Cosa Enters into Agreement to Acquire the Titan Uranium Project, Athabasca Basin, Saskatchewan
Cosa Enters into Agreement to Acquire the
Titan Uranium Project, Athabasca Basin,
Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2024) -
Cosa Resources Corp.
(TSXV:
COSA) (OTCQB: COSAF) (FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to announce it has
entered into a property purchase agreement (the "
Purchase Agreement
") with CanAlaska Uranium
Ltd. (the "
Vendor
") dated January 12, 2024, for the acquisition (the "
Acquisition
") of the Titan Uranium
Project in the Athabasca Basin, Saskatchewan (
"Titan
" or the "
Property
").
Highlights
Eight mineral dispositions totalling 9,333 hectares to be acquired, doubling the Orion Project to
18,332 hectares
The expanded Orion Project will capture over 22 km of the Larocque Trend, which hosts the
Hurricane Deposit and several other significant uranium showings
Keith Bodnarchuk, President and CEO of Cosa, commented:
"The acquisition of Titan and expansion
of our 100% owned Orion Project demonstrates our commitment to acquiring underexplored hectares
through staking and cost-effective transactions. Recent MobileMT
™
survey results at Ursa and Orion
significantly upgraded the prospectivity of the area, making the addition of Titan a focus for the Cosa
team. Our uranium portfolio is nearing 200,000 hectares in the Athabasca Basin region, and we will
continue to seek opportunities to advance and diversify our portfolio of highly prospective uranium
projects. We would like to thank the team at CanAlaska for their cooperation in completing the Titan
agreement expeditiously and in the best interest of both companies."
Andy Carmichael, VP of Exploration of Cosa, commented:
"Incorporating Titan into Orion increases
Cosa's footprint in an area that has seen little historical exploration despite containing the intersection
of two mineralized trends. Significantly expanding the amount of the fertile Larocque Lake trend
captured by the Project, Titan will also double the contained extension of the east-west magnetic trend
that hosts the Cigar Lake uranium mine and Tucker Lake Uranium Zone. We're encouraged by the
presence of uranium occurrences east and west of Orion along this trend, and with the strong
conductive anomaly identified by our 2023 MobileMT™ survey, we believe Orion contains several
compelling target areas warranting substantial exploration."
The Combined Titan and Orion Projects
Following consolidation of Titan and Orion, the combined project (the "
Project
") will comprise 11 claims
totaling 18,332 hectares and lie within 31 kilometres of the Cigar Lake Uranium Mine. The Project will
cover 22 kilometres of the Larocque Lake trend which hosts the Hurricane uranium deposit, the
Larocque Lake uranium zone, and the Alligator Lake uranium zone (Figure 2). Included within the
contained section of the Larocque Lake trend is its intersection with the east-west oriented Cigar Lake
trend, which hosts the Cigar Lake Mine and the Tucker Lake uranium zone. Results at Tucker Lake
include 5.7% U
3
O
8
over 4.5 metres in drill hole CLC5-11 (639.0 - 643.5 metres).
In western Orion, three-dimensional inversion results from Cosa's 2023 MobileMT™ survey indicate a
prominent, kilometre-scale zone of conductivity in the sandstone above basement-hosted
electromagnetic conductors, a geophysical signature consistent with the unconformity-related uranium
deposits in the Athabasca Basin.
Only two drill holes are known to have been completed within the expanded Project. The depth to the
unconformity is estimated to be between 700 and 900 metres.
Acquisition Details
Pursuant to the Purchase Agreement, Cosa has agreed to acquire a 100% unencumbered ownership of
all eight mineral claims comprising Titan from the Vendor in exchange for $10,000 in cash and the
issuance of 300,000 common shares of the Company (the "
Consideration Shares
"). The
Consideration Shares will be subject to a four-month hold period pursuant to applicable Canadian
securities laws, after which 25% of the Consideration Shares will become free trading. In addition, the
Vendor has agreed to voluntary resale restrictions whereby an additional 25% of the Consideration
Shares will become free trading every three months thereafter. The Acquisition is subject to standard
closing conditions, including the approval of the TSX Venture Exchange (the "
TSXV
").
Figure 1 - Cosa's Portfolio of Athabasca Basin Region Uranium Exploration Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/194562_34c3d7e2449398ae_003full.jpg
Figure 2 - Orion and Titan Projects Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/194562_34c3d7e2449398ae_004full.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 uranium exploration properties totaling over 190,000 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. 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
+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; obtaining the required TSXV approval(s); and completion of the
Acquisition and the timing thereof.
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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