Cosa Resources’ 100% owned* uranium land package comprises over 220,000 ha across multiple projects in the Athabasca Basin region, the world’s most prolific district for high-grade uranium discoveries. Many of Cosa’s projects are underexplored or virtually untouched by modern exploration and offer significant upside potential through discovery of the next tier-1 uranium deposit.
Figure A – Cosa Resources Uranium Exploration Properties
Located 45 kilometres west of the McArthur River mine and over 60,000 hectares in size, Ursa captures more than 60 kilometres strike length of the Cable Bay Shear Zone, a structural corridor with several known uranium occurrences and potentially the last remaining eastern Athabasca corridor to have not yet yielded a major uranium discovery.
Drilling during Cosa’s recent summer campaign successfully identified a new zone of basement-hosted radioactivity within a broader interval of hydrothermal alteration in the basement and lower sandstone. The Company believes that the work completed to date, including deployment of Ambient Noise Tomography (ANT) over much of the Kodiak trend, has significantly upgraded the project by identifying several anomalies that are similar to what was targeted where the company intersected radioactivity. With no drilling within roughly two kilometres of the radioactive intercept, Cosa’s technical team is eager to return to Ursa for follow up work.
Figure A – Ursa Property
Drill hole UR24-06 pictured below was the first drill hole to test only an initial ANT target area during the recent summer drill program. The drill hole intersected a broad zone of unconformity-model type sandstone structure and alteration near the unconformity which may represent a very compelling follow up drill target pending receipt of uranium assay.
Drill hole UR24-04, pictured, below, targeted the down dip extension of sandstone hosted structure, alteration, and uranium geochemistry intersected by drill hole UR24-03. UR24-04 undershot the optimum target by approximately 50-metres however the drill hole successfully intersected a significant basement conductor at depth characterized by decimetre- to metre-scale zones of sub massive graphite mineralization, a critical indicator of structural displacement and hydrothermal activity within the Athabasca Basin.
The combined results of UR24-04 and UR24-06, spaced roughly nine kilometres apart, demonstrate that the Kodiak trend appears to have all of the necessary ingredients to form a major unconformity style uranium deposit, and the Company believes that this drill program has significantly advanced the Ursa project as a whole.
The Orion Project is located roughly 34 kilometres northwest of the McArthur River uranium mine and is interpreted to capture the intersection of the southern end of the Larocque Trend (host to Alligator Lake and Larocque Lake zones and the Hurricane deposit) and the northern end of the Cable Bay Shear Zone. Airborne MobileMT with 3D inversion completed in 2023 identified a multi-kilometre-long sandstone conductivity anomaly that is also several hundred meters in width and height. The anomaly resides at the interpreted structural bend between the Cable Bay Shear Zone and Larocque Trend, as well as the western extension of the Cigar Lake Trend.
Drilling at Orano’s Parker Lake project on strike and directly to the west of the Orion target area intersected weak uranium mineralization, sandstone structure, hydrothermal alteration, and graphitic cordierite-pelite basement rocks, all of which are compelling analogues for many eastern Athabasca deposits including Cigar Lake, McArthur River, and Hurricane.
In early 2024, the Orion Project was expanded to its current footprint following the acquisition of CanAlaska Uranium Ltd’s Titan project. Orion now captures nearly 12 kilometres of the Cigar lake trend where it crosses the Larocque Lake trend, both of which most several mineralized uranium intercepts and world-class uranium deposits.
Figure A – Orion Property
In May and June of 2024 Cosa completed ANT surveying in conjunction with similar work at the Ursa Project. The survey at Orion was completed over a roughly eight-kilometre-long strike extension which hosts Cosa’s MobileMT anomaly. Given the compelling geophysical results to date and mineralization on strike to the west, Cosa intends to complete ground-based EM for target refinement and initial drilling at Orion in 2025.
The Aurora Project is located just 16 kilometres east of the Key Lake Mill and historical Key Lake Mine which produced 209.8 million pounds of U3O8 at an average grade of 2.3% U3O8 between 1983 and 2002. Aurora comprises nearly 17,000 hectares and straddles the southern margin of the Athabasca Basin, making for efficient exploration under shallow sandstone cover and the ability to generate drill targets by employing high-resolution airborne geophysics. The Project has seen no modern and comprehensive geophysical coverage, and like at Cosa’s Ursa and Orion Projects, can be significantly upgraded by completing modern geophysical surveying and3D inversions.
No drilling has been completed on the Project since 1979 and it is considered both underexplored as well as highly prospective for GMZ style mineralization (92 Energy’s Gemini Zone discovered in 2021). Historical drill logs from the area note several, metre scale intervals of structure and hydrothermal alteration in basement rocks.
As of July 2024, Cosa is currently awaiting results of airborne VTEM and Falcon Gravity surveys at Aurora. Completion of this work will bring Aurora up to drill ready status and a top priority for Cosa in 2025 given the proximity to infrastructure at Key Lake, encouraging historical results with little follow up, and remaining potential for near-surface and open pit amenable uranium mineralization.
Figure A – Aurora Project
The Astro property is located 28 kilometres west of the McArthur River Mine, 17 kilometres west of the Fox Lake Deposit, and 13 kilometres north of the Millennium Deposit (Figure A).
Astro covers a series of subparallel, northwest-trending magnetic low and high zones interpreted to represent prospective metasediments and buttressing granitic rocks, respectively. Historical airborne and ground EM surveying has defined 20 kilometres of EM conductor strike length within the property, including conductors extending from Cosa’s contiguous Ursa project to the west. Most historical conductors within the property extend to the limits of their survey areas, indicating significant potential to develop additional conductive strike length by extending survey coverage (Figure A). The continuity of magnetic lows at Astro is encouraging, as is the property’s location between the Cable Bay Shear Zone and an interpreted corridor extending south to the Millennium deposit. Recent MobileMT surveying completed at Cosa’s neighboring Ursa Project has revealed that long and structurally complex conductive corridors extend from the Ursa Project onto Astro which are compelling exploration targets.
Ursa MobileMT™ surveying was extended onto Astro to cover historical conductors near the shared property boundary. The survey mapped approximately 10 kilometres of strike length of basement conductive trends, including trends extending from Ursa interpreted to be related to the Cable Bay Shear Zone. Surveying also identified a conductive trend extending from Astro into unclaimed ground which Cosa recently staked.
Given the success in target identification and prioritization using MobileMT™ at Ursa and Orion, future work is expected to include expanding coverage over the entire Astro Project. Ongoing drilling in the area has identified structure and mineralization to the southeast of Astro which may trend on to the project. Paired with success at Ursa and additional MobileMT work, Cosa intends to complete ANT and ground-based EM work at Astro to identify and test compelling drill targets.
Figure A – Astro Property
The 12,835-hectare Helios property is located 14 kilometres south of the northern rim of the Athabasca Basin and 28 kilometres southwest of the community of Fond du Lac (Figure A).
The broader area was explored from 1968 to 1970 and again from 1977 to 1981. Work in the latter period discovered the Ware's Uranium Occurrence, a zone of outcropping sandstone cut by uranium-bearing fracturing located six kilometres along strike to the north of Helios. Limited follow-up drilling in 1979 determined the fracturing penetrates the full thickness of the Athabasca sandstone; drill hole 3991H-03 intersected 0.18% U3O8 over 0.1 metres within a zone of hydrothermal alteration at the unconformity. Almost no modern exploration work has been completed since.
The northern portion of Helios covers the extension of two sub-parallel, curvilinear conductive trends flanking a central magnetic high. Results from a 2005 airborne electromagnetic survey suggest these conductive trends continue onto the Helios property. The Ware's Uranium Occurrence is associated with the more westerly of these trends (Figure A). A 2007 drill hole testing this trend four kilometres north of Helios intersected favourable illitic and chloritic clay patterns over broad intervals in the middle to lower sandstone. The depth to the unconformity is expected to be between 375 and 500 metres within the northern target area.
The southern portion of Helios covers 15 kilometers of the Grease River Shear Zone (GRSZ), a major east-northeast-trending basement structure with a mapped length of over 300 kilometres. The Fond du Lac uranium deposit, located 29 kilometres northeast of Helios, is interpreted to be related to the GRSZ. Drilling immediately east of Helios suggests that post-Athabasca faulting related to the shear zone has offset the sub-Athabasca unconformity by up to 30 metres. Within the property, historical electromagnetic and DC-resistivity surveys have defined approximately five kilometres of basement-hosted electromagnetic conductors associated with the GRSZ with potential for a further 10-kilometre extension to the west-southwest (Figure A). The depth to the unconformity is interpreted to be between 445 and 850 metres in the southern target area.
Figure A - Helios Property Map
Orbit is located 26 kilometres southwest of Cosa’s Aurora Project and 22 kilometres south of the Key Lake Mill and former Key Lake Mine (Figure A).
Orbit covers four kilometres of the interpreted strike extension of a prospective, reactivated graphitic structural trend which hosts weak mineralization and strong alteration to the southwest, a trend which continues through Orbit to the northeast and onto Cosa’s Aurora Project. Historical EM surveys southwest of Orbit mapped over 13 kilometres of continuous conductive trend associated with a magnetic break, suggesting a graphitic structural zone adjacent to a lithological boundary on a trend that is sub-parallel to that hosting the mined-out Gaertner and Deilmann uranium deposits at Key Lake.
Limited diamond drilling completed on strike intersected reactivated graphitic structures hosting strong alteration and weak mineralization. Ten kilometres southwest of Orbit, drill hole TED-01 intersected 0.07% U3O8 over 0.2 metres (106.4 - 106.6 metres) within a strongly altered, metre-scale graphitic fault. Eight kilometres southwest of Orbit, drill hole TED-06 intersected strong alteration within the same graphitic structure intersected by TED-01, indicating structural continuity along strike and potential to host additional zones of strong alteration and uranium mineralization.
In conjunction with work at Cosa’s Aurora project, airborne VTEM and Falcon Gravity are being completed at Orbit which will bring the Project up to drill ready status for 2025.
Figure A – Orbit Property
Cosmo comprises 12 claims totaling 9,308 hectares in the eastern Athabasca Basin and is located 36 kilometres west of the Hurricane Deposit and 58 kilometres north of the Cigar Lake Mine. Provincial Highway 905 passes within seven kilometres of the Property and a network of trails and a provincial powerline pass through the Property.
Cosmo covers 18 kilometres of curvilinear magnetic low strike length interpreted to represent favourable metasediments. Historical exploration was limited to a 1979 lake sediment sampling program and a 2007 airborne geophysical survey. While no drilling is known within the Property, historical drilling located 13 to 25 kilometres along strike to the east intersected several intervals of weak uranium mineralization, including 0.20% U3O8 over 1.2 metres in drill hole BL-14-20 (549.9 – 551.1 m).
The Solstice Property comprises three mineral claims totaling 628 hectares staked in October 2023. Solstice is located 14 kilometres north of the Smart Lake uranium occurrence, 24 kilometres northwest of F3 Uranium Corp.’s JR Zone, and 36 kilometres southwest of the Shea Creek uranium deposits. Provincial Highway 955 passes within 25 kilometres, and an existing network of winter roads extends to within 9 kilometers of the Property.
Solstice contains 3 kilometres of strike length along the southwest margin of a prominent magnetic high. An historical airborne electromagnetic (EM) survey south of Solstice mapped an EM conductor flanking the magnetic high and extending north from the Beatty River Shear Zone to within 350 metres of Solstice. No drilling has been completed within the Property and the depth to the unconformity is estimated to be between 400 and 450 metres.
Figure A – Solstice Property Map
The 21,080-hectare Charcoal property is located 52 kilometres northeast of Cameco’s Rabbit Lake – Eagle Point mine operation. The property sits within a prominent magnetic low zone extending northeast from the mine.
The magnetic low signature likely indicates the presence of prospective metasedimentary bedrock beneath the glacial till cover. Additionally, historical assessment records from the Government of Saskatchewan indicate the presence of numerous airborne electromagnetic conductors, possibly indicating the presence of graphitic metasediments and associated brittle faults, which are often associated with uranium mineralization in the Athabasca Basin. The property is 8 km up-ice from a historical radioactive boulder field.
As Charcoal is beyond the basin edge, basement rocks extend to the top of the bedrock and there is no overlying sandstone.
Castor, like Charcoal, lies beyond the present-day Athabasca Basin edge and therefore has no overlying sandstone cover. The property is located 55 kilometres north of Cameco’s Rabbit Lake – Eagle Point uranium mine operations (Figure A). Castor covers a flexure where a prominent northeast trending magnetic low anomaly oriented roughly parallel to the Eagle Point – Collins Bay trend bends to the west. This flexure may be an area of enhanced structural complexity that would be prospective for uranium mineralization.
Regional magnetic and historical EM results suggest the Charcoal property covers the northeast extension of conductive trends associated with the Collins Bay and Eagle Point deposits. The 459 line-kilometres of VTEM™ Plus surveying over the southwestern portion of Charcoal defined more than 27 kilometres of strike length of northeast-trending EM conductors located along the interpreted extension of the Collins Bay-Eagle Point trend, of which more than 20 kilometres are interpreted as moderately to strongly conductive. As the survey covered approximately 25% of the Charcoal property, significant potential remains to define additional conductive strike to the northeast.
Castor
The Castor property covers a flexure where a prominent magnetic low zone changes orientation from northeast-trending to west-trending. The 473 line-kilometres of VTEM™ Plus surveying completed by Cosa defined more than 27 kilometres of strike length of northeast-trending EM conductors at Castor, over 16 kilometres of which are interpreted to be moderately to strongly conductive. The longest strongly conductive trend is located in the western portion of the project and crosscuts the axis of the magnetic low, suggesting complex folding of conductive basement rocks within the area. No EM conductors were previously known within the property as the most recently airborne EM survey of the area was completed in 1978.
Figure A – Charcoal and Castor Properties
The scientific and technical information in this website has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa Resources. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This website refers to neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company’s properties. Some Project descriptions refer to historical drill hole logs both off- and on-property. Cosa considers this information to be relevant to exploration, however these results have not been physically verified by Cosa’s Qualified Person.