Col col col col col col col colossia Resources Corp. announced it has entered into a definitive Option Agreement dated November 15, 2023 with arm's-length parties Austral Gold Limited and its subsidiaries Minera Mena Chile Ltda and Revelo Resources Ltd. (collectively the "Austral Group") to acquire an undivided 100% interest in the Calvario and Mirador projects in the Republic of Chile. The transaction is subject to all applicable regulatory approvals, including acceptance by the TSXV and, if required, shareholder approval.

The Calvario and Mirador properties are currently 100% owned by the Austral Group which holds the rights to the exploration and exploitation concessions divided into 59 "mensuras" (exploitation mining properties) covering a total area of 14,674 hectares. The Projects are located approximately 80 km northeast of the coastal city of La Serena in the 4th Region of Coquimbo of central-n northern Chile in South America. The Coquimbo deep sea shipping port is situated approximately 160 km southeast of the Projects.

The exploration targets within the Projects are primarily porphyry copper (+/- Molybdenum, +/- Gold) systems. Phreatic breccias have been recognised, also suggesting the upper portions of a porphyry copper system. Surface outcrops are intensely leached. Limited copper oxides coincident with fine quartz veinlets at lower elevations to the north, suggest proximity to porphyry copper levels.

Multi-element geochemical anomalies in rocks (Mo-Cu-Bi-Au - with Mo >24 ppm to 153 ppm, and Cu >92 ppm to 500 ppm) suggest porphyry copper potential in the northern and possibly southern portions of the alteration zone, while the central areas (As-Sb geochemistry) more closely suggests a high-sulphidation epithermal environment with potential for copper-gold mineralisation and possibly gold and silver. The property has been structurally uplifted by a series of regional thrust faults related to the San Felix - Vicuna fault system. Mirador together with contiguous Calvario project, form an important pair of copper targets controlled by the same regional thrust faults.

Exploration activities to date have included detailed geological mapping of outcropping areas, detailed mapping of alteration mineralogy, and minor geochemical sampling of rocks. Further detailed alteration mapping and geochemical sampling to aid vectorisation towards potential productive levels, supported by geophysical testing (magnetics and IP), is required prior to drill testing of the principal targets. Financing.

The Company also announces a non-brokered private placement financing of up to 15,000,000 units (the "Units") of securities at a price of $0.16 per Unit for aggregate gross proceeds of up to $2,400,000.00 (the "Financing"). Each Unit will be comprised of one (1) common share and one-half of one (1/2) non-transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.30 for a period of two (2) years from closing of the Financing.