Cosa Resources Corp. (TSXV: COSA | OTCQB: COSAF | FSE: SSKU) has completed the acquisition of the Titan uranium property in the Athabasca Basin, Saskatchewan from CanAlaska Uranium Ltd. Additionally, the company has entered into a service agreement with Swiss Resource Capital AG (SRC).
Pursuant to the purchase agreement, Cosa acquired a 100% unencumbered ownership of all eight mineral claims comprising Titan in exchange for C$10,000 in cash and the issuance of 300,000 shares of the company.
“The acquisition of Titan, which is contiguous with Cosa’s Orion Project, doubles Orion’s footprint, strengthening Cosa’s portfolio of underexplored projects covering prospective uranium structural corridors,” commented Keith Bodnarchuk, president and CEO of Cosa.
“The target areas in this newly acquired ground augment the high-priority target developed by our work in 2023, which identified a kilometre-scale zone of anomalous sandstone conductivity overlying conductive and structurally complex basement rocks.”
Eight mineral dispositions totalling 9,333ha have been acquired, doubling the size of Cosa’s Orion Project to 18,332ha. The expanded Orion Project comprises 11 claims and lies within 31km of the Cigar Lake Uranium Mine.
Orion now captures nearly 12km of the Cigar Lake trend where it intersects the Larocque Lake trend, both of which host several mineralized intercepts and uranium deposits. The expanded project captures over 22km of the fertile Larocque Lake trend, which hosts the Hurricane Deposit, the Larocque Lake uranium zone, and the Alligator Lake uranium zone.
Cosa interprets that within Orion the Larocque Lake trend is intersected by the Cigar Lake trend which hosts the Cigar Lake Mine and the Tucker Lake uranium zone to the east of the project. Results at Tucker Lake include 5.7% U3O8 over 4.5m in drill hole CLC5-11 (639.0 – 643.5m).
The company has plans to advance Orion to drill readiness in 2024 while continuing to advance and expand its portfolio through cost-effective acquisitions of new projects.
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