Cosa Announces Commencement of Ground Geophysics and Access Trail Establishment at the 100% Owned Ursa Uranium Project in the Athabasca Basin, Saskatchewan
Cosa Announces Commencement of Ground
Geophysics and Access Trail Establishment at
the 100% Owned Ursa Uranium Project in the
Athabasca Basin, Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2024) -
Cosa Resources Corp.
(TSXV:
COSA) (OTCQB: COSAF) (FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to announce that
ground geophysical surveying has commenced at its 100% owned Ursa uranium Project in the
Athabasca Basin, Saskatchewan (
"Ursa
" or the "
Property
").
Highlights
80 km of ground-based electromagnetic (EM) surveying to be completed over five target areas
Results will aid targeting for initial drill campaign planned for Q1 2024
Best-in-class EM technology and modelling techniques, a significant advantage over the
technological limitations of the historical work at Ursa
Keith Bodnarchuk, President & CEO, commented: "
This survey marks the start of Cosa's ground-
based exploration at Ursa, a significant milestone for the Company and the final step before initiating
diamond drilling. We are pleased to have quickly advanced the Project to this stage and look forward
to updating the market on the survey results. With an abundance of target areas at Ursa and several
target generation programmes planned across our portfolio, 2024 will be a busy and exciting year for
Cosa."
Andy Carmichael, VP of Exploration commented: "
Since receiving the MobileMT
™
airborne survey
and 3D inversion results in 2023, we have been eager to launch ground-based follow-up surveying.
The survey contractor Cosa selected for this work has extensive experience in the Athabasca Basin
and has deployed cutting edge EM survey equipment to Ursa. We look forward to receiving the
ground EM survey results and continuing to plan for the upcoming winter drill program. With the onset
of frozen ground conditions in northern Saskatchewan, Cosa has also begun establishing a winter trail
to access the Project ahead of drill mobilization."
Electromagnetic Surveying
The ground EM surveys are being completed to follow-up the property wide MobileMT™ airborne survey
results announced on November 1
st
, 2023. From the airborne survey Cosa has identified 11 target
areas which contain conductivity anomalies consistent with the unconformity-related uranium deposit
model (Figures 2 and 3). Top priority target areas are structurally complex basement conductive trends
coincident with sandstone-hosted, kilometre-scale zones of anomalous conductivity, which could reflect
large-scale hydrothermal alteration zones commonly associated with Athabasca uranium deposits.
Cosa has engaged Discovery International Geophysics (Discovery) of Saskatoon, SK, to complete at
least 80 kilometres of ground EM surveying to upgrade the accuracy of conductor locations in advance
of diamond drilling. Discovery has deployed a survey system featuring state of the art superconducting
quantum interference device (SQUID) EM receivers to collect the best quality data possible and
maximize the signal to noise ratio. In conjunction with the stepwise moving loop transient
electromagnetic (SWML-TEM) survey technique, the SQUID receivers significantly increase data
resolution compared to historical EM surveys completed on the Project.
Figure 1 - Cosa's Athabasca Basin Region Uranium Property Portfolio
To view an enhanced version of this graphic, please visit:
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Figure 2 - Ursa Basement Conductivity Model 100 m Below the Unconformity with Sandstone
Conductivity Contours and Target Areas
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Figure 3 - Ursa Sandstone Conductivity Model 200 m above the Unconformity with Basement
Conductivity Contours and Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/193855_3b6b445ba472a831_005full.jpg
About Cosa Resources Corp.
Cosa Resources Corp. is a Canadian mineral exploration company based in Vancouver, BC and is
focused on the exploration of its uranium properties in northern Saskatchewan. The portfolio includes
eleven properties totaling over 180,000 ha across the Athabasca Basin region.
The team behind Cosa 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.
Contact
Keith Bodnarchuk, President and CEO
+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",
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"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.
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