Cosa Resources Corp.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
1723 – 595 Burrard Street Vancouver, BC Canada V7X 1L4 |
| Toll Free No.： | +1 888-899-2672 |
| Web Site： | www.cosaresources.ca |
| E-mail： | info@cosaresources.ca |
| Contact Person： | Keith Bodnarchuk |
| Position： | President & CEO |
| Traded Market： | TSX-V | OTCQB | FSE |
| Traded Symbol： | COSA | COSAF | SSKU |
| Outstanding Shares： | 56 M |
| 52 Week High： | $ 0.66 |
| 52 Week Low： | $ 0.27 |
| Present Price： | Click Here |
The portfolio comprises over 200,000 ha across multiple projects in the Athabasca Basin region, all of which are considered underexplored and highly prospective.
Cosa's core projects are within or adjacent to established uranium corridors like those that host McArthur River, Cigar Lake, Hurricane, and many other Athabasca uranium deposits.
Upon completion of an over-subscribed bought deal placement for C$6.5 million in March of 2024, Cosa is fully funded to continue drill testing priority targets at Ursa while advancing several other projects and target areas to drill readiness throughout 2024.
The management team at Cosa Resources has a track record of success in Saskatchewan, with several decades of combined experience in uranium exploration, discovery, and development in the province.
Cosa's management was previously recognized and awarded for the discovery of the Hurricane deposit, currently the world's highest grade indicated uranium resource at an average grade of 34.5%.
Management is comprised primarily of uranium Geologists that are uniquely situated to identify and act on new opportunities by leveraging past successes and an exceptionally strong technical background.
Transformational Acquisitions
- Acquisitions of Athabasca Basin exploration ground, pivoting Cosa into a premier uranium explorer
Attractive Market Outlook
- Solid market fundamentals with continued strong uranium demand growth and limited supply in the short- and long-term horizon
Experienced and Proven Team
- Proven track record in the Athabasca Basin; responsible for multiple discoveries at both a technical and corporate level
Exploring Through a New Lens
- Past work has only explored a fraction of the over 200,000 ha land portfolio in well-developed eastern Athabasca Basin
Access to Capital
- Strong access to capital through past success and strategic relationships
Considerable Upside
- Multiple avenues to re-rate through discovery success and acquisition
ATHABASCA BASIN PROJECTS
Projects 100% owned by Cosa Resources. Total land package over 200,000 ha located in the Athabasca Basin Region, the heart of the Canadian uranium mining sector.
Ursa Project
Top priority for 2024
Cosa's 100%-owned Ursa uranium project is roughly 45 km west of Cameco's McArthur River Mine.
Ursa covers nearly 70 km strike length of the Cable Bay Shear Zone (CBSZ), a vastly underexplored uranium corridor in the Athabasca Basin.
Cosa views the CBSZ as potentially the last remaining eastern Athabasca corridor to have not yet yielded a major discovery.
2023 Airborne MobileMT survey has defined over 100 km of conductive stratigraphy and identified several high-priority target areas which require follow up. These areas are characterized by kilometre-scale zones of anomalous conductivity in the basal sandstone, a signature that may reflect hydrothermal alteration – a common feature of unconformity style uranium deposits.
None of the 15 historical drill holes on the Project are within several kilometres of Cosa's priority target areas.
Diamond drilling at the Kodiak target area commenced on March 4th, 2024, to assess the area for the presence of structure and hydrothermal alteration characteristic of large unconformity-related uranium deposits of the Athabasca Basin.
On April 24, 2024, Cosa Resources Corp. announced that it has completed the inaugural winter 2024 diamond drilling program at the Ursa project.
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
Additional geophysical work is currently being planned ahead of an expanded summer drill program.
Other Work
In addition to ground-geophysical and drilling at Ursa in summer 2024, Cosa intends to advance several other projects to drill-readiness for 2025 and beyond.
Aurora, located 16 km east of the Key Lake Mine and Mill (209 million lbs historical production), has been no exploration since 1979. Summer work will comprise airborne EM and gravity surveying followed by 3D inversion in preparation for drilling. Historical drill logs at Aurora note metre-scale zones of basement hosted structure and alteration in multiple areas.
At Orbit, located 22 km south of Key Lake, airborne EM and gravity work will be completed in conjunction with work at Aurora. No drilling has been completed on the Project, and historical work on trend to the southwest has intersected weak mineralization over 0.2m within strongly altered graphitic faulting.
Work at Orion will include additional ground geophysics over a previously defined kilometre-scale sandstone hosted conductivity anomaly overlying structurally complex basement. Orion captures a splay off the CBSZ as well as the intersection of the Larocque Lake and Cigar Lake Trends. Immediately west of the Project, historical drilling has intersected coincident structure, alteration, and weak mineralization.
Upcoming Catalysts
- Ongoing diamond drilling at Ursa
- Airborne geophysics at Helios, Orbit, Aurora
- Additional ground geophysics and summer drilling at Ursa
- Ongoing project acquisitions and corporate development
Management, Directors, and Advisor
Steve Blower, Chairman
Geologist with over 30 years in mine geology, resource estimation, and exploration.
Led teams or was a key member in the discovery of Gryphon, Hurricane, and the Gemini Zone.
Keith Bodnarchuk, President and Chief Executive Officer, Director
Professional Geologist with a master's degree in business administration.
With over 15 years of experience in exploration/mining and capital markets.
Previously led strategy and corporate development for IsoEnergy and was a Project Geologist with Denison Mines.
Andy Carmichal, Vice President of Exploration
Professional Geologist with 20 years in mineral exploration focused on uranium in the Athabasca Basin, Hornby Bay Basin, Colorado Plateau, and Namibia.
Previously VP Exploration at IsoEnergy.
Daniel Hrabok, Senior Project Geologist
Professional Geoscientist with over a decade of experience exploring for uranium.
Extensive experience in uranium exploration and at post-discovery projects throughout the Athabasca and Thelon Basins.
Darren Morgans, Chief Financial Officer
Over 25 years as professional accountant as CFO, Controller and Audit Senior
Current CFO for Velocity Minerals
Justin Rodko, Corporate Development Manager
Professional Geoscientist with over 9 years of experience in uranium
Co-recipient of the AME 2022 Colin Spence Award for excellence in global mineral exploration
Recently served as Senior Geologist for IsoEnergy Ltd. and a member of the team that discovered the Hurricane deposit
Ted Trueman, Director
Professional Engineer and Geoscientist with over 50 years of mineral exploration and production experience
Deep involvement in the discoveries of various uranium, gold and silver deposits
Janine Richardson, Director
CPA with over 30 years experience in accounting practices
Current Director of Golden Shield Resources
Wes Short, Director
Current VP of Corporate Development for Archer Exploration
Founding member of the IsoEnergy team as Manager of Corporate Affairs and Corporate Secretary
Craig Parry, Strategic Advisor
Currently Chairman of Skeena Resources, Vizsla Silver, and Vizsla Copper
Co-founder and former CEO of IsoEnergy
On March 03, 2025, Cosa Resources Corp. completed the private placement.
Financing type: brokered private placement
Gross proceeds: $5,999,999.80
Offering: 8.8 million non-flow-through common shares (NFT shares) with 4.4 million warrants and 8,941,176 charity flow-through common shares (CFT shares) with 4,470,588 warrants
Offering price: 25 cents per NFT share, 42.50 cents per CFT share
Warrant exercise terms: 37 cents per listed share for a two-year period
On February 26, 2025, Cosa Resources Corp. has closed the brokered private placement previously announced by the company on Feb. 4, 2025, including the full exercise of the overallotment option, for aggregate gross proceeds of approximately $6-million. The offering was completed through a syndicate of agents, led by Haywood Securities Inc. and including Red Cloud Securities Inc.
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), related to the company's uranium projects in the Athabasca basin in Saskatchewan, on or before Dec. 31, 2026. All qualifying expenditures will be renounced in favour of the subscribers of the charity FT units effective Dec. 31, 2025. The net proceeds from the sale of the units will be used to finance exploration and for additional working capital purposes.
On February 25, 2025, Cosa Resources Corp. announced that the Company will be presenting at Red Cloud's 13th Annual Pre-PDAC Mining Showcase. We invite our shareholders and all interested parties to join us.
The annual conference will take place in-person at The Omni King Edward Hotel in Toronto on February 27 & 28, 2025.
On February 13, 2025, Cosa Resources Corp. has commenced core drilling at the Murphy Lake North uranium project. Murphy Lake North (MLN) is a joint venture between Cosa and Denison Mines Corp. and is located in the eastern Athabasca basin in Saskatchewan. Cosa is the project operator and holds a 70-per-cent interest, with Denison holding a 30-per-cent interest. Highlights:
- The first drilling campaign within the project since 2005, 13 years before the discovery of the nearby Hurricane deposit;
- Initial drilling will follow up the interpreted extension of the Hurricane deposit basement geology within MLN;
- Additional drilling will evaluate a parallel trend hosting historical intersections of uranium mineralization.
Andy Carmichael, vice-president, exploration, of Cosa, commented: "Located just three kilometres from the Hurricane deposit, Murphy Lake North is interpreted to host the along-strike extension of the basement geology controlling Hurricane. Our team is very familiar with the geology in the area, and we are thrilled to be drilling this highly underexplored section of the very fertile and reinvigorated Larocque Lake trend. In addition to the Hurricane trend, Murphy Lake North hosts a parallel trend to the south where weak mineralization intersected in 2002 warrants additional follow-up. With multiple historical intersections of weak mineralization, ample exploration space and ideal basement geology, the project's high degree of prospectivity is complemented by its shallow target depth as the unconformity is less than 250 metres below surface."
On February 04, 2025, Cosa Resources Corp. has entered into an agreement with Haywood Securities Inc., on behalf of itself and a syndicate of agents, which have agreed to sell, on a commercially reasonable efforts private placement basis, up to eight million units of the company at a price of 25 cents per unit and up to 7,058,824 charity flow-through units of the company at a price of 42.5 cents per charity flow-through unit for aggregate gross proceeds to the company of up to $5,000,000.20.
The company intends to use the net proceeds from the sale of units to finance exploration and for additional working capital purposes.
On January 20, 2025, Cosa Resources Corp. has provided core drilling plans for the Murphy Lake North (MLN) project. Murphy Lake North is a joint venture between Cosa and Denison Mines Corp. and is located in the eastern Athabasca basin in Saskatchewan. Cosa is the project operator and holds a 70-per-cent interest, with Denison holding a 30-per-cent interest. Highlights:
- 1,600 metres planned for the first drilling campaign on Murphy Lake North since 2005, 13 years before the discovery of the Hurricane deposit;
- Targets include the interpreted strike extension of Hurricane deposit geology within Murphy Lake North and following up on historical intersections of uranium mineralization;
- Mobilization of drill and crew expected in early February.
Keith Bodnarchuk, president and chief executive officer of Cosa, commented: "After months of hard work from both the Cosa and Denison teams, we are thrilled to share our plans for the upcoming fully funded winter drilling campaign at Murphy Lake North. Untested, shallow targets so close to a world-class deposit like Hurricane are exceptionally rare. With the support of Denison, the Cosa team have developed a set of excellent targets that provide us with the best opportunity for early success. We are eager to commence drilling and encourage our shareholders to stay tuned as we continue to provide updates on this exciting program."
On December 19, 2024, Cosa Resources Corp. reported the assay results from basement-hosted radioactivity intersected in the fall drilling program at the Company's 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property"). Highlights:
- Uranium confirmed as source of anomalous radioactivity intersected by UR24-06, including 0.22% U3O8 over 0.7 metres
- Uranium mineralization in UR24-06 is the strongest and widest intersected to date on the Project
- Cosa's 2024 exploration confirmed prospective geology is present at Ursa and developed numerous follow-up targets which remain untested
Andy Carmichael, Vice President Exploration, commented: "In only 18 months, Cosa has significantly derisked the Ursa Project and proven that the geology of the Kodiak trend is highly consistent with that underpinning producing mines in the eastern Athabasca. Our strategy of using large-scale Ambient Noise Tomography (ANT) surveys to prioritize conductive strike produced the strongest and widest mineralization on the Project from our very first drill hole to test an ANT target. With only 21 drill holes completed within the 65-kilometre-long Project, Ursa has vast underexplored and increasingly prospective exploration space to fit multiple tier-1 deposits, and we have demonstrated that modern geophysical surveys have produced target areas far beyond conventional EM alone."
On December 12, 2024, Cosa Resources Corp. reported the results of airborne geophysical surveying and interpretation for the Company's 100% owned Orbit and Aurora uranium Projects in the Athabasca Basin, Saskatchewan ("Orbit" or "Aurora" or together as the "Projects"). Additionally, the Company has entered into a service agreement with Native Ads Inc. ("Native Ads"). Highlights:
- Multiple target areas identified on each of the Orbit and Aurora Projects
- Several target areas have geophysical similarities to those hosting the Key Lake deposits and the GMZ
- All target areas host geophysical anomalies interpreted to be near surface and under shallow cover
Andy Carmichael, Vice President Exploration, commented: "We are pleased to report that recent airborne surveys at Orbit and Aurora have identified near surface analogues to Key Lake and the recently discovered Gemini Zone. Orbit and Aurora boast encouraging historical drill results either on Project or on-trend, and ample strike space exists at all of Cosa's modern target areas. We are very encouraged by the association between interpreted structures and gravity lows, which potentially indicate hydrothermal alteration, and are eager to drill test these target areas. The proximity of both Projects to the operating Key Lake uranium mill and accompanying infrastructure makes these Projects very exciting for the potential discovery of near-surface and open-pit amenable uranium mineralization. Their location outside of the long-favoured Wollaston-Mudjatik Transition Zone (WMTZ) has led to these Projects being overlooked for more than 40 years. As the last three large uranium Mineral Resources discovered in the Athabasca region lie well outside the WMTZ, we view this historical bias as a significant exploration opportunity for Cosa."
On December 02, 2024, The TSX Venture Exchange has conditionally approved Cosa Resources Corp.'s acquisition of a 70-per-cent interest in a portfolio of prospective uranium projects from Denison Mines Corp.
The company is also pleased to announce that trading of its common shares on the TSX-V will resume at market open on Monday, Dec. 2, 2024. Trading of the company's common shares on the TSX-V was halted on Nov. 26, 2024, in accordance with the policies of the TSX-V in connection with the company's announcement of the transaction.
On November 27, 2024, Cosa Resources Corp. has entered into an acquisition agreement with Denison Mines Corp. Pursuant to the acquisition agreement, Cosa will acquire an interest in three of Denison's uranium exploration projects located in the eastern Athabasca basin. Highlights:
- Cosa to acquire a 70-per-cent interest in a portfolio of Denison's prospective uranium projects located in the eastern Athabasca basin;
- Denison to become 19.95-per-cent shareholder of Cosa and commits to a minimum of $1-million participation in future equity financings;
- Cosa's senior management team is uniquely experienced to advance these mature, discovery-ready projects.
The projects consist of: (a) the Murphy Lake North project, located within four kilometres of IsoEnergy Ltd.'s Hurricane deposit; (b) the Darby project, located 10 kilometres west of Cameco's Cigar Lake mine; and (c) the Packrat project, located 19 kilometres southwest of the Rabbit Lake mill.
On October 30, 2024, Cosa Resources Corp. announced that it has intersected multiple intervals of anomalous basement-hosted radioactivity in the final drill hole of the fall drilling program at the Company's 100% owned Ursa uranium Project in the Athabasca Basin, Saskatchewan ("Ursa" or the "Property"). Highlights:
- Multiple zones of basement hosted radioactivity >1,000 counts per second ("cps") (total counts, RS-125 hand-held spectrometer) and significant sandstone alteration intersected by drill hole UR24-06
- Drill hole UR24-04 intersected intensely graphitic basement intervals with fracturing down-dip of alteration and anomalous uranium geochemistry in the sandstone of drill hole UR24-03
- Confirmed effectiveness of Ambient Noise Tomography ("ANT") as a strike prioritization tool
- Multiple additional target areas identified by initial results of the first of two ANT grids at Ursa
Keith Bodnarchuk, President and CEO, commented: "With only the second drill program on a Project that captures over 65 kilometres of underexplored conductive strike length we have significantly upgraded the Kodiak trend and the Ursa Project as a whole. Intersecting eastern Athabasca unconformity style sandstone alteration underlain by multiple zones of basement hosted radioactivity in drill hole UR24-06 is a significant achievement for our technical team and is a compelling demonstration of the prospectivity of the Cable Bay Shear Zone. The intensely graphitic basement conductor intersected by UR24-04, approximately 9 kilometres northeast of UR24-06 and on the Kodiak trend, suggests that significant structural disruption and hydrothermal alteration typical of the unconformity model may continue for many kilometres on the Project. Modern geophysical coverage has proven to be a worthwhile investment at Ursa, and we have never been more excited to return for follow-up drilling in the vicinity of these results and to continue evaluating additional kilometre-scale ANT anomalies."
On October 02, 2024, The TSX Venture Exchange has accepted for filing an asset purchase agreement dated July 26, 2024, between the company and an arm's-length party (the vendor) to acquire 100-per-cent ownership of two mineral claims totalling 6,049 hectares in the Athabasca basin, Saskatchewan.
Under the terms of the agreement, the company shall issue 250,000 shares of the company as consideration. The vendor has agreed to voluntary resale restrictions whereby 50 per cent of the consideration shares will become free trading six months after closing.
For further details, please refer to the company's news releases dated July 29, 2024, and Aug. 6, 2024.
On September 04, 2024, Siamond drilling has commenced at Cosa Resources Corp.'s 100-per-cent-owned Ursa uranium project in the Athabasca basin, Saskatchewan. Highlights:
- Drilling at the Kodiak target area will follow-up a significant zone of sandstone alteration and structure with geochemical enrichment intersected by 2024 drill hole UR24-03.
- Drilling at the Grizzly target area will evaluate the downdip extension of strongly anomalous uranium geochemistry with structure and alteration intersected in multiple historical drill holes.
- Optimal targets remain untested at both Kodiak and Grizzly.
Keith Bodnarchuk, president and chief executive officer, commented: "With drilling now under way, we are very excited by the strength of this program's targets. Over the past 12 months, the team has progressed Ursa from a high upside and severely underexplored project to one that has been strategically advanced by modern geophysics and is ready for more focused drill testing. Our efforts have produced 10 key target areas including the first follow-up drill targets at Kodiak and Grizzly. We have moved forward from reconnaissance-stage exploration to focusing in on areas displaying key components associated with uranium discoveries. Identifying multiple geologically derived drill targets early in Cosa's exploration tenure at Ursa is a major testament to the hard work and dedication put forth by the technical team and to the prospectivity of the Ursa project overall. We will have steady news flow for the remainder of 2024 and remain fully funded to complete our exploration plans into 2025."
On August 06, 2024, Cosa Resources Corp. has completed the previously announced expansion of the Orbit uranium property in the Athabasca basin, Saskatchewan, from Skyharbour Resources Ltd. pursuant to an asset purchase agreement dated July 26, 2024. Highlights:
- Two mineral dispositions totalling 6,049 hectares have been acquired, doubling the footprint of Orbit to 12,718 hectares;
- Expands Cosa's control of undrilled strike length to eight kilometres located on trend with uranium mineralization, hydrothermal alteration, and reactivated graphitic faulting to the southwest.
Keith Bodnarchuk, president and chief executive officer of Cosa, commented: "We are very pleased to double the footprint of the Orbit project, which covers shallow target areas that have been largely overlooked by modern exploration. We look forward to receipt of results from recent airborne electromagnetic and gravity surveys which will guide continued exploration of this prospective area located only 25 kilometres from the Key Lake uranium mill. We thank the Skyharbour team for their part in completing this acquisition in a timely and businesslike manner. Having closed this transaction, Cosa continues to identify and pursue cost-effective opportunities to add to our pipeline of exciting projects and drill targets as we remain fully funded to complete all of our exploration plans into 2025."
On July 29, 2024, Cosa Resources Corp. has entered into an asset purchase agreement with Skyharbour Resources Ltd. dated July 26, 2024, for the acquisition of two mineral claims in the Athabasca basin, Saskatchewan. Highlights:
- Two mineral dispositions totalling 6,049 hectares to be acquired, doubling the footprint of the Orbit uranium project to 12,718 hectares;
- Expands Cosa's control of untested strike length to eight kilometres located on trend with uranium mineralization, hydrothermal alteration and reactivated graphitic faulting to the southwest.
Keith Bodnarchuk, president and chief executive officer of Cosa, commented: "This acquisition adds significant value and exploration runway to the Orbit project, which is proximal to infrastructure and within 25 kilometres of the Key Lake uranium mill and the former Key Lake uranium mine. We are very pleased to expand this project, which is situated in a highly prospective area that has been largely overlooked by modern exploration despite having shallow target areas with no sandstone cover. We appreciate the effort from the Skyharbour team to complete this agreement in a timely manner. Cosa will continue to identify and pursue cost-effective opportunities to add to our pipeline of exciting projects and drill targets as we remain fully funded to complete all of our exploration plans into 2025."
On June 26, 2024, Cosa Resources Corp. has completed ground and airborne geophysical surveys at its Ursa, Orion, Astro and Orbit projects.
Keith Bodnarchuk, president and chief executive officer, commented: "The completion of these geophysical programs at our 100-per-cent-owned Ursa, Orion, Aurora and Orbit projects marks another important step in Cosa's path to developing a pipeline of drill targets across much of our prospective and highly underexplored portfolio of uranium projects. We consider the recent winter drilling results and identification of sandstone hosted structure and alteration to be a major success for the company, and are eager to use the results of the ANT work at Ursa to guide follow-up drilling later this summer. With the completion of our $6.5-million bought deal financing earlier this year, we are fully funded to pursue exciting drill targets at Ursa while also bringing the Orion, Aurora and Orbit projects up to drill-ready status for 2025."
Also, the company has granted 1,179,000 incentive stock options to directors, officers, employees and advisers of the company. The incentive stock options will vest over a period of three years, have an exercise price of 30.5 cents per share and are valid for a five-year period from the date of grant. The options were granted pursuant to the company's incentive stock option plan, which was approved by shareholders at the company's annual general and special meeting on June 12, 2024.
On June 13, 2024, Cosa Resources Corp. has released the voting results from its annual general and special meeting of shareholders held on June 12, 2024.
Shareholders voted in favour of all matters of business before the Meeting. Each of those matters is set out in detail in the Management Information Circular published in connection with the Meeting, which is available on the Company's website www.cosaresources.ca.
A total of 14,602,734 common shares, representing approximately 25.75% of the Company's outstanding common shares, were voted in person and by proxy at the Meeting. Shareholders voted in favour of (a) reappointing D&H Group LLP as auditors of the Company (99.98% in favour), (b) setting the number of directors at five (99.95% in favour), and (c) ratifying and approving the Company's Stock Option Plan (98.77% in favour).
May 16, 2024, Cosa Resources announced the commencement of Ambient Noise Tomography (ANT) surveying at the 100% owned Ursa and Orion Uranium Projects in the Athabasca Basin and the appointment of Daniel Hrabok as Senior Project Geologist.
May 9, 2024, Cosa Resources Announces Summer Exploration Plans for Athabasca Basin Uranium Projects
April 24, 2024, Cosa Resources Announces Completion of Inaugural Diamond Drilling Program at the 100% Owned Ursa Uranium Project in the Athabasca Basin, Saskatchewan
March 5, 2024, Cosa Resources Closes C$6.5 Million Private Placement
https://cosaresources.ca/news-releases/cosa-resources-closes-c-6.5-million-private-placement/