Cosa Resources partners with Denison Mines to expand uranium exploration in Canada

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In a strategic move poised to enhance its role in the global uranium sector, Corp. has completed a transformative agreement with Corp. The deal grants Cosa Resources a 70% operating interest in three promising uranium exploration projects within the resource-rich eastern in northern Saskatchewan, . This partnership marks a significant milestone in advancing sustainable uranium exploration at a time of growing demand for nuclear energy as a clean power source.

Denison Mines, now Cosa’s largest shareholder with a 19.95% equity stake, has pledged a minimum of CAD $1 million in future equity financing, solidifying its commitment to the partnership. The collaboration brings together Denison’s technical expertise and Cosa’s operational capabilities to unlock the potential of high-grade uranium deposits.

Key Projects in the Athabasca Basin

The three projects—Murphy Lake North, Darby, and Packrat—are strategically located near established uranium mining operations and deposits, making them key assets in the Athabasca Basin. The Murphy Lake North Project, situated just four kilometers from IsoEnergy’s Hurricane Deposit, is set to commence diamond drilling in early 2025.

Cosa’s President and CEO, Keith Bodnarchuk, highlighted the significance of the partnership, emphasizing Denison Mines’ contributions in technical advisory and financial backing. He also noted the addition of Geoff Smith, Denison’s Vice President of Corporate Development, to Cosa’s Board of Directors and Chad Sorba, a geoscientist instrumental in major uranium discoveries, as a technical advisor. These appointments strengthen Cosa’s leadership and technical teams, providing the expertise necessary to advance these uranium exploration projects.

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Unveiling the Potential of Murphy Lake North

Murphy Lake North is located along the Larocque Lake trend, a geological zone known for high-grade uranium mineralization. Covering a significant six-kilometer conductive strike length, the project has already demonstrated zones of alteration and mineralization through limited historical drilling. With its proximity to IsoEnergy’s Hurricane Deposit—the world’s highest-grade indicated uranium resource—Murphy Lake North is primed for further exploration.

This winter drilling campaign, fully funded by Cosa Resources, aims to identify high-grade uranium zones and refine existing geological data. The unconformity depth at Murphy Lake North, approximately 250 meters, adds to its accessibility and attractiveness as a premier exploration site.

Exploring Opportunities at Darby and Packrat

The Darby Project, located near Cameco’s Cigar Lake Mine and McArthur River Mine, boasts over 25 kilometers of conductive strike length. Historical drilling has revealed significant geological structures, including graphitic brittle faults and zones of hydrothermal alteration. These features indicate the presence of high-grade uranium deposits, making Darby a top priority for follow-up drilling and geophysical surveys.

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The Packrat Project, situated near the Rabbit Lake Mill, presents an equally compelling opportunity. Historical exploration identified structural disruptions and weak uranium mineralization, underscoring its untapped potential. The initial phase of exploration will focus on reinterpreting historical data and identifying new drill targets.

Denison Mines’ Role in Advancing Uranium Exploration

Denison Mines brings unparalleled expertise to the joint ventures, particularly in its pioneering use of In-Situ Recovery (ISR) mining methods. As one of the most sustainable and cost-effective approaches for uranium extraction, ISR is expected to play a pivotal role in future mining operations across the Athabasca Basin.

Denison’s technical team, led by Chad Sorba, has a track record of major discoveries, including the Phoenix and Gryphon uranium deposits at the Wheeler River project. By integrating this expertise with Cosa’s operational leadership, the partnership aims to redefine uranium exploration standards in the region.

In addition to its technical contributions, Denison has secured royalties on the Darby and Packrat projects, further aligning its long-term interests with the success of these ventures.

Meeting Global Demand for Clean Energy

This collaboration comes at a critical juncture as the world increasingly turns to nuclear energy to meet clean energy targets. Uranium, the key component in nuclear fuel, has seen a resurgence in demand due to its role in reducing carbon emissions. The Athabasca Basin, often dubbed the “Saudi Arabia of uranium,” is central to this narrative, supplying a significant portion of the world’s uranium needs.

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By focusing on high-grade, cost-effective uranium deposits, Cosa Resources and Denison Mines are well-positioned to meet market demands while adhering to stringent environmental and safety standards.

A Transformative Year Ahead

Cosa Resources’ strengthened portfolio, backed by Denison Mines’ strategic investment, sets the stage for an exciting year of exploration and discovery. With fully funded drilling campaigns and access to cutting-edge mining techniques, the company is poised to deliver significant value to shareholders and contribute to the broader uranium industry.

As exploration efforts intensify across Murphy Lake North, Darby, and Packrat, the joint ventures represent a promising leap forward in advancing clean energy solutions through sustainable uranium exploration.


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