- Cosa Resources, a recently listed uranium stock, will acquire the underexplored Titan uranium project from CanAlaska Uranium
- The acquisition expands Cosa’s land package near Cameco operations and offers clear geological evidence for further exploration
- Cosa Resources is a mineral exploration company developing more than 190,000 ha of uranium properties in Saskatchewan’s Athabasca Basin
- Cosa Resources stock has gained approximately 37.5 per cent since inception in March 2022
Cosa Resources (TSXV:COSA), a recently listed uranium stock, will acquire the underexplored Titan uranium project from CanAlaska Uranium (TSXV:CVV).
Consideration includes C$10,000 in cash and 300,000 COSA common shares.
Titan is in Saskatchewan’s Athabasca Basin, and is composed of eight mineral dispositions over 9,333 ha, which will double Cosa’s contiguous Orion project to 18,332 ha, expanding its exposure to the Larocque Trend to 22 kilometres. Larocque is host to the Hurricane deposit (the world’s highest-grade indicated uranium mineral resource) and numerous other large uranium showings.
The combined Titan and Orion projects lie within 31 km of Cameco’s Cigar Lake uranium mine, the world’s highest-grade mine for the alternative fuel source, and include the Larocque Lake trend’s intersection with the Cigar Lake trend and the Tucker Lake uranium zone. Results at Tucker Lake include 5.7 per cent U3O8 over 4.5 metres from 639 -643.5 m depth.
A km-scale conductivity zone in the western portion of Orion is consistent with the unconformity-related uranium deposits the Athabasca Basin is known to contain. Orion has seen only two historical drill holes to date.
A worthy addition to a high-potential portfolio
Titan joins Cosa’s 11 other uranium projects in the basin, each of which offers early indications of long-term success. They include:
- Ursa, whose 60 km of strike length of the Cable Bay shear zone, potentially the last eastern Athabasca corridor to not yield a major uranium discovery, boasts numerous high-priority targets over 25 km of strike warranting aggressive follow-up work
- Aurora, just 16 km east of the historical Key Lake mine that produced 209.8 million pounds of U3O8 at an average of 2.3 per cent U3O8 between 1983 and 2002
- Astro, whose 20 km of EM conductor strike length, and magnetic low and high zones, which are interpreted as prospective metasediments and buttressing granitic rocks, lie only 28 km west of Cameco’s McArthur River mine, 17 km west of the Fox Lake deposit, and 13 km north of the Millennium deposit
Management insights
“The acquisition of Titan and expansion of our 100-per-cent-owned Orion project demonstrates our commitment to acquiring underexplored hectares through staking and cost-effective transactions,” Keith Bodnarchuk, Cosa Resources’ president and chief executive officer, said in a statement. “Recent MobileMT survey results at Ursa and Orion significantly upgraded the prospectivity of the area, making the addition of Titan a focus for the Cosa team. Our uranium portfolio is nearing 200,000 hectares in the Athabasca Basin region, and we will continue to seek opportunities to advance and diversify our portfolio of highly prospective uranium projects.”
“Incorporating Titan into Orion increases Cosa’s footprint in an area that has seen little historical exploration, despite containing the intersection of two mineralized trends,” added Andy Carmichael, Cosa’s vice president of exploration. “Significantly expanding the amount of the fertile Larocque Lake trend captured by the project, Titan will also double the contained extension of the east-west magnetic trend that hosts the Cigar Lake uranium mine and Tucker Lake uranium zone. We’re encouraged by the presence of uranium occurrences east and west of Orion along this trend, and with the strong conductive anomaly identified by our 2023 MobileMT survey, we believe Orion contains several compelling target areas warranting substantial exploration.”
Cosa Resources is a mineral exploration company developing over 190,000 ha of uranium properties in Saskatchewan’s Athabasca Basin. The company’s management team brings decades of experience in uranium exploration, discovery and development in the province.
Cosa Resources stock (TSXV:COSA) is up by 7.84 per cent trading at C$0.55 per share as of 10:21 am ET. The stock is up by more than 96 per cent since transitioning from the CSE to the TSXV in October 2023, and has gained approximately 37.5 per cent since inception in March 2022.
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