Cosa Resources Announces Completion of Geophysical Surveys at Multiple Eastern Athabasca Uranium Projects
Cosa Resources Announces Completion of
Geophysical Surveys at Multiple Eastern
Athabasca Uranium Projects
Vancouver, British Columbia--(Newsfile Corp. - June 26, 2024) -
Cosa Resources Corp.
(
TSXV:
COSA
) (
OTCQB:
COSAF
) (
FSE: SSKU
) ("
Cosa
" or the "
Company
") is pleased to announce the
completion of ground and airborne geophysical surveys at its Ursa, Orion, Astro and Orbit Projects.
Keith Bodnarchuk, President & CEO, commented: "
The completion of these geophysical programs at
our 100% owned Ursa, Orion, Aurora, and Orbit projects marks another important step in Cosa's path
to developing a pipeline of drill targets across much of our prospective and highly underexplored
portfolio of uranium projects. We consider the recent winter drilling results and identification of
sandstone hosted structure and alteration to be a major success for the Company and are eager to
use the results of the ANT work at Ursa to guide follow up drilling later this summer. With the
completion of our $6.5m bought deal financing earlier this year, we are fully funded to pursue exciting
drill targets at Ursa while also bringing the Orion, Aurora, and Orbit projects up to drill-ready status for
2025."
Andy Carmichael, VP of Exploration, commented: "
We are pleased to have completed the data
acquisition phase of our geophysical program which includes three types of surveys to advance four
of our key uranium projects. Cosa expects that by starting early in the season, results from the
extensive Ambient Noise Tomography (ANT) work at Ursa will be in hand in time to guide drilling to
follow-up encouraging results from winter 2024 drilling and bolster target area prioritization on this
60,000-hectare project. We are excited to see the ANT results from Orion where work in 2023
highlighted compelling coincident sandstone and basement conductive anomalies, and airborne
gravity and electromagnetic results at Aurora and Orbit will shape 2025 exploration at these shallow
projects proximal to the Key Lake uranium mill."
Ambient Noise Tomography Survey
Ambient Noise Tomography (ANT) surveying was completed at Ursa and Orion in two phases, with node
deployment in May and node pickup in June. Harvesting of data from the 930 nodes is underway and
processing to develop a three-dimensional (3D) seismic velocity model is expected to begin
immediately after data harvesting is complete.
As the Athabasca sandstone is relatively homogenous and seismic wave velocity varies with changes in
the host rock, variations in seismic velocity can be attributed to post-Athabasca faulting and/or alteration
zones characteristic of the region's high-grade uranium deposits. Recent exploration drilling in the region
targeting ANT anomalies has successfully intersected zones of hydrothermal alteration at depth.
At Ursa, ANT surveying comprised 746 nodes covering 27 kilometers of conductive strike length which
hosts the zone of alteration and structure intersected by UR24-03 at Kodiak (see Cosa news release
dated April 24, 2024), the Kodiak North, Smokey, and Panda West target areas (see Cosa news
release dated January 11, 2024), and all three weakly mineralized historical drill holes within the Project
(Figure 1). Cosa expects to utilize ANT survey results to guide a diamond drilling program planned for
August and September 2024.
At Orion, ANT surveying comprised 184 nodes covering the kilometre-scale sandstone hosted
conductivity anomaly coincident with conductive basement geology identified by Cosa's 2023 airborne
MobileMT™ survey (Figure 2). The conductive anomalies lie along strike of weak mineralization,
encouraging structure, and hydrothermal alteration intersected at Orano's neighbouring Parker Lake
project immediately west of Orion and the ANT target area. ANT results from Orion will be used to guide
follow-up to generate targets for first-pass drilling planned in 2025.
Aurora and Orbit Airborne Surveys
Airborne electromagnetic (EM) and gravity surveys were completed at Aurora and Orbit from early May
until mid-June (Figure 3). EM surveying was completed by Geotech Ltd. using the VTEM™ Plus system
with the objective of mapping basement-hosted conductive features consistent with prospective graphitic
structures and/or large zones of hydrothermal alteration. Gravity surveys were completed by Xcalibur
Multiphysics' Falcon® Airborne Gravity Gradiometer (AGG) system with the objective of mapping gravity
anomalies consistent with zones of hydrothermal alteration and to improve the understanding of
basement geology. Top priority follow-up targets would be gravity low anomalies coincident with
basement-hosted conductivity features.
Finalization of the airborne datasets is underway. Condor Consulting Inc., recognized experts in the field
of geophysical data processing and interpretation, have been retained to perform a detailed
interpretation of the results following receipt of the final datasets.
Figure 1 - Ursa ANT Survey Areas over 2023 MobileMT™ Results
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/214422_92a7f8f294a42919_003full.jpg
Figure 2 - Orion ANT Survey Area over 2023 MobileMT™ Results
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https://images.newsfilecorp.com/files/9865/214422_92a7f8f294a42919_004full.jpg
Figure 3 - Aurora and Orion Airborne Survey Areas
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https://images.newsfilecorp.com/files/9865/214422_92a7f8f294a42919_005full.jpg
Stock Option Grant
The Company has granted 1,179,000 incentive stock options to directors, officers, employees and
advisors of the Company. The incentive stock options will vest over a period of three years, have an
exercise price of $0.305 per share, and are valid for a 5-year period from the date of grant. The options
were granted pursuant to the Company's incentive stock option plan which was approved by
Shareholders at the Company's Annual General and Special Meeting on June 12
th
, 2024.
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The
portfolio comprises roughly 209,000 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. This news release refers to
properties in which the Company has no interest.
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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