Cosa Resources Ltd. (COSA), a nickel, gold, and uranium exploration and development company based in Saskatoon, Saskatchewan recently announced their expanded acquisition of two uranium exploration properties in the Athabasca Basin region of Saskatchewan. The acquisitions include the Polaris and Eclipse properties located approximately 200km north of the City of Prince Albert. The consolidations make Cosa one of the largest mineral exploration companies operating in the Athabasca Basin.
Cosa Resources, established in 2006, is committed to carrying out the exploration and development of its mineral properties in the Athabasca Basin and elsewhere in Canada. The region is known for its high-grade uranium mineralization and Cosa is eager to explore their newly acquired properties with the goal of discovering even more valuable uranium deposits. Cosa has recently acquired nine uranium properties in the Basin, three of which are joint ventures.
The Polaris and Eclipse properties cover approximately 24,600 hectares and are located close to two of Cosa’s existing exploration properties. These two properties are part of Cosa’s strategy to expand its portfolio in the region. The Polaris and Eclipse properties are located in the western part of the Basin, close to uranium deposits previously mined by Cameco.
The Polaris and Eclipse properties are subject to a Property Earn-In Agreement where COSA will acquire a 70% undivided interest in both properties. Under the agreement, Cosa will pay an initial sum of $500,000 and commit to spending approximately $2.0 million over the following two years. Once the earn-in is completed, Cosa will gain majority control of both properties and will have the option to earn the remaining 30% interest.
The Athabasca Basin is one of the largest uranium producing regions in the world. Cosa’s acquisition of the Polaris and Eclipse properties is a major step for the company’s growth and development in the Basin. Cosa is confident that their exploration program of these properties will reveal potential mineral deposits. Cosa is committed to carrying out its exploration activities responsibly and with due respect for the local stakeholders and environment.