Cosa Announces Summer Drill Plans for the Darby Joint Venture with Denison Mines
Rhea-AI Summary
Cosa Resources (TSXV:COSA) and Denison Mines (NYSE American:DNN) outlined summer drill plans for the Darby uranium joint venture in Saskatchewan’s eastern Athabasca Basin. Cosa operates Darby with a 70% interest, while Denison holds 30%.
The program targets up to 2,000 metres of drilling on the Gamma and Bravo trends, following winter 2026 holes that intersected structure, alteration, uranium mineralization, and anomalous uranium geochemistry. Drilling at Darby is expected to start after a Murphy Lake North program, which is planned to take at least two months.
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Key Figures
Previous Partnership Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 26 | JV assay results | Positive | -0.7% | Reported Murphy Lake North assays including 5.0 m at 0.55% U3O8 with 1.7% peak. |
| May 06 | Darby drill results | Positive | +5.0% | Detailed anomalous sandstone uranium and structural features at Darby JV winter holes. |
| Apr 13 | Radioactivity update | Positive | -3.2% | Reported anomalous radioactivity in multiple Murphy Lake North JV drill holes. |
| Mar 24 | Strong radioactivity hit | Positive | +35.5% | Announced 5.0 m of anomalous radioactivity up to 13,900 CPS at Murphy Lake North. |
| Dec 17 | 2026 JV program set | Positive | +0.0% | Approved 2026 exploration program and funding for Darby and Murphy Lake North JVs. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Partnership/JV news has produced mixed reactions: several strongly positive moves but also notable selloffs, with more divergence than alignment relative to the generally positive operational updates.
Over the past months, Cosa has repeatedly highlighted joint-venture progress with Denison Mines across Murphy Lake North and Darby. Partnership-tagged releases since Dec 17, 2025 include approval of the 2026 exploration program, multiple anomalous radioactivity reports, and assays such as 5.0 m at 0.55% U3O8. Price reactions ranged from -3.16% to +35.49%. Today’s Darby summer drill plans extend that 2026 JV work program and follow earlier anomalous results at both projects.
Key Terms
u3o8 technical
unconformity technical
geochemistry technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - June 15, 2026) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce summer plans for the Company's Darby ("Darby") project. Darby is a joint venture (the "Joint Venture") between Cosa and Denison Mines Corp. (TSX: DML) (NYSE American: DNN) ("Denison") and is located 10 kilometres west of Cameco's Cigar Lake Mine in the eastern Athabasca Basin, Saskatchewan (Figure 1). Cosa is the operator of Darby and holds a
Highlights
Drilling planned at the Gamma trend to follow up structure, alteration, and strongly anomalous uranium geochemistry intersected during the winter 2026 drill program
Drilling planned at the Bravo trend to follow up weak uranium mineralization proximal to structure and alteration intersected by historical drilling
Drilling at Darby expected following completion of the significant drill program at the Company's Murphy Lake North joint venture
Andy Carmichael, Vice President of Exploration, commented: "Second only to the summer drilling planned to follow up the recent intersection of 5.0 metres averaging
Planned Darby Drilling
Drilling at Darby is planned to comprise up to 2,000 metres at the Gamma and Bravo trends (Figure 2). Drilling at Gamma will follow up Cosa's winter 2026 drill program which intersected a broad zone of structure with significant unconformity offset, alteration, and elevated to strongly anomalous uranium geochemistry on trend with historical uranium mineralization (Figures 2, 3). Drilling at Bravo will follow up compelling historical results including structure, alteration, and uranium mineralization.
Next Steps
The Company remains on schedule and expects to announce the commencement of drilling at the Murphy Lake North joint venture in the coming days. Drilling at Murphy Lake North is expected to take a minimum of two months to complete and will be followed by drilling at Darby.
Figure 1 - Cosa's Eastern Athabasca Uranium Projects
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Figure 2 - Darby Project Overview
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Figure 3 - Gamma Trend Section 10200N
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About Darby
Located 10 kilometres west of the Cigar Lake Mine, Darby contains multiple prospective conductive trends and several intersections of weak uranium mineralization (Figures 1 and 2). Historical drilling indicates that many of these trends are highly prospective for uranium deposits characteristic of the eastern Athabasca Basin, yet most of the strike length has not been effectively evaluated. Work by Cosa in 2025 prioritized these trends and identified several historical drill holes with results that suggest proximity to uranium mineralization (See Cosa's news releases dated October 14, 2025 and January 21, 2026). Initial drilling results from winter 2026 significantly upgraded multiple trends. Summer drilling is expected to commence in late August and will include follow up of anomalous results from both winter 2026 and historical drilling.
About Cosa Resources Corp.
Cosa Resources is a Canadian uranium exploration company operating in northern Saskatchewan. The portfolio comprises roughly 237,000 ha across multiple underexplored
In January of 2025, the Company entered a transformative strategic collaboration with Denison Mines (TSX: DML) (NYSE American: DNN) that has secured access to several additional highly prospective eastern Athabasca uranium exploration projects. As Cosa's largest shareholder, Denison gains exposure to Cosa's potential for exploration success and its pipeline of uranium projects.
The Company's primary focus through the remainder of 2026 will be drilling at the Murphy Lake North and Darby projects in the eastern Athabasca Basin. Drilling at Murphy Lake North will follow up uranium mineralization within an extensive zone of strong structure and hydrothermal alteration at the Cyclone trend. Drilling at Darby will follow up on intersections of anomalous geochemistry, structure, and zones of hydrothermal alteration from both winter 2026 drilling and historical drilling. Cosa's award-winning management team has a track record of success in Saskatchewan. In 2022, members of the Cosa team were awarded the AME Colin Spence Award for the discovery of the Hurricane uranium deposit. Cosa personnel led teams or had integral roles in the discovery of Denison's Gryphon deposit and held key roles in the founding of both NexGen and IsoEnergy.
Technical Disclosure
Historical drilling and geophysical results for Darby were sourced from the Saskatchewan Mineral Assessment Database (SMAD). SMAD sources for Darby include file numbers 74H14-0021, 74H14-0023, 74H15-0041, 74H15-0053, 74H15-0055, 74H15-0056, 74H15-0066, 74H15-0067, 74I02-0031, 74I02-0042, 74I02-0053, 74I02-0080, 74I02-0095, and MAW00516. Some confidential data and reports not presently available via SMAD were supplied to Cosa by Denison.
Verification of historical drilling results included confirming historical drill hole collar locations from air photos and ground checking selected collars with a handheld GPS unit. Basement and lower sandstone sections from most historical drill holes were relogged in 2024 and 2025 by Cosa. Verification of geochemical results for drill holes completed between 2008 and 2010 was facilitated by the reissuance of analytical certificates to Cosa by the Saskatchewan Research Council (SRC). Cosa thanks the SRC for its valued assistance in increasing confidence in the historical dataset.
Verification of historical geophysical results included confirming the locations of geophysical survey grids from air photos, compiling survey data and interpretations, and evaluating whether interpreted geophysical results could be reasonably explained by historical and current drilling results.
Samples from Cosa's drilling were transported to SRC Geoanalytical Laboratories (SRC) in Saskatoon, Saskatchewan (ISO/IEC 17025:2005 accredited) for U3O8 assay and multielement analysis. Cosa inserts certified reference material (CRM) blanks and standards into the split core sample series as a QA/QC measure. SRC conducts a QA/QC programme which includes repeat analyses and insertion of CRM standards CAR218, BL4A, and BL2A, as appropriate. SRC's CRM results are verified by Cosa staff.
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Andy Carmichael, P.Geo., Vice President, Exploration for Cosa. Mr. Carmichael is a Qualified Person as defined under the terms of National Instrument 43-101. This news release refers to neighbouring properties in which the Company has no interest. Mineralization on those neighbouring properties does not necessarily indicate mineralization on the Company's properties.
Contact
Keith Bodnarchuk, President and CEO
info@cosaresources.ca
+1 888-899-2672 (COSA)
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements
This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. These forward-looking statements or information may relate to anticipated exploration, development and/or expansion activities, including exploration of the Company's current Projects; the collaboration with Denison, including the Joint Venture, and the anticipated benefits thereof; and the outlook regarding Cosa's business plans and objectives.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the cost of planned exploration activities are as anticipated, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct Cosa's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by Cosa in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: Cosa may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; Cosa may not be able to maintain compliance with its contractual obligations with third parties; Cosa may not be able to maintain compliance with extensive government regulation applicable to its operations; domestic and foreign laws and regulations could adversely affect Cosa's business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of Cosa's securities, regardless of its operating performance; the ongoing military conflict in Ukraine, and other risk factors set out in Cosa's public disclosure documents.
The forward-looking information contained in this news release represents the expectations of Cosa as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Cosa does not undertake any obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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