Cosa Resources Corp. is pleased to announce the completion of the expansion of the Orbit uranium Property in the Athabasca Basin, Saskatchewan. The acquisition of two mineral dispositions totaling 6,049 hectares has doubled the footprint of the Orbit Property to 12,718 hectares. This expansion enhances Cosa’s control of the undrilled strike length, which now extends to eight kilometers and is located on trend with uranium mineralization, hydrothermal alteration, and reactivated graphitic faulting to the southwest.
Keith Bodnarchuk, President and CEO of Cosa, expressed his satisfaction with the expansion, stating that the Orbit Project covers shallow target areas that have been largely overlooked by modern exploration. He also mentioned that the company is eagerly awaiting the results from recent airborne electromagnetic and gravity surveys, which will guide further exploration in this promising area. The Orbit Project is located just 25 kilometers from the Key Lake Uranium mill.
The expanded Orbit Project is situated approximately 19 kilometers south of the Athabasca Basin and 22 kilometers south of the Key Lake Mill and former Key Lake Mine. Despite the historical production of over 209 million lbs U3O8 at an average grade of 2.3% from the Key Lake Mine, the Orbit Project and its surrounding area have seen limited modern exploration.
The northern portion of the expanded Orbit Project encompasses nearly eight kilometers of the interpreted strike extension of a northeast-trending magnetic low corridor. This corridor hosts occurrences of graphitic faulting, strong hydrothermal alteration, and weak uranium mineralization. The southern portion of the Orbit Project covers curvilinear, northeast-trending magnetic lows crosscut by lineaments identified from regional magnetic data, suggesting favorable structural complexity. Both areas remain untested by drilling.
Cosa Resources believes that the Orbit Project, similar to its 100% owned Aurora project to the northeast, is underexplored and holds potential for near-surface and open-pit amenable uranium mineralization. The company plans to conduct initial drill testing at the Orbit Project in 2025.
The acquisition of the Orbit Property was completed through an asset purchase agreement with Skyharbour Resources Ltd. Cosa acquired 100% unencumbered ownership of two mineral claims in exchange for 250,000 common shares of the company. The Consideration Shares are subject to a four-month hold period, after which 50% of the shares will become free trading. The Vendor has also agreed to voluntary resale restrictions.
Cosa Resources Corp. is a Canadian uranium exploration company operating in northern Saskatchewan. The company’s portfolio includes multiple projects in the Athabasca Basin region, all of which are underexplored and located within or adjacent to established uranium corridors. Cosa’s management team has a proven track record of success in Saskatchewan, with previous involvement in significant discoveries. The company’s primary focus through 2024 is initial drilling at the Ursa Project, which captures over 60 kilometers of strike length of the Cable Bay Shear Zone, a regional structural corridor with known mineralization.
Disclaimer: The company cautions that forward-looking statements in this press release are subject to various risks and uncertainties, and actual results may differ materially from those projected. Factors that could cause actual results to differ include changes in equity and debt markets, fluctuations in commodity prices, delays in obtaining regulatory approvals, and other risks associated with mineral exploration and development. The company disclaims any intention or obligation to update or revise any forward-looking information, except as required by applicable securities laws.