COSA.V · 2023-11-01 12:00:00

Cosa Resources Announces Results of Airborne Geophysics at the 100% Owned Ursa and Orion Uranium Projects in the Athabasca Basin, Saskatchewan

Exploration Programs

Cosa Resources Announces Results of

Airborne Geophysics at the 100% Owned Ursa

and Orion Uranium Projects in the Athabasca

Basin, Saskatchewan

Vancouver, British Columbia--(Newsfile Corp. - November 1, 2023) -

Cosa Resources Corp.

(TSXV:

COSA) (OTCQB: COSAF) (FSE: SSKU)

Cosa

" or the "

Company

") is pleased to announce the

results of project-wide MobileMT surveys at its 100% owned Ursa and Orion uranium projects in the

Athabasca Basin, Saskatchewan (

"Ursa

", "

Orion

" or the "

Property

").

Highlights

More than 110 kilometres of basement conductive trend defined, including over 100 kilometres at

Ursa and over 10 kilometres at Orion

Large, deeply rooted basement structures fundamental to the formation of Athabasca uranium

deposits are interpreted to be present at both projects

Multiple kilometre-scale, sandstone-hosted conductive anomalies suggest hydrothermal alteration

zones characteristic of Athabasca uranium deposits are present

Eleven initial target areas identified, none of which have been tested by historical drilling

Follow-up will include ground geophysics to refine targets in advance of drill testing

Keith Bodnarchuk, President & CEO, commented:

"Given the size and amount of unexplored land at

both the Ursa and Orion Projects, we invested in a modern and comprehensive survey to highlight the

most prospective areas, and we are thrilled to report that these results have exceeded our

expectations for both Projects. Previous operators in the area were limited by now-obsolete airborne

geophysical technology, and historical drilling targeted conductive zones based on small ground

electromagnetic (EM) surveys. Cosa's new 3-D conductivity model suggests that all 15 historical drill

holes were completed in low-priority areas. Our thesis that Ursa and Orion would be significantly

upgraded with a full modern geophysical survey has proven correct, with the identification of 11 initial

high priority target areas. Cosa is now set up to advance exploration at Ursa and Orion in 2024 and

beyond."

Andy Carmichael, VP of Exploration commented: "

We completed MobileMT™ surveys to rapidly

develop target areas and avoid expensive, systematic exploration of these expansive and highly

underexplored Projects. Having identified multiple areas with geophysical signatures consistent with

known Athabasca Basin uranium deposits, Cosa has established a clear path in its strategy of

targeted exploration to advance these Projects efficiently. We are encouraged that none of the

historical drilling at Ursa, including the three weakly mineralized drill holes, is proximal to our initial

target areas, and our confidence in the survey is bolstered by its consistency with historical drilling

results. We are keen to continue exploration at Ursa and Orion and are planning ground-based

geophysics for target refinement in advance of diamond drilling

Survey Objectives, Inversion, and Conductivity Model Interpretation

To rapidly identify and prioritize target areas throughout the Ursa and Orion projects, Cosa engaged

Expert Geophysics to complete 3,104 line-kilometres of MobileMT™ surveying in June and July.

Unconformity-related uranium deposits in the Athabasca Basin are usually associated with conductive

graphitic rocks in the basement, typically overlain by broad hydrothermal alteration zones in the

sandstone that affect the conductivity of the host sandstones. MobileMT™ is a modern, helicopter-borne,

magnetotelluric (MT) survey system capable of detecting both basement-hosted electromagnetic (EM)

conductors and sandstone-hosted zones of anomalous conductivity.

Following data acquisition, Cosa engaged Computational Geosciences Inc. and Convolutions

Geoscience to complete an industry-leading, geologically constrained, three-dimensional (3-D) inversion

of the survey dataset to produce a 3-D voxel model of conductivity consistent with known geology.

Constraints applied to the inversion include distinct, overlapping ranges of conductivity for sandstone

and basement, and a 3-D surface of the sub-Athabasca unconformity to domain modelled conductivity in

a manner spatially consistent with the property geology.

Cosa's approach to identifying and prioritizing target areas is to search the 3-D inversion voxel for

conductivity anomalies consistent with the unconformity-related deposit model. Top priority target areas

are structurally complex basement conductive trends coincident with sandstone-hosted, kilometre-scale

zones of anomalous conductivity with magnitudes, morphologies, and orientations which could reflect the

large-scale hydrothermal alteration zones commonly associated with Athabasca uranium deposits.

Results - Ursa Project

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. At Ursa, the sub-Athabasca unconformity is estimated to be between

850 and 1000 metres below surface. Cosa's 2023 MobileMT™ survey covered over 90% of this

expansive Project with the objective of defining and prioritizing conductive strike for follow up exploration

and avoid costly systematic drilling of the entire Project.

The survey mapped over 100 kilometres of basement conductive trend strike-length within Ursa (Figure

2).

The property-scale conductivity model has greatly improved Cosa's understanding of the Project's

basement geology and allowed the identification of bends, splays, and interpreted stepovers along

basement conductive trends, all of which suggest favourable structural complexity.

The Ursa conductivity model includes numerous zones of anomalous sandstone conductivity (Figure 3).

Interpretation has identified 10 initial target areas consistent with Cosa's criteria detailed above (Figures

4 and 5) which cover an aggregate basement conductive trend length of approximately 24 kilometres.

Importantly, none of the 15 historical drill holes within the Project, including the three weakly mineralized

drill holes, are proximal to the initial target areas identified by Cosa.

Confidence in the conductivity model is gained from its consistency with historical drilling results. Drilling

at Ursa largely failed to intersect broad, strong zones of sandstone-hosted clay enrichment and the

model contains no significant zones of enhanced sandstone conductivity proximal to historical drill holes.

Historical drill holes which intersected broad intervals of pervasively silicified sandstone are located

within a zone of extremely low sandstone conductivity in the 3-D model, suggesting variations in

conductivity related to alteration are detectable by the survey system and reflected in the conductivity

model.

Cosa is highly encouraged by the survey results at Ursa and will prioritize follow-up of top priority targets

with target refinement through industry-best ground EM surveying in advance of diamond drilling in 2024.

Orion Property Results

The western portion of Orion covers eight kilometres of curvilinear magnetic low strike length containing

historical EM conductors and flanked by magnetic highs. One drill hole has been completed within the

Project outside of the survey area and the depth to the unconformity is estimated to be between 750 and

900 metres.

The 2023 MobileMT™ survey mapped more than 10 kilometres of basement conductive trend strike

length at Orion. Basement conductive trends at Orion are complex, with bends and splays evident. An

additional 1.5 kilometres of conductive strike length is inferred to extend beyond the surveyed area to the

western Property boundary and beyond to Orano's Parker Lake Project (Figure 2). Historical drilling at

Parker Lake intersected positive results including graphitic basement beneath sandstone structures with

illitic alteration and elevated uranium geochemistry.

A prominent, northwest-trending zone of anomalously high sandstone conductivity is centered above

where an east-west trending basement conductive zone bends to the northwest (Figures 3 and 5). The 4-

kilometre-long, 1.4-kilometre-wide feature is the highest-amplitude sandstone-hosted anomaly in the

Ursa and Orion conductivity models. Northwest-trending topographic features partly coincident with the

anomaly suggest post-Athabasca structural reactivation may have occurred.

As at Ursa, follow up work at Orion will include industry-best ground EM surveying for target refinement

followed by drill testing. Additionally, Cosa will consider expanding MobileMT™ coverage over the

eastern portion of the Project which was acquired after the 2023 survey was completed.

Astro Property Results

Astro covers a series of subparallel, northwest-trending magnetic low and high zones interpreted to

represent prospective metasediments and buttressing granitic rocks, respectively. Historical airborne

and ground EM surveying has defined approximately 20 kilometres of EM conductor strike length within

the Property. The depth to the unconformity is expected to be between 800 and 1000 metres.

Ursa MobileMT™ surveying was extended onto Astro to cover historical conductors near the shared

property boundary. The survey mapped approximately 10 kilometres of strike length of basement

conductive trends, including trends extending from Ursa interpreted to be related to the Cable Bay Shear

Zone (Figure 2). Surveying also identified a conductive trend extending from Astro into unclaimed ground

which Cosa recently staked.

Given the success in target identification and prioritization using MobileMT™ at Ursa and Orion, future

work is expected to include expanding coverage over the entire Astro Project.

Figure 1 - Cosa's Athabasca Basin Region Uranium Property Portfolio