The Astro Project spans 45,734 hectares and consists of 11 claims
CALGARY, Alberta, April 09, 2025 (GLOBE NEWSWIRE) -- Global Uranium Corp. (CSE: GURN | OTC: GURFF | FRA: Q3J) (the "Company") is pleased to announce that it has entered into an option agreement (the “Option Agreement” or the “Agreement”) with Cosa Resources Corp. (TSXV: COSA, OTCQB: COSAF, FSE: SSKU) (“Cosa”) to earn up to an 80% interest in the Astro Project (the “Project”), located in the prospective and infrastructure rich eastern Athabasca Basin, Saskatchewan. The Project (presented in Figure 1) spans over 45,000 hectares and captures approximately 40 kilometers of underexplored magnetic lows with potential extensions of the McArthur River/Fox Lake structural corridor, significantly expanding the Company’s exploration portfolio.
Figure 1Location of the Astro Project within the Athabasca Basin of Saskatchewan, Canada.
Location of the Astro Project within the Athabasca Basin of Saskatchewan, Canada.
Under the terms of the Option Agreement, the Company can earn up to an 80% stake in the Project over five stages by sole-funding exploration expenditures and completing cash payments and common share issuances to Cosa. Upon fulfilling the obligations of each phase of the Option Agreement, the Company will earn an increasing ownership interest in the Project (please see Table 1 below), culminating in an 80% ownership interest in the event that the option on the Project is fully-exercised (Table 1). Cosa is to act as the operator during the first four phases of the Agreement and will receive a standard operator fee for its management of the Project. Assuming the Company completes Phase 1 and Phase 2 of the Option Agreement, the Company and Cosa will form a joint venture with respect to the Project. In the event that the Company exercises the Phase 1 option but does not complete exercise of the Phase 2 option, then it shall not acquire any interest in the Project.
Table 1Summary of the development phases.
Phase
Cash Payment
Share Issuance
Exploration
Time Frame
Project Ownership
Signing
100,000
-
-
-
1
$100,000
200,000
$500,000
End of 2025
20%*
2
$100,000
300,000
$1,500,000
End of 2026
35%
3
$200,000
500,000
$2,000,000
End of 2027
50%
4
$200,000
500,000
$2,500,000
End of 2028
65%
5
$200,000
1,000,000
$3,000,000
End of 2029
80%
*Forfeited if Phase 2 exercise not completed.
The issuance of common shares pursuant to the Option Agreement is subject to approval by the Canadian Securities Exchange. Any common shares issued pursuant to the Option Agreement will be subject to a statutory four month and one day hold period commencing on the date of issuance of such common shares pursuant to applicable Canadian securities laws.
“The Option Agreement reflects our shared vision with Cosa of unlocking the full potential of the Project,” said Ungad Chadda, CEO of Global Uranium, “Cosa has played instrumental roles in the discoveries of other Athabasca Basin deposits, including Gryphon and Hurricane. By combining our strategic approach with Cosa's proven exploration expertise and outstanding track record of discovery, we believe that we are well-positioned to elevate this Project into a significant contributor within the Athabasca Basin's prolific uranium district.”
QUALIFIED PERSON
Jared Suchan, Ph.D., P.Geo., Global Uranium’s Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
ABOUT GLOBAL URANIUM CORP.
Global Uranium Corp. focuses on exploring and developing uranium assets primarily in North America. In addition to its rights under the Option Agreement, the Company currently has rights to the following other 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.
ABOUT COSA RESOURCES CORP.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. Its 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.
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. In addition 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.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events.
In particular, this press release contains forward-looking information relating to, among other things: the Project, including the prospectivity of the Project, itspotential to host extensions of the McArthur River/Fox Lake Structural Corridor and other beneficial geological trends; the Company’s ability to establish the Project as a significant contributor to the Athabasca Basin's uranium landscape; and the Company’s and Cosa’s exploration plans with respect to the Project, including the Project’s candidacy for advanced geophysical exploration and drilling to delineate compelling targets. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including the assumption that: the historical work done with respect to the Project is representative of the actual geological nature of the Project; that the Project may share the geological characteristics of nearby projects, deposits and mines; and that the Company and Cosa will successfully collaborate with respect to the exploration of the Project pursuant to the Option Agreement, including by progressing advanced geophysical exploration and drilling. Those assumptions and factors are based on information currently available to the Company. Although such statements are based on reasonable assumptions of the Company’s management, there can be no assurance that any conclusions or forecasts will prove to be accurate.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include: the risk that the Company does not earn-in to any interest in the Project pursuant to the Option Agreement; risks inherent in the Company and Cosa’s joint exploration of the Project, including the risk that the Company and Cosa disagree on the manner or timeline for the exploration of the Project and/or are unable to collaborate on the exploration of the Project successfully pursuant to the Option Agreement; risks inherent in the exploration and development of mineral deposits, including risks relating to receiving requisite permits and approvals, changes in project parameters or delays as plans continue to be redefined, that mineral exploration is inherently uncertain and that the results of mineral exploration may not be indicative of the actual geology or mineralization of a project; that mineral exploration may be unsuccessful or fail to achieve the results anticipated by the Company; that the characteristics of the Project may not reflect the characteristics of nearby projects, deposits and mines; operational risks; regulatory risks, including risks relating to the CSE’s approval of the share issuances pursuant to the Option Agreement and the acquisition of the necessary licenses and permits to conduct exploration on the Project; financing, capitalization and liquidity risks; title and environmental risks; and risks relating to the failure to receive all requisite regulatory approvals. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the contents of this press release.
