Cosa and Denison Mines Approve 2026 Program for Joint Venture Uranium Projects
Cosa and Denison Mines Approve 2026
Program for Joint Venture Uranium Projects
Vancouver, British Columbia--(Newsfile Corp. - December 17, 2025) -
Cosa Resources Corp. (TSXV:
COSA) (OTCQB:
COSAF)
(FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to report that
exploration plans have been approved for the Company's Darby and Murphy Lake North (MLN) projects.
Darby and MLN are joint ventures (the "
Joint Venture
") between Cosa and Denison Mines Corp.
("
Denison
")
(TSX: DML)
(NYSE American: DNN)
and are located 10 kilometres west of Cameco's
Cigar Lake Mine and three kilometres east of IsoEnergy's Hurricane Deposit, respectively, in the eastern
Athabasca Basin, Saskatchewan. Cosa is the operator of both projects and holds a 70% interest with
Denison holding a 30% interest in each.
Highlights
Winter and summer drilling planned at both the Darby and Murphy Lake North projects
Drilling will follow-up anomalous historical drilling results at Darby and strong alteration and
structure intersected at MLN in 2025
Property-scale ground geophysical surveying at MLN will generate and prioritize additional drill
targets
Keith Bodnarchuk, President and CEO of Cosa, commented: "Having recently closed the
oversubscribed C$7.5 million private placement with strong insider participation including from Denison
Mines, we are in a terrific position entering 2026. In addition to participation in the financing, we thank
Denison for their continued support at the Darby and MLN Joint Ventures. The entire Cosa team is
excited to begin testing our pipeline of highly compelling drill targets.
"
Andy Carmichael, Vice President of Exploration commented: "With multiple strongly anomalous
historical drill holes on several trends at Darby and two kilometres of strong alteration with graphitic
faulting at MLN to follow up, Cosa is entering the 2026 exploration season with the best inventory of
exploration targets in the Company's history. With DC resistivity surveying at MLN, we aim to augment
that inventory with additional shallow targets on one of the most fertile trends in the eastern Athabasca
Basin."
2026 Exploration at Cosa - Denison Joint Ventures
Exploration plans have been approved for the Darby and MLN projects. Work in 2026 is expected to
comprise four drilling campaigns including winter and summer drilling at both the Darby and MLN
projects and property-scale geophysical surveying at MLN.
Winter drilling at Darby will directly follow up historical drilling results. Highest priority targets are the
immediate vicinities of drill holes which intersected a combination of features that potentially indicate
proximity to uranium mineralization; namely, zones of coincident sandstone alteration and strongly
anomalous geochemistry proximal to significant graphitic basement faults.
Winter drilling at MLN will be focused on the Cyclone trend, where summer 2025 drilling intersected
broad zones of structure and alteration in the sandstone associated with graphitic basement faulting over
a two-kilometre strike length. The 2026 drilling strategy at MLN will evaluate high-priority targets in winter
which are inaccessible in summer, reserving additional drill holes for the summer when geophysical
survey results are in hand.
Direct current (DC) resistivity surveying at MLN is planned to cover the majority of prospective strike
identified at MLN. The objective of the DC resistivity survey is to identify zones of anomalous resistivity in
the sandstone potentially indicating hydrothermal alteration and/or faulting, as well as basement
resistivity anomalies not detected by historical magnetic and electromagnetic surveys.
Timing
Winter trail establishment is underway. Mobilization of field crews is expected early in 2026 with drilling
commencing at Darby in late January and concluding in late March at MLN. Commencement of DC-
resistivity surveying at MLN is planned in April.
More detailed drilling and exploration plans will be announced in early 2026.
About Darby
Located 10 kilometres west of the Cigar Lake Mine, Darby contains multiple prospective conductive
trends and several historical intersections of weak uranium mineralization (Figures 1 and 2). Historical
drilling has proven that many of these trends are highly prospective for uranium deposits characteristic of
the eastern Athabasca Basin, yet the majority of the strike length has not been effectively tested. Work by
Cosa in 2025 prioritized these trends and identified several historical drill holes with results that suggest
proximity to uranium mineralization (See Cosa's news release dated October 24, 2025). The primary
objective at Darby in 2026 is directly following up the most favourable historical drilling results.
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 3). Hurricane is the world's highest-grade indicated mineral resource for uranium
and was discovered and delineated for IsoEnergy Ltd. by current members of Cosa's management,
board of directors, and advisors from 2018 through 2022. 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). Drilling by Cosa in 2025 intersected zones of
sandstone alteration and structure associated with graphitic basement structures along both trends.
Following up these positive results is the primary 2026 objective at MLN.
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/9865/278295_c798511f742318ab_003full.jpg
Figure 2 - Darby Project Overview
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/278295_c798511f742318ab_004full.jpg
Figure 3 - Murphy Lake North Project Overview
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/278295_c798511f742318ab_005full.jpg
Stock Option Grant
The Company has granted 1,845,000 incentive stock options to directors, officers, employees and
advisors of the Company. The incentive stock options will vest over a period of two years, have an
exercise price of $0.33 per share, and are valid for a 5-year period from the date of grant. The options
were granted pursuant to the Company's incentive stock option plan.
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
that has secured Cosa access into 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 role 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 is planned to test priority targets identified by thorough review of
historical data and drill core and will target areas with anomalous uranium, clay alteration, and historical
mineralization intersected nearby. Drilling at MLN will follow up 2025 drilling which intersected broad
zones of structurally controlled alteration over roughly 2 kilometres of strike length.
Technical Disclosure
Historical drilling and geophysical results for Darby and MLN were sourced from the
Saskatchewan
Mineral Assessment Database
(SMAD). SMAD sources for Darby include file numbers 74H14-0021,
74H14-0023, 74H15-0041, 74H15-0053, 74H15-0055, 74H15-0056, 74H15-0066, 74H15-0067, 74I02-
0031, 74I02-0042, 74I02-0053, 74I02-0080, 74I02-0095, and MAW00516. Some confidential data and
reports not presently available via SMAD 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. Basement and lower sandstone
sections from most historical drill holes were relogged in 2025 by Cosa. For Darby, verification of
geochemical results for drill holes completed between 2008 and 2010 was facilitated by the reissuance
of analytical certificates to Cosa by the Saskatchewan Research Council (SRC).
Cosa thanks the SRC
for its valued assistance in increasing confidence in the historical dataset.
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. For MLN,
Cosa engaged a consultant to re-interpret historical geophysical surveys to validate previous
interpretations.
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. 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/278295