Cosa Announces Summer Drilling Results for Murphy Lake North Uranium Joint Venture with Denison Mines
Cosa Announces Summer Drilling Results for
Murphy Lake North Uranium Joint Venture with
Denison Mines
Vancouver, British Columbia--(Newsfile Corp. - September 14, 2026) -
Cosa Resources Corp.
(TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to announce
results of the summer drilling program at the Company's Murphy Lake North ("
MLN
") project (Figure 1).
MLN is a joint venture (the "
Joint Venture
") between Cosa and Denison Mines Corp. ("
Denison
")
(TSX: DML) (NYSE American: DNN)
and is located three kilometres east of IsoEnergy's Hurricane
Deposit. Cosa is the project operator and holds a 70% interest with Denison holding a 30% interest.
Highlights
Multiple zones of structurally controlled alteration and elevated radioactivity remain open along
strike for several hundred meters and on multiple sections
Drilling evaluated multiple structures over 650 metres of strike length with all 13 drill holes
intersecting strong structure and/or alteration
Summer 2026 drilling prioritized unconformity targets with significant room for basement-hosted
mineralization remaining
With $16 million in the treasury, Cosa remains fully funded for a significant follow up drilling
campaign
Keith Bodnarchuk, President and CEO, commented: "We remain very encouraged by the potential at
Murphy Lake North. Having previously confirmed the trend hosts uranium mineralization, summer drilling
has significantly advanced our understanding of the geology in the immediate area. Highly prospective
drill results paired with an abundance of open space emphasize our excitement and commitment to fully
evaluating the Cyclone trend and multiple other strong target areas on the Project. With drilling expected
to commence at both the Darby joint venture with Denison, and the Aurora project, we expect steady
news flow for the remainder of 2026, followed by a return to MLN in early 2027. With $16 million in the
treasury and support from our Joint Venture partner and largest shareholder, Denison Mines, the
Company is well positioned and fully funded for additional drilling throughout 2027.
"
Andy Carmichael, VP Exploration, commented: "Drilling at Cyclone has confirmed that the mineralization
intersected during the winter drill program is contained within a much larger zone of structure and
alteration than previously recognized that remains open for at least several hundred meters along strike
in both directions. Drill holes testing unconformity targets over a 650-metre strike length intersected
structure and/or alteration in all drill holes, with several targets that remain to be tested in the immediate
area. In addition to commencement of drilling at the Darby project in the coming days, we have already
begun work on planning an extensive follow up campaign at Murphy Lake North.
"
Summer Drilling Results
The 13-hole, 6,752 metre drill program followed up winter results at the Cyclone trend highlighted by 5.0
metres averaging 0.55% U
3
O
8
(308.5-313.5 metres) in MLN26-013 including a 0.5 metre subinterval of
1.70% U
3
O
8
(310.5-311.0 metres). Summer drilling targeted the Cyclone trend over a 650-metre strike
length extending 400 metres west and 250 metres east of MLN26-013 (Figure 3). All 13 summer drill
holes intersected moderate to strong alteration and/or structure, and several drill holes intersected
intervals of elevated radioactivity (Table 1, Figure 3).
Drilling identified two prominent faults, the N- and S-faults, which are generally located along the northern
and southern edges of the Cyclone graphitic basement unit. The N-fault is the most prominent basement
structure intersected on the project and hosts the zone of strong basement alteration intersected by
winter 2026 drill hole MLN26-017.
Drill holes MLN26-023, -024, -25A, -026, and -028 targeted the N-fault at the unconformity and
intersected moderate to strong alteration and faulting in the sandstone and/or basement including
intervals of hydrothermal hematite. Most of these drill holes also intersected alteration and faulting above
the interpreted location of the S-fault. Pending assay results will guide further exploration. The N-fault
remains untested at the unconformity west of MLN26-028 and east of MLN26-025 (Figure 3).
Drill holes MLN26-019 and -027 targeted the S-fault at the unconformity. Both holes undershot the target
and intersected the fault in the basement. The S-fault remains untested at the unconformity and is
interpreted to join the N-fault west of the 2026 drilling area (Figure 3).
Drill hole MLN26-020C1 targeted the zone of strong basement alteration intersected by MLN26-017.
Assay results received after the start of summer drilling indicate the zone is strongly enriched in uranium
pathfinder elements including Ni and Co, similar to the MLN26-013 mineralization. MLN26-020C1
extended the basement alteration zone 36 m to the east and intersected enrichment of a similar suite of
pathfinder elements. This zone remains open down dip and down plunge of MLN26-017.
Next Steps
With C$16 million the treasury, the Company remains well-funded for a significant follow up winter
campaign at Murphy Lake North. Immediate follow up targets include the uranium pathfinder element
enriched basement alteration zone intersected by MLN26-017 and MLN26-020C1, the S-fault, and the
strike extensions of the N-fault. Additionally, the Company expects to announce commencement of
drilling at the Darby and Aurora projects in the coming days.
Table 1 – MLN Summer 2026 Radioactive Intersections
Hole
From
(m)
To
(m)
Length
(m)
Radioactivity
(CPS)
1,2
Comment
Location
MLN26-018A
351.0
351.2
0.2
315
Hematitic/chloritic fault
3200E
MLN26-024
327.4
327.5
0.1
250
Strongly altered basal sandstone
3100E
MLN26-026
336.5
337.0
0.5
340
Argillized/hematitic basement
3000E
MLN26-026
379.2
379.6
0.4
340
Hematitic basement structure
3000E
MLN26-027
348.2
348.3
0.1
320
Argillized/hematitic basal sandstone
3450E
MLN26-029
360.9
361.0
0.1
275
Argillized upper basement
3150E
MLN26-030
348.7
349.0
0.3
300
Hematitic/limonitic fracture
3300E
1 – Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer
2 – Measurements of total gamma from drill core are an indication of uranium content but may not correlate with chemical assays
About Murphy Lake North
MLN covers a portion of the Larocque Lake trend and is located 3 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 metres of basement hosted uranium mineralization within a broader zone of
strong structure and alteration at the Cyclone trend.
Figure 1 – Cosa's Eastern Athabasca Uranium Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/314119_991cc48494e868fb_003full.jpg
Figure 2 – Murphy Lake North Project Overview
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/314119_991cc48494e868fb_004full.jpg
Figure 3 – Cyclone 2026 Drilling Area Plan View
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/314119_991cc48494e868fb_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 2025, the Company entered a transformative strategic collaboration with Denison (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.
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. Basement and lower sandstone
sections from most historical drill holes were relogged in 2024 and 2025 by Cosa.
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 selected previous
interpretations.
Anomalous radioactivity in drill core was measured by removing intervals of drill core to an area of
background radioactivity and scanning it with an RS-125 handheld spectrometer to determine average
CPS. Sampling of mineralized zones was completed by collecting half-core splits with intervals that align
with radioactive measurement intervals. Samples were transported to SRC Geoanalytical Laboratories
(SRC) in Saskatoon, Saskatchewan (ISO/IEC 17025:2005 accredited) for U
3
O
8
assay and multielement
analysis. Cosa inserts certified reference material (CRM) blanks and standards into the split core
sample series as a QA/QC measure. SRC conducts a QA/QC programme which includes repeat
analyses and insertion of CRM standards CAR218, BL4A, and BL2A. SRC's CRM results are verified
by Cosa staff. U
3
O
8
assay results are compared to RS-125 handheld scintillometer readings and
downhole gamma probe results to verify chemical assays and measured radioactivity align.
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.
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