Cosa Intersects up to 1.7% U3O8 Within Interval of 5.0 m of 0.55% U3O8 at Murphy Lake North Joint Venture with Denison Mines
Cosa Intersects up to 1.7% U3O8 Within
Interval of 5.0 m of 0.55% U3O8 at Murphy Lake
North Joint Venture with Denison Mines
Vancouver, British Columbia--(Newsfile Corp. - May 26, 2026) -
Cosa Resources Corp. (TSXV:
COSA) (OTCQB: COSAF)
(FSE: SSKU)
("
Cosa
" or the "
Company
") is pleased to report that
chemical assays confirm previously-announced radioactive intersections include up to 1.7% U
3
O
8
within
a broader interval of 5.0 metres of 0.55% U
3
O
8
at the Company's Murphy Lake North ("
MLN
") project.
Muphy Lake North 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, in the eastern Athabasca Basin, Saskatchewan. Cosa is the project operator and
holds a 70% interest with Denison holding a 30% interest.
Highlights
Uranium mineralization confirmed in three holes featuring a best intercept in MLN26-013 of 5.0
metres averaging 0.55% U
3
O
8
including 0.5 metres 1.7% U
3
O
8
along the Cyclone trend
The 5.0 metre uranium intersection in MLN26-013 also contains 4.1% nickel and 1.7% cobalt,
consistent with multiple polymetallic eastern Athabasca uranium deposits including Cigar Lake,
Key Lake, and Hurricane
Uranium mineralization is shallow at 265 metres depth and remains open along strike for 600
metres to the west and 600 metres to the east
Joint Venture is in final stages of planning its largest drill program to date to follow up these results
Keith Bodnarchuk, President and CEO, commented: "
This is a significant result for Cosa, with the
assays confirming that Cyclone hosts uranium mineralization comparable to discovery intersections
from multiple Athabasca uranium deposits. The Cyclone trend is an extensive corridor of strong
structure and alteration that now features uranium mineralization that is open along strike for 600
metres in both directions. We expect to update the market in the coming days with plans for our
largest drill program to date as a company. We appreciate the continued support and participation
from our largest shareholder and Joint Venture partner Denison, and we have never been more
excited to return to site and resume drilling."
Andy Carmichael, Vice President of Exploration, commented:
"Winter drilling showed that the Cyclone
sandstone alteration patterns, basement lithologies, and faulting are strikingly similar to those at the
nearby Hurricane deposit. Chemical assays indicate that Cyclone uranium mineralization contains
significant quantities of nickel and cobalt, consistent with Hurricane and current- and past-producing
mines like Key Lake and Cigar Lake. We are very encouraged that results have continued to improve
as exploration advances and we are eager to continue follow up both on section and along strike."
Murphy Lake North Geochemical Assays
Chemical assays confirm uranium mineralization is the source of anomalous radioactivity intersected in
three of five winter drill holes at the Murphy Lake North Joint Venture
announced April 13, 2026
(Table 1,
Figures 2 and 3). The strongest uranium mineralization is in MLN26-013, which intersected up to 1.7%
U
3
O
8
over 0.5 metres (310.5 - 311.0 metres) within a broader interval averaging 0.55% U
3
O
8
over 5.0
metres (308.5 - 313.5 metres). Like sandstone hosted uranium deposits such as Hurricane, Key Lake,
and Cigar Lake, the mineralization is polymetallic and includes significant quantities of nickel and cobalt.
The 1.0 metre mineralized interval directly below the unconformity in MLN26-016 is immediately north of
the strongest basement faulting intersected at Cyclone and 40 metres north of the nearest hole on
section, suggesting a potential near-miss of the ideal target with significant space for additional
mineralization (Figure 3).
All mineralized intersections remain open along strike for at least 600 metres to the east and 600 metres
to the west.
Table 1 - MLN Assays
Hole
ID
From
(m)
To
(m)
Length
(m)
Radioactivity
(CPS)
1, 2, 3
U
3
O
8
%
Ni
%
Co
%
Orientation
(Azi./Dip)
Location
MLN26-013
306.5
307.0
0.5
>350
0.02
0.09
0.02
166
o
/ -60
o
Section 3200E
and
307.5
308.0
0.5
>1,000
0.25
0.26
0.04
and
308.5
313.5
5.0
>1,000
0.55
4.09
1.73
incl.
310.5
313.0
2.5
>5,000
0.95
4.50
2.29
incl.
310.5
311.0
0.5
>13,000
1.70
6.01
2.50
MLN26-014
278.3
278.8
0.5
350
0.04
0.09
0.04
170
o
/ -75
o
Section 3200E
MLN25-015
No significant radioactivity
000
o
/ -90
o
Section 3200E
MLN26-016
286.5
287.5
1.0
>350
0.04
0.07
0.04
165
o
/ -65
o
Section 3200E
MLN26-017
No significant radioactivity
000
o
/ -90
o
Section 3200E
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
3 - Radioactivity previously released
Next Steps
The Company is currently finalizing summer drill plans which it plans to announce shortly. Drilling is
expected to commence in mid-June.
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/9865/298814_b288d57594534b40_003full.jpg
Figure 2 - Murphy Lake North Project Overview
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/298814_b288d57594534b40_004full.jpg
Figure 3 - Murphy Lake North Section 3200
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/298814_b288d57594534b40_005full.jpg
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 metres of basement hosted uranium mineralization 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.
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 (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.
The Company's primary focus through the remainder of 2026 will be drilling at the Murphy Lake North
and Darby projects in the eastern Athabasca Basin. Drilling at Murphy Lake North will follow up uranium
mineralization within an extensive zone of strong structure and hydrothermal alteration at the Cyclone
trend. Drilling at Darby will follow up on intersections of anomalous geochemistry, structure, and zones of
hydrothermal alteration from both winter 2026 drilling and historical drilling.
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 0.5 metre intervals of drill core to an
area of background radioactivity and scanning it with an RS-125 hand held spectrometer to determine
average CPS. Sampling was completed by collecting half-core splits measuring 0.5 metres in length
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 hand held
scintillometer readings and down hole 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/298814