Cosa Resources Corp. announced the results of project-wide MobileMT surveys at its 100% owned Ursa and Orion uranium projects in the Athabasca Basin, Saskatchewan. More than 110 kilometres of basement conductive trend defined, including over 100 kilometres at Ursa and over 10 kilometres at Orion.

Cosa's approach to identifying and prioritizing target areas is to search the 3-D inversion voxel for conductivity anomalies consistent with the unconformity-related deposit model. Top priority target areas are structurally complex basement conductive trends coincident with sandstone-hosted, kilometre-scale zones of anomalous conductivity with magnitudes, morphologies, and orientations which could reflect the large-scale hydrothermal alteration zones commonly associated with Athabasca uranium deposits. Results - Ursa Project.

Ursa covers 65 kilometres of strike length of the Cable Bay Shear Zone, a highly prospective and underexplored geological analogue to the setting underpinning major current- and past-producing eastern Athabasca uranium mines. At Ursa, the sub-Athabasca unconformity is estimated to be between 850 and 1000 metres below surface. The Ursa conductivity model includes numerous zones of anomalous sandstone conductivity.

Interpretation has identified 10 initial target areas consistent with Cosa's criteria detailed above which cover an aggregate basement conductive trend length of approximately 24 kilometres. Importantly, none of the 15 historical drill holes within the Project, including the three weakly mineralized drill holes, are proximal to the initial target areas identified by Cosa. Confidence in the conductivity model is gained from its consistency with historical drilling results.

Drilling at Ursa largely failed to intersect broad, strong zones of sandstone-hosted clay enrichment and the model contains no significant zones of enhanced sandstone conductivity proximal to historical drill holes. Historical drill holes which intersected broad intervals of pervasively silicified sandstone are located within a zone of extremely low sandstone conductivity in the 3-D model, suggesting variations in conductivity related to alteration are detectable by the survey system and reflected in the conductivity model. Cosa is highly encouraged by the survey results at Ursa and will prioritize follow-up of top priority targets with target refinement through industry-best ground EM surveying in advance of diamond drilling in 2024.

Orion Property Results. The western portion of Orion covers eight kilometres of curvilinear magnetic low strike length containing historical EM conductors and flanked by magnetic highs. One drill hole has been completed within the Project outside of the survey area and the depth to the unconformity is estimated to been between 750 and 900 metres.

The 2023 MobileMT?? survey mapped more than 10 kilometres of basement conductive trend strike length at Orion. Basement conductive trends at Orion are complex, with bends and splays evident.

The survey mapped approximately 10 kilometres of strike length of basement conductive trends, including trends extending from Ursa interpreted to be related to the Cable Bay Shear Zone. Surveying also identified a conductive trend extending from Astro into unclaimed ground which Cosa recently staked. Given the success in target identification and prioritization using MobileMT??

at Ursa and Orion, future work is expected to include expanding coverage over the entire Astro Project.