Vancouver, British Columbia--(Newsfile Corp. - December 12, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to report results of airborne geophysical surveying and interpretation for the Company's 100% owned Orbit and Aurora uranium Projects in the Athabasca Basin, Saskatchewan ("Orbit" or "Aurora" or together as the "Projects"). Additionally, the Company has entered into a service agreement with Native Ads Inc. ("Native Ads").
Highlights
Multiple target areas identified on each of the Orbit and Aurora Projects
Several target areas have geophysical similarities to those hosting the Key Lake deposits and the GMZ
All target areas host geophysical anomalies interpreted to be near surface and under shallow cover
Andy Carmichael, Vice President Exploration, commented: "We are pleased to report that recent airborne surveys at Orbit and Aurora have identified near surface analogues to Key Lake and the recently discovered Gemini Zone. Orbit and Aurora boast encouraging historical drill results either on Project or on-trend, and ample strike space exists at all of Cosa's modern target areas. We are very encouraged by the association between interpreted structures and gravity lows, which potentially indicate hydrothermal alteration, and are eager to drill test these target areas. The proximity of both Projects to the operating Key Lake uranium mill and accompanying infrastructure makes these Projects very exciting for the potential discovery of near-surface and open-pit amenable uranium mineralization. Their location outside of the long-favoured Wollaston-Mudjatik Transition Zone (WMTZ) has led to these Projects being overlooked for more than 40 years. As the last three large uranium Mineral Resources discovered in the Athabasca region lie well outside the WMTZ, we view this historical bias as a significant exploration opportunity for Cosa."
Airborne Surveys
Airborne surveying was completed to assess the Orbit and Aurora Projects for conductive basement features consistent with graphitic structures and/or large zones of hydrothermal alteration and improve understanding of the Projects' geology. Surveying comprised 2,392 line-kilometres of electromagnetic (EM) and gravity surveying completed using Geotech Ltd.'s VTEM Plus system and Xcalibur Multiphysics' Falcon® Airborne Gravity Gradiometer (AGG) system. Cosa engaged Condor Consulting Inc., recognized experts in the field of geophysical data processing and interpretation, to perform a detailed interpretation of the survey datasets.
Orbit
The Orbit Project 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). The Key Lake Mine produced 209.8 million pounds of U3O8 at an average grade of 2.3% U3O8 from deposits situated along a 065-degree trending conductive corridor with associated 045-degree trends. The Key Lake Mill processes ore from the McArthur River Mine. Provincial Highway 914 passes within 17 kilometres of Orbit.
Three initial target areas were identified at Orbit from the airborne survey results (Figure 2). Target area O1 is considered the highest priority and features a 1.6-kilometre-long EM conductor with coincident gravity lows located on the northern flank of a magnetic high. Similar to Key Lake geology, the O1 conductor is oriented at 065 degrees. An interpreted north-south oriented magnetic lineament crosscuts the center of the O1 conductor and is coincident with a gravity low, similar to the GMZ discovered in 2021. A second gravity low anomaly is present on the western end of the O1 conductor coincident with a flexure to the south and is crosscut by an 065-degree trending magnetic break.
The O2 target area is a bedrock conductivity anomaly with an enveloping gravity low. The O3 target area is at the intersection of interpreted 045- and 065-degree trending magnetic lineaments and contains the strongest gravity low zone identified at Orbit.
Aurora
The Aurora Project covers a 17-kilometre section of the southeastern rim of the Athabasca Basin located 16 kilometres east of Key Lake and 40 kilometres south of the GMZ. Sandstone cover is expected to be less than 100 metres thick in the northern third of Aurora and absent in the remainder. Aurora was last drilled in 1979 and ground work since 1989 is limited to surficial sampling and prospecting. Historical drill logs suggest the presence of favourable structure and alteration.
Three initial follow-up target areas were identified at Aurora (Figure 3). The A1 target area is the highest priority and characterized as a bedrock-hosted conductive feature trending 045 degrees proximal to interpreted magnetic lineaments at orientations similar to Key Lake (045 and 065 degrees) and the GMZ (north-south). The A2 target area is a single-line conductive response interpreted to be basement-hosted. The A3 target area is a trend of gravity low zones along a prominent, 065-degree trending magnetic lineament. Similar to Key Lake, the A3 area is bracketed by 045-degree trending magnetic lineaments.
Numerous other conductive responses were identified, which are not definitively derived from basement rocks, several of which are coincident with gravity low zones. Additional work is warranted to evaluate these features.
Next Steps
Cosa considers the airborne survey results to have upgraded the Orbit and Aurora Projects. Next steps are expected to include remote sensing and follow-up ground-truthing to prioritize target areas in advance of first-pass diamond drilling. Additional airborne EM and gravity surveying is warranted to cover the portion of Orbit acquired after completion of the 2024 surveys.
Figure 1 - Cosa's Eastern Athabasca Uranium Projects including Proposed Denison Acquisition Projects
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Figure 2 - Orbit Project Airborne Survey Results and Target Areas
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Figure 3 - Aurora Project Airborne Survey Results and Target Areas
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Marketing Campaign Service Agreement
The Company has entered into a service agreement with Native Ads dated December 11, 2024, pursuant to which Native Ads will provide a marketing campaign for a total retainer of up to US$80,000, with a term of up to twelve months or until the retainer is depleted. Under the agreement, Native Ads will execute a comprehensive digital media advertising campaign for the Company where approximately 75% of the campaign budget will be allocated to cost per click costs, media buying and content distribution, and search engine marketing. The remaining budget will be allocated for content creation, web development, advertising creative development, search engine optimization, campaign optimization, and reporting and data insights services. Neither Native Ads nor any of the directors or officers of Native Ads have any interest, directly or indirectly, in the securities of Cosa or any right to acquire such an interest. The engagement of Native Ads is subject to the approval of the TSX Venture Exchange.
About Native Ads
Native Ads Inc. is a full-service advertising agency that owns and operates a proprietary ad exchange with over 80 integrated SSPs (supply-side platforms) resulting in daily access to three to seven billion North American ad impressions.
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 237,000 ha across multiple 100% owned and pending Cosa operated Joint Venture 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's 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 was initial drilling at the 100% owned 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, which the Company believes is primarily due to a lack of modern exploration. 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. Guided by a recently completed Ambient Noise Tomography (ANT) survey, Cosa's second and most recent drilling campaign at Ursa intersected a significant zone of unconformity-style sandstone hosted structure and alteration underlain by several intervals of anomalous radioactivity in the basement rocks.
In November of 2024, the Company announced a transformative strategic collaboration with Denison Mines that, upon completion, will secure Cosa access into several additional highly prospective eastern Athabasca projects while offering Denison Mines exposure to Cosa's potential for exploration success and pipeline of potentially ISR-amenable uranium deposits. Work plans for 2025 are currently being developed.
Technical Disclosure
Historical drilling results from Aurora are available within the Saskatchewan Mineral Assessment Database references 74H-0024, 74H07-0017, and 74H07-0031. Confirmatory relogging of these drill holes has not been completed as the core storage locations are unknown or have been destroyed by wildfire.
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
info@cosaresources.ca
+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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SOURCE: Cosa Resources Corp.
