Cosa Resources Corp.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
1723 – 595 Burrard Street Vancouver, BC Canada V7X 1L4 |
| Toll Free No.： | +1 888-899-2672 |
| Web Site： | www.cosaresources.ca |
| E-mail： | info@cosaresources.ca |
| Contact Person： | Keith Bodnarchuk |
| Position： | President & CEO |
| Traded Market： | TSX-V | OTCQB | FSE |
| Traded Symbol： | COSA | COSAF | SSKU |
| Outstanding Shares： | 56 M |
| 52 Week High： | $ 0.66 |
| 52 Week Low： | $ 0.27 |
| Present Price： | Click Here |
The portfolio comprises over 200,000 ha across multiple projects in the Athabasca Basin region, all of which are considered underexplored and highly prospective.
Cosa's core projects are within or adjacent to established uranium corridors like those that host McArthur River, Cigar Lake, Hurricane, and many other Athabasca uranium deposits.
Upon completion of an over-subscribed bought deal placement for C$6.5 million in March of 2024, Cosa is fully funded to continue drill testing priority targets at Ursa while advancing several other projects and target areas to drill readiness throughout 2024.
The management team at 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.
Cosa's management was previously recognized and awarded for the discovery of the Hurricane deposit, currently the world's highest grade indicated uranium resource at an average grade of 34.5%.
Management is comprised primarily of uranium Geologists that are uniquely situated to identify and act on new opportunities by leveraging past successes and an exceptionally strong technical background.
Transformational Acquisitions
- Acquisitions of Athabasca Basin exploration ground, pivoting Cosa into a premier uranium explorer
Attractive Market Outlook
- Solid market fundamentals with continued strong uranium demand growth and limited supply in the short- and long-term horizon
Experienced and Proven Team
- Proven track record in the Athabasca Basin; responsible for multiple discoveries at both a technical and corporate level
Exploring Through a New Lens
- Past work has only explored a fraction of the over 200,000 ha land portfolio in well-developed eastern Athabasca Basin
Access to Capital
- Strong access to capital through past success and strategic relationships
Considerable Upside
- Multiple avenues to re-rate through discovery success and acquisition
ATHABASCA BASIN PROJECTS
Projects 100% owned by Cosa Resources. Total land package over 200,000 ha located in the Athabasca Basin Region, the heart of the Canadian uranium mining sector.
Ursa Project
Top priority for 2024
Cosa's 100%-owned Ursa uranium project is roughly 45 km west of Cameco's McArthur River Mine.
Ursa covers nearly 70 km strike length of the Cable Bay Shear Zone (CBSZ), a vastly underexplored uranium corridor in the Athabasca Basin.
Cosa views the CBSZ as potentially the last remaining eastern Athabasca corridor to have not yet yielded a major discovery.
2023 Airborne MobileMT survey has defined over 100 km of conductive stratigraphy and identified several high-priority target areas which require follow up. These areas are characterized by kilometre-scale zones of anomalous conductivity in the basal sandstone, a signature that may reflect hydrothermal alteration – a common feature of unconformity style uranium deposits.
None of the 15 historical drill holes on the Project are within several kilometres of Cosa's priority target areas.
Diamond drilling at the Kodiak target area commenced on March 4th, 2024, to assess the area for the presence of structure and hydrothermal alteration characteristic of large unconformity-related uranium deposits of the Athabasca Basin.
On April 24, 2024, Cosa Resources Corp. announced that it has completed the inaugural winter 2024 diamond drilling program at the Ursa project.
Highlights
- Three holes totalling 3,438 meters completed at the Kodiak target area
- Drill hole UR24-03 intersected structures, hydrothermal alteration and minor sulphide mineralization in the Athabasca sandstone several hundred metres above the unconformity
- High-strain ductile basement fabrics with late brittle overprint were identified
- Sufficient supplies and equipment have been mobilized to conduct an expanded summer program
Additional geophysical work is currently being planned ahead of an expanded summer drill program.
Other Work
In addition to ground-geophysical and drilling at Ursa in summer 2024, Cosa intends to advance several other projects to drill-readiness for 2025 and beyond.
Aurora, located 16 km east of the Key Lake Mine and Mill (209 million lbs historical production), has been no exploration since 1979. Summer work will comprise airborne EM and gravity surveying followed by 3D inversion in preparation for drilling. Historical drill logs at Aurora note metre-scale zones of basement hosted structure and alteration in multiple areas.
At Orbit, located 22 km south of Key Lake, airborne EM and gravity work will be completed in conjunction with work at Aurora. No drilling has been completed on the Project, and historical work on trend to the southwest has intersected weak mineralization over 0.2m within strongly altered graphitic faulting.
Work at Orion will include additional ground geophysics over a previously defined kilometre-scale sandstone hosted conductivity anomaly overlying structurally complex basement. Orion captures a splay off the CBSZ as well as the intersection of the Larocque Lake and Cigar Lake Trends. Immediately west of the Project, historical drilling has intersected coincident structure, alteration, and weak mineralization.
Upcoming Catalysts
- Ongoing diamond drilling at Ursa
- Airborne geophysics at Helios, Orbit, Aurora
- Additional ground geophysics and summer drilling at Ursa
- Ongoing project acquisitions and corporate development
Management, Directors, and Advisor
Steve Blower, Chairman
Geologist with over 30 years in mine geology, resource estimation, and exploration.
Led teams or was a key member in the discovery of Gryphon, Hurricane, and the Gemini Zone.
Keith Bodnarchuk, President and Chief Executive Officer, Director
Professional Geologist with a master's degree in business administration.
With over 15 years of experience in exploration/mining and capital markets.
Previously led strategy and corporate development for IsoEnergy and was a Project Geologist with Denison Mines.
Andy Carmichal, Vice President of Exploration
Professional Geologist with 20 years in mineral exploration focused on uranium in the Athabasca Basin, Hornby Bay Basin, Colorado Plateau, and Namibia.
Previously VP Exploration at IsoEnergy.
Daniel Hrabok, Senior Project Geologist
Professional Geoscientist with over a decade of experience exploring for uranium.
Extensive experience in uranium exploration and at post-discovery projects throughout the Athabasca and Thelon Basins.
Darren Morgans, Chief Financial Officer
Over 25 years as professional accountant as CFO, Controller and Audit Senior
Current CFO for Velocity Minerals
Justin Rodko, Corporate Development Manager
Professional Geoscientist with over 9 years of experience in uranium
Co-recipient of the AME 2022 Colin Spence Award for excellence in global mineral exploration
Recently served as Senior Geologist for IsoEnergy Ltd. and a member of the team that discovered the Hurricane deposit
Ted Trueman, Director
Professional Engineer and Geoscientist with over 50 years of mineral exploration and production experience
Deep involvement in the discoveries of various uranium, gold and silver deposits
Janine Richardson, Director
CPA with over 30 years experience in accounting practices
Current Director of Golden Shield Resources
Wes Short, Director
Current VP of Corporate Development for Archer Exploration
Founding member of the IsoEnergy team as Manager of Corporate Affairs and Corporate Secretary
Craig Parry, Strategic Advisor
Currently Chairman of Skeena Resources, Vizsla Silver, and Vizsla Copper
Co-founder and former CEO of IsoEnergy
On October 02, 2024, The TSX Venture Exchange has accepted for filing an asset purchase agreement dated July 26, 2024, between the company and an arm's-length party (the vendor) to acquire 100-per-cent ownership of two mineral claims totalling 6,049 hectares in the Athabasca basin, Saskatchewan.
Under the terms of the agreement, the company shall issue 250,000 shares of the company as consideration. The vendor has agreed to voluntary resale restrictions whereby 50 per cent of the consideration shares will become free trading six months after closing.
For further details, please refer to the company's news releases dated July 29, 2024, and Aug. 6, 2024.
On September 04, 2024, Siamond drilling has commenced at Cosa Resources Corp.'s 100-per-cent-owned Ursa uranium project in the Athabasca basin, Saskatchewan. Highlights:
- Drilling at the Kodiak target area will follow-up a significant zone of sandstone alteration and structure with geochemical enrichment intersected by 2024 drill hole UR24-03.
- Drilling at the Grizzly target area will evaluate the downdip extension of strongly anomalous uranium geochemistry with structure and alteration intersected in multiple historical drill holes.
- Optimal targets remain untested at both Kodiak and Grizzly.
Keith Bodnarchuk, president and chief executive officer, commented: "With drilling now under way, we are very excited by the strength of this program's targets. Over the past 12 months, the team has progressed Ursa from a high upside and severely underexplored project to one that has been strategically advanced by modern geophysics and is ready for more focused drill testing. Our efforts have produced 10 key target areas including the first follow-up drill targets at Kodiak and Grizzly. We have moved forward from reconnaissance-stage exploration to focusing in on areas displaying key components associated with uranium discoveries. Identifying multiple geologically derived drill targets early in Cosa's exploration tenure at Ursa is a major testament to the hard work and dedication put forth by the technical team and to the prospectivity of the Ursa project overall. We will have steady news flow for the remainder of 2024 and remain fully funded to complete our exploration plans into 2025."
On August 06, 2024, Cosa Resources Corp. has completed the previously announced expansion of the Orbit uranium property in the Athabasca basin, Saskatchewan, from Skyharbour Resources Ltd. pursuant to an asset purchase agreement dated July 26, 2024. 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 chief executive officer 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."
On July 29, 2024, Cosa Resources Corp. has entered into an asset purchase agreement with Skyharbour Resources Ltd. dated July 26, 2024, for the acquisition of two mineral claims in the Athabasca basin, Saskatchewan. Highlights:
- Two mineral dispositions totalling 6,049 hectares to be acquired, doubling the footprint of the Orbit uranium project to 12,718 hectares;
- Expands Cosa's control of untested strike length to eight kilometres located on trend with uranium mineralization, hydrothermal alteration and reactivated graphitic faulting to the southwest.
Keith Bodnarchuk, president and chief executive officer of Cosa, commented: "This acquisition adds significant value and exploration runway to the Orbit project, which is proximal to infrastructure and within 25 kilometres of the Key Lake uranium mill and the former Key Lake uranium mine. We are very pleased to expand this project, which is situated in a highly prospective area that has been largely overlooked by modern exploration despite having shallow target areas with no sandstone cover. We appreciate the effort from the Skyharbour team to complete this agreement in a timely manner. Cosa will continue 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."
On June 26, 2024, Cosa Resources Corp. has completed ground and airborne geophysical surveys at its Ursa, Orion, Astro and Orbit projects.
Keith Bodnarchuk, president and chief executive officer, commented: "The completion of these geophysical programs at our 100-per-cent-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 $6.5-million 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."
Also, the company has granted 1,179,000 incentive stock options to directors, officers, employees and advisers of the company. The incentive stock options will vest over a period of three years, have an exercise price of 30.5 cents per share and are valid for a five-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, 2024.
On June 13, 2024, Cosa Resources Corp. has released the voting results from its annual general and special meeting of shareholders held on June 12, 2024.
Shareholders voted in favour of all matters of business before the Meeting. Each of those matters is set out in detail in the Management Information Circular published in connection with the Meeting, which is available on the Company's website www.cosaresources.ca.
A total of 14,602,734 common shares, representing approximately 25.75% of the Company's outstanding common shares, were voted in person and by proxy at the Meeting. Shareholders voted in favour of (a) reappointing D&H Group LLP as auditors of the Company (99.98% in favour), (b) setting the number of directors at five (99.95% in favour), and (c) ratifying and approving the Company's Stock Option Plan (98.77% in favour).
May 16, 2024, Cosa Resources announced the commencement of Ambient Noise Tomography (ANT) surveying at the 100% owned Ursa and Orion Uranium Projects in the Athabasca Basin and the appointment of Daniel Hrabok as Senior Project Geologist.
May 9, 2024, Cosa Resources Announces Summer Exploration Plans for Athabasca Basin Uranium Projects
April 24, 2024, Cosa Resources Announces Completion of Inaugural Diamond Drilling Program at the 100% Owned Ursa Uranium Project in the Athabasca Basin, Saskatchewan
March 5, 2024, Cosa Resources Closes C$6.5 Million Private Placement
https://cosaresources.ca/news-releases/cosa-resources-closes-c-6.5-million-private-placement/