Categories: Energy
Topics: General Energy

Cosa Resources (TSX-V: COSA)(OTC: COSAF) CEO Keith Bodnarchuk on Discovery Drilling in the Athabasca Basin

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Cosa Resources, Mr. Keith Bodnarchuk. Keith, it's great to have you back on. It’s been a bit. We chatted a bit off-air. The uranium consolidation, though still very, very robust 90-ish spot price, it's taken a little bit longer and the equities I think are starting to bore some of the people in the space. We talked about that tends to be when the opportunity exists. And in the case of Cosa, you've had so many news releases here over the last couple of months. You've been busy, so I thought it a great time to have you back on and see what the company and you and the team have been up to.

Keith Bodnarchuk: Yeah, no. First off, thanks for having me back on, Gerardo. It's great to be here. And yes, we have been busy, obviously with our first drill program at Ursa. First inaugural drill program really as a company. And for first pass drilling into a new area, we were extremely excited by the results that we intersected, and it's really set us up for a summer program here. We'll have lots of news flow and we'll be drilling, following up those initial results at our Ursa project. And so we're in great shape heading into the summer here.

Gerardo Del Real: You're cashed up. You have a pretty extensive set of items to check off here for the summertime. Can you speak to exactly what you'll be doing with that $6.5 million that came into the till?

Keith Bodnarchuk: Yeah, for sure. So yeah, as you mentioned, we did bring in $6.5 million here in March, and that's really going to fund us through the entirety of 2024 and beyond. I mentioned that we did have good first pass drilling at Ursa. And so what we've done now is we are deploying ANT over that area, which is a passive seismic Geophysical survey that's really been introduced into the Athabasca basin over the past year or so. And what it's able to do is map really these big alteration halos that you're looking for that are associated with these uranium deposits. So we're going to apply the ANT survey, and that's going to introduce another layer that's going to help us follow up these initial targets.

So this year we're do an ANT on Ursa, which we'll finish here within the next month. And then we will be drilling here this summer following up those initial results. And importantly, we always like to have that pipeline of projects and pipeline of targets. And so we'll also be generating drill ready targets on our Orion projects, on our Aurora projects, which will be ready to go for 2025. But the main focus is Ursa. Those initial results were great where we hit what we feel is the potential alteration halo, which are often associated with these large uranium deposits. So as I mentioned, we are a team that has seen a lot of these deposits in the past and we're extremely excited by what we intersected in the winter, really in March and April. And we're going to look to follow up on that here in the next few months.

Gerardo Del Real: It's interesting to me, and you highlighted in the release that with Aurora and Orbit, it's within 25 kilometers of the Key Lake Mill, and yet it's seen very little to no modern exploration. Why do you think that is?

Keith Bodnarchuk: I think it's just what the model was at the time. When people were exploring in the basin. I think you've seen as companies, especially junior companies, have been able to have success in the basin over the past 20 years. People aren't necessarily following that conventional model. And when you had Iso Energy and the team hit the hurricane deposit, people thought that that geological domain in that area couldn't host economic deposits. And hurricane really changed the narrative in that area. And you've seen other groups have success on the edge of the basin.

So it's kind of a different deposit model we've been going for in that area. But it's one that, like you said, it's so well located. It's cost-effective drilling in that area. It's very shallow, shallow targeting. And it's one we're very excited about because it's wide open as far as it goes for exploration upside. And so that is why we are making sure that we do have drill ready targets for 2025.

Gerardo Del Real: Well, you have a ton of catalysts in the pipeline. I'm excited to see what your accomplished team is able to do here over the summer and looking forward to having you back on. Thanks again for taking the time to come on.

Keith Bodnarchuk: Yeah, thanks Gerardo. Always great to be here.

Gerardo Del Real: All right, Keith. Chat soon.

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