Cosa Reports 5.0 metres of Anomalous Radioactivity up to 13,900 CPS Intersected at Murphy Lake North Joint Venture with Denison Mines
Cosa Reports 5.0 metres of Anomalous
Radioactivity up to 13,900 CPS Intersected at
Murphy Lake North Joint Venture with Denison
Mines
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2026) -
Cosa Resources Corp. (TSXV:
COSA) (OTCQB: COSAF) (FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to report that the first
winter 2026 drill hole at the Company's Murphy Lake North Project ("
MLN
" or the "
Project
") has
intersected 5.0 metres of anomalous radioactivity. MLN is a joint venture (the "
Joint Venture
") between
Cosa and Denison Mines Corp.
(TSX: DML) (NYSE American: DNN)
("
Denison
") and is located 3
kilometres east of IsoEnergy's Hurricane Deposit in the eastern Athabasca Basin, Saskatchewan
(Figure 1). Cosa is the operator and holds a 70% interest with Denison holding a 30% interest.
Highlights
MLN26-013 intersected 5.0 metres of anomalous radioactivity up to 13,900 CPS
1
in the upper
basement approximately 260 metres vertically from surface
Strong, structurally controlled alteration in the sandstone and basement is open in all directions
MLN26-013 is the lone drill hole within a 1.2 kilometre section of the Cyclone trend
Drilling is ongoing and will test the immediate area around the radioactivity
Keith Bodnarchuk, President and CEO, commented: "
This intersection is an exceptional result. The
shallow depth, proximity to existing infrastructure, and our team's history with this area, elevates the
significance of this result. With a healthy treasury and strong support from our largest shareholder and
Joint Venture partner Denison Mines, we are well positioned to ambitiously drill test Murphy Lake
North for the remainder of 2026.
"
Andy Carmichael, Vice President of Exploration, commented:
"We are very encouraged that our first
drill hole of the winter program intersected a significant width of anomalous radioactivity while following
up the alteration identified in 2025. The mineralization, structure, and alteration intersected by
MLN26-013 are open in all directions and the nearest drilling is 600 metres away along strike to the
east and west. We'd like to recognize the instrumental roles our technical team of Keane Baseden
(Senior Geologist), Haley Kitt and Kelly Stasiuk (Exploration Geologists) played in achieving this
excellent result. We plan to use the remainder of our winter program to follow up the results of MLN26-
013."
MLN Winter Drilling
Winter drilling at MLN was planned to follow up summer 2025 results at the Cyclone trend where broad
zones of structure and alteration were intersected over a 2 kilometre strike length (Figure 2). The
program's objectives were to target a gap in drilling at Cyclone and evaluate a potential untested trend
approximately 100 metres south of Cyclone. Both planned target areas are best accessed in winter due
to the presence of lakes. MLN26-013 was the first drill hole of the program and targeted the main
Cyclone trend within a 1,200-metre gap between existing drill fences.
MLN26-013
MLN26-013 intersected broad zones of moderately to strongly altered sandstone from 200 metres to the
unconformity at 299.4 metres. The strongest structure was intersected from 221 to 242 metres and is
pervasively bleached and desilicified. The basal 9 metres of sandstone contains metre-scale zones of
moderate to strong argillization within broader pervasively bleached sections and hosts hydrothermal
hematite in the basal 1 metre.
The unconformity was intersected approximately 250 metres vertically from surface. The upper
basement is strongly and pervasively argillized and variably limonitized, hematitized, and chloritized to
306 metres (Figure 3). Graphitic and sulphidic pelitic gneiss immediately below the strongly altered zone
hosts several intervals of anomalous radioactivity
1
between 306.5 and 313.5 metres ranging from 400 to
13,900 cps (Table 1). This broader zone includes a 5.0 metre interval of continuously anomalous
radioactivity from 308.5 to 313.5 metres. Core recovery through the mineralized zone was 100%.
Basement below the radioactive zone is a sequence of dominantly non-graphitic metasediments hosting
graphitic faulting. The drill hole was terminated at 425 metres.
Table 1 - Winter 2026 MLN Drilling Program Results
Hole
ID
From
(m)
To
(m)
Length
(m)
Radioactivity
1, 2
(CPS)
Orientation
(Azi./Dip)
Location
MLN26-013
306.5
307.0
0.5
>350
166 / -60
Section 3200E
307.5
308.0
0.5
>1,000
and
308.5
313.5
5.0
>1,000
including
310.5
313.0
2.5
>5,000
including
310.5
311.0
0.5
>13,000
1
.
Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer
2
.
Measurements of total gamma on drill core are an indication of uranium content, but may not correlate with chemical assays
Next Steps
The remaining two targets planned for the program have been deferred in favour of immediate follow up
of MLN26-013 which is ongoing. Chemical assays from MLN26-013 are pending.
About Murphy Lake North
MLN covers a portion of the Larocque Lake trend and is located 2.7 kilometres east of the Hurricane
deposit (Figures 1 and 2). Hurricane is the world's highest-grade indicated uranium resource and was
discovered and delineated for IsoEnergy Ltd. by current members of Cosa's team. The Larocque Lake
trend also hosts the high-grade Larocque Lake Zone, Yelka Prospect, and Alligator Lake Zone. MLN
contains the along-strike extension of basement geology underlying the Hurricane deposit (the Hurricane
trend), as well as a parallel conductive trend to the south (the Cyclone trend). Cosa's winter 2026 drill
program intersected several meters of basement hosted radioactivity within a broader zone of strong
structure and alteration at the Cyclone trend.
Following up these results is the primary objective for the
remainder of 2026 at MLN.
1 - Cosa considers radioactivity anomalous when it (i) exceeds 350 cps measured with a Radiation Solutions RS-125 hand held spectrometer, (ii) is
accompanied by structure and/or hydrothermal alteration consistent with Athabasca unconformity related uranium deposits, and (iii) spectrometric
assay by RS-125 indicates a uranium to be the dominant source.
Figure 1 - Cosa's Eastern Athabasca Uranium Projects with Joint Venture Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/289682_a604561404c0fb07_003full.jpg
Figure 2 - MLN Project Overview
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/289682_a604561404c0fb07_004full.jpg
Figure 3 - MLN26-013 Mineralized Zone
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/289682_a604561404c0fb07_005full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The
portfolio comprises roughly 237,000 ha across multiple underexplored 100% owned and Cosa-operated
joint venture projects in the Athabasca Basin region, the majority of which reside within or adjacent to
established uranium corridors.
In January of 2025, the Company entered a transformative strategic collaboration with Denison Mines
(TSX: DML) (NYSE American: DNN) that has secured access to several additional highly prospective
eastern Athabasca uranium exploration projects. As Cosa's largest shareholder, Denison gains
exposure to Cosa's potential for exploration success and its pipeline of uranium projects.
Cosa's award-winning management team has a track record of success in Saskatchewan. In 2022,
members of the Cosa team were awarded the AME Colin Spence Award for the discovery of the
Hurricane uranium deposit. Cosa personnel led teams or had integral roles in the discovery of Denison's
Gryphon deposit and held key roles in the founding of both NexGen and IsoEnergy.
The Company's focus throughout 2026 is drilling at the Darby and MLN projects in the eastern
Athabasca Basin. Both projects are operated by Cosa and are 70/30 joint ventures between Cosa and
Denison respectively. Drilling at Darby will evaluate target areas with anomalous uranium, clay alteration,
and historical mineralization intersected nearby. Drilling at MLN will follow up a zone of newly identified
anomalous radioactivity intersected by winter 2026 drill hole MLN26-013.
Technical Disclosure
Historical drilling and geophysical results for MLN were sourced from the
Saskatchewan Mineral
Assessment Database
(SMAD). SMAD sources for MLN and adjacent projects include file numbers
64L05-0161, 64L05-0180, 74I-0060, 74I-0066, 74I-0067, 74I01-0114, 74I08-0056, 74I09-0053, 74I09-
0057, 74I09-0061, 74I09-0064, 74I09-0066, 74I09-0071, 74I09-0077, 74I09-0079, 74I09-0087, 74I09-
0088, 74I09-0090, 74I09-0091, 74I09-0092, 74I09-0098, MAW00510, MAW01939, MAW02327,
MAW02599, and MAW02395. Data and reports related to the 2020 ground EM survey completed by
Denison are not presently available via SMAD and were supplied to Cosa by Denison.
Verification of historical drilling results included confirming historical drill hole collar locations from air
photos and ground checking selected collars with a handheld GPS unit. Verification of historical
geophysical results included confirming the locations of geophysical survey grids from air photos,
compiling survey data and interpretations, and evaluating whether interpreted geophysical results could
be reasonably explained by historical and current drilling results. Additionally, Cosa engaged a
consultant to re-interpret historical geophysical surveys to validate selected previous interpretations.
All drill core is scanned with an RS-125 hand held spectrometer to check for radioactivity. Intervals of
anomalous radioactivity are removed in 0.5 metre core lengths to an area of background radioactivity
and average radioactivity for the 0.5 m interval is measured. Cosa drill holes are also surveyed using an
Imdex EZ Gamma (NOVAx) down hole probe to provide a continuous log of radioactivity at 0.1 metre
intervals. Down hole probe results are compared to RS-125 results to verify the depth and strength of
radioactive intervals and to assess for radioactivity though sections of lost core.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed
and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a
Qualified Person as defined under the terms of National Instrument 43-101. All radioactivity
measurements reported herein are total gamma from an RS-125 hand-held spectrometer. Chemical
assays are pending. As the orientation of mineralization is unknown, true widths are unknown and
reported mineralized intervals represent core lengths. This news release refers to neighbouring
properties in which the Company has no interest. Mineralization on those neighbouring properties does
not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
+1 888-899-2672 (COSA)
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements
This press release contains forward-looking information within the meaning of Canadian securities laws
(collectively "forward-looking statements"). Forward-looking statements are typically identified by words
such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are
those, which, by their nature, refer to future events. All statements that are not statements of historical fact
are forward-looking statements. These forward-looking statements or information may relate to
anticipated exploration, development and/or expansion activities, including exploration of the Company's
current Projects; the collaboration with Denison, including the Joint Venture, and the anticipated benefits
thereof; and the outlook regarding Cosa's business plans and objectives.
Such forward-looking information and statements are based on numerous assumptions, including
among others, that the results of planned exploration activities are as anticipated, the cost of planned
exploration activities are as anticipated, that general business and economic conditions will not change
in a material adverse manner, that financing will be available if and when needed and on reasonable
terms, that third party contractors, equipment and supplies and governmental and other approvals
required to conduct Cosa's planned exploration activities will be available on reasonable terms and in a
timely manner. Although the assumptions made by Cosa in providing forward-looking information or
making forward-looking statements are considered reasonable by management at the time, there can
be no assurance that such assumptions will prove to be accurate.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or achievements, or other future events, to be
materially different from any future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors and risks include, among others: Cosa may require additional
financing from time to time in order to continue its operations which may not be available when needed
or on acceptable terms and conditions acceptable; Cosa may not be able to maintain compliance with
its contractual obligations with third parties; Cosa may not be able to maintain compliance with extensive
government regulation applicable to its operations; domestic and foreign laws and regulations could
adversely affect Cosa's business and results of operations; the stock markets have experienced volatility
that often has been unrelated to the performance of companies and these fluctuations may adversely
affect the price of Cosa's securities, regardless of its operating performance; the ongoing military
conflict in Ukraine, and other risk factors set out in Cosa's public disclosure documents.
The forward-looking information contained in this news release represents the expectations of Cosa as
of the date of this news release and, accordingly, is subject to change after such date. Readers should
not place undue importance on forward-looking information and should not rely upon this information as
of any other date. Cosa does not undertake any obligation to update these forward-looking statements in
the event that management's beliefs, estimates or opinions, or other factors, should change.
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