Cosa Resources Announces Acquisition of Orbit Uranium Exploration Property in the Athabasca Basin Region, Saskatchewan
Cosa Resources Announces Acquisition of Orbit Uranium Exploration
Property in the Athabasca Basin Region, Saskatchewan
Vancouver, British Columbia, June 26, 2023 – Cosa Resources Corp. (CSE: COSA) (“ Cosa Resources” or the
“Company”) is pleased to announce the acquisition of the 100% owned Orbit uranium exploration property in the
Athabasca Basin region, Saskatchewan.
Highlights
Orbit covers four kilometres of the interpreted strike extension of a reactivated graphitic structural trend
Drilling 10 kilometres southwest along trend intersected 0.07% U3O8 over 0.2 metres within strongly
altered graphitic faulting
The 6,669-hectare project was acquired by low-cost staking and is 100% owned by Cosa Resources with
no encumbrances
Cosa’s uranium exploration portfolio now comprises 147,347 hectares of highly prospective exploration
ground in the Athabasca Basin Region of Saskatchewan
Keith Bodnarchuk, President & CEO, commented: “The acquisition of Orbit further demonstrates Cosa’s commitment
to identifying and pursuing opportunities that have been historically overlooked and under explored. We will continue
to seek new opportunities that afford Cosa’s shareholders exposure to meaningful exploration in exciting areas.”
Andy Carmichael, VP of Exploration commented: “We are delighted to have acquired this prospective ground which
has never seen a ground-based electromagnetic survey or a drill hole despite being located along trend of a graphitic
structure hosting strong alteration and weak uranium mineralization. Located only 22 kilometres south of a past
producing mine and a currently operating mill, we look forward to advancing this project towards drill testing.”
Orbit Property
The Orbit Property comprises two mineral claims totaling 6,669 hectares. Orbit is located 19 kilometres south of the
Athabasca Basin and 22 kilometres south of the Key Lake Mill and former Key Lake Mine (Figure 2). Between 1983
and 2002 the Key Lake Mine produced 209.8 million pounds of U3O8 at an average grade of 2.3% U3O8. The Key Lake
Mill is one of three licensed uranium mills in Saskatchewan and processes ore from the McArthur River Mine. Access
to Orbit is good as provincial Highway 914 passes within 17 kilometres and an existing network of winter roads
extends to within 11 kilometers of the Property.
Orbit covers four kilometres of the interpreted strike extension of a prospective, reactivated graphitic structural
trend which hosts weak mineralization and strong alteration to the southwest. Historical airborne- and ground-based
electromagnetic (EM) surveys southwest of Orbit mapped over 13 kilometres of continuous conductive trend
associated with a magnetic break, suggesting a graphitic structur al zone adjacent to a lithological boundary. The
trend is sub-parallel to that hosting the mined-out Gaertner and Deilmann uranium deposits at Key Lake
Limited diamond drilling completed on strike intersected favourable results , confirming the conductive trend
represents reactivated graphitic structures hosting strong alteration and weak mineralization . Ten kilometres
southwest of Orbit, drill hole TED-01 intersected 0.07% U3O8 over 0.2 metres (106.4 - 106.6 metres) within a strongly
altered, metre -scale graphitic fault. Eight kilometres southwest of Orbit, drill hole TED -06 intersected strong
alteration within the same graphitic structure intersected by TED-01, indicating structural continuity along strike and
potential to host additional zones of strong alteration and uranium mineralization.
As the conductive trend was defined to the northeastern limit of the historical survey area s located only 1.5
kilometres from Orbit, Cosa believes there is a high probability that the prospective graphitic struct ures continue
onto the Property.
Next Steps
Initial work will include compilation and interpretation of existing geological and geophysical data. Due to the lack
of sandstone and expected shallow (<50 metres) depth to the inferred target horizon, Cosa anticipates that initial
exploration work will include airborne or ground EM surveying to map the interpreted extension of the prospective
graphitic structural zone, airborne or ground gravity surveying to locate gravity low anomalies potentially indicative
of basement-hosted alteration zones, and diamond drilling as warranted.
Figure 1 – Cosa’s Athabasca Portfolio with Prospective Uranium Corridors
Figure 2 – Orbit Project Map
Stock Option Grant
The Company would also like to announce that it has granted 950,000 incentive stock options to directors, officers,
employees, and consultants of the Company. The incentive stock options will vest over a period of two years, have
an exercise price of $0.36 per share, and are valid for a 5-year period from the grant date. The options were granted
pursuant to the Company’s incentive stock option plan.
About Cosa Resources
Cosa Resources 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 seven uranium exploration properties:
Ursa, Orion, Castor , Charcoal, Helios, Astro, and Orbit totaling 147,347 ha in the eastern , northern, and southern
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. 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 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.
T
his news release includes certain “Forward -L
ooking 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
-l
ooking 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.
F
orward
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ooking statements and forward
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ooking 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.
T
hese 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
-
l
ooking 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 suffi cient 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
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ooking 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
-l
ooking statements or forward-looking information to
reflect changes in assumptions or changes in circumstances or any other events affecting such statements o r
information, other than as required by applicable law.