Cosa Resources sends drill crews to its Ursa Uranium Project, Saskatchewan
Cosa Resources Corp. [TSXV-COSA; OTCQB-COSAF; FSE-SSKU] reported that personnel have mobilized to the 100%-owned Ursa uranium project in the Athabasca Basin, Saskatchewan.
Highlights: Up to 4,000 metres of drilling planned for the second diamond drilling campaign at Ursa. Targets include follow-up on sandstone-hosted alteration and structure with associated anomalous uranium geochemistry. Additional guidance on drill targets and status of geophysical programs to be released in the coming days.
Keith Bodnarchuk, President and CEO, commented: “We are thrilled to begin mobilization to the 100%-owned Ursa uranium project for our second drill campaign and are eager to resume drilling as soon as possible. In addition to the anticipated receipt of preliminary geophysical models across multiple projects, we have an exciting pipeline of drill targets at Ursa, and we look forward to updating our stakeholders with detailed plans in the coming days.”
Cosa’s technical team, support contractors, and diamond drilling crews have mobilized and are expected to reach the Ursa camp in the coming days. Drilling is expected to commence shortly thereafter and continue into October. The Company remains dedicated to the effective pursuit of the Athabasca Basin’s next tier-1 uranium discovery and aims to update the market with details on drill targets once drilling has commenced.
Results of the Ambient Noise Tomography (ANT) surveys completed at the Ursa and Orion projects are expected in early September and will be used to aid additional drill targeting at Ursa. Recent drilling targeting ANT anomalies proximal to at least one eastern Athabasca uranium deposit has intersected favourable hydrothermal alteration and structure in the Athabasca sandstone, validating the method’s potential to prioritize target areas. The technology has also been used to identify previously unknown drill targets within proven exploration corridors.
Additionally, geophysical interpretations from recently completed airborne VTEM and gravity surveys at Aurora and Orbit are expected in the coming weeks. The results of these surveys will guide first-pass drilling currently scheduled in 2025.
Cosa Resources is operating in northern Saskatchewan. The portfolio comprises roughly 216,000 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 primary focus through 2024 is initial drilling its Ursa Project, which captures over 60-km 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 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 for the second half of 2024.