Cosa Commences Core Drilling at the Murphy Lake North Uranium Project, Athabasca Basin, Saskatchewan
Cosa Commences Core Drilling at the Murphy
Lake North Uranium Project, Athabasca Basin,
Saskatchewan
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) -
Cosa Resources Corp.
(TSXV:
COSA) (OTCQB: COSAF) (FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to report core drilling
has commenced at the Murphy Lake North Uranium Project. Murphy Lake North ("
MLN
" or the
"
Property
") is a joint venture (the "
Joint Venture
") between Cosa and Denison Mines Corp.
("
Denison
")
(TSX: DML) (NYSE American: DNN)
and is located in the eastern Athabasca Basin,
Saskatchewan.
Cosa is the project operator and holds a 70% interest with Denison holding a 30%
interest.
Highlights
The first drilling campaign within the Project since 2005, thirteen years before the discovery of the
nearby Hurricane deposit
Initial drilling will follow up the interpreted extension of the Hurricane deposit basement geology
within MLN
Additional drilling will evaluate a parallel trend hosting historical intersections of uranium
mineralization
Andy Carmichael, Cosa VP Exploration, commented:
"Located just three kilometres from the Hurricane
deposit, Murphy Lake North is interpreted to host the along-strike extension of the basement geology
controlling Hurricane. Our team is very familiar with the geology in the area, and we are thrilled to be
drilling this highly underexplored section of the very fertile and reinvigorated Larocque Lake Trend. In
addition to the Hurricane trend, Murphy Lake North hosts a parallel trend to the south where weak
mineralization intersected in 2002 warrants additional follow up. With multiple historical intersections
of weak mineralization, ample exploration space, and ideal basement geology, the Project's high
degree of prospectivity is complemented by its shallow target depth as the unconformity is less than
250 metres below surface."
Murphy Lake North
Murphy Lake North covers a portion of the Larocque Lake trend and is located 2.7 kilometres east of the
Hurricane deposit (Figures 1 & 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 management,
board of directors, and advisors from 2018 through 2022. The Larocque Lake trend also hosts the
Larocque Lake Zone, the Yelka Prospect, and the Alligator Lake Zone.
Murphy Lake North also contains approximately six kilometres of conductive strike length oriented sub-
parallel to conductive features associated with the Hurricane deposit (Figure 2). Limited historical drilling
completed on Murphy Lake North intersected weak uranium mineralization in the basement and zones of
alteration and structure in the sandstone and basement. Historical drilling, completed before the
discovery of Hurricane, focused on the western extremity of the Property and left most of the conductive
strike length untested. Abundant drill targets exist at Murphy Lake North. The depth to the unconformity at
Murphy Lake North varies from approximately 170 to 250 metres.
On January 20, 2025, Cosa announced its initial drilling plans for Murphy Lake North, which are
expected to be completed in the next few weeks (Figure 2). Per the completed Acquisition Agreement
between Cosa and Denison (see Cosa's news release dated January 14, 2025), Cosa is sole funding
this Murphy Lake North drill program as part of the Company's obligation to fund 100% of the first $1.5
million of exploration expenditures at the Project by December 31
st
, 2027.
Figure 1 - Cosa's Eastern Athabasca Uranium Projects with Joint Venture Projects
To view an enhanced version of this graphic, please visit:
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Figure 2 - Nearby Historical Drilling Results and Planned Winter 2025 Target Areas
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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 100% owned and Cosa-operated Joint Venture
projects in the Athabasca Basin region, all of which are underexplored, and the majority 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 long track record of success in Saskatchewan. In 2022,
members of the Cosa team were awarded the AME Colin Spence Award for their previous involvement
in discovering IsoEnergy's Hurricane deposit. Prior to Hurricane, Cosa personnel led teams or had
integral roles in the discovery of Denison's Gryphon deposit and 92 Energy's GMZ zone and held key
roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 was initial drilling at the 100% owned Ursa Project, which captures
over 60 kilometres of strike length of the Cable Bay Shear Zone, a regional structural corridor with known
mineralization and limited historical drilling. It potentially represents the last remaining eastern
Athabasca corridor to not yet yield a major discovery, which the Company believes is primarily due to a
lack of modern exploration. Modern geophysics completed by Cosa in 2023 identified multiple high-
priority target areas characterized by conductive basement stratigraphy beneath or adjacent to broad
zones of inferred sandstone alteration - a setting that is typical of most eastern Athabasca uranium
deposits. Guided by a recently completed Ambient Noise Tomography (ANT) survey, Cosa's second
and most recent drilling campaign at Ursa intersected a significant zone of unconformity-style sandstone-
hosted structure and alteration underlain by several intervals of anomalous radioactivity in the basement
rocks.
Technical Disclosure
Historical drilling and geophysical results for Murphy Lake North and adjacent projects were sourced
from the
Saskatchewan Mineral Assessment Database
(SMAD). SMAD sources for the Murphy Lake
North Project include file numbers 74I-0060, 74I09-0057, 74I09-0064, 74I09-0066, 74I09-0077, 74I09-
0098, and MAW00510.
SMAD sources for drilling and geophysical results proximal to Murphy Lake North include 64L05-0161,
64L05-0180, 74I-0066, 74I-0067, 74I01-0114, 74I08-0056, 74I09-0053, 74I09-0061, 74I09-0064,
74I09-0071, 74I09-0079, 74I09-0087, 74I09-0088, 74I09-0090, 74I09-0091, 74I09-0092, MAW01939,
MAW02327, MAW02599, and MAW02395.
Drill hole collar locations for Murphy Lake North and relevant along-strike drill holes were verified from air
photos. The collar locations of Murphy Lake North drill holes CRK-144 and CRK-145 were verified on the
ground using a handheld GPS and determined to be within 20 metres of the locations derived from air
photos. Segments of drill core from CRK-143 and CRK-144 were reviewed in the field; further review
was hampered by the deteriorated condition of core boxes.
Verification of historical geophysical results included confirming the locations of geophysical survey
grids from air photos, compiling results of geophysical surveys completed post year 2000, and
evaluating whether interpreted geophysical results could be reasonably explained by historical drilling
results.
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 statement 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/240717