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Saskatchewan Gives Green Light to Canada’s Biggest Uranium Mining Project

Saskatchewan is getting closer to bringing the next world-leading uranium mine online. On November 8, NexGen Energy gained ministerial approval to proceed with developing its Rook 1 Project, making it the first company in over 20 years to receive full provincial environmental assessment approval in Saskatchewan. According to NexGen’s Director of Mine Technical Services the project will account for over 23% of the world’s uranium production in its first few years. While federal approval is pending, NexGen is preparing for construction, aiming for operational status within the decade. Projects like this are essential to combatting the uranium supply squeeze, which is being further stretched by Sprott Physical Uranium Trust, and the Athabasca Basin could play a key role. The region is currently home to the world’s largest high-grade uranium mine, Cameco’s McArthur River, as well as several significant exploration projects being developed by COSA Resources Corp. (TSXV:COSA) (OTCQB:COSAF) (FSE:SSKU), Uranium Energy Corp (NYSE-A:UEC), and Denison Mines (TSX:DML) (NYSE-A:DNN).

Cosa Resources Corp. (TSXV:COSA) (OTCQB:COSAF) (FSE:SSKU) is a Canadian mineral exploration firm concentrating on exploring uranium properties in northern Saskatchewan. 

Cosa Resources’ portfolio includes 11 uranium exploration properties that cover more than 180,000 hectares in the Athabasca Basin region including its Ursa, Orion, and Astro project, which are all strategically positioned at or near prolific uranium corridors akin to those hosting major mines like Cameco’s Cigar Lake and McArthur River. 

The Cosa Resources team boasts a successful track record in Saskatchewan, with decades of experience in uranium exploration, discovery, and development within the province.

Cosa Resources just announced the successful acquisition of necessary permits from the Saskatchewan Government to conduct ground-based geophysics and diamond drilling exploration activities on its fully-owned Ursa uranium project in the Athabasca Basin, Saskatchewan.

The granted permits, which are valid until June 2025, cover various activities, including constructing access trails, establishing camps, and conducting diamond drilling and geophysical surveys. Following the permit acquisition, Cosa is actively preparing for its winter 2024 exploration programs and aims to streamline exploration by utilizing the winter access trail to transport supplies and equipment for an expanded summer drilling campaign at Ursa.

“Saskatchewan’s status as a favoured uranium exploration district is built on the Athabasca Basin’s long history of discovery, development and production of Tier 1 uranium deposits and the Province’s reputation as a stable, low-risk political environment,” said Keith Bodnarchuk, Cosa Resources’ President & CEO. “We are pleased to have progressed Ursa to this important milestone well ahead of the upcoming winter exploration season. With permits in hand and an abundance of high-priority target areas identified by our recently completed MobileMT™ survey, we are excited to complete ground-based geophysics and follow up diamond drilling in winter 2024.”

Cosa Resources also recently announced significant findings at its Orion uranium project. The company’s recent MobileMT surveys revealed an encouraging and unexplained geophysical anomaly at depth. This region shows promising signs of uranium, with the surveys identifying more than 10 km of conductive underground patterns.

Particularly noteworthy is the discovery of a highly conductive zone in the sandstone, spanning approximately 4 km in length and 1.4 km in width. This feature stands out as  the most significant in the Orion project. Following these encouraging results, Cosa Resources plans to undertake further detailed surveys and drilling activities to fully explore and understand the potential uranium resources within the Orion property.

Click here for more information about Cosa Resources Corp. (TSXV:COSA) (OTCQB:COSAF) (FSE:SSKU)

Advancements in the Nuclear Industry

Cameco (TSX:CCO) (NYSE:CCJ) has successfully closed the acquisition of Westinghouse Electric Company (Westinghouse) through a strategic partnership with Brookfield Renewable Partners and other institutional partners. Following the closure of the deal, Cameco now holds a 49% stake in Westinghouse, while Brookfield possesses the remaining 51%. Westinghouse stands as one of the largest nuclear services businesses globally. Tim Gitzel, President and CEO of Cameco, noted the substantial improvement in Westinghouse’s business prospects since the deal was initially announced a year ago. He highlighted the undeniable positive momentum in the nuclear energy sector, with countries and companies globally actively seeking clean and secure energy solutions to fulfill their net-zero commitments and address escalating energy needs.

NexGen Energy Ltd. (TSX:NXE) (NYSE:NXE) has received Ministerial approval under The Environmental Assessment Act of Saskatchewan for its Rook I Project and completed all necessary responses for the Federal technical review of the project’s Environmental Impact Statement. NexGen is now anticipating the final stage of approval, eagerly awaiting the conclusion of the Federal Environmental Assessment process.

Uranium Energy Corp (NYSE-A:UEC) and TerraPower have announced a memorandum of understanding (MOU) aimed at reestablishing domestic uranium fuel supply chains. The MOU enables exploration of uranium supply for TerraPower’s innovative Natrium™ reactor and energy storage system, part of the Natrium demonstration project set to become a commercial-scale plant within a decade. Both companies, committed to nuclear fuel cycle investments and large-scale clean energy projects, seek to contribute to the US economy by delivering carbon-free power, generating high-paying jobs, and supporting the development of a robust nuclear fuel supply chain for Small Modular (SMR) and Advanced Reactors (AR). 

Denison Mines (TSX:DML) (NYSE-A:DNN) has successfully completed the inaugural In-Situ Recovery (ISR) field test program at the The Heldreth Túé uranium deposit (THT) within its 67.41% owned Waterbury Lake Uranium Project in northern Saskatchewan, Canada. Close to key infrastructure, including roads and the McClean Lake mill, the test achieved all planned objectives. Hydraulic conductivity was confirmed through pump and injection tests, meeting criteria outlined in the 2020 Preliminary Economic Assessment. A tracer test established a 10-hour breakthrough time, boosting confidence in hydrogeological evaluations.

Last month, Cosa Resources announced successful MobileMT surveys at 100% owned Ursa and Orion uranium projects in Saskatchewan’s Athabasca Basin. Surveys define over 110 kilometers of conductive trend, revealing fundamental basement structures and potential hydrothermal alteration zones. Eleven unexplored target areas identified, prompting follow-up with ground geophysics for refined drill testing targets.

Click here for more information about Cosa Resources Corp. (TSXV:COSA) (OTCQB:COSAF) (FSE:SSKU)

Featured Image @ FreePik


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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Cosa Resources Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Cosa Resources Corp.’s industry; (b) market opportunity; (c) Cosa Resources Corp.’s business plans and strategies; (d) services that Cosa Resources Corp. intends to offer; (e) Cosa Resources Corp.’s milestone projections and targets; (f) Cosa Resources Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Cosa Resources Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Cosa Resources Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Cosa Resources Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Cosa Resources Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Cosa Resources Corp.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Cosa Resources Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Cosa Resources Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Cosa Resources Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Cosa Resources Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Cosa Resources Corp.’s business operations (e) Cosa Resources Corp. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Cosa Resources Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Cosa Resources Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Cosa Resources Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

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