Insider / Pro Group Participation:
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider | N/A | N/A |
Aggregate Pro Group Involvement: | N/A | N/A |
Aggregate | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | N/A | N/A | N/A |
The Company issued a news release on January 30, 2024 confirming closing of the private placement.
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BULLETIN V2024-0488
P2 GOLD INC. ("PGLD")
BULLETIN TYPE: Halt
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
Effective at 5:23 a.m. PST , Feb. 13, 2024 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
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BULLETIN V2024-0489
P2 GOLD INC. ("PGLD")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
Effective at 6:30 a.m. PST , Feb. 13, 2024 , shares of the Company resumed trading, an announcement having been made.
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BULLETIN V2024-0490
P2 GOLD INC. ("PGLD")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on December 21, 2023 and December 27, 2023 :
Number of Shares: | 6,250,000 shares |
Purchase Price: | $0.08 per share |
Warrants: | 6,250,000 share purchase warrants to purchase 6,250,000 shares |
Warrant Exercise Price: | $0.15 for a two-year period subject to an acceleration expiry clause |
Number of Placees: | 24 placees |
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider | 2 | 1,122,500 |
Aggregate Pro Group Involvement: | N/A | N/A |
Aggregate | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | $9,732.00 | N/A | N/A |
The Company issued news release on February 2, 2024 and February 13, 2024 confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
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BULLETIN V2024-0491
POET TECHNOLOGIES INC. ("PTK")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on December 11, 2023 and January 22, 2024 :
Number of Shares: | 5,098,088 common shares |
Purchase Price: | CDN$1.22 per share |
Warrants: | 5,098,088 share purchase warrants to purchase 5,098,088 shares |
Warrant Exercise Price: | CDN$1.52 for a period of five (5)-years following the closing date |
Number of Placees: | 72 placees |
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider | 9 | 358,583 |
Aggregate Pro Group Involvement: | 1 | 30,000 |
Aggregate | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | CDN$43,828.50 | N/A | N/A |
The Company issued a news release on January 25, 2024 , confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
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BULLETIN V2024-0492
PENDER GROWTH FUND INC. ("PTF")
BULLETIN TYPE: Normal Course Issuer Bid
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has been advised by the Company that pursuant to a Notice of Intention to make a Normal Course Issuer Bid dated February 13, 2024 , it may repurchase for cancellation, up to 630,188 common shares in its own capital stock. The purchases are to be made through the facilities of TSX Venture Exchange or other recognized marketplaces during the period February 15, 2024 to February 14, 2025 . Purchases pursuant to the bid will be made by PI Financial Corp. on behalf of the Company.
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BULLETIN V2024-0493
PULSAR HELIUM INC. ("PLSR")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue 285,715 shares to settle outstanding debt for $120,000 .
Number of Creditors: 4 Creditors
Non-Arm's Length Party / Pro Group Participation: | ||||
Creditors | # of | Amount Owing | Deemed Price | Aggregate # of |
Aggregate Non-Arm's | 4 | $120,000 | $0.42 | 285,715 |
Aggregate Pro Group | N/A | N/A | N/A | N/A |
The Company shall issue a news release when the shares are issued and the debt extinguished.
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BULLETIN V2024-0494
ROKMASTER RESOURCES CORP. ("RKR")
BULLETIN TYPE: Warrant Term Extension
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has consented to the extension in the expiry date of the following warrants:
Private Placement:
# of Warrants: | 2,000,000 |
Original Expiry Date of Warrants: | February 16, 2024 |
New Expiry Date of Warrants: | February 16, 2025 |
Exercise Price of Warrants: | $0.175, subject to an acceleration clause |
These warrants were issued pursuant to a private placement of 4,000,000 shares with 2,000,000 share purchase warrants attached, which was accepted for filing by the Exchange effective March 2, 2023 .
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BULLETIN V2024-0495
THERALASE TECHNOLOGIES INC. ("TLT")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on February 5, 2024 :
Number of Shares: | 6,666,670 shares |
Purchase Price: | $0.18 per share |
Warrants: | 6,666,670 share purchase warrants to purchase 6,666,670 shares |
Warrant Exercise Price: | $0.25 for a five-year period |
Number of Placees: | 35 placees |
Insider / Pro Group Participation:
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider | 7 | 1,310,502 |
Aggregate Pro Group Involvement: | N/A | N/A |
Aggregate | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | $1,500 | N/A | 4,166 Warrants |
Finder's Warrants Terms: Each warrant entitles the holder to purchase one common share at the price of $0.25 for period of 5 years from the date of issuance.
The Company issued a news release on February 5, 2024 confirming closing of the private placement.
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BULLETIN V2024-0496
TUDOR GOLD CORP. ("TUD")
BULLETIN TYPE: Private Placement – Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on November 29, 2023 , and November 30, 2023 :
Number of Shares: | 700,000 common shares in the capital of the Company ("Shares"). |
Purchase Price: | $0.90 per Share, $0.90 per Unit, and $1.05 per FT Unit. |
Warrants: | 4,191,946 Warrants to purchase 4,191,946 Shares. |
Warrant Price: | $1.35 exercisable for a period of 24 months from the date of issuance. |
Number of Placees: | 55 placees. |
Insider / Pro Group Participation:
Insider= Y /
Name Pro Group= P Number of NFT Units
Aggregate Existing Insider Involvement:
[1 Existing Insiders] Y 1,111,100
Aggregate Pro Group Involvement: N/A N/A
Aggregate Cash | Aggregate # of Shares | Aggregate # of Finder Warrants | |
Finder's Fee: [10 Finders] | $401,734.70 CAD $6,000.12 USD | N/A | 373,950 |
Each Finder Warrant entitles the holder to purchase an additional Share at a price of $1.35 for a period of 24 months from the date of issuance.
The Company issued news releases on December 13, 2023 , and on February 1, 2024 to confirm the closing details of the Private Placement. Note that in certain circumstances the Exchange may later extend the expiry date of the Warrants, if they are less than the maximum permitted term.
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BULLETIN V2024-0497
VANSTAR MINING RESOURCES INC. ("VSR")
BULLETIN TYPE: Halt
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
Effective at 4:44 a.m. PST , Feb. 13, 2024 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
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BULLETIN V2024-0498
WESTKAM GOLD CORP. ("WKG")
BULLETIN TYPE: Private Placement – Non-Brokered
BULLETIN DATE: February 13, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on December 4, 2023 :
Number of Shares: | 2,133,333 common share units ("Units"), each Unit consisting of one common share in the capital of the Company ("Share") and one Share purchase warrant ("Warrant"). |
Purchase Price: | $0.075 per Unit. |
Warrants: | 2,133,333 Warrants to purchase 2,133,333 Shares. |
Warrant Price: | $0.10 exercisable for a period of 2 years from the date of issuance. |
Number of Placees: | 4 placees. |
Finder's Fees: | None. |
Insider / Pro Group Participation:
Insider= Y /
Name Pro Group= P Number of Units
Aggregate Existing Insider Involvement:
[2 Existing Insiders] Y 966,666
Aggregate Pro Group Involvement: N/A N/A
The Company issued a news release on February 2, 2024 , confirming the closing of the Private Placement. Note that in certain circumstances the Exchange may later extend the expiry date of the Warrants, if they are less than the maximum permitted term.
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SOURCE TSX Venture Exchange
View original content: http://www.newswire.ca/en/releases/archive/February2024/14/c8744.html
News Provided by Canada Newswire via QuoteMedia
Ur-Energy Inc. (NYSE American:URG)(TSX:URE) ("Ur-Energy" or the "Company") provides the following updates on 2024 Q1 operations, adjustment to our production guidance for the year, and the early repayment of our State Bond Loan
John Cash, Ur-Energy Chairman and CEO, said of 2024 Q1, "This year has started with a great number of advances in the growth of Ur-Energy, demonstrating a focus on our future in a strengthening market for nuclear energy including our own uranium production at the front-end of the fuel cycle. We were pleased to announce our decision to build our second ISR uranium facility at Shirley Basin, the birthplace of ISR uranium in the 1960s, and related activities have commenced. We anticipate production at Shirley Basin to begin in 2026.
"Meanwhile, ramp-up continues at Lost Creek with additional development and production leading to another shipment of yellowcake being made this month. We continue to overcome ramp-up challenges. Due to those challenges, we are updating and reducing our 2024 production guidance to 550,000 - 650,000 pounds captured."
Lost Creek Production Operations
Ramp-up continues at Lost Creek, with two additional header houses (HH 2-6 and 2-7) coming online in 2024. During Q1, we captured approximately 38,221 pounds, dried and packaged approximately 39,229 pounds, and shipped 35,445 pounds U3O8. At quarter end, our in-process inventory was approximately 80,465 pounds, our drummed inventory was approximately 26,062 pounds, and our finished inventory at the conversion facility was approximately 79,235 pounds U3O8.
While we have experienced some additional equipment and operational challenges, we are seeing more consistent drying and packaging, with 19,331 pounds U3O8 packaged since quarter end and dryer operations keeping pace with wellfield production. We have 13 drill rigs onsite, with an additional rig scheduled to commence work in early May. Drilling has advanced into HH 2-11 with completion work nearly finished in HH 2-8. Fabrication of HH 2-8 and 2-9 is complete, and work on HH 2-10 and 2-11 is advancing in our Casper construction shop. HH 2-8 is expected to come online in May.
Shirley Basin Development
We were pleased to announce our decision in Q1 to proceed with the buildout of a satellite facility at our wholly owned, fully permitted and licensed Shirley Basin Project in Carbon County, Wyoming. The decision will nearly double our annual permitted mine production to 2.2 million pounds U3O8 while diversifying our supply.
The satellite plant will be a relatively low-cost facility consisting of ion exchange, wastewater, and groundwater restoration circuits. The ion exchange resin at Shirley Basin will be loaded with uranium from the mine and shipped to our Lost Creek ISR facility for processing before being recycled back into operations at Shirley Basin. This satellite approach will help minimize initial facility capital costs to approximately $24.4 million and pre-operational wellfield development costs to $16.3 million.
The satellite plant will be designed with a flow rate of up to 6,000 gallons per minute and capacity to produce up to 1.0 million pounds of U3O8 per year. Our permits and license allow for the construction of the elution, precipitation and drying circuits should it become economically advantageous. No amendments to the existing permits or licenses would be required.
The estimated time to finalize designs, order materials and construct the satellite plant and initial wellfield recovery area is approximately 24 months. Work has already been initiated on long-lead items, including detailed engineering and additional geologic pattern planning for the wellfield. Planning has been completed for the monitor well ring for the first mine unit, with plans to install approximately 120 wells in 2024 Q2 - Q3. This installation will enable hydrologic testing and baseline water quality analyses to proceed prior to the start of installation of production patterns in mid-2025. Significantly, the bid process and award for fabrication of IX columns has been completed. This procurement represents one of the longest lead items in the facility.
Sales and Prepayment of State Bond Loan
As previously announced, we completed two additional uranium sales agreements during 2024 Q1. Our fourth agreement calls for deliveries of a base annual quantity ranging from 100,000 to 350,000 pounds U3O8 from 2026 through 2030. The purchaser may flex the annual quantity up or down by as much as ten percent. This agreement provides in part for market-related pricing. Our fifth U3O8 sales agreement includes delivery commitments for five years beginning in 2026, with an initial delivery of 50,000 pounds U3O8 in 2026 and annual deliveries of 200,000 pounds U3O8 in 2027 through 2030. All sales under this agreement will be made at fixed prices, escalated from the agreed base price.
Subsequent to quarter end, we sold 75,000 pounds U3O8 for which we will receive $4.6 million in early May. In total, we anticipate selling 570,000 pounds U3O8, under two contracts secured in 2022.
As planned, on March 27, we completed the pre-payment of the remaining $4.4 million on our State Bond Loan and now are debt free. At March 31, 2024, we had cash and cash equivalents of $53.9 million.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.8 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy now has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is in the process of obtaining remaining amendments to Lost Creek authorizations for expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
FOR FURTHER INFORMATION, PLEASE CONTACT
John W. Cash, Chairman, CEO & President
720-981-4588, ext. 303
John.Cash@Ur-Energy.com
Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., when ramp-up challenges will be overcome to reach steady-state production and our adjusted 2024 production guidance; the timing to complete ongoing development work to bring on header houses and recovery as currently projected; whether the current projections for the timing and ability to complete build out of Shirley Basin will be met; whether we will secure additional off-take sales agreements at advantageous pricing, and whether our current purchasers may exercise the flex option, up or down, in certain agreements) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
SOURCE: Ur-Energy Inc.
News Provided by ACCESSWIRE via QuoteMedia
Forum Energy Metals (TSXV: FMC, OTCQB: FDCFF) is an established uranium explorer searching for high-grade deposits in Saskatchewan’s Athabasca Basin and Nunavut’s Thelon Basin. In 2024, the company’s primary focus will be to continue exploring the Aberdeen project in Nunavut, where successful drilling confirmed and expanded high-grade uranium mineralization over significant widths. Nunavut’s underexplored Thelon Basin may be the most prospective region for discovering new, high-grade uranium deposits outside Saskatchewan. With a strong local and regional presence in Saskatchewan, Forum took advantage of weak metals markets to broaden its commodity exposure by adding a diverse portfolio of energy metals exploration projects in the copper, cobalt and nickel space.
Saskatchewan (Athabasca Basin) and Nunavut (Thelon Basin) Uranium Projects
The Thelon Basin may be the most prospective region in the world for discovering new high-grade uranium deposits outside Saskatchewan’s Athabasca Basin. Both basins exhibit similar geological characteristics.
Forum’s Aberdeen Maiden Drill Program Intersects High-grade Uranium
Nunavut Uranium: Forum’s Aberdeen project claims comprise ground formerly held by Cameco with discoveries made at Tatiggaq, Qavvik and Ayra. The claims surround Orano’s mining lease, which hosts the Kiggavik uranium deposit.
Previously explored by Cameco between 2005 and 2012, this prospective ground hosts two uranium discoveries made by former Cameco geologist Dr. Rebecca Hunter, who now leads Forum’s team as VP exploration.
Cameco abandoned the claims due to the decade-long period of low uranium prices during the post-Fukushima period, which were later acquired by Forum. Renamed the Aberdeen project, Forum’s claims surround Orano Canada-Denison-UEC’s 133-million-lb Kiggavik uranium deposit.
Dr. Rebecca Hunter spotting drill hole locations. As Forum’s VP exploration, Hunter is managing the Aberdeen uranium exploration project.
Cameco completed 36,000 meters of drilling in 135 drill holes. After reviewing Cameco’s data, Forum’s technical team determined the Tatiggaq deposit to be the primary exploration target. Tatiggaq is found within a large gravity anomaly that remains open along strike for 1.5 kilometers and at depth. Previous drilling by Cameco identified results as high as 2.69 percent U3O8 over 7.9 meters, including 24.8 percent U3O8 over 0.4 meters at a depth of approximately 200 meters.
Examining drill core in the field at the Nunavut camp, August 2023
Forum’s maiden drill program, completed in August 2023, successfully confirmed and expanded high-grade uranium mineralization at the Tatiggaq and West Zones. At Tatiggaq, drilling intersected high-grade near-surface uranium mineralization with TAT23-002 (Main Zone) intersecting 2.25 percent U3O8 over 11.1 meters, while TAT23-003 a 200-meter step-out at the West Zone) intersected 0.40 percent U3O8 over 12.8 meters.
Results from the Ned anomaly, one of over 20 high-grade unconformity-type targets, identified elevated uranium, boron, silver and nickel.
Forum’s Summer 2023 maiden drilling focused on the primary Tatiggaq deposit. Forum has since established new drill targets over a more than one kilometer east-northeast extension along the Tatiggaq fault zone following the processing of geophysical data from its recent ambient noise tomography survey. An extensive 10,000-meter summer 2024 drilling program has been announced.
The property is located within 10 kilometers of Cameco’s Rabbit Lake uranium mill and 30 kilometers of Orano/Denison’s McClean Lake uranium mill. Its successful winter 2022 drilling program discovered anomalous uranium in all four holes at the Gizmo target. Forum recently received results of an airborne electromagnetic (EM) and magnetic survey to augment structural interpretations and precisely locate the EM conductors. The following maps show these results and identify new target areas for diamond drilling.
New Gravity Trends and Future Target Areas
Forum’s uranium and energy metal projects in northern Saskatchewan
Richard Mazur is an executive and geoscientist with over 45 years of Canadian and international experience in the exploration and mining industry as a project geologist, financial analyst and senior executive on uranium, gold, diamonds, base metals and industrial minerals projects. Rick founded Forum in 2004. He is also a director of Big Ridge Gold, Impact Silver and Midnight Sun Mining. Mazur graduated with a B.Sc. in geology from the University of Toronto in 1975 and obtained an MBA from Queen’s University in 1985.
Dr. Rebecca Hunter has over 15 years of experience as a uranium exploration geologist in Saskatchewan and Nunavut. As a project geologist for Cameco from 2005 to 2016, Hunter led the Turaqvik-Aberdeen exploration project, where the high-grade Tatiggaq and Qavvik uranium deposits were discovered nearby to the west of Orano’s (formerly AREVA) Kiggavik uranium project in Nunavut. Hunter completed her PhD at Laurentian University, which focused on the litho-geochemistry, structural geology and uranium mineralization systems of the Tatiggaq-Qavvik uranium trend in the Thelon Basin. She was recently appointed VP Exploration and will continue her work as the lead member of Forum’s Aberdeen uranium project exploration team in the Thelon Basin, a geologic analogue to the prolific Athabasca Basin.
Allison Rippin Armstrong is a biologist and environmental scientist with over 25 years experience specializing in Environmental, Social and Governance (ESG) practices across Canada and internationally. Allison’s accomplishments over the years have been recognized on a number of occasions, including being awarded the 2009 Kivalliq Inuit Association Expert Counsel Award and the 2011 Mike Hine Award for her contributions to the mining industry in Nunavut. A long-standing board member of Yukon Women in Mining, past member of the NWT & Nunavut Chamber of Mines, and founding member of the Yukon University Foundation Board, she is also the Board Chair of Tectonic Metals Inc.
As VP Nunavut Affairs, Allison’s focus will be in community, regulatory and government relations in Nunavut Territory.
Dan O’Brien is a member of the Institute of Chartered Professional Accountants of British Columbia and has over 15 years experience working with public companies in the resource industry. O’Brien is the chief financial officer for a number of publicly listed exploration companies trading on the TSX and TSXV exchanges and was previously a senior manager at a leading Canadian accounting firm where he specialized in the audit of public companies in the mining and resource sector.
Anthony Balme is the managing director of Carter Capital and Lymington Underwriting, two private UK investment funds, where he is an active participant in several global base and precious metals resource ventures in North America, Sweden and the DRC.
Paul Dennison worked for 27 years in the front end of three leading investment banks: Credit Suisse, Merrill Lynch & Deutsche Bank. His focus was capital markets origination, underwriting, sales and trading in all regions outside the Americas. Thereafter, Dennison managed his own asset management company for 12 years, which was licensed in Singapore, Switzerland and the United States. He is currently based in Zurich and Singapore with his own firm, specializing as an introducing broker, sourcing international investment capital for clients.
Janet Meiklejohn is the principal of Emerald Capital, a consulting company providing CFO, strategic, valuation, corporate governance and marketing services to high-growth companies. She was formerly VP of institutional equity sales focused on the mining sector with several Canadian investment banks including Desjardins Securities, National Bank, Salman Partners and Macquarie Capital from 1997 to 2015. Meiklejohn grew up in Saskatchewan and has a close personal interest in the development of the uranium industry in the province.
Larry Okada is a member of both the Canadian Chartered Professional Accountants and the Washington State Certified Public Accountants Association with over 45 years of experience in providing financial management services to publicly traded companies, with emphasis on junior mineral exploration companies. He holds a B.A. in economics and was in public practice with his own firm of Staley, Okada and Partners and PricewaterhouseCoopers LLP. Okada also serves as chairman of Forum’s Audit Committee.
Michael A. Steeves has been involved in the mining industry for over 50 years. He has previously held executive positions with Zazu Metals, Glamis Gold, Coeur D’Alene Mines, Homestake Mining and Pegasus Gold. Steeves also worked for several years as a mining analyst. He holds a Master of Science degree in earth sciences from the University of Manitoba and is also a chartered financial analyst.
Brian Christie’s professional career spans over 45 years as a geologist, securities analyst, and investor relations executive. During his tenure as vice-president investor relations at Agnico Eagle Mines from 2012 to 2022, Agnico Eagle was consistently recognized as having one of the top investor relations programs in Canada. Christie is currently retained by Agnico Eagle as a senior advisor, investor relations. Prior to joining Agnico Eagle, he worked for over 17 years as a precious and base metals analyst with Desjardins Securities, National Bank Financial, Canaccord Capital, and HSBC Securities, in addition to 13 years as a geologist with several mining companies including Homestake, Billiton, Falconbridge Copper, and Newmont. Christie holds a BSc. in geology (University of Toronto) and an MSc. in geology (Queen’s University). He is also a member of the Canadian Investor Relations Institute (CIRI) and the National Investor Relations Institute (NIRI).
