
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce its summer exploration plans for its portfolio of Athabasca Basin uranium projects.
Highlights
Cosa Resources (CSE:COSA) advances five uranium projects comprising more than 100,000 hectares of land within or proximal to Saskatchewan’s Athabasca Basin. Each project captures portions of highly prospective northeast trending uranium corridors and district-scale structural corridors, such as the Cable Bay and Grease River Shear Zones and the Larocque Trend.
Supported by a team of technically focused and successful geologists and mining executives, Cosa believes that a combination of new ideas and aggressive exploration in underexplored areas has the potential to yield the next Tier 1 uranium discovery.
Cosa has strategically assembled a management team with a history of success in the Athabasca Basin. With well over a century of combined uranium experience, Cosa’s management team has been involved with several uranium discoveries in recent years. Chairman Steve Blower was part of the discovery team behind 92 Energy’s Gemini zone, IsoEnergy’s Hurricane deposit, and Denison’s Gryphon deposit. For his role in the Hurricane discovery, he was co-recipient of the AME 2022 Colin Spence Award for excellence in global mineral exploration, alongside fellow Cosa team members Andy Carmichael, Justin Rodko and Craig Parry.
This Cosa Resources profile is part of a paid investor education campaign.*
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Cosa Resources (TSXV:COSA, OTCQB:COSAF, FSE:SSKU), is a Vancouver-based uranium exploration company with a portfolio of highly prospective assets in Saskatchewan’s Athabasca Basin region.
Cosa’s portfolio of uranium projects comprises more than 160,000 hectares of land within or proximal to Saskatchewan’s Athabasca Basin. Each project captures portions of highly prospective northeast trending uranium corridors and district-scale structural corridors, such as the Cable Bay and Grease River Shear Zones and the Larocque Trend.
The Athabasca Basin region is well known for hosting some of the world’s largest and highest-grade uranium deposits within these prominent and continuous magnetic low corridors; examples include Cameco’s McArthur River mine and IsoEnergy’s Hurricane deposit. Cosa’s projects are considered underexplored and boast strong potential to host world-class uranium deposits.
Supported by a team of technically focused and successful geologists and mining executives, Cosa believes that a combination of new ideas and aggressive exploration in underexplored areas has the potential to yield the next Tier 1 uranium discovery.
Left to Right: Steve Blower, Andy Carmichael, Craig Parry, and Justin Rodko.
Recipients of the AME Colin Spence Award for 2022.
Cosa has strategically assembled a management team with a history of success in the Athabasca Basin. With well over a century of combined uranium experience, Cosa’s management team has been involved with several uranium discoveries in recent years. Chairman Steve Blower was part of the discovery team behind 92 Energy’s Gemini zone, IsoEnergy’s Hurricane deposit, and Denison’s Gryphon deposit. For his role in the Hurricane discovery, he was co-recipient of the AME 2022 Colin Spence Award for excellence in global mineral exploration, alongside fellow Cosa team members Andy Carmichael, Justin Rodko and Craig Parry.
With the world's shift away from fossil fuels, nuclear power has been gaining popularity in recent years. As of now, there are around 440 nuclear reactors globally, consuming roughly 62,500 tonnes of uranium (tU) per year, and the demand for the metal is only growing as more reactors come online. This has created a consistent and growing need for new sources of uranium to keep up with the increasing demand.
This rise in long-term demand for uranium has resulted in a growing spot price, reaching US$53.20 in September 2023, an increase of 14.72 percent from the previous month and 29.92 percent from last year. Given the current geopolitical climate in pursuit of cleaner power and reduced carbon emissions, nuclear power has become increasingly popular as an alternative to fossil fuels. It’s clear that new sources of uranium are necessary to meet the growing demand for the metal, which is now included as one of the Canadian Government’s 31 critical minerals.
In addition to a strong focus on uranium exploration and commitment to ESG practices, Cosa Resources also prioritizes strong corporate governance. The company believes that effective corporate governance is essential for building and maintaining trust with investors and stakeholders, as well as ensuring the long-term success and sustainability of their business. To support this goal, Cosa Resources has established a strong board of directors with diverse backgrounds and expertise. The board provides oversight and guidance on key strategic and operational decisions, and they are responsible for ensuring that the company operates in compliance with all relevant laws, regulations, and ethical standards. Cosa has additional support from Inventa Capital Corporation, a privately held merchant bank that specializes in financing and supporting companies that explore for and develop mineral deposits to fuel and support global energy and technology needs.
Get access to more exclusive Uranium Investing Stock profiles here
Exploring Uranium Assets in the Prolific Athabasca Basin
Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce its summer exploration plans for its portfolio of Athabasca Basin uranium projects.
Highlights
Diamond drilling at Ursa to follow up positive winter drilling results and test second high priority target area
Ambient Noise Tomography (ANT) surveys to prioritize strike at Ursa and follow-up airborne survey results at Orion
Airborne Electromagnetic (EM) and Gravity surveying at Aurora and Orbit to advance these shallow, prospective projects toward drill readiness for 2025
Keith Bodnarchuk, President & CEO, commented: "After a successful winter drill program, we are eager to return to the field and continue exploration at the 100% owned Ursa Project. Alongside summer drilling at Ursa, including following up on the exciting results at drill hole UR-24-03, we will be advancing multiple other projects to drill readiness for 2025. With the completion of our oversubscribed C$6.5 million bought deal financing earlier this year, we are fully funded to complete this work and well positioned to take advantage of a strengthening uranium market by expanding our pipeline of exciting drill targets across many of our highly underexplored uranium projects."
Andy Carmichael, VP of Exploration, commented: "We are planning a busy summer season in the southeastern Athabasca with exploration plans that respond to the encouraging results of initial drilling at Ursa and reflect the discovery potential we see in our Orion, Aurora, and Orbit projects. Completing ANT before resuming drilling at Ursa will improve prioritization of existing targets and potentially highlight new target areas on trend. ANT work at Orion will follow-up the prominent, kilometre-scale sandstone hosted conductivity anomaly identified in 2023 and guide future exploration efforts. Work at Aurora and Orbit will advance these prospective projects towards drill readiness, which, despite being within 25 kilometres of the Key Lake Mill, have seen little to no modern exploration."
Ursa and Orion Ambient Noise Tomography Surveys
Ambient Noise Tomography (ANT) surveying is planned at Ursa and Orion beginning in May (Figures 1 to 3). Cosa expects ANT to prove a rapid, low-cost, low-impact method to evaluate broad areas for prospective structures and alteration zones. Using data collected from a grid of compact, standalone sensors to measure naturally occurring seismic activity, ANT produces a three-dimensional model of subsurface seismic wave velocity. As the Athabasca sandstone is relatively homogenous and seismic wave velocity varies with changes in the host rock, velocity variations can be attributed to post-Athabasca faulting and/or alteration zones characteristic of the region's high-grade uranium deposits. Although ANT is relatively new to the Athabasca Basin, recent exploration drilling in the region targeting ANT anomalies has successfully intersected zones of hydrothermal alteration at depth.
At Ursa, ANT will be deployed over the 27-kilometres of conductive strike length hosting the alteration and structure intersected by UR24-03 at Kodiak, the Kodiak North, Smokey, and Panda West target areas, and all three weakly mineralized historical drill holes within the Project (Figure 2). Cosa anticipates preliminary ANT results will influence Ursa summer drilling planned to begin in August.
At Orion, ANT will follow up a prominent zone of anomalous sandstone conductivity identified by Cosa's 2023 MobileMT™ survey. The 4-kilometre-long, 1.4-kilometre-wide anomaly is coincident with flexures in basement conductive trends (Figure 3). Cosa will use ANT to locate seismic velocity anomalies coincident with the conductivity features and to optimize the locations of ground EM surveying used to generate targets for diamond drilling.
Aurora and Orbit Airborne Surveys
Cosa will complete comprehensive airborne electromagnetic (EM) and gravity surveys to advance its Aurora and Orbit properties toward drill readiness for 2025 (Figure 4). EM surveying will be completed by Geotech Ltd.'s helicopter borne VTEM™ Plus system with the objective of identifying basement-hosted conductivity anomalies consistent with prospective graphitic structures and/or large zones of hydrothermal alteration. Gravity surveying will be completed by Xcalibur Multiphysics's Falcon® Airborne Gravity Gradiometer system (AGG) with the objective of identifying gravity anomalies consistent with large zones of hydrothermal alteration and to improve the understanding of basement geology. Top priority drill targets would be gravity low anomalies coincident with basement-hosted conductive features. Airborne surveys commenced in early May.
Ursa Diamond Drilling
Planning is ongoing for summer diamond drilling at Ursa. Drilling is expected to include following-up the broad zone of hydrothermal alteration and post Athabasca structure intersected well above the unconformity by drill hole UR24-03 (Figure 5; see Cosa news release dated April 24, 2024) as well as initial drill testing of a second target area. It is anticipated that ANT survey results will be used to influence drill strategy and targeting.
Figure 1 – Cosa's Portfolio of Athabasca Basin Region Uranium Exploration Properties
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Figure 2 – Ursa ANT Survey Areas over 2023 MobileMT™ Results
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Figure 3 – Orion ANT Survey Area at over 2023 MobileMT™ Results
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Figure 4 – Aurora and Orbit Airborne Survey Areas
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Figure 5 – Cross Section of the Kodiak Target Area (Looking Northeast)
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About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
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 Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at our 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. 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. Initial drilling results from Ursa in winter 2024 are positive and include the intersection of a broad zone of alteration with associated structure in the Athabasca sandstone located 250 to 460 metres above the sub-Athabasca unconformity. Follow-up is planned in the second half of 2024.
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.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
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.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208453
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Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce the completion of the winter 2024 diamond drilling program at its 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property").
Highlights
Three holes totalling 3,438 meters completed at the Kodiak target area
Drill hole UR24-03 intersected structures, hydrothermal alteration and minor sulphide mineralization in the Athabasca sandstone several hundred metres above the unconformity
High-strain ductile basement fabrics with late brittle overprint were identified
Sufficient supplies and equipment have been mobilized to conduct an expanded summer program
Keith Bodnarchuk, President and CEO, commented: "Congratulations to Andy and the entire team for safely and effectively completing our inaugural drill program at the 100% owned Ursa project. To intersect encouraging structure and alteration with an initial drill program is a tremendous technical success at such a large and under-explored Project. With the completion of our over-subscribed bought deal financing for $6.5 million in March, we are fully funded for our upcoming summer exploration program consisting of drilling and target refinement at Ursa, while also advancing multiple other projects to drill readiness for 2025. We are eager to have the drill turning again this summer and to continue building off of these encouraging initial results."
Andy Carmichael, VP of Exploration, commented: "Having intersected clear evidence of post-Athabasca structure and hydrothermal alteration, initial drilling results at Ursa exceed our expectations and have upgraded the Kodiak target area and the Project overall. Drill hole UR24-03, the third and final of the program, intersected a broad zone of sandstone alteration containing dravitic structures and sulphides. As structurally controlled dravite and sulphide alteration occur proximal to several Athabasca uranium deposits, these results present a compelling follow-up target for the upcoming summer drilling season. Prior to resuming drilling, we plan to deploy an extensive Ambient Noise Tomography (ANT) survey to assist with strike prioritization and generate additional target areas. We look forward to updating the market with complete summer exploration plans at Ursa and our other projects in the near-term. Finally, we thank Bryson Drilling for their safe and efficient performance on Cosa's inaugural drill program."
Diamond Drilling at Ursa
Three drill holes totalling 3,438 metres were completed during winter 2024 to assess the Kodiak target area for the presence of structure and hydrothermal alteration characteristic of large unconformity-related uranium deposits of the Athabasca Basin. Kodiak is characterized as a complex zone of basement conductivity with several conductors identified by ground-based Stepwise Moving Loop Transient Electromagnetic (SWML-TEM) surveying proximal to a sandstone-hosted conductivity anomaly defined by airborne MobileMT™ surveying. Immediately down-ice of Kodiak are overlapping zones of anomalous illite, uranium, and boron concentrations as defined by historical boulder sampling work (Figure 2 - see Cosa's news released dated March 4th, 2024).
Drill hole parameters are presented in Table 1, and drill hole locations are shown in plan and cross section in Figures 2 and 3, respectively.
Table 1 — Winter 2024 Diamond Drill Hole Parameters
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UR24-01
Drill hole UR24-01 was designed to test a modelled subvertical SWML-TEM conductor proximal to a sandstone conductivity anomaly from the 2023 MobileMT™ survey results. Minor structures and alteration were intersected in the sandstone including a weak breccia with dravite infill from 982.9 to 984.0 metres. The unconformity was intersected at 1,032.0 metres and basement comprised non-conductive metasediments dipping to the northwest. Brittle reactivation of early ductile structures was observed as quartz-carbonate veining within mylonitized paragneiss.
UR24-02
Drill hole UR24-02 targeted a modelled southeast-dipping conductor 400 metres northwest of the UR24-01 target and evaluated a broad width of sandstone between the two holes for favourable alteration and structure. No anomalous results were intersected in the sandstone. Basement comprises northwest dipping, highly strained, locally graphitic and pyritic augen-textured cordierite pelitic gneisses. Minor structures, including graphitic slips and faults, were intersected and a broad zone of weak to moderate sericitization and argillization extends approximately 110 metres below the unconformity, terminating below a cluster of discrete graphitic faults.
UR24-03
Drill hole UR24-03 was collared 920 metres northwest of UR24-02 and drilled southeast at -70° to evaluate a broad width of sandstone for favourable structure and alteration and to further define basement geology in the Kodiak area. Between 181 and 224 metres are several metre-scale structural zones with fracturing and faulting which are variably bleached, silicified, desilicified, and hematitized. Unaltered and unstructured sandstone followed to 536 metres (Figure 4).
A broad zone of anomalous structure and hydrothermal alteration from 536 to 728 metres is pervasively bleached (Figure 5) and hosts fracture- and fault-controlled sulphides, clay, dravite, chlorite, siderite, drusy quartz, and silicification. Minor structures are common in this interval and include slickensided surfaces and faulting (Figures 3 and 6). Notably, from 713.5 to 756 metres are several occurrences of massive to semi-massive dravite including dravite-filled veinlets and breccias comprising bleached and/or hematitized sandstone fragments set in a dravite matrix (Figures 7 and 8). Alteration associated with the dravitic structures is variable and includes drusy quartz, hydrothermal hematite, magnetite, siderite, and sulphides. Below 756 metres, only minor alteration and structure were intersected to the sub-Athabasca unconformity at 1033.5 metres. Basement in UR24-03 comprises high-strain, cordierite-augen pelitic gneiss and lesser semipelitic gneiss. Intermittent sericite alteration is present throughout the basement with intervals of minor graphitic faulting between 1074.5 and 1100.0 metres.
The intersection of a broad zone of structure and hydrothermal alteration in the medial sandstone of UR24-03, including sulphides and dravitic breccia, is considered highly encouraging and has validated the Company's target area selection and drilling strategy. The UR24-03 alteration zone was intersected 250 to 460 metres vertically above the sub-Athabasca unconformity. The down-dip projection of the dravitic zone to the unconformity, located 150 metres northwest of the UR24-03 unconformity intercept, represents a compelling follow-up target for the upcoming summer drilling program.
Next Steps
Additional work is warranted at the Kodiak target area and throughout the Project. All geochemical and most clay spectroscopy results remain pending, and these results will influence follow-up at Kodiak.
To aid in strike prioritization, the evaluation of existing target areas, and the generation of new target areas, Cosa is planning an extensive Ambient Noise Tomography (ANT) survey at Ursa covering the 27-kilometres of conductive strike which hosts the Kodiak, Kodiak North, Smokey, and Panda West target areas (Figure 1). This conductive trend also hosts all three of the weakly mineralized historical drill holes on the Project. ANT has only recently been deployed in the Athabasca Basin and initial results suggest it may be an effective tool for defining large zones of hydrothermal alteration at depth, potentially representing a relatively cost-effective alternative to conventional strike prioritization tools such as DC-Resistivity surveys.
Cosa is also pleased to report that during winter drilling operations the Company utilized the winter access trail to mobilize sufficient fuels, equipment, and supplies to Ursa to conduct the planned ANT surveys and summer drilling with minimal aircraft support.
Figure 1 — Ursa Target Areas Defined by 2023 MMT Survey over Basement Conductivity Model (100 metres Below the Unconformity)
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Figure 2 — Kodiak Target Area with Historical Boulder Sampling Results over Basement Conductivity Model (100 metres Below the Unconformity)
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Figure 3 — Cross Section of the Kodiak Target Area, (Looking Northeast)
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Figure 4 — Example of Unaltered Sandstone from UR24-03 (464.4 - 482.1 metres)
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Figure 5 — Pervasively Bleached Sandstone from UR24-03 (553.7 - 571.3 metres) 450 metres above the sub-Athabasca Unconformity (Figure 6 Area Shown in Green)
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Figure 6 — Slickesided Sandstone Hosting Dravite and Sulphides from UR24-03 (567.5 m, highlighted in Figure 5)
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Figure 7 — Dravitic Stuctures from UR24-03 (713.5 to 715.0 metres), with Detail
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Figure 8 — Dravitic Breccia with Hydrothermal Hematite, Magnetite, and Pyrite from UR24-03 (752.3 m)
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About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
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 Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at our 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. 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. Initial drilling results from Ursa in winter 2024 are positive and include the intersection of a broad zone of alteration with associated structure in the Athabasca sandstone located 250 to 460 metres above the sub-Athabasca unconformity. Follow-up is planned in the second half of 2024.
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.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
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.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
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Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that it has closed the brokered private placement previously announced by the Company on February 12, 2024, as upsized on February 13, 2024, for aggregate gross proceeds of C$6,500,816 (the "Offering"). The Offering was completed through a syndicate of underwriters, led by Haywood Securities Inc. and including PI Financial Corp. (collectively, the "Underwriters").
Pursuant to the Offering, the Company issued 2,128,000 units of the Company (the "Hard Dollar Units") at a price of C$0.47 per Hard Dollar Unit and 7,704,000 charity flow-through units of the Company (the "Charity FT Units", and together with the Hard Dollar Units, the "Units") at a price of C$0.714 per Charity FT Unit.
Each Hard Dollar Unit consists of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Charity FT Unit consists of one Share of the Company that qualifies as a "flow-through share" within the meaning of the Income Tax Act (Canada) and will qualify as an "eligible flow-through share" as defined in The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) and one-half of one Warrant.
Each Warrant entitles the holder to purchase one Share (a "Warrant Share") at an exercise price of C$0.67 until March 5, 2026, subject to an acceleration provision whereby, if for any ten consecutive trading days, the closing price of the Shares exceeds $1.20 per Share on the TSX Venture Exchange, the Company may announce by way of press release that the expiry date of the Warrants will be accelerated to 30 days thereafter.
The gross proceeds from the sale of the Charity FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada), and to incur "eligible flow-through mining expenditures" pursuant to The Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan) (collectively, the "Qualifying Expenditures") related to the Company's uranium projects in the Athabasca Basin, Saskatchewan, on or before December 31, 2025. All Qualifying Expenditures will be renounced in favour of the subscribers of the Charity FT Units effective December 31, 2024. The net proceeds from the sale of the Hard Dollar Units will be used to fund exploration and for additional working capital purposes.
In consideration for the services provided by the Underwriters in connection with the Offering, on closing the Company: (i) paid to the Underwriters a cash commission equal to 5.0% of the gross proceeds of the Offering, other than in respect of Units issued to certain purchasers on a president's list agreed upon by the Company and the Underwriters (the "President's List"), in which case the commission in respect of such issuance was equal to 3.0%; and (ii) issued compensation options of the Company (the "Compensation Options") to the Underwriters to acquire that number of common shares in the capital of the Company (each a "Compensation Option Share") which is equal to 6.0% of the number of Units sold under the Offering, other than in respect of Units issued to purchasers on the President's List, in which case the Company did not issue any Compensation Options. Each Compensation Option entitles the holder to acquire one Compensation Option Share until March 5, 2026, at an exercise price of C$0.47.
Taylor Collison Limited acted as a special financial advisor to the Company with respect to the Offering.
The Company welcomes CQS (UK) LLP, as investment manager for both CQS Natural Resources Growth and Income PLC and Geiger Counter Limited, as a new insider of the Company.
The securities issued and made issuable pursuant to the Offering are subject to a hold period expiring on July 6, 2024.
Directors and officers of the Company subscribed for an aggregate of 120,500 Hard Dollar Units for gross proceeds of $56,635 under the Offering. Participation by insiders of the Company in the Offering constitutes a related-party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance of these securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 as the common shares of the Company are listed on the TSX Venture Exchange. The issuance of these securities is also exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101 as the fair market value was less than $2,500,000.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Cosa Resources
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 200,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
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 Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at their 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. 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.
For further information on Cosa Resources, please contact:
Keith Bodnarchuk, President & CEO
Tel: +1 888-899-2672 (COSA)
Email: info@cosaresources.ca
Website: www.cosaresources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Cosa expects or anticipates will or may occur in the future including the intended use of proceeds of the Offering and the tax treatment of the Charity FT Units.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of metals; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the future tax treatment of the Charity FT Units, competitive risks and the availability of financing; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of potential health epidemics, pandemics or other outbreaks of communicable diseases; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce that following completion of ground-based geophysical surveying, the Company has commenced diamond drilling at its 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property").
Highlights
Up to 3,000 metres of drilling planned to evaluate the highly prospective Kodiak target area
Interpretation of historical boulder geochemistry survey results identified large illite, uranium, and boron anomalies down-ice of the Kodiak target area
Mobilization of additional fuel and supplies to facilitate larger spring and summer drill program is underway
Keith Bodnarchuk, President and CEO, commented: "After months of assembling an industry-leading exploration team and a portfolio of prospective and underexplored uranium projects, we are thrilled to announce Cosa's inaugural drill program at our 100% owned Ursa Project is underway. We want to thank our stakeholders, shareholders, and supporters for their enthusiasm as we work towards our goal of discovering the Athabasca Basin's next major uranium deposit. With the close of our $6.5 million financing expected soon, we are ready to begin testing targets at Ursa while advancing multiple other key projects towards drill readiness. The additional funding will also allow us to expand summer drilling at Ursa where warranted. We look forward to updating the market on exploration results."
Andy Carmichael, VP of Exploration, commented: "We would like to thank Accurate Industries, Bryson Drilling, Matrix Camps, and Athabasca Catering for their valued contributions to getting this drill campaign underway under difficult winter conditions. The recently completed ground geophysical survey confirmed quality basement conductors are present in target areas identified from the Property-wide 2023 MobileMT survey. Compilation of historical data has identified geochemical anomalies in boulders down-ice of several of Cosa's geophysically-driven target areas. We are excited to be drilling this large and prospective Project."
Diamond Drilling at Ursa
Up to 3,000 metres of diamond drilling is planned at Ursa this winter. The objective of drilling is to complete first pass testing in one or two of the eleven target areas identified from Cosa's 2023 MobileMT survey (see Cosa's news release dated November 1st, 2023). Six initial target areas were followed-up with ground-based Stepwise Moving Loop Transient Electromagnetic (SWML-TEM) surveying in late 2023 and early 2024 to refine basement conductor locations for drill targeting (Figure 1).
Cosa's drilling strategy is to test for the presence of structure and hydrothermal alteration typical of the Athabasca Basin's high-grade unconformity-related uranium deposits. As the sandstone expressions of these features are extensive vertically and along strike but narrow across strike, drilling will be completed at relatively shallow inclinations (-70 to -75 degrees) to maximize the width evaluated across strike. Drilling will be proximal to EM conductors that may reflect structurally reactivated graphitic basement rocks typically associated with Athabasca uranium deposits. Intersections of favourable alteration and/or structure would warrant follow-up and upgrade the tested target area and its along-strike extensions.
Kodiak
Drilling will begin in the Kodiak area where SWML-TEM surveying mapped a clear, basement-hosted EM conductor adjacent to a zone of anomalous sandstone conductivity identified by the 2023 airborne MobileMT™ survey. In addition to this favourable geophysical signature, a 12-kilometre-long by up to 4-kilometre-wide boulder illite anomaly upgrades the prospectivity of the target area, suggesting the presence of a large-scale hydrothermal alteration zone extending to the top of bedrock (Figure 2). Illitic alteration is commonly associated with Athabasca unconformity-related uranium deposits such as Hurricane and Cigar Lake, forming a halo in the sandstone much broader than the mineralization. Overlapping the illite anomaly are coincident, 7-kilometre long by up to 2-kilometre-wide uranium and boron anomalies. Ice flow direction indicators suggest the bedrock source lies to the northeast; as overburden in the area is relatively thin, the source of the anomalous boulders is interpreted to lie within the Project.
Other Target Areas
Geophysical processing and modelling of the ground EM survey results is ongoing for the Grizzly, Bruin, Smokey, and Panda West target areas. Depending on initial results and weather conditions, Cosa may begin drill testing an additional target area in the current program.
Next Steps
Drilling results, including geochemical assays and clay spectroscopy of core, will guide a larger drill program planned for spring and summer 2024. The Company is considering and coordinating further geophysical work to be conducted in spring and early summer of 2024. In conjunction with the pending interpretations of ground SWML-TEM survey results, this work will aid summer drill targeting.
Concurrent with ongoing drilling operations, Cosa is utilizing the winter access trail to mobilize equipment, fuel, and supplies required to complete summer drilling and geophysical surveys. This investment in planned summer work will streamline summer operations costs by significantly reducing the need for aircraft support.
Figure 1 - Ursa Target Areas Defined by 2023 MMT Survey over Basement Conductivity Model (100 metres Below the Unconformity)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/200265_772f720d14f3d9ca_003full.jpg
Figure 2 - Kodiak Target Area with Historical Boulder Sampling Results over Basement Conductivity Model (100 metres Below the Unconformity)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/200265_772f720d14f3d9ca_004full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
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 Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at our 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. 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.
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 neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
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.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200265
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Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce the acquisition of the 100% owned Cosmo uranium property in the eastern Athabasca Basin, Saskatchewan ("Cosmo" or the "Property").
Highlights
12 contiguous mineral dispositions totalling over 9,300 hectares with no encumbrances acquired via low-cost staking
Cosmo captures 18 kilometres of prospective magnetic low strike-length with no prior drilling
Mobilization for Cosa's initial diamond drilling program at the Ursa Project is nearing completion
Keith Bodnarchuk, President and CEO, commented: "With the successful acquisition of Cosmo, we continue to strengthen our portfolio of prospective and under-explored uranium projects in the Athabasca Basin. As the clean energy revolution builds momentum, projects with sufficient size and the right geological framework are becoming more difficult to acquire. We look forward to advancing Cosmo to drill testing given the proximity to known mineralization on trend and the project's location close to existing infrastructure."
Andy Carmichael, VP of Exploration, commented: "Historically, the Mudjatik domain was considered less prospective than other parts of the eastern Athabasca Basin and so received far less exploration attention. The discovery of the Hurricane deposit in 2018 proved the Mudjatik is highly prospective and revitalized exploration of this previously undervalued domain. Cosmo's 18 kilometres of Mudjatik magnetic low has never seen a modern ground geophysical survey or a single drill hole and represents an excellent exploration prospect proximal to the mining and milling infrastructure of the eastern Athabasca."
The Cosmo Property
Cosmo comprises 12 claims totaling 9,308 hectares in the eastern Athabasca Basin and is located 36 kilometres west of the Hurricane Deposit and 58 kilometres north of the Cigar Lake Mine (Figure 1). Provincial Highway 905 passes within seven kilometres of the Property and a network of trails and a provincial powerline pass through the Property (Figure 2).
Cosmo covers 18 kilometres of curvilinear magnetic low strike length interpreted to represent favourable metasediments. Historical exploration was limited to a 1979 lake sediment sampling program and a 2007 airborne geophysical survey. While no drilling is known within the Property, historical drilling located 13 to 25 kilometres along strike to the east intersected several intervals of weak uranium mineralization, including 0.20% U3O8 over 1.2 metres in drill hole BL-14-20 (549.9 - 551.1 m).
Next Steps
Cosa anticipates initial work will include electromagnetic (EM) surveying to define target areas within the Property. Given the ease of access and proximity to known mineralization along strike, positive results would warrant aggressive follow up work including ground EM and diamond drilling.
Other News
Despite unseasonably warm conditions, mobilization of drilling equipment, supplies, and personnel to Cosa's Ursa Project is ongoing and is nearing completion. Diamond drilling is expected to commence immediately thereafter. Additionally, Keith Bodnarchuk, CEO, and Justin Rodko, Corporate Development Manager, will be attending PDAC in Toronto, Ontario from March 3rd to 6th 2024 and will be available for meetings.
Figure 1 — Cosa's Portfolio of Athabasca Basin Region Uranium Exploration Properties
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/198662_9315bce244fec916_003full.jpg
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/198662_9315bce244fec916_004full.jpg
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 209,000 ha across multiple projects in the Athabasca Basin region, all of which are underexplored, and the majority reside within or adjacent to established uranium corridors.
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 Mines' Gryphon deposit and 92 Energy's Gemini Zone and held key roles in the founding of both NexGen and IsoEnergy.
Cosa's primary focus through 2024 is initial drilling at their 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. 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.
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 neighboring properties in which the Company has no interest. Mineralization on those neighboring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Cautionary Statements
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.
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: the exploration, development, and production at the Company's mineral projects.
Forward‐looking statements and forward‐looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of the Company, future growth potential for the Company and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of uranium and other commodities; no escalation in the severity of public health crises; costs of exploration and development; the estimated costs of development of exploration projects; the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward‐looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company's dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company's mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict around the world; general economic factors; and the factors identified under the caption "Risk Factors" in the Company's management discussion and analysis and other public disclosure documents.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198662
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In the current strong market dynamic for uranium, Skyharbour Resources is a compelling investment opportunity driven by its large portfolio of exploration assets in Canada’s most prolific uranium district in the Athabasca Basin.
Nuclear energy is a key driver in the transition to net zero, offering clean, reliable, and secure power to meet global electricity demand, which is expected to grow by 50 percent in 2040.
Skyharbour Resources (TSXV:SYH,OTCQX :SYHBF,FWB:SC1P) is strategically positioned to support this growing demand through its high-grade uranium projects. As a leading uranium exploration company, Skyharbour partners with industry stakeholders to advance projects that contribute to the secure and sustainable energy future nuclear power promises.
Skyharbour has launched its winter drill program at the Russell Lake uranium project, initiating its planned 16,000–18,000 metre campaign across 35–45 holes at its co-flagship Russell Lake and Moore projects. A total of 11,000 to 12,000 metres will be drilled at Russell Lake, along with an additional 5,000 to 6,000 metres at Moore Lake in 2025. This initial phase at Russell will focus on exploring the project’s significant upside potential, leveraging its widespread uranium mineralization and favorable geology for large, high-grade Athabasca Basin uranium deposits.
This project covers an area of 35,705 hectares, located in the eastern Athabasca Basin near existing infrastructure with known high-grade uranium mineralization and significant discovery potential. Skyharbour acquired the project from Denison Mines (TSX:DML), a large strategic shareholder of the company. The project can be easily accessed year-round via winter and ice roads, streamlining logistics and reducing expenses. During the summer months, a significant portion of the property remains accessible as well. The property has been the subject of extensive historic exploration with over $50 million in expenditures, and over 140,000 meters of diamond drilling completed historically.
Moore hosts high-grade uranium mineralization at the Maverick zones. Over the past few years, Skyharbour Resources has conducted diamond drilling programs, resulting in the intersection of high-grade uranium mineralization in numerous drill holes along the 4.7-kilometer-long Maverick structural corridor. Some of the high-grade intercepts include:
Merely 50 percent of the total 4.7-kilometer promising Maverick corridor has undergone systematic drilling, indicating significant discovery potential both along its length and within the underlying basement rocks at depth. Skyharbour completed a 2024 winter drill program which consisted of 2,800m of drilling at the project which focused on infill/expansion drilling at the Main Maverick Zone. Assay results from the program intersected 5 metres of 4.61 percent U3O8 from a relatively shallow downhole depth of 265.5 metres to 270.5 metres including 10.19 percent U3O8 over 1 metre at the Main Maverick Zone from hole ML24-08. The Company recently received the remaining assay results from its late 2024 diamond drilling program, which totaled 2,759 metres in nine holes. Of the nine holes, four holes (ML24-10 to -12 and ML24-18) focused on the Main Maverick Zone and five holes (ML24-13 to -17) on the Maverick East Zone. The primary objective of the summer program was to extend and expand the boundaries of the Main Maverick and Maverick East Zones with all but one hole successfully intersecting uranium mineralization. Drill hole ML24-15 which intersected 6.4 m of 1.50% U3O8 successfully expands the Maverick East zone over 40 metres along strike to the northeast with more drilling warranted in the area.
Skyharbour is planning for an additional, fully-funded 4,500 – 5,000 metres of drilling at the Main Maverick and Maverick East Zones to further expand, characterize and define the extents of the mineralized zones.
Apart from the Maverick Zone, diamond drilling in various other target areas has encountered multiple conductors linked with notable structural disturbances, robust alteration, and anomalous concentrations of uranium and associated pathfinder elements.
The Russell Lake project is a large, advanced-stage uranium exploration property spanning 73,314 hectares, strategically positioned between Cameco’s Key Lake and McArthur River projects. Skyharbour has completed its earn-in requirements for an option agreement with Rio Tinto and has now acquired 57.7 percent ownership interest in the Russell Lake project.
The project is adjacent to Denison’s Wheeler River project and Skyharbour’s Moore uranium project. It is supported by excellent infrastructure in terms of highway access as well as high-voltage power lines. The project has undergone a significant amount of historical exploration which includes over 95,000 meters of drilling in over 220 drill holes. The exploration identified numerous prospective target areas and several high-grade uranium showings as well as drill hole intercepts.
The property hosts several noteworthy exploration targets, including the Grayling Zone, the M-Zone Extension target, the Little Man Lake target, the Christie Lake target, and the Fox Lake Trail target. Skyharbour completed a 19-hole drilling program totaling 9,595 meters in three phases in 2023. The initial drilling phase encompassed 3,662 meters across eight completed holes at the Grayling Zone, followed by a second phase involving four holes totaling 2,730 meters drilled at the Fox Lake Trail Zone. The third drilling phase involved 3,203 meters across seven holes targeting additional areas within the Grayling Zone.
Drilling at Russell in 2024 was completed in two separate phases with a total of 3,094 metres drilled in six holes. Phase One of drilling resulted in the best intercept of uranium mineralization historically on the property from hole RSL24-02, which returned a 2.5 metre wide intercept of 0.721 percent U3O8 at a relatively shallow depth of 338.1 metres, including 2.99 percent U3O8 over 0.5 metres at 339.6 metres just above the unconformity in the sandstone. The second phase of drilling was recently completed which totalled approximately 4,500 metres, with assays pending.
Skyharbour has recently commenced its 2025 drilling program at the Russell Lake project with a first phase consisting of approximately 5,000 metres to follow up on notable recent exploration success and to test new targets developed by the geological team. The focus for this phase of drilling will be on the Fork and Sphinx targets within the broader Grayling target area, as well as the M-Zone Extension target and the Fox Lake Trail target. This initial winter program will consist of 10 to 12 drill holes, with most of the targets being road accessible and near the exploration camp, bringing the drill costs down.
In addition to being a high-grade uranium exploration and early stage development company, Skyharbour utilizes a prospect generator strategy by bringing in partner companies to acquire interests in some of our secondary projects by funding exploration at these projects and making cash and share payments to Skyharbour over a period of time. This model allows the Company to focus efforts and capital at our core projects which include the Moore Lake and Russell Lake Projects, while having our JV and option partner companies fund and advance our secondary projects.
Skyharbour partner companies include Orano Canada, Azincourt Energy, Thunderbird Resources, Nexus Uranium Corp. (previously Basin Uranium), North Shore Uranium and Terra Clean Energy, advancing the Preston, East Preston, Hook Lake, Mann Lake, Falcon and South Falcon East Projects, respectively. More recently, three new earn-in option agreements have been signed with UraEx Resources at the South Dufferin and Bolt Projects, Hatchet Uranium at the Highway Project, and Mustang Energy at the 914W Project, bringing the total partner companies to nine. Skyharbour now has option agreements that total over CAD $36 million in exploration expenditures, over $20 million in stock being issued and $14 million in cash payments coming into Skyharbour, assuming that these partner companies complete their full earn-ins at their respective projects.
Furthermore, Skyharbour's project portfolio is bolstered by several other 100% owned projects scattered throughout the Athabasca Basin that they can look to option/JV or sell to grow their robust model.
With a background in entrepreneurship, Jordan Trimble has held various positions in the resource industry, focusing on management, corporate finance, strategy, shareholder communications, business development, and capital raising with multiple companies. Prior to his role at Skyharbour, he was the corporate development manager at Bayfield Ventures, a gold company with projects in Ontario. Bayfield Ventures was subsequently acquired by New Gold (TSX:NGD) in 2014. Throughout his career, Trimble has established and assisted in the management of numerous public and private enterprises. He has played a pivotal role in securing significant capital for mining companies, leveraging his extensive network of institutional and retail investors.
Jim Pettit currently serves as a director on the boards of various public resource companies, drawing from over 30 years of experience in the industry. His expertise lies in finance, corporate governance, management and compliance, particularly in the early-stage development of both private and public enterprises. Over the past three decades, he has primarily focused on the resource sector. Previously, he served as chairman and CEO of Bayfield Ventures, which was acquired by New Gold in 2014.
David Cates currently serves as the president and CEO of Denison Mines (TSX:DML). Before assuming the role of president and CEO, Cates was the vice-president of finance, tax, and chief financial officer at Denison. In his capacity as CFO, he played a pivotal role in the company's mergers and acquisitions activities, including spearheading the acquisition of Rockgate Capital and International Enexco. Cates joined Denison in 2008, initially serving as director of taxation before he was appointed CFO. Prior to joining Denison, he held positions at Kinross Gold and PwC with a focus on the resource industry.
Joseph Gallucci was previously a senior manager at a leading Canadian accounting firm. He possesses more than two decades of expertise in investment banking and equity research, specializing in mining, base metals, precious metals, and bulk commodities worldwide. He serves as a senior capital markets executive and corporate director. Presently, Gallucci is the managing director and head of investment banking at Laurentian Bank Securities, where he assumes responsibility for overseeing the entire investment banking practice.
Brady Rak is a seasoned investment professional who has focussed on the Canadian capital markets over his 13-year career at several independent broker dealers including Ventum Financial, Salman Partners and Union Securities. As a registered investment advisor in the private client division of Ventum Financial, Brady has been involved in advising high-net-worth and corporate clients, structuring transactions, raising capital and navigating global market sentiment. Brady graduated from Northwood University with a BBA in Management and holds his Options license.
A recognized geoscientist with decades of experience in uranium exploration and development, Serdar Donmez has played an active role in numerous grassroots and advanced uranium exploration projects in northern Saskatchewan and Zambia. Donmez has an engineering degree in geology and is a registered professional geoscientist with the Association of Professional Engineers and Geoscientists of Saskatchewan. During his 17-year tenure at Denison Mines, Donmez was pivotal in advancing numerous uranium exploration and development projects. He was involved in various capacities with the Phoenix and Gryphon uranium deposits on Denison's Wheeler River project, from initial discovery to the completion of the feasibility study in 2023. As resource geology manager, he was integral to the development of mineral resource estimates and NI 43-101 technical reports for several advanced exploration projects in the Athabasca Basin. Additionally, he was part of a team exploring the application of in-situ recovery mining techniques for high-grade uranium deposits in the Athabasca Basin.
Dave Billard is a geologist with over 35 years of experience in exploration and development, focusing on uranium, gold and base metals in western Canada and the western US. He served as chief operating officer, vice-president of exploration, and director for JNR Resources before its acquisition by Denison Mines. He played a crucial role in the discovery of JNR’s Maverick and Fraser Lakes B zones. Earlier in his career, he contributed to the discovery and development of several significant gold deposits in northern Saskatchewan. Prior to joining JNR, Billard worked as a geological consultant specializing in uranium exploration in the Athabasca Basin. He also spent over 12 years with Cameco Corporation.
Christine McKechnie is a geologist with a specialization in uranium deposits, particularly those hosted in the basement and associated with unconformities in the Athabasca Basin and its vicinity. Throughout her career, she has worked with various companies such as Claude Resources, JNR Resources, CanAlaska Uranium and Cameco, engaging in gold and uranium exploration activities. She completed her B.Sc. (High Honors) in 2008 from the University of Saskatchewan and completed a M.Sc. thesis on the Fraser Lakes Zone B deposit at the Falcon Point project. She also received the 2015 CIM Barlow Medal for Best Geological Paper.
Purpose-built for today’s energy transition, xU3O8 sits at the intersection of technology, finance, and nuclear energy, offering a simplified and transparent alternative to legacy uranium investments amid surging global demand. The xU3O8 token, now accessible on leading global exchanges, is a groundbreaking digital asset that provides direct, efficient exposure to the uranium market.
Uranium.io is a next-generation platform revolutionizing how investors access and trade physical uranium (U3O8). By leveraging blockchain technology, it enables individuals and institutions to directly own and trade uranium, bypassing many of the inefficiencies, opacity and high costs traditionally associated with uranium exposure. Each xU3O8 token represents real, physical uranium stored securely in a regulated depository operated by Cameco, with Archax, a UK-regulated digital asset firm, as the custodian for the physical uranium ensuring transparency and trust in asset backing.
The platform is designed to meet growing investor demand for exposure to uranium, a commodity that is a critical component of the global energy transition. As countries commit to reducing carbon emissions, nuclear energy is increasingly seen as a reliable and scalable source of low-carbon electricity. Governments across North America, Europe and Asia are ramping up their nuclear energy capacities, as part of their net-zero targets. This includes restarting idled reactors, constructing new reactors, and accelerating the development of small modular reactors.
Nuclear power is also emerging as a stable and scalable option for supporting artificial intelligence (AI) data centers, which require massive amounts of electricity to operate. Industry leaders, including Microsoft, have announced nuclear energy investments, and several technology firms have secured long-term agreements for nuclear power.
Like gold and silver before it, uranium is entering a phase of financialization — with physical holding trusts, ETFs, and now platforms like uranium.io offering direct physical uranium ownership via xU3O8, making it more accessible to a wider set of investors.
As traditional financial markets converge with digital innovation, tokenized assets are becoming a preferred vehicle for commodities investing. Uranium.io’s use of the Etherlink blockchain ensures secure, real-time trading with minimal friction — a distinct advantage in an increasingly digitized investment landscape.
Development of the uranium.io platform is led by the team at London-based Trilitech, a group of entrepreneurs and technologists driving blockchain innovations.
With its emphasis on direct fractional ownership and 24/7 worldwide accessibility, xU3O8 is uniquely positioned to serve as the gateway to physical uranium exposure for a global investor base. Alignment with broader energy and digital asset trends makes it a compelling vehicle for those seeking to capitalize on uranium’s strong fundamentals and the disruptive power of decentralized finance.
In July 2025, the company launched its xU3O8 token on KuCoin, MEXC, and Gate.io — ushering in a new era of uranium investment. This simultaneous, multi-platform listing marks a major milestone in the evolution of real-world asset (RWA) tokenization, delivering institutional-grade exposure to uranium markets to a combined audience of over 115 million global traders.
By debuting across multiple top-tier platforms, xU3O8 ensures broad accessibility and liquidity for investors:
Uranium.io is built on a secure, decentralized technology stack that integrates blockchain infrastructure, digital asset custody, and real-world commodity supply — delivering unprecedented access and transparency to the uranium market. The platform bridges traditional commodities trading with Web3 innovation, allowing users to seamlessly acquire, hold and trade physical uranium via xU3O8 tokens.
Uranium.io unveiled the world's first uranium spot pricing oracle, aimed at addressing the price opacity issues in the uranium market. Unlike oil, gold, base metals, and agricultural commodities, uranium pricing has traditionally relied on fragmented, privately negotiated over-the-counter deals, leaving market participants in the dark and creating inefficiencies and uncertainty that limit broad participation.
Uranium.io’s oracle transforms this landscape with:
At the heart of xU3O8’s digital asset engine is the Tezos blockchain, a highly secure, energy-efficient and self-amending Layer 1 protocol. Tezos is uniquely suited to power real-world asset tokenization due to its low transaction costs and energy efficiency; on-chain governance and smart contract flexibility; and enterprise-grade security and decentralization.
Tezos’ track record with real-world assets, including tokenized real estate and art, positions it as an ideal foundation for the secure, scalable digitization of uranium ownership.
To ensure that each xU3O8 token is backed with physical uranium, uranium.io is supported by Archax, a London-based, digital asset custodian and exchange regulated by the Financial Conduct Authority. Archax provides regulated asset custody, KYC/AML-compliant onboarding, and real-time asset reconciliation.
Archax brings institutional-grade governance and accountability to the storage and oversight of physical uranium, ensuring that investor holdings are not just theoretical but physically secured.
Access to physical uranium is facilitated by its partnership with Curzon Uranium, a specialized uranium trading and logistics firm. Curzon acts as the platform’s uranium provider, sourcing, purchasing and delivering uranium from trusted upstream suppliers to secure storage.
Curzon’s decades of experience in uranium procurement adds physical credibility and market depth to the xU3O8 ecosystem — making the platform more than just a digital asset project, but a fully integrated uranium trading platform.
The physical uranium ore concentrate (U3O8) is securely stored at a regulated storage facility, operated by Cameco, one of the three globally recognized uranium conversion and storage providers. For transparency, Proof of Reserves is always available on the website and is updated with monthly statements from Cameco.
Together, Tezos, Archax and Curzon Uranium form the digital, custodial and physical backbone of the uranium.io platform. This trio of technologies and partnerships ensures a secure, compliant and efficient path for investors to gain physical uranium exposure — fractionalized, tokenized and tradable 24/7 on a global scale.
The US is stepping up efforts to expand its strategic uranium stockpile as Washington looks to shield nuclear power from supply risks tied to Russia and bolster domestic output.
Secretary of Energy Chris Wright told Bloomberg on Monday (September 15) that the Trump administration is determined to reduce US dependence on Russian-enriched uranium. It still accounts for about a quarter of the fuel used in America’s 94 nuclear reactors, which generate roughly 20 percent of the nation’s electricity.
“We’re moving to a place — and we’re not there yet — to no longer use Russian enriched uranium,” he said. “We hope to see rapid growth in uranium consumption in the US from both large reactors and small modular reactors. The size of that right buffer would grow with time. We need a lot of domestic uranium and enrichment capacity.”
The concept of a federal uranium reserve is not new. The first Trump administration sought US$150 million in 2020 to begin direct purchases from US producers, though Congress approved only half the request.
Former President Joe Biden later built on the plan, and in 2022 the Department of Energy awarded contracts to companies for hundreds of thousands of pounds of uranium.
Still, inventories of uranium remain thin by global standards.
US utilities hold an average of 14 months of uranium inventory, compared with 30 months in the EU and more than a decade’s worth in China, according to recent data from the International Atomic Energy Agency.
Wright said the department is “furiously at work” to rebuild supply chains and reduce exposure to Moscow, which in late 2024 briefly restricted uranium exports to the US in retaliation for sanctions.
A law signed in May 2024 requires US utilities to phase out Russian uranium by 2028. Wright did not specify how much additional material the reserve should hold, but suggested growth would be calibrated to reactor construction.
On the processing side, the US currently relies on just two commercial enrichment plants.
According to Bloomberg, the larger facility, operated by the Urenco Group consortium in New Mexico, provides fuel for traditional light-water reactors. In Ohio, Centrus Energy (NYSE:LEU) recently began producing high-assay low-enriched uranium, a material required for advanced reactors now under development.
The US push comes as other major powers also move to secure uranium.
China recently announced the discovery of a large uranium deposit in the Tarim Basin at a depth of 1,820 meters, the deepest sandstone-type find on record for the country.
State-owned China National Nuclear said the deposit was identified through deep drilling and geological modeling, and will support Beijing’s effort to reduce imports as it builds out the world’s fastest-growing nuclear fleet.
Sandstone deposits are relatively cheap to exploit, making them attractive for fueling large-scale expansion.
China National Nuclear said the find strengthens its domestic resource base as China seeks to underpin an ambitious nuclear program designed to meet rising electricity demand and cut carbon emissions.
For the Trump administration, its uranium strategy is part of its effort to revive the domestic nuclear industry, which has struggled with high costs and competition from natural gas and renewables.
Recent executive orders from the White House call for strengthening domestic fuel supply chains and investing in workforce development to ensure the sector remains competitive.
While the US once dominated nuclear technology, years of underinvestment left fuel production concentrated in Russia and, to a lesser degree, Europe. Officials now see that dependence as a strategic liability at a time when energy security is increasingly bound up with geopolitical rivalry.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Laramide Resources (TSX:LAM,ASX:LAM,OTCQX:LMRXF) announced that it has identified multiple target areas for a 15,000 meter drill program at its Chu-Sarysu project in Kazakhstan.
Uranium remains the company's primary focus, but the asset is also prospective for rare earths and copper.
“This inaugural exploration program for Laramide in Kazakhstan is targeting high-grade, large-scale uranium deposits, amenable to cost-efficient and environmentally responsible in-situ recovery mining, and within a district that already hosts infrastructure and producing operations, which provides clear cost advantages,” said President and CEO Marc Henderson in a press release shared on Monday (September 15).
Situated in the Suzak District of the South Kazakhstan Oblast, Chu-Sarysu is located in one of Kazakhstan’s main uranium-producing basins. The country accounted for almost 40 percent of global U3O8 production in 2024, with the Chu-Sarsyu and neighboring Syr Darya basins contributing over 75 percent of the nation's output.
Chu-Sasryu is Laramide’s only asset outside the US and Australia, and forms part of Laramide’s three year option agreement to acquire shares of Kazakh company Aral Resources. The agreement closed in December 2024, and Laramide has the option to acquire all of Aral’s shares and gain full ownership of the project.
As part of its efforts, Laramide has compiled a large dataset from Kazakhstan’s state National Geological Services with assistance from local geological contractors over the past year.
“We have found the Kazakhstan Government to be supportive of mineral exploration with policies that encourage foreign investment and streamline permitting,” Henderson added. “This creates a favourable environment for advancing new discoveries that can ultimately contribute to the growing global demand for nuclear fuel.”
Laramide submitted the required exploration work plans to Kazakhstan's Ministry of Industry and Construction this year, and the remaining permits for drilling are currently being finalized.
Phase 1 of drilling is expected to begin toward the end of 2025.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Uranium-related financial instruments, such as ETFs, have outperformed bitcoin this year.
The crypto industry is not just about ETFs and price surges; it's also about tackling real-world market inefficiencies. The launch of Uranium.io's near-real-time uranium pricing oracle is a prime example of that.
Uranium.io, a platform tokenizing Uranium, unveiled its pricing oracle on Tuesday, aimed at addressing the price opacity issues in the uranium market.
Unlike oil, gold, base metals and agri commodities, uranium pricing has long relied on over-the-counter deals – privately negotiated and fragmented transactions that leave market participants in the dark. This absence of a reliable real-time market action gauge has bred inefficiencies and uncertainty, limiting broad-based participation in the market.
Uranium.io's oracle changes the game by aggregating data from dozens of market sources, including spot price feeds, nuclear-sector equities, commodity funds, and related assets.
The proprietary system uses sophisticated algorithms to update uranium spot price estimates every 60 seconds, providing an almost live pricing engine that mirrors the complex dynamics of uranium fluctuations.
"While uranium itself trades privately, its value is constantly being priced in public markets through related assets like uranium ETFs, mining stocks, and specialized funds. Our oracle uses statistical modeling to synthesize these pricing signals into a near-real-time uranium spot price estimate. It's similar to how other commodity benchmarks work, aggregating signals from related markets to create reliable price references," Ben Elvidge, Head of Commercial Applications at Trilitech and the Product Lead for Uranium.io, told CoinDesk.
Uranium.io is a blockchain-based project that aims to democratize the uranium market. The platform enables individual and institutional investors to trade and own fractional shares of physical uranium (U₃O₈), also known as "yellow cake," providing transparent access to a market traditionally dominated by large institutions.
Each xU308 token is backed by real, physical uranium stored in a regulated facility operated by Cameco, which is the world's largest publicly traded uranium company, based in Saskatoon, Saskatchewan, Canada.
The tokenization process begins once the physical uranium is verified and registered on the Tezos blockchain, including its physical properties, storage locations and regulatory approvals. A smart contract is then deployed to represent the uranium asset digitally on the blockchain, after which tokens are minted.
Arthur Breitman, co-founder of Tezos, stated that the pricing oracle will initiate the virtuous cycle of injecting efficient pricing information into the market, thereby enhancing liquidity and market efficiency.
"Price discovery for uranium isn't just happening in the uranium spot markets but across a wide array of economically related assets. The oracle starts a virtuous circle by injecting this information back into the uranium market, which in turn can improve its liquidity and foster better price discovery in the spot market," Brietman said in a press release shared with CoinDesk.
While individual investors typically cannot own physical uranium, they have gained exposure through financial instruments such as uranium futures and exchange-traded funds (ETFs), which have provided significantly higher returns than bitcoin this year.
For instance, the Global Uranium ETF (URA) has surged by 71% this year, outperforming notable ETFs like BlackRock's bitcoin ETF, IBIT, which has gained 27%, showcasing the growing investor interest and strong performance potential in uranium-related assets.
The global uranium market has traditionally been fragmented and restricted, particularly for retail investors who face significant barriers to directly holding physical uranium.
This is largely due to uranium's association with nuclear weapons and strict regulatory controls. However, uranium remains a critical element at the heart of the clean energy transition, powering nuclear reactors that provide low-carbon electricity globally.