Cosa Intersects up to 1.7% U3O8 Within Interval of 5.0 m of 0.55% U3O8 at Murphy Lake North Joint Venture with Denison Mines
Rhea-AI Summary
Cosa Resources reported chemical assays from the Murphy Lake North joint venture with Denison Mines (NYSE American:DNN), confirming uranium mineralization along the Cyclone trend.
Best intercept in hole MLN26-013 returned 5.0 m at 0.55% U3O8, including 0.5 m at 1.7% U3O8, with notable nickel and cobalt values.
Positive
- Best intercept of 5.0 m grading 0.55% U3O8 in MLN26-013
- High-grade sub-interval of 0.5 m at 1.7% U3O8 in MLN26-013
- Polymetallic interval includes 4.09% Ni and 1.73% Co over 5.0 m
- Mineralization is shallow at approximately 265 m depth
- Uranium mineralization remains open 600 m east and 600 m west along strike
- Joint venture planning its largest drill program to date, starting mid-June
Negative
- Only three of five winter drill holes intersected uranium mineralization
- Holes MLN25-015 and MLN26-017 reported no significant radioactivity
News Market Reaction – COSAF
In the May 26 session, COSAF declined 0.71%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Partnership Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 06 | JV drill results | Positive | +5.0% | Darby JV assays showing anomalous sandstone uranium and structural targets. |
| Apr 13 | JV radioactivity update | Positive | -3.2% | Anomalous radioactivity in three of five Murphy Lake North drill holes. |
| Mar 24 | JV radioactivity hit | Positive | +35.5% | 5.0 m of anomalous radioactivity up to 13,900 CPS at Murphy Lake North. |
| Dec 17 | JV program approval | Positive | +0.0% | Approval of 2026 exploration program and funding for JV uranium projects. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Partnership/JV drilling updates have often moved the stock, with a mix of strong gains and occasional negative or flat reactions.
Over recent months, Cosa has repeatedly highlighted joint venture progress with Denison. Partnership releases on Mar 24, Apr 13, and May 6, 2026 detailed anomalous radioactivity and uranium assays at Murphy Lake North and Darby, while a Dec 17, 2025 update approved the broader 2026 JV exploration program. Today’s confirmed assays at Murphy Lake North extend that narrative from initial radioactivity readings to quantified uranium and polymetallic grades within the Cyclone trend.
Key Terms
u3o8 technical
polymetallic technical
unconformity technical
spectrometer technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - May 26, 2026) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to report that chemical assays confirm previously-announced radioactive intersections include up to
Highlights
Uranium mineralization confirmed in three holes featuring a best intercept in MLN26-013 of 5.0 metres averaging
0.55% U3O8 including 0.5 metres1.7% U3O8 along the Cyclone trendThe 5.0 metre uranium intersection in MLN26-013 also contains
4.1% nickel and1.7% cobalt, consistent with multiple polymetallic eastern Athabasca uranium deposits including Cigar Lake, Key Lake, and HurricaneUranium mineralization is shallow at 265 metres depth and remains open along strike for 600 metres to the west and 600 metres to the east
Joint Venture is in final stages of planning its largest drill program to date to follow up these results
Keith Bodnarchuk, President and CEO, commented: "This is a significant result for Cosa, with the assays confirming that Cyclone hosts uranium mineralization comparable to discovery intersections from multiple Athabasca uranium deposits. The Cyclone trend is an extensive corridor of strong structure and alteration that now features uranium mineralization that is open along strike for 600 metres in both directions. We expect to update the market in the coming days with plans for our largest drill program to date as a company. We appreciate the continued support and participation from our largest shareholder and Joint Venture partner Denison, and we have never been more excited to return to site and resume drilling."
Andy Carmichael, Vice President of Exploration, commented: "Winter drilling showed that the Cyclone sandstone alteration patterns, basement lithologies, and faulting are strikingly similar to those at the nearby Hurricane deposit. Chemical assays indicate that Cyclone uranium mineralization contains significant quantities of nickel and cobalt, consistent with Hurricane and current- and past-producing mines like Key Lake and Cigar Lake. We are very encouraged that results have continued to improve as exploration advances and we are eager to continue follow up both on section and along strike."
Murphy Lake North Geochemical Assays
Chemical assays confirm uranium mineralization is the source of anomalous radioactivity intersected in three of five winter drill holes at the Murphy Lake North Joint Venture announced April 13, 2026 (Table 1, Figures 2 and 3). The strongest uranium mineralization is in MLN26-013, which intersected up to
The 1.0 metre mineralized interval directly below the unconformity in MLN26-016 is immediately north of the strongest basement faulting intersected at Cyclone and 40 metres north of the nearest hole on section, suggesting a potential near-miss of the ideal target with significant space for additional mineralization (Figure 3).
All mineralized intersections remain open along strike for at least 600 metres to the east and 600 metres to the west.
Table 1 - MLN Assays
| Hole ID | From (m) | To (m) | Length (m) | Radioactivity (CPS)1, 2, 3 | U3O8 % | Ni % | Co % | Orientation (Azi./Dip) | Location |
| MLN26-013 | 306.5 | 307.0 | 0.5 | >350 | 0.02 | 0.09 | 0.02 | 166o / -60o | Section 3200E |
| and | 307.5 | 308.0 | 0.5 | >1,000 | 0.25 | 0.26 | 0.04 | ||
| and | 308.5 | 313.5 | 5.0 | >1,000 | 0.55 | 4.09 | 1.73 | ||
| incl. | 310.5 | 313.0 | 2.5 | >5,000 | 0.95 | 4.50 | 2.29 | ||
| incl. | 310.5 | 311.0 | 0.5 | >13,000 | 1.70 | 6.01 | 2.50 | ||
| MLN26-014 | 278.3 | 278.8 | 0.5 | 350 | 0.04 | 0.09 | 0.04 | 170o / -75o | Section 3200E |
| MLN25-015 | No significant radioactivity | 000o / -90o | Section 3200E | ||||||
| MLN26-016 | 286.5 | 287.5 | 1.0 | >350 | 0.04 | 0.07 | 0.04 | 165o / -65o | Section 3200E |
| MLN26-017 | No significant radioactivity | 000o / -90o | Section 3200E | ||||||
1 - Radioactivity is total gamma from drill core measured with an RS-125 hand-held spectrometer
2 - Measurements of total gamma from drill core are an indication of uranium content but may not correlate with chemical assays
3 - Radioactivity previously released
Next Steps
The Company is currently finalizing summer drill plans which it plans to announce shortly. Drilling is expected to commence in mid-June.
Figure 1 - Cosa's Eastern Athabasca Uranium Projects with Joint Venture Projects
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9865/298814_b288d57594534b40_003full.jpg
Figure 2 - Murphy Lake North Project Overview
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https://images.newsfilecorp.com/files/9865/298814_b288d57594534b40_004full.jpg
Figure 3 - Murphy Lake North Section 3200
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About Murphy Lake North
MLN covers a portion of the Larocque Lake trend and is located 2.7 kilometres east of the Hurricane deposit (Figures 1 and 2). Hurricane is the world's highest-grade indicated uranium resource and was discovered and delineated for IsoEnergy Ltd. by current members of Cosa's team. The Larocque Lake trend also hosts the high-grade Larocque Lake Zone, Yelka Prospect, and Alligator Lake Zone. MLN contains the along-strike extension of basement geology underlying the Hurricane deposit (the Hurricane trend), as well as a parallel conductive trend to the south (the Cyclone trend). Cosa's winter 2026 drill program intersected several metres of basement hosted uranium mineralization within a broader zone of strong structure and alteration at the Cyclone trend. Following up these results is the primary objective for the remainder of 2026 at MLN.
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 (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 MLN were sourced from the Saskatchewan Mineral Assessment Database (SMAD). SMAD sources for MLN and adjacent projects include file numbers 64L05-0161, 64L05-0180, 74I-0060, 74I-0066, 74I-0067, 74I01-0114, 74I08-0056, 74I09-0053, 74I09-0057, 74I09-0061, 74I09-0064, 74I09-0066, 74I09-0071, 74I09-0077, 74I09-0079, 74I09-0087, 74I09-0088, 74I09-0090, 74I09-0091, 74I09-0092, 74I09-0098, MAW00510, MAW01939, MAW02327, MAW02599, and MAW02395. Data and reports related to the 2020 ground EM survey completed by Denison are not presently available via SMAD and 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 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. For MLN, Cosa engaged a consultant to re-interpret historical geophysical surveys to validate selected previous interpretations.
Anomalous radioactivity in drill core was measured by removing 0.5 metre intervals of drill core to an area of background radioactivity and scanning it with an RS-125 hand held spectrometer to determine average CPS. Sampling was completed by collecting half-core splits measuring 0.5 metres in length with intervals that align with radioactive measurement intervals. Samples 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. SRC's CRM results are verified by Cosa staff. U3O8 assay results are compared to RS-125 hand held scintillometer readings and down hole gamma probe results to verify chemical assays and measured radioactivity align.
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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