Vancouver, British Columbia--(Newsfile Corp. - April 9, 2025) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to report it has signed an option agreement (the "Agreement") with Global Uranium Corporation ("Global Uranium") (CSE: GURN) (OTCQB: GURFF) (FSE: Q3J) pursuant to which Global Uranium has a right to earn up to an 80% interest in Cosa's Astro uranium project ("Astro" or the "Project") effective April 8, 2025.
Highlights
Total consideration and expenditure commitments for up to 80% of the Astro Project exceeds C$10 million; Cosa to be initial Project operator
Astro is an expansive (>45,000 ha) eastern Athabasca project within 30 kilometres of Cameco's McArthur River uranium Mine and within 10 kilometres of CanAlaska's Pike Zone discovery
Astro hosts over 40 kilometres of unexplored magnetic low strike and multiple conductive trends which have never been explored for the extension of structures related to the McArthur River and Fox Lake uranium deposits
Global Uranium's management team brings decades of experience in junior mining finance and exploration to support and rapidly advance Astro towards discovery
Keith Bodnarchuk, President and CEO of Cosa commented: "Astro is an excellent example of an underexplored blue-sky eastern Athabasca uranium project that, despite being proximal to existing infrastructure and the producing McArthur River Uranium Mine, has never been explored for a tier-1 uranium deposit. We are excited to partner with the capable team at Global Uranium who share our vision of deploying modern exploration techniques at underexplored trends as we work towards the Athabasca Basin's next major uranium discovery. A special acknowledgement goes to our Corporate Development Manager Justin Rodko, for his hard work and dedication throughout this transaction. While we remain focused on completing follow up drilling at our Murphy Lake North Joint Venture in the coming months, Cosa is committed to advancing our entire Athabasca portfolio and we are eager to begin work at Astro."
About the Agreement
Global Uranium can earn up to an 80% interest in the Astro Project by sole funding work and completing cash and share payments over five earn-in phases summarized in Table 1.
Table 1 - Astro Option Terms
Exploration Expenditures
Cash Payments
Share Payments
Total Ownership
Deadline
Signing
100,000
0%
Phase 1
$500,000
$100,000
200,000
20%
31 December 2025
Phase 2
$1,500,000
$100,000
300,000
35%
31 December 2026
Phase 3
$2,000,000
$200,000
500,000
50%
31 December 2027
Phase 4
$2,500,000
$200,000
500,000
65%
31 December 2028
Phase 5
$3,000,000
$200,000
1,000,000
80%
31 December 2029
C$9,500,000
C$800,000
2,600,000
Upon completion of phase 2 and each phase thereafter, Global Uranium will have the option to continue the earn-in or elect to enter a Joint Venture with Cosa. Global Uranium is entitled to expedite the earn-in and advance the exploration work plan as desired. Should Global Uranium terminate the Agreement before completion of phases 1 and 2 by the respective deadlines, all consideration paid to Cosa will be forfeited and Global Uranium's interest in the Astro Project will revert to 0%. Cosa will be the initial operator for the earn-in and is entitled to charge an industry standard operatorship fee.
Shares of Global Uranium that are issued to Cosa will be subject to a standard hold period of four months and one day following the date of issuance, pursuant to Canadian securities regulations.
With Global Uranium's support, Cosa's exploration team will deploy a work plan similar to what has been successfully completed at Cosa's neighbouring Ursa project where the fall 2024 drilling campaign intersected basement hosted uranium mineralization and several intervals of hydrothermal alteration and elevated radioactivity. The work plan is likely to include airborne ZTEM and three-dimensional data inversion to define and prioritize conductive corridors followed by a combination of cutting-edge ground EM and Ambient Noise Tomography (ANT) surveys to highlight potential alteration systems and refine drill targets. Aggressive drill testing of priority targets may commence as early as H2 2026.
About Astro
The Astro Project is located roughly 28 kilometres west of Cameco's McArthur River Mine, the world's largest high-grade uranium mine, and approximately 10 kilometres west of CanAlaska Uranium Ltd.'s Pike Zone which boasts world-class intersections (Figure 1). Airborne geophysics completed in 2023 at Cosa's neighboring Ursa project confirmed that untested conductive trends continue from Ursa onto the Astro Project. Additionally, over 20 kilometres of conductive strike has been identified by historical surveys at Astro, which has been tested by a single drill hole, EK-01. EK-01 failed to explain the strong conductive response it was targeting, suggesting the hole was not ideally located. However, the historical drill log notes favourable features in the sandstone including a brecciated and silicified interval in the upper portion, decametre-scale intervals of illite-dominated clay mineralogy throughout, and moderately bleached and slightly friable intervals in the lower 150 metres, features which are commonly associated with unconformity related uranium deposits of the Athabasca Basin including McArthur River, Cigar Lake, and Hurricane. Roughly 11 kilometres to the southwest of EK-01 and within 700 metres of the Astro Project, strongly anomalous uranium geochemistry and pervasive hydrothermal alteration was intersected in the lower to medial sandstone of historical drill holes CR-06 and CR-15. Drilling completed by Cosa in 2024 failed to explain the source of the geochemical anomaly however ground-based EM work completed by Cosa indicates that the targeted conductor likely trends onto the Astro Project.
Astro hosts over 40 kilometres of magnetic low strike that has been untested by drilling, the vast majority of which has not been covered by any modern EM survey. A patchwork of historical airborne and ground EM surveys covering a portion of the contained magnetic low strike length has defined that conductive trends are present within most surveyed areas. Notably, the Project is entirely unexplored for the extension of regional structures related to both the McArthur River and Fox Lake uranium deposits, located roughly 28 and 17 kilometres east of Astro, respectively. Cosa and Global Uranium will execute a work plan designed to rapidly and efficiently canvas much of the Astro Project for early identification of the most compelling and high-upside drill targets. The depth to the unconformity at Astro is estimated to be between 850 and 975 metres.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 237,000 ha across multiple 100% owned and 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.
In January of 2025, the Company entered a transformative strategic collaboration with Denison Mines that has secured Cosa access into several additional highly prospective eastern Athabasca uranium exploration projects. As Cosa's largest shareholder, Denison gains exposure to Cosa's potential for exploration success and its pipeline of uranium projects.
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 GMZ zone and held key roles in the founding of both NexGen and IsoEnergy.
The Company's core focus throughout 2025 is drilling at the Murphy Lake North Joint Venture. Murphy Lake North is a 70/30 Joint Venture between Cosa and Denison respectively and is located at the northern end of the Larocque Lake trend. The Project is within three kilometres of and on trend with the Hurricane deposit. Initial drilling completed by Cosa during winter 2025 intersected broad zones of hydrothermal alteration of the sandstone, associated with prospective basement structures interpreted as the strike extension of those controlling the Hurricane deposit. An expanded follow up campaign is currently in planning for the summer season.
About Global Uranium Energy Corp.
Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. The Company currently holds key uranium projects: the Wing Lake Property in the Mudjatik Domain of Northern Saskatchewan, Canada; the Northwest Athabasca Joint Venture with Forum Energy Metals Corp. and NexGen Energy Ltd. in the Northwest Athabasca region of Saskatchewan, Canada; and the Great Divide Basin District Projects, the Gas Hills District Projects, and the Copper Mountain District Projects in Wyoming, USA.
Technical Disclosure
Historical exploration results disclosed in this news release were sourced from the Saskatchewan Mineral Assessment Database (SMAD). These results have not been verified by the Qualified Person except as noted below and are relied upon for qualitative assessment of the Project only. At present, the Company does not intend to complete additional verification of historical results. SMAD sources for Astro include 74-0015, 74H13-0009, 74H11-0113, 74G16-0010, 74H13-0015, and 74H13-0016.
Verification of historical drilling results included confirming the approximate collar location of historical drill hole EK-01 from air photos. Verification of geophysical results is limited to verification of selected local grid locations for SMAD files 74-0015 and 74H13-0009 and qualitatively assessing whether drilling results from survey areas or along the interpreted strike can reasonably explain historical geophysical interpretations.
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.
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.
