- Cosa Resources (COSAF, Financial) enters into an option agreement with Global Uranium worth over C$10 million.
- The Astro Project spans over 45,000 hectares in the eastern Athabasca basin, strategically positioned near major uranium discoveries.
- This agreement allows Global Uranium to earn up to 80% interest while Cosa Resources remains the initial project operator.
Cosa Resources Corp (COSAF) has finalized an option agreement with Global Uranium Corporation, enabling Global Uranium to earn up to an 80% interest in Cosa's Astro uranium project, effective from April 8, 2025. The total consideration and expenditure commitments exceed C$10 million, with Cosa acting as the project's initial operator.
The Astro Project is situated within more than 45,000 hectares in the eastern part of the Athabasca Basin, Saskatchewan. This strategically important location is approximately 30 kilometers from Cameco's McArthur River uranium mine, one of the largest uranium mines in the world, and only 10 kilometers from CanAlaska's Pike Zone discovery. Despite its proximity to these major sites, over 40 kilometers of unexplored magnetic low strike and multiple conductive trends at the Astro Project have never undergone exploration for potential extensions of structures related to the McArthur River and Fox Lake uranium deposits.
According to Cosa's President and CEO, Keith Bodnarchuk, the collaboration with Global Uranium represents a significant opportunity to employ modern exploration techniques in underexplored areas of the Athabasca Basin, aiming for the next major uranium discovery. The agreement lays out five earn-in phases wherein Global Uranium will advance exploration and funding commitments to achieve up to 80% ownership, with Cosa retaining a 20% interest.
The strategic focus on the Astro Project highlights Cosa's ongoing commitment to expanding its exploration efforts in the Athabasca Basin, building on the company's history of successful uranium discoveries, including the recent efforts at the Murphy Lake North Joint Venture.
