COSA Exploration Ltd. (COSA), a mineral exploration and development group, has just announced that it has received exploration permits for the Ursa Uranium Project in the Athabasca Basin, Saskatchewan, Canada. This marks an important milestone in COSA’s ambitions of exploring and developing mineral deposits in the basin, which it believes could yield high-grade, conventional uranium deposits.
The exploration permit granted to COSA by the Saskatchewan Ministry of Energy and Resources is valid for five years and covers a 96-square-kilometer area located approximately 135 km from La Ronge, Saskatchewan. As part of the agreement, COSA has agreed to undertake and pay for further exploration in the area, including airborne radiometric and magnetic surveys.
In a statement, COSA CEO Kevin Downing stated that the Group “is actively exploring for high-grade uranium deposits at Ursa with a focus on a large mineralized structural setting along the junction of the Archean and Proterozoic age rock groups, which is typical of uranium deposits in the Athabasca Basin”. Mr. Downing went on to say that, “the Athabasca Basin is a world-class mineral district and remains the world’s and Canada’s single largest unconformity-type uranium producing district, with tremendous potential for further discoveries”.
In addition to providing exploration funding, COSA also has the capability to develop deposits in the area. It is already engaged in progressing Ursa alongside other base metal projects in Saskatchewan. As Mr. Downing explained to the press, “We continue to develop our base metal projects in the Sask Basin while maintaining a multi-project approach that includes both uranium and base metal opportunities.”
For its part, the Saskatchewan Ministry of Energy and Resources sent a positive message to the press, stating that “[Saskatchewan] is pleased to support companies that wish to explore in our jurisdiction for potential uranium deposits.” This is a major boost for COSA, which is looking to become a major exploration and development firm in the area.
With the exploration permit now secured, COSA is in a stronger position than ever to continue its progress in the Athabasca Basin. As Mr. Downing announced, “We are actively drilling the Ursa Project and I invite interested shareholders and industry participants to join us on this journey.” Clearly, COSA is poised to make an impact in the basin, with its exploration permit giving the company a major leg up on its competitors.