Cosa Receives Exploration Permits for the Ursa Uranium Project in the Athabasca Basin, Saskatchewan
Cosa Receives Exploration Permits for the
Ursa Uranium Project in the Athabasca Basin,
Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - November 21, 2023) -
Cosa Resources Corp.
(TSXV:
COSA) (OTCQB: COSAF)
(FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to announce it has
received the necessary permits from the Saskatchewan Government to conduct ground-based
geophysics and diamond drilling exploration work on its 100% owned Ursa uranium project in the
Athabasca Basin, Saskatchewan (
"Ursa
", or the "
Property
").
Highlights
Permitted activities include access trail construction, camp establishment, diamond drilling and
geophysical surveying
Permits are valid until June 2025, allowing for multiple seasons of drill testing
Trail building is expected to commence Q4/2023 followed by ground-based geophysics and
diamond drilling in Q1/2024
Keith Bodnarchuk, President & CEO, commented:
"Saskatchewan's status as a favoured uranium
exploration district is built on the Athabasca Basin's long history of discovery, development and
production of Tier 1 uranium deposits and the Province's reputation as a stable, low-risk political
environment. We are pleased to have progressed Ursa to this important milestone well ahead of the
upcoming winter exploration season. With permits in hand and an abundance of high-priority target
areas identified by our recently completed MobileMT™ survey, we are excited to complete ground-
based geophysics and follow up diamond drilling in winter 2024."
Next Steps
With the receipt of permits, Cosa is continuing procurement to support exploration programs in winter
2024. Selection of contractors to complete trail establishment, geophysical surveying, diamond drilling,
and temporary work camps is underway. It is anticipated that trail construction activities will begin in
December 2023 followed by geophysical surveying commencing early in 2024. Mobilization of diamond
drilling equipment and personnel will be initiated as drill targets are refined in high priority areas (Figures
2 and 3). To streamline 2024 exploration, Cosa intends to utilize the winter access trail to mobilize
supplies and equipment for an expanded summer drilling campaign at Ursa.
About Ursa
Ursa covers 65 kilometres of strike length of the Cable Bay Shear Zone, a highly prospective and
underexplored geological analogue to the setting underpinning major current- and past-producing
eastern Athabasca uranium mines. Recently completed airborne surveying at Ursa mapped over 100
kilometres of basement conductive trend strike-length within the Project. A 3-D conductivity model
contains several kilometre-scale zones of increased conductivity in the sandstone above conductive
basement, a setting consistent with several major deposits in the Athabasca Basin. Cosa has identified
10 initial target areas at Ursa for follow-up with ground geophysics and drilling in 2024 and beyond.
None of the 15 historical drill holes within the Project, including three drill holes which intersected weak
uranium mineralization, are located within the initial 10 target areas.
Figure 1 - Basement Conductivity Model 100 m Below the Unconformity with Selected
Sandstone Conductivity Contours and Target Areas
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Figure 2 - Sandstone Conductivity Model 200 m above the Unconformity with Selected
Basement Conductivity Contours and Target Areas
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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 ten
uranium exploration properties totaling over 165,000 ha across the Athabasca Basin region.
The team behind Cosa Resources has a track record of success in Saskatchewan, with several
decades of combined experience in uranium exploration, discovery, and development in the province.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed
and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa Resources.
Mr.
Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101.
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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