
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce its summer exploration plans for its portfolio of Athabasca Basin uranium projects.
Highlights
Cosa Resources Corp. ( CSE: COSA ) (“ Cosa Resources ” or the “Company”) is pleased to announce the appointment of Justin Rodko as Corporate Development Manager and also announces the voting results from its annual general meeting.
Mr. Rodko is a Professional Geoscientist with nearly a decade of uranium exploration experience in Saskatchewan and Nunavut. Joining IsoEnergy shortly after the company’s inception, and quickly progressing to Senior Geologist, Justin played a key role in discovering and advancing the Hurricane deposit to its status as the world’s highest grade Indicated Mineral Resource in uranium. For these accomplishments Justin was awarded the AME 2022 Colin Spence Award for excellence in global mineral exploration alongside other current Cosa team members, Steve Blower, Andy Carmichael and Craig Parry. Mr. Rodko’s previous uranium experience includes working at Orano’s (formerly AREVA) Waterbury Cigar and Waterbury UEM projects as well as NexGen’s Arrow Deposit in the Athabasca Basin, and Orano’s Kiggavik project in Nunavut. Justin holds a BSc degree in Geology from the University of Regina.
Keith Bodnarchuk, President and CEO, commented: “We are excited to add Justin Rodko to the Cosa team. Justin brings an excellent track record in uranium exploration which includes being an essential member of the Hurricane deposit discovery team. Justin has always shown a penchant for capital markets and corporate strategy and will leverage his tremendous past technical success in his role in Corporate Development. In just over 12 months since Cosa’s IPO, we have built an industry leading team and assembled a land package of >100,000ha in the prolific Athabasca Basin. We look forward to getting to work to explore and advance our projects.
Justin Rodko, Corporate Development Manager commented: “I am thrilled to join the team at Cosa and am thankful for the opportunity to apply my technical knowledge to advancing Cosa’s existing projects while working towards expanding our portfolio into areas that have been underexplored and underappreciated. Though the Athabasca Basin is becoming saturated with new explorers, our experience with the Hurricane discovery puts this group in a unique position to identify and aggressively pursue future opportunities. This is a familiar team for me, and I look forward to sharing new successes as we work towards establishing Cosa as the Athabasca Basin’s next junior explorer of choice.”
Annual General Meeting
Cosa Resources is pleased to announce the voting results from its Annual General and Special Meeting of Shareholders (the “ Meeting ”), held on April 12, 2023.
Shareholders voted in favour of all matters of business before the Meeting. Each of those matters is set out in detail in the Management Information Circular published in connection with the Meeting, which is available on the Company’s website www.cosaresources.ca .
A total of 11,528,356 common shares, representing approximately 34.15% of the Company’s outstanding common shares, were voted in person and by proxy at the Meeting. Shareholders voted in favour of (a) reappointing D&H Group LLP as auditors of the Company (99.13% in favour), (b) setting the number of directors at five (100% in favour), and (d) ratifying and approving the Company’s advanced notice policy (99.13% in favour).
Election of Directors
The following nominees listed in the Management Information Circular were elected as directors of the Company until the next annual meeting of shareholders or until the successors are elected or appointed, with the voting results being as follows:
About Cosa Resources
Cosa Resources is a Canadian mineral exploration company based in Vancouver, BC and focused on the exploration of its uranium properties in northern Saskatchewan. The portfolio includes five uranium exploration properties: Ursa, Orion, Castor, Charcoal, and Helios, totaling over 100,000 ha in the eastern 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.
Contact
Keith Bodnarchuk, President and CEO
+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.
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce its summer exploration plans for its portfolio of Athabasca Basin uranium projects.
Highlights
Diamond drilling at Ursa to follow up positive winter drilling results and test second high priority target area
Ambient Noise Tomography (ANT) surveys to prioritize strike at Ursa and follow-up airborne survey results at Orion
Airborne Electromagnetic (EM) and Gravity surveying at Aurora and Orbit to advance these shallow, prospective projects toward drill readiness for 2025
Keith Bodnarchuk, President & CEO, commented: "After a successful winter drill program, we are eager to return to the field and continue exploration at the 100% owned Ursa Project. Alongside summer drilling at Ursa, including following up on the exciting results at drill hole UR-24-03, we will be advancing multiple other projects to drill readiness for 2025. With the completion of our oversubscribed C$6.5 million bought deal financing earlier this year, we are fully funded to complete this work and well positioned to take advantage of a strengthening uranium market by expanding our pipeline of exciting drill targets across many of our highly underexplored uranium projects."
Andy Carmichael, VP of Exploration, commented: "We are planning a busy summer season in the southeastern Athabasca with exploration plans that respond to the encouraging results of initial drilling at Ursa and reflect the discovery potential we see in our Orion, Aurora, and Orbit projects. Completing ANT before resuming drilling at Ursa will improve prioritization of existing targets and potentially highlight new target areas on trend. ANT work at Orion will follow-up the prominent, kilometre-scale sandstone hosted conductivity anomaly identified in 2023 and guide future exploration efforts. Work at Aurora and Orbit will advance these prospective projects towards drill readiness, which, despite being within 25 kilometres of the Key Lake Mill, have seen little to no modern exploration."
Ursa and Orion Ambient Noise Tomography Surveys
Ambient Noise Tomography (ANT) surveying is planned at Ursa and Orion beginning in May (Figures 1 to 3). Cosa expects ANT to prove a rapid, low-cost, low-impact method to evaluate broad areas for prospective structures and alteration zones. Using data collected from a grid of compact, standalone sensors to measure naturally occurring seismic activity, ANT produces a three-dimensional model of subsurface seismic wave velocity. As the Athabasca sandstone is relatively homogenous and seismic wave velocity varies with changes in the host rock, velocity variations can be attributed to post-Athabasca faulting and/or alteration zones characteristic of the region's high-grade uranium deposits. Although ANT is relatively new to the Athabasca Basin, recent exploration drilling in the region targeting ANT anomalies has successfully intersected zones of hydrothermal alteration at depth.
At Ursa, ANT will be deployed over the 27-kilometres of conductive strike length hosting the alteration and structure intersected by UR24-03 at Kodiak, the Kodiak North, Smokey, and Panda West target areas, and all three weakly mineralized historical drill holes within the Project (Figure 2). Cosa anticipates preliminary ANT results will influence Ursa summer drilling planned to begin in August.
At Orion, ANT will follow up a prominent zone of anomalous sandstone conductivity identified by Cosa's 2023 MobileMT™ survey. The 4-kilometre-long, 1.4-kilometre-wide anomaly is coincident with flexures in basement conductive trends (Figure 3). Cosa will use ANT to locate seismic velocity anomalies coincident with the conductivity features and to optimize the locations of ground EM surveying used to generate targets for diamond drilling.
Aurora and Orbit Airborne Surveys
Cosa will complete comprehensive airborne electromagnetic (EM) and gravity surveys to advance its Aurora and Orbit properties toward drill readiness for 2025 (Figure 4). EM surveying will be completed by Geotech Ltd.'s helicopter borne VTEM™ Plus system with the objective of identifying basement-hosted conductivity anomalies consistent with prospective graphitic structures and/or large zones of hydrothermal alteration. Gravity surveying will be completed by Xcalibur Multiphysics's Falcon® Airborne Gravity Gradiometer system (AGG) with the objective of identifying gravity anomalies consistent with large zones of hydrothermal alteration and to improve the understanding of basement geology. Top priority drill targets would be gravity low anomalies coincident with basement-hosted conductive features. Airborne surveys commenced in early May.
Ursa Diamond Drilling
Planning is ongoing for summer diamond drilling at Ursa. Drilling is expected to include following-up the broad zone of hydrothermal alteration and post Athabasca structure intersected well above the unconformity by drill hole UR24-03 (Figure 5; see Cosa news release dated April 24, 2024) as well as initial drill testing of a second target area. It is anticipated that ANT survey results will be used to influence drill strategy and targeting.
Figure 1 – Cosa's Portfolio of Athabasca Basin Region Uranium Exploration Properties
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Figure 2 – Ursa ANT Survey Areas over 2023 MobileMT™ Results
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Figure 3 – Orion ANT Survey Area at over 2023 MobileMT™ Results
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Figure 4 – Aurora and Orbit Airborne Survey Areas
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Figure 5 – Cross Section of the Kodiak Target Area (Looking Northeast)
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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/208453
News Provided by Newsfile via QuoteMedia
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)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/200265_772f720d14f3d9ca_003full.jpg
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
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
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Uranium.io is a next-generation platform transforming access to physical uranium (U₃O₈) through the power of blockchain technology. It empowers both individual and institutional investors to directly own and trade uranium, eliminating many of the traditional barriers, such as high costs, limited transparency, and market inefficiencies. Each xU₃O₈ token is fully backed by physical uranium stored in a secure, regulated facility operated by Cameco. Custodianship is provided by Archax, a UK-regulated digital asset firm, ensuring robust transparency and trust in the asset’s backing.
The platform meets rising investor demand for uranium—a key driver of the global energy transition. As nations pursue net-zero targets, nuclear energy is gaining momentum as a reliable, low-carbon power source. Governments across North America, Europe, and Asia are expanding nuclear capacity by restarting reactors, building new ones, and advancing small modular reactor development.
Uranium.io combines blockchain, digital custody, and real-world uranium supply to deliver secure, transparent access to the uranium market. By bridging traditional commodity trading with Web3, the platform enables users to seamlessly acquire, hold, and trade physical uranium through xU₃O₈ tokens.
This Uranium.io profile is part of a paid investor education campaign.*
Click here to connect with xU3O8 (uranium.io) to receive an Investor Presentation
Positioned at the intersection of energy, technology and finance, xU3O8 on uranium.io, offers a powerful value proposition for investors seeking to capitalize on the bullish outlook for uranium — with none of the legacy inefficiencies.
Uranium.io is a next-generation platform revolutionizing how investors access and trade physical uranium (U3O8). By leveraging blockchain technology, it enables individuals and institutions to directly own and trade uranium, bypassing many of the inefficiencies, opacity and high costs traditionally associated with uranium exposure. Each xU3O8 token represents real, physical uranium stored securely in a regulated depository operated by Cameco, with Archax, a UK-regulated digital asset firm, as the custodian for the physical uranium ensuring transparency and trust in asset backing.
The platform is designed to meet growing investor demand for exposure to uranium, a commodity that is a critical component of the global energy transition. As countries commit to reducing carbon emissions, nuclear energy is increasingly seen as a reliable and scalable source of low-carbon electricity. Governments across North America, Europe and Asia are ramping up their nuclear energy capacities, as part of their net-zero targets. This includes restarting idled reactors, constructing new reactors, and accelerating the development of small modular reactors.
Nuclear power is also emerging as a stable and scalable option for supporting artificial intelligence (AI) data centers, which require massive amounts of electricity to operate. Industry leaders, including Microsoft, have announced nuclear energy investments, and several technology firms have secured long-term agreements for nuclear power.
Like gold and silver before it, uranium is entering a phase of financialization — with physical holding trusts, ETFs, and now platforms like uranium.io offering direct physical uranium ownership via xU3O8, making it more accessible to a wider set of investors.
As traditional financial markets converge with digital innovation, tokenized assets are becoming a preferred vehicle for commodities investing. Uranium.io’s use of the Etherlink blockchain ensures secure, real-time trading with minimal friction — a distinct advantage in an increasingly digitized investment landscape.
Development of the uranium.io platform is led by the team at London-based Trilitech, a group of entrepreneurs and technologists driving blockchain innovations.
With its emphasis on direct fractional ownership and 24/7 worldwide accessibility, xU3O8 is uniquely positioned to serve as the gateway to physical uranium exposure for a global investor base. Alignment with broader energy and digital asset trends makes it a compelling vehicle for those seeking to capitalize on uranium’s strong fundamentals and the disruptive power of decentralized finance.
Uranium.io is built on a secure, decentralized technology stack that integrates blockchain infrastructure, digital asset custody, and real-world commodity supply — delivering unprecedented access and transparency to the uranium market. The platform bridges traditional commodities trading with Web3 innovation, allowing users to seamlessly acquire, hold and trade physical uranium via xU3O8 tokens.
At the heart of xU3O8’s digital asset engine is the Tezos blockchain, a highly secure, energy-efficient and self-amending Layer 1 protocol. Tezos is uniquely suited to power real-world asset tokenization due to its low transaction costs and energy efficiency; on-chain governance and smart contract flexibility; and enterprise-grade security and decentralization.
Tezos’ track record with real-world assets, including tokenized real estate and art, positions it as an ideal foundation for the secure, scalable digitization of uranium ownership.
To ensure that each xU3O8 token is backed with physical uranium, uranium.io is supported by Archax, a London-based, digital asset custodian and exchange regulated by the Financial Conduct Authority. Archax provides regulated asset custody, KYC/AML-compliant onboarding, and real-time asset reconciliation.
Archax brings institutional-grade governance and accountability to the storage and oversight of physical uranium, ensuring that investor holdings are not just theoretical but physically secured.
Access to physical uranium is facilitated by its partnership with Curzon Uranium, a specialized uranium trading and logistics firm. Curzon acts as the platform’s uranium provider, sourcing, purchasing and delivering uranium from trusted upstream suppliers to secure storage.
Curzon’s decades of experience in uranium procurement adds physical credibility and market depth to the xU3O8 ecosystem — making the platform more than just a digital asset project, but a fully integrated uranium trading platform.
The physical uranium ore concentrate (U3O8) is securely stored at a regulated storage facility, operated by Cameco, one of the three globally recognized uranium conversion and storage providers. For transparency, Proof of Reserves is always available on the website and is updated with monthly statements from Cameco.
Together, Tezos, Archax and Curzon Uranium form the digital, custodial and physical backbone of the uranium.io platform. This trio of technologies and partnerships ensures a secure, compliant and efficient path for investors to gain physical uranium exposure — fractionalized, tokenized and tradable 24/7 on a global scale.
Stallion Uranium Corp. (the " Company " or " Stallion ") ( TSX-V: STUD ; OTCQB: STLNF ; FSE: FE0 ) is pleased to announce the successful completion of a ground gravity survey over its Coyote Target, located within the Southwestern Athabasca Basin Joint Venture ("JV") Project in partnership with Atha Energy Corp. (" Atha Energy ") ( TSX-V: SASK ). The survey marks a critical step in advancing the exploration efforts in this highly prospective uranium region.
Highlights:
"The results of our ground gravity survey at the Coyote Target mark a significant milestone in our exploration efforts within the Athabasca Basin," said Matthew Schwab, CEO of Stallion Uranium Corp. "The identification of a substantial gravity low anomaly mirroring the characteristics of world-class uranium deposits reinforces our confidence in Coyote's potential. This advancement strengthens our commitment to pursuing exploration in this highly prospective region, and we are eager to take the next steps in unlocking the value of this target through focused drilling. Stallion remains dedicated to executing a systematic and science-driven approach as we continue to build shareholder value through discovery."
The survey encompassed a total area of 2,623 hectares, with 2,738 gravity stations strategically placed to detect subsurface variations in density that may indicate uranium alteration. The results revealed a substantial gravity low anomaly, a hallmark feature associated with large-scale uranium deposits, such as NexGen Energy's Arrow Deposit. The Arrow Deposit, one of the most significant uranium discoveries in the Athabasca Basin, shares multiple geological and geophysical similarities with the Coyote Target, strengthening confidence in the potential for a high-grade uranium discovery.
"Our ground gravity survey has identified a highly compelling target that exhibits striking similarities to the world-class Arrow Deposit," said Darren Slugoski, Vice President, Exploration at Stallion Uranium. "The anomaly's location is particularly compelling, as it coincides with structural complexities and breaks in conductors, and geological features that are strikingly similar to those associated with the Arrow Deposit. The convergence of multiple overlapping anomalies solidifies Coyote as a Tier 1 exploration target, warranting further advancement through targeted drilling."
Survey Area:
The Coyote Target is strategically positioned 58 kilometers northeast of NexGen Energy's Arrow Deposit, which hosts an estimated 256.7 million pounds of U₃O₈ at an average grade of 3.1% U₃O₈ (2021, NI 43-101 Technical Report). The gravity anomaly identified at Coyote aligns with key geological characteristics of Arrow, including structural breaks, intersecting conductive corridors, and large-scale alteration zones. This strong resemblance suggests that Coyote has the potential to host a world-class uranium deposit similar in scale and grade to Arrow. Given the compelling nature of these findings, Coyote is now a top-tier priority for Stallion's upcoming exploration programs.
Figure 1 : Survey Location over Regional Magnetics
Figure 2 : Ground Gravity Survey Results
About the Ground Gravity Survey:
Beginning February 5 and concluding February 21, 2025, MWH Geo-Surveys (Canada) Ltd. carried out a gravity survey at the Coyote Target in Saskatchewan. The survey utilized a customized L&R digital, electronic feedback gravity meter, operated via proprietary controller software. These advanced gravity meters, incorporating electronic levels and electronic nulling, ensure fast, accurate, and reliable readings, particularly in cold-weather conditions.
At each gravity station, GControl software, developed by MWH Geo-Surveys, recorded gravity samples at 1-second intervals. The resultant average of these readings was used as the final gravity measurement, significantly reducing high-frequency noise caused by wind and ground motion. Additionally, GControl calculated real-time, location-specific tidal corrections during data collection, enhancing the accuracy and reliability of the survey results.
With a typical mean data accuracy of 0.02 mgals, MWH Geo-Surveys continues to set the standard for high-resolution gravity surveys, delivering reliable results for resource exploration and geophysical studies.
Qualifying Statement:
The foregoing scientific and technical disclosures for Stallion Uranium have been reviewed by Darren Slugoski, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Slugoski is a Qualified Person as defined by National Instrument 43-101.
About Stallion Uranium Corp.:
Stallion Uranium is working to ‘Fuel the Future with Uranium' through the exploration of roughly 2,700 sq/km in the Athabasca Basin, home to the largest high-grade uranium deposits in the world. The company, with JV partner Atha Energy holds the largest contiguous project in the Western Athabasca Basin adjacent to multiple high-grade discovery zones.
Our leadership and advisory teams are comprised of uranium and precious metals exploration experts with the capital markets experience and the technical talent for acquiring and exploring early-stage properties. For more information visit stallionuranium.com .
On Behalf of the Board of Stallion Uranium Corp.:
Matthew Schwab
CEO and Director
Corporate Office:
700 - 838 West Hastings Street,
Vancouver, British Columbia,
V6C 0A6
T: 604-551-2360
info@stallionuranium.com
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.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. These statements speak only as of the date they are made.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement .
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9f662513-edcd-4d23-aaef-13b2a9234fca
https://www.globenewswire.com/NewsRoom/AttachmentNg/bd5964ef-50b1-4add-a2fb-d86ee32b0ad9
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