Cosa Resources Announces Commencement of Drilling at the 100% Owned Ursa Uranium Project, Athabasca Basin, Saskatchewan
Cosa Resources Announces Commencement
of Drilling at the 100% Owned Ursa Uranium
Project, Athabasca Basin, Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - September 4, 2024) -
Cosa Resources Corp.
(TSXV:
COSA) (OTCQB: COSAF) (FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to announce that
diamond drilling has commenced at the Company's 100% owned Ursa uranium Project in the Athabasca
Basin, Saskatchewan ("
Ursa
" or the "
Property
").
Highlights
Drilling at the Kodiak target area will follow-up a significant zone of sandstone alteration and
structure with geochemical enrichment intersected by 2024 drill hole UR24-03
Drilling at the Grizzly target area will evaluate the down-dip extension of strongly anomalous
uranium geochemistry with structure and alteration intersected in multiple historical drill holes
Optimal targets remain untested at both Kodiak and Grizzly
Keith Bodnarchuk, President and CEO, commented:
"With drilling now underway, we are very excited
by the strength of this program's targets. Over the past 12 months the team has progressed Ursa from
a high upside and severely underexplored project to one that has been strategically advanced by
modern geophysics and is ready for more focused drill testing. Our efforts have produced 10 key
target areas including the first follow-up drill targets at Kodiak and Grizzly. We have moved forward
from reconnaissance-stage exploration to focusing in on areas displaying key components
associated with uranium discoveries. Identifying multiple geologically derived drill targets early in
Cosa's exploration tenure at Ursa is a major testament to the hard work and dedication put forth by the
technical team and to the prospectivity of the Ursa Project overall. We will have steady news flow for
the remainder of 2024 and remain fully funded to complete our exploration plans into 2025."
Andy Carmichael, Vice President Exploration, commented:
"We have been eager to resume drilling at
Ursa since the promising results at Kodiak from our initial drilling campaign this past winter. Since
then, the team has been busy interpreting that program's geochemical results, completing ANT
surveys at Ursa and Orion, and continuing to analyze historical work on the Project. These efforts have
confirmed the prospectivity of the Kodiak area and upgraded the Grizzly area where historical drilling
produced some of the most compelling sandstone geochemistry on the Project. We expect initial
ANT results will assist in prioritization of targets along the 27 kilometres of conductive strike length
covered by the survey and to help guide follow-up of our winter drill results at Kodiak."
Diamond Drilling Objectives
Up to 4,000 metres of diamond drilling is planned at Ursa over the coming weeks. The objectives of the
program are to follow-up the results of winter drilling at the Kodiak target area, follow-up on compelling
geochemistry identified in historical drilling, and complete an initial test of Ambient Noise Tomography
(ANT) derived target areas (Figure 1).
At Kodiak, drilling will follow-up on the broad zone of pervasive alteration coincident with faulting and
dravitic breccias intersected by UR24-03, the final drill hole of the winter program. Geochemistry from
the winter program determined that the sandstone in UR24-03 contains anomalous levels of uranium and
uranium pathfinder elements, further upgrading the area and confirming its status as a priority follow-up
target for the summer drilling program (Figures 1 and 2). Significantly, UR24-03 contains the highest
average uranium content in the basal 40 metres of sandstone of any drill hole completed on the Project
to date.
At Grizzly, continued interpretation of winter electromagnetic survey data and historical drilling results has
upgraded the target area (Figures 1 and 3). Historical drill hole CR-06 (1996) intersected a 100-metre
interval of highly anomalous geochemistry associated with hydrothermal alteration and faulting in the
sandstone well above the unconformity. Drill hole CR-15 (2002) was completed to follow-up CR-06 and
intersected significant alteration, structure and multiple zones of strongly anomalous geochemistry in the
sandstone. CR-15 is interpreted to have overshot the optimal target by up to 100 metres. Although
compelling, these results were not followed-up as CR-15 was the final hole completed prior to Cosa
acquiring the Project grounds in 2022.
Depending on the results of initial drilling at the Kodiak and the Grizzly target areas, Cosa plans to test at
least one target area identified from Ambient Noise Tomography (ANT) surveying. The ANT survey,
completed in May and June, covered 27 kilometres of the conductive trend extending northeast and
southwest from the Kodiak target area which hosts all historical intersections of weak uranium
mineralization on the Property (Figure 1). ANT uses naturally occurring seismic activity to produce a
three-dimensional model of seismic velocity in the subsurface which Cosa believes has strong potential
to highlight large zones of alteration and structure in the sandstone commonly associated with uranium
deposits within the Athabasca Basin. Initial results and models from the ANT survey are due in
September.
Figure 1 - Ursa Target Areas Defined over Basement Conductivity Model (100 metres Below the
Unconformity)
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https://images.newsfilecorp.com/files/9865/222045_96d56eb8e416aa3b_003full.jpg
Figure 2 - Cross Section of Winter 2024 Drilling Results from Kodiak, Looking Northeast
To view an enhanced version of this graphic, please visit:
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Figure 3 - Cross Section of Grizzly Target Area showing Historical Drill Holes CR-06 and CR-15
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/222045_96d56eb8e416aa3b_005full.jpg
Keith Bodnarchuk, President and CEO, alongside Andy Carmichael, VP of Exploration,
discuss Cosa's exploration achievements thus far, significant results of winter drilling and
summer drilling objectives, and the Company's forthcoming plans.
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About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The
portfolio comprises roughly 216,000 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
+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.
This press release contains forward-looking information within the meaning of Canadian securities laws
(collectively "forward-looking statements"). Forward-looking statements are typically identified by words
such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All statements that are not statements of historical fact
are forward-looking statements. Forward-looking statements in this press release include but are not
limited to statements regarding, the Company's exploration and development plans. Although the
Company believes any forward-looking statements in this press release are reasonable, it can give no
assurance that the expectations and assumptions in such statements will prove to be correct. Factors
that could cause actual results to differ materially from such forward-looking information include, but are
not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays
in obtaining required regulatory or governmental approvals, and other risks involved in the mineral
exploration and development industry, including those risks set out in the Company's management's
discussion and analysis as filed under the Company's profile at
www.sedarplus.ca
. Forward-looking
information in this news release is based on the opinions and assumptions of management considered
reasonable as of the date hereof, including the price of uranium and other commodities; 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. Although the Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are reasonable, undue reliance should not be
placed on such information. The Company disclaims any intention or obligation to update or revise any
forward-looking information, other than as required by applicable securities laws.
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