Cosa Resources Corp. reported that its first winter 2026 drill hole at the Murphy Lake North joint venture intersected a 5‑metre interval of anomalous radioactivity, with counts reaching 13,900 cps. The hole, MLN26‑013, was drilled 260 metres below the surface in the upper basement and produced a continuous anomaly between 308.5 and 313.5 metres.
The 5‑metre interval is notable for its shallow depth and the high level of radioactivity, which is considered an indicator of potential uranium mineralization. The anomaly was described as “exceptional” by Cosa’s President and CEO Keith Bodnarchuk, who highlighted the proximity to existing infrastructure and the open‑ended nature of the mineralization.
Bodnarchuk said, “This intersection is an exceptional result. The shallow depth, proximity to existing infrastructure, and our team’s history with this area, elevates the significance of this result. With a healthy treasury and strong support from our largest shareholder and Joint Venture partner Denison Mines, we are well positioned to ambitiously drill test Murphy Lake North for the remainder of 2026.” Vice‑President of Exploration Andy Carmichael added, “We are very encouraged that our first drill hole of the winter program intersected a significant width of anomalous radioactivity while following up the alteration identified in 2025. The mineralization, structure, and alteration intersected by MLN26‑013 are open in all directions and the nearest drilling is 600 metres away along strike to the east and west.”
The discovery could accelerate the Murphy Lake North project’s progression toward a definitive mine plan. Chemical assay results are pending to determine the uranium grade, but the open‑ended nature of the anomaly suggests potential for further mineralization. For Cosa, the find adds upside to its 70 % interest, while Denison Mines, which holds a 30 % stake, stands to benefit from a possible expansion of the project without diverting resources from its Phoenix ISR uranium mine development. Cosa’s last earnings report, released November 26 2025, recorded an EPS of –$0.010, and Denison’s Q4 2025 earnings, released March 10 2026, reported an EPS of –$0.02, both in line with analyst expectations.
The announcement was well received by investors, reflecting confidence in the project’s potential and the strategic partnership between Cosa and Denison. Cosa plans to use the remainder of its winter program to follow up the MLN26‑013 results, and both companies view the discovery as a key milestone in advancing the Murphy Lake North project.
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