August 10, 2023 – TheNewswire – Cosigo Resources Ltd. (NEX:CSG.H) today announced the appointment of Richard Hughes as Technical Advisor to the Company, has issued some stock options to key personnel, and discloses latest prospecting channel sample results.
Mr. Hughes is best known for his prominent role in the discovery of one of the world’s richest gold mines, the Golden Giant (Hemlo Mine) in Ontario, Canada. The original ore bodies contained 21 million oz of gold (84 million tons at 7.7 gpt Au.)
Robert Collawn, CEO of Cosigo stated: “We are delighted to have a highly respected explorer like Mr. Hughes join us as a Technical Advisor. His geological and vast financial experience in the mining exploration industry, and his impressive track record of discovery will be great assets to us as we advance our projects in Nevada, Brazil, Canada and the Taraira Gold Belt in Colombia.”
In connection with today’s appointment, pursuant to the terms and conditions of the Company’s stock option plan, Cosigo has granted Mr. Hughes stock options for the purchase of up to 200,000 common shares in the capital of the Company at a price of $0.05 for a five year period. The option grant is subject to TSX Venture approval.
Cosigo would also like to announce that 6,200,000 incentive options were granted to certain directors, officers, employees and consultants of the Company, including Mr. Richard Hughes above, in accordance with its 10% rolling Stock Option Plan. The options vest immediately, expire five years from the grant date of [August 10, 2023] and are exercisable into one common share of the Company at a price of $0.05 per share. The option grant is subject to TSX Venture approval.
Finally Cosigo wishes to share its latest results from 14 channel samples taken along a 1019 meter strike on the Taraira project. These are considered at best prospection quality for information purposes only. The channels are the first in what will become the profiling of one of the known conglomerate layers in the company’s Taraira strata which will be prioritized over the next few quarters. Although these channel samples were taken with great care by senior geological professor Ricardo Tobon and the prospector team in the field, it is possible known historical gold producing strata’s from higher up on the slope still within the title could have weathered and contaminated the visible outcrop of this sampling. The company has tested these field samples at the new Chrysos assay system in MSA Labs in Vancouver. The Chrysos non-destructive and less expensive system is industry tested and various other juniors have already had their results approved by the regulatory bodies in Australia and Canada.
| Sample | PWE-100 | CPA-Mass | CPA-Au1 | |
| Type | Rec. Wt. | Ana. Wt. | Au | |
| Kg | g | ppm | ||
| Sample ID | ||||
| 1246662 | Rock | 2.92 | 463.1 | 1.106 |
| 1246664 | Rock | 2.90 | 450.0 | 0.040 |
| 1246666 | Rock | 2.68 | 406.3 | 0.348 |
| 1246669 | Rock | 2.92 | 449.9 | 0.506 |
| 1246670 | Rock | 2.86 | 455.7 | 0.751 |
| 1246671 | Rock | 2.94 | 423.6 | 0.537 |
| 1246672 | Rock | 2.94 | 433.8 | 0.104 |
| 1246673 | Rock | 2.78 | 432.8 | <0.015 |
| 1246674 | Rock | 2.86 | 427.9 | 0.021 |
| 1246675 | Rock | 2.94 | 401.8 | <0.015 |
| 1246676 | Rock | 2.92 | 501.6 | 0.021 |
| 1246677 | Rock | 2.86 | 452.0 | 0.025 |
| 1246678 | Rock | 2.94 | 481.7 | 0.019 |
| 1246710 | Rock | 2.80 | 508.1 | 0.479 |
| 1246757 | Rock | 2.88 | 439.3 | 0.096 |
| 1246758 | Rock | 2.80 | 439.6 | 0.033 |
| 1246759 | Rock | 2.88 | 446.6 | 0.019 |
| 1246760 | Rock | 2.86 | 448.2 | 0.422 |
| 1246761 | Rock | 2.74 | 500.1 | <0.015 |
| 1246768 | Rock | 2.84 | 465.6 | 1.558 |
| 1246769 | Rock | 2.84 | 464.6 | 0.066 |
| MER12 | Rock | 0.36 | 323.1 | 0.018 |
We intend to re-assay a selection of these samples at our regularly used standard laboratory in Vancouver to get a better picture of how each lab results compare with respect to the nugget effect known to be a factor in the Taraira strata. These second comparison results will be released as soon as the company has received them.
Mr. Erik Ostensoe P.Geo., a chief geologist of the Company and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this news release.