Heron Copper Project

The Heron copper exploration project is 100%* owned by Cosa Resources and is located in the top-ranked mining jurisdiction of Saskatchewan. Heron consists of 3 mineral claims totaling 11,122 hectares. Heron is immediately adjacent to the Janice Lake Copper Property, a highly prospective sedimentary-hosted copper project owned by Forum Energy Metals Corp. and currently under option to Rio Tinto Exploration Canada (Rio Tinto). The Heron project is approximately 180 kilometres north of La Ronge, Saskatchewan. All claims at Heron are within 30 kilometres of the recently constructed Janice Lake trail, and a high-voltage powerline runs within 4 kilometres of the central mineral claim.

Heron covers an underexplored area underlain by Wollaston Group sandstones which host the stratabound sedimentary copper on the parallel Janice Lake property. In May 2019 Rio Tinto made a $30 million commitment with Forum Energy for 80% of Janice Lake. Drilling at Janice Lake has intersected up to 0.51% copper over 51.8 m in JANL-0016. Heron contains over 35 kilometres of untested strike length covering parallel trends of Janice Lake.

Heron is underexplored with only 3 historical drill holes on the property. These holes targeted uranium and were drilled to a maximum of 90 metres depth. The copper mineralization at Janice Lake is associated with airborne magnetic high anomalies which are present on all of the Heron claims. None of these anomalies have been drilled for base metals at Heron.

Janice Lake mineralization is stratabound and consists of disseminated chalcocite and native copper. Mineralization is hosted in west-dipping basal Wollaston Group sandstones. Geological mapping suggests mineralized Janice Lake sandstones may subcrop at Heron. This is further supported by mirroring of magnetic features along a magnetic high at the Heron-Janice Lake boundary. Copper bearing sandstones at the base of the Wollaston Group are interpreted to be repeated by folding on the Heron property, according to regional government geological surveys.

In August 2021, Cosa Resources completed a property-wide airborne magnetics survey consisting of 1375.75 kilometres of coverage at 100 metre line spacing. The survey successfully outlined multiple target areas based on magnetic highs interpreted to be similar to the magnetic highs that host copper mineralization at the Janice Lake property.

The 2022 winter exploration program at Heron consisted of magnetic and electromagnetic ground geophysical surveys. The surveys were completed in April 2022 and were designed to follow up on the highest priority target area from the 2021 airborne geophysical survey. The primary objective of the geophysical program was to map and characterize the electrical and magnetic properties of the subsurface within the project area to focus future drilling programs for the exploration of sedimentary-hosted copper deposits. The program consisted of a combined total of 60 km of magnetic and electromagnetic survey coverage with a line spacing of 100 m, tightening to 50 m spacing overtop of the strongest airborne anomalies.

Location Map of the 2022 Ground Geophysics with Airborne Magnetic Underlay from the 2021 Airborne Survey.

* The original Heron vendors retain a 2% net smelter returns royalty. Cosa Resources has the option to acquire 1% of the NSR royalty for C$2,000,000 and the remaining 1% for C$5,000,000.

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