Cosa Resources Completes the Expansion of its 100% Owned Orbit Uranium Project, Athabasca Basin, Saskatchewan
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) has completed the expansion of its Orbit uranium Property in the Athabasca Basin, Saskatchewan. The acquisition adds 6,049 hectares, doubling Orbit's footprint to 12,718 hectares. This expansion increases Cosa's control of undrilled strike length to eight kilometres, located on trend with uranium mineralization. The Orbit Project is situated 19 kilometres south of the Athabasca Basin and 22 kilometres south of the Key Lake Mill. Despite the area's historical uranium production, Orbit has seen little modern exploration. Cosa aims to complete initial drill testing at the Orbit Project in 2025.
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) ha completato l'espansione della sua proprietà Orbit relativa all'uranio nel bacino dell'Athabasca, Saskatchewan. L'acquisizione aggiunge 6.049 ettari, raddoppiando l'area di Orbit a 12.718 ettari. Questa espansione aumenta il controllo di Cosa sulla lunghezza di strike non perforata a otto chilometri, situata lungo la tendenza della mineralizzazione di uranio. Il progetto Orbit si trova a 19 chilometri a sud del bacino dell'Athabasca e a 22 chilometri a sud della Key Lake Mill. Nonostante la storica produzione di uranio nella zona, Orbit ha visto poco sfruttamento moderno. Cosa mira a completare i test di perforazione iniziali al progetto Orbit nel 2025.
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) ha completado la expansión de su propiedad de uranio Orbit en la cuenca de Athabasca, Saskatchewan. La adquisición añade 6.049 hectáreas, duplicando la superficie de Orbit a 12.718 hectáreas. Esta expansión aumenta el control de Cosa sobre la longitud de strike no perforada a ocho kilómetros, ubicada en la tendencia de la mineralización de uranio. El proyecto Orbit se sitúa a 19 kilómetros al sur de la cuenca de Athabasca y a 22 kilómetros al sur del Key Lake Mill. A pesar de la producción histórica de uranio en la zona, Orbit ha visto poca exploración moderna. Cosa tiene como objetivo completar las pruebas de perforación iniciales en el proyecto Orbit en 2025.
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF)가 사스카추완 아다바스카 분지에 위치한 Orbit 우라늄 자산의 확장을 완료했습니다. 이번 인수로 6,049 헥타르가 추가되어 Orbit의 면적이 12,718 헥타르로 두 배가 되었습니다. 이 확장은 Cosa의 탐사가 이루어지지 않은 스트라이크 길이에 대한 통제를 8킬로미터로 늘려주며, 이는 우라늄 광물화와 연관된 위치입니다. Orbit 프로젝트는 아다바스카 분지에서 19킬로미터 남쪽에, Key Lake 밀에서 22킬로미터 남쪽에 위치하고 있습니다. 이 지역은 역사적인 우라늄 생산이 있었지만, Orbit는 현대적인 탐사가 거의 이루어지지 않았습니다. Cosa는 2025년에 Orbit 프로젝트의 초기 시추 테스트를 완료할 계획입니다.
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) a achevé l'extension de sa propriété Orbit d'uranium dans le bassin d'Athabasca, Saskatchewan. L'acquisition ajoute 6 049 hectares, doublant l'empreinte d'Orbit à 12 718 hectares. Cette expansion augmente le contrôle de Cosa sur la longueur de strike non forée à huit kilomètres, située dans la tendance de la minéralisation de l'uranium. Le projet Orbit se trouve à 19 kilomètres au sud du bassin d'Athabasca et à 22 kilomètres au sud de la Key Lake Mill. Malgré la production historique d'uranium dans la région, Orbit a connu peu d'exploration moderne. Cosa vise à compléter les tests de forage initiaux sur le projet Orbit en 2025.
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) hat die Erweiterung seines Uranprojekts Orbit im Athabasca-Becken, Saskatchewan, abgeschlossen. Die Akquisition fügt 6.049 Hektar hinzu und verdoppelt die Fläche von Orbit auf 12.718 Hektar. Diese Erweiterung erhöht die Kontrolle von Cosa über die unbefahrene Streckenlänge auf acht Kilometer, die im Trend mit der Uranmineralisierung liegt. Das Orbit-Projekt liegt 19 Kilometer südlich des Athabasca Beckens und 22 Kilometer südlich der Key Lake Mühle. Trotz der historischen Uranproduktion in der Region hat Orbit wenig moderne Erkundung erfahren. Cosa hat zum Ziel, die ersten Bohrtests im Orbit-Projekt im 2025 abzuschließen.
- Acquisition doubles Orbit Project's footprint to 12,718 hectares
- Expands control of undrilled strike length to 8 kilometres
- Project located near Key Lake Mill, a historically productive uranium area
- Company remains fully funded for exploration plans into 2025
- Area has seen little modern exploration, indicating potential risks
- Initial drill testing not planned until 2025, delaying potential discoveries
Vancouver, British Columbia--(Newsfile Corp. - August 6, 2024) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce completion of the previously announced expansion (the "Acquisition") of the Orbit uranium Property in the Athabasca Basin, Saskatchewan ("Orbit" or the "Property") from Skyharbour Resources Ltd. (the "Vendor") pursuant to an asset purchase agreement dated July 26, 2024 (the "Purchase Agreement").
Highlights
Two mineral dispositions totalling 6,049 hectares have been acquired, doubling the footprint of Orbit to 12,718 hectares
Expands Cosa's control of undrilled strike length to eight kilometres located on trend with uranium mineralization, hydrothermal alteration, and reactivated graphitic faulting to the southwest
Keith Bodnarchuk, President and CEO of Cosa, commented: "We are very pleased to double the footprint of the Orbit Project, which covers shallow target areas that have been largely overlooked by modern exploration. We look forward to receipt of results from recent airborne electromagnetic and gravity surveys which will guide continued exploration of this prospective area located only 25 kilometres from the Key Lake Uranium mill. We thank the Skyharbour team for their part in completing this Acquisition in a timely and businesslike manner. Having closed this transaction, Cosa continues to identify and pursue cost-effective opportunities to add to our pipeline of exciting projects and drill targets as we remain fully funded to complete all of our exploration plans into 2025."
The Expanded Orbit Project
The Orbit Project is located roughly 19 kilometres south of the Athabasca Basin and 22 kilometres south of the Key Lake Mill and former Key Lake Mine (Figure 1) and is accessible by a network of trails extending to within 11 kilometres of the Project from Provincial Highway 914. Despite the Key Lake Mine's historical production of over 209 million lbs U3O8 at an average grade of
The northern portion of the expanded Orbit Project captures nearly eight kilometres of the interpreted strike extension of a northeast-trending magnetic low corridor that hosts occurrences of graphitic faulting, strong hydrothermal alteration, and weak uranium mineralization including
The southern portion of the Orbit Project covers curvilinear, northeast-trending magnetic lows crosscut by lineaments identified from regional magnetic data which suggest favourable structural complexity. As with the northern portion of the Orbit Project, this area is untested by drilling. Like the
Acquisition Details
Pursuant to the Purchase Agreement, Cosa has acquired a
Figure 1 - Orbit Uranium Project and Expanded Claims
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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. This news release refers to properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company's properties.
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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FAQ
What is the new size of Cosa Resources' Orbit uranium Property after the expansion?
Where is the Orbit uranium Project located in relation to the Athabasca Basin?
When does Cosa Resources (COSAF) plan to begin drill testing at the Orbit Project?
How many shares did Cosa Resources issue to acquire the new mineral claims for the Orbit Project?
