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.
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.
Featured Image @ FreePik
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