Vancouver, British Columbia--(Newsfile Corp. - October 5, 2023) - Cosa Resources Corp. (CSE: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce the expansion of its 100% owned Orion Property in the Athabasca Basin, Saskatchewan ("Orion" or the "Property"). Additionally, the Company announces that it has entered into a market-making agreement with Generation IACP ("GIACP") pursuant to which GIACP has agreed to provide certain market-making services to the Company in accordance with the policies of the Canadian Securities Exchange ("CSE").
Highlights
- Orion expanded to 9000 hectares with two new claims totalling 5119 hectares
- Over 10 kilometres of additional prospective magnetic low strike length acquired via low-cost staking
- Orion expansion area covers the interpreted southern extension of the Larocque uranium corridor, host to the Hurricane deposit and Alligator Lake and Larocque Lake uranium zones
Keith Bodnarchuk, President & CEO, commented: "Our technical team continues to deliver in a highly competitive staking environment. Land in the Athabasca Basin is at a premium and adding over 10 kilometres of a prospective trend is a win for our team. Year to date, we have added more than 73,000 hectares of land, and our entire portfolio remains 100% owned."
Andy Carmichael, VP of Exploration commented: "We are pleased to have more than doubled the prospective magnetic low strike length contained by our 100% owned Orion property. As with the original Orion claim, this ground is highly underexplored and is prospective for uranium exploration."
Orion Property
Orion is located 29 kilometres west of the Cigar Lake Uranium mine and 29 kilometres north of the McArthur River uranium mine (Figure 1). The Property covers the interpreted intersection of the Larocque uranium corridor and a splay off the Cable Bay Shear Zone (Figure 2).
Competitive staking in September added two claims to the Property totaling 5119 hectares and covering an additional 10 kilometres of prospective magnetic Low Strike Length. The newly added strike includes the interpreted southern extension of the Larocque uranium trend, host to the Hurricane uranium deposit and the Larocque Lake and Alligator Lake uranium zones (Figure 2). Staking of the new claims was largely driven by preliminary interpretation of results from Cosa's July 2023 MobileMT airborne survey over the Ursa and Orion properties.
The single historical drill hole completed on Orion is interpreted to have missed the targeted conductor. Historical drilling along strike to the west of Orion intersected zones of structural disruption in the sandstone with illitic hydrothermal alteration and anomalous uranium geochemistry, including 0.05% U3O8 over 1.0 metres (932.4-933.4 metres) immediately above the unconformity in PAR-03 associated with hydrothermal hematite alteration.
Next Steps
Future work at Orion is expected to include additional MobileMT™ surveying to identify areas for high-quality ground geophysical surveying to generate targets for subsequent diamond drilling. The Company aims to share results of the recently received 3-D inversion of the MobileMT™ survey over Ursa and Orion properties in the coming weeks.
Figure 1 - Cosa's Athabasca Basin Region Uranium Property Portfolio
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Figure 2 - Orion Property Expansion
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Market Maker Engagement
Generation IACP is a registered broker and member of the Canadian Investment Regulatory Organization (formerly, the Investment Industry Regulatory Organization of Canada), the TSX Venture Exchange, the CSE, the NEO Exchange, and is a Participating Organization as such term is defined in the rules and policies of the Toronto Stock Exchange. GIACP will provide market-making services with the objective of maintaining a reasonable market and improving the liquidity of the Company's common shares on the CSE (the "Services").
In exchange for Services, Cosa has agreed to pay GIACP a monthly cash fee of C$7500 for an initial term of twelve months (the "Initial Term"). The Initial Term shall be automatically renewed for subsequent six month periods (together with the "Initial Term", the "Term"), unless the Company provides written notice of termination to GIACP at least 30 days prior to the end of the Term or GIACP provides a written notice of termination to the Company. Cosa and GIACP act at arm's length and are unrelated and unaffiliated entities. Neither GIACP nor its affiliates or associates have any direct or indirect interest in the Company nor will such entities receive any shares, stock options, warrants, or other securities as compensation for the Services. GIACP does not currently own any shares in the Company; however, GIACP and its clients may acquire an interest in the securities of the Company in the future.
About Cosa Resources Corp.
Cosa Resources Corp. 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 nine uranium exploration properties totaling over 160,000 ha across the 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. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101.
Contact
Keith Bodnarchuk, President and CEO
[email protected]
+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.
This news release includes certain "Forward‐Looking 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‐looking 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.
Forward‐looking statements and forward‐looking 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 public health pandemics; 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.
These 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‐looking 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 sufficient 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 public health crises 19; the economic and financial implications of public health crises 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‐looking 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‐looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
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