partner funded options
overview
Astro
In April 2025, the Company announced it had signed an Option Agreement to allow Global Uranium Corp (CSE: GURN) to earn up to 80% of the Astro Project over several phases outlined below.
| Exploration Expenditures | Cash Payments | Share Payments | Total Ownerships | 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 |
| Totals | C$9,500,000 | C$800,000 | 2,600,000 |
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. 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.
aurora
The Aurora Project covers a 17-kilometre section of the southeastern rim of the Athabasca Basin located 16 kilometres east of Key Lake and 40 kilometres south of the GMZ. Sandstone cover is expected to be less than 100 metres thick in the northern third of Aurora and absent in the remainder. Aurora was last drilled in 1979 and ground work since 1989 is limited to surficial sampling and prospecting. Historical drill logs suggest the presence of favourable structure and alteration.
Three initial follow-up target areas were identified by VTEM and gravity surveying at Aurora. The A1 target area is the highest priority and characterized as a bedrock-hosted conductive feature trending 045 degrees proximal to interpreted magnetic lineaments at orientations similar to Key Lake (045 and 065 degrees) and the GMZ (north-south). The A2 target area is a single-line conductive response interpreted to be basement-hosted. The A3 target area is a trend of gravity low zones along a prominent, 065-degree trending magnetic lineament. Similar to Key Lake, the A3 area is bracketed by 045-degree trending magnetic lineaments.
Numerous other conductive responses were identified, which are not definitively derived from basement rocks, several of which are coincident with gravity low zones. Additional work is warranted to evaluate these features.
About the Agreement
Traction can earn up to an 80% interest in the Aurora Project by sole funding work and completing cash and share
payments over five earn-in phases summarized in Table 1.
| Exploration Expenditures | Cash Payments | Share Payments | Total Ownerships | Deadline | |
|---|---|---|---|---|---|
| Signing | - | $25,000 | 250,000 | 0% | |
| Phase 1 | $1,150,000 | $75,000 | 500,000 | 20% | 31 December 2025 |
| Phase 2 | $2,000,000 | $100,000 | 500,000 | 35% | 31 December 2026 |
| Phase 3 | $2,000,000 | $100,000 | 750,000 | 50% | 31 December 2027 |
| Phase 4 | $2,000,000 | $100,000 | 1,000,000 | 65% | 31 December 2028 |
| Phase 5 | $2,000,000 | $1,000,000 | 2,000,000 | 80% | 31 December 2029 |
| Totals | $9,150,000 | $1,500,000 | 5,000,000 |
Table 1 – Aurora Option Terms