Cosmos Exploration (ASX:C1X) believes it’s operating at the right place in the Thelon Basin in Nunavut, Canada given growing interest in the region from the likes of ATHA Energy (TSX-V:SASK).
Commenting on the company’s assay results for its Nut Lake South Project maiden prospecting program in the emerging uranium district of the Thelon Basin, Executive Chairman Jeremy Robinson says recent discoveries and project expansions further support the potential of the area.
The project’s close lithological and geochemical associations with the Angilak deposit support the exploration model for further work on the project, Robinson says.
Further work is planned along the “high-priority” 10km by 2.3km area of northwest structures surrounding the Gyrfalcon and Snow Goose uranium occurrences.
The proposed work includes additional prospecting, shallow diamond drilling at the uranium occurrences, and detailed mineralogy. A trial drone-supported very low frequency survey is also planned to detect concealed conductive horizons which are caused by “unusually high” concentrations of sulphide minerals Cosmos says it now knows are associated with uranium mineralisation.
Cosmos notes growing interest in this uranium-rich region is evidenced by ATHA Energy’s recent staking of large areas of new ground surrounding the southern sub-basins of the Thelon (Yathkyed and Angikuni).
Last month, Vancouver-based ATHA Energy acquired the full length of a uranium-prospective corridor and a parallel corridor, more than doubling the size of its Angilak Project in Nunavut, as reported by Mining.com.au.
ATHA, which holds the Angilak deposit, is focusing its efforts on the Snowbird Tectonic Zone and the northwest-trending structures at Lac 50, as well as subparallel structures that intersect Cosmos’ Angilak West property.
The explorer has staked an additional 69,704 hectares within 48 mineral claims, which means it now owns the ground along the entire Lac 50 structural corridor and an additional prospective parallel corridor. The new ground also increases the size of the Angilak Project to 158,447 hectares, as reported by this news service.
Cosmos reports the interest from companies such as ATHA Energy in the region gives it confidence moving forward.
On ground prospecting activities were completed at Cosmos’ Nut Lake South Project in July 2024. The work aimed to follow up on historical uranium occurrences, while also investigating other identified structures and radioactivity reported in historical records of the area.
The team, supported by a helicopter, utilised handheld RS-125 spectrometers to efficiently locate radioactive outcrops and boulders for sampling.
A total of eight landing sites were visited and 28 radioactive rock samples were collected. Out of these, 17 rock chip samples were dispatched for analysis at ALS Laboratories in Winnipeg, Manitoba, using a comprehensive four-acid, 48-element digest. Sample descriptions and photographs were taken at each sampling site.
In conjunction with the prospecting activities, the company engaged in community talks in Baker Lake to secure access to the Fenix, Angilak West, and Nut Lake South projects. These discussions led to the establishment of Baker Lake as a base camp for prospecting and future exploration activities.
The support from local stakeholders ensures long-term collaboration for further exploration efforts in the region.
No activities were undertaken on the company’s Angilak West project due to time constraints.
Cosmos says the assay results from the recent prospecting work are “highly encouraging, particularly at the new high-grade Gyrfalcon and Snow Goose uranium occurrences”.
“These findings have highlighted an extremely prospective area spanning 10km in length and 2.3km width, with favourable northwest-trending structures and characteristic mafic host rocks.
“Historical drilling at the adjacent property held by Greenridge where 1ft at 4.9% U₃O₈ has been intersected and the recent surface discovery at Tayson further underscores the uranium-rich potential of this area,” the company reports.
The rock types at Gyrfalcon, Snow Goose, and Tundra Swan are all characterised by altered and variably brecciated mafic rocks with associated disseminated sulphides. The mafic host rock and alteration style bear strong similarities to the nearby Angilak deposit, which has an inferred resource of 43.3Mlb @ 0.69% U₃O₈, 0.17% molybdenum, 20.6g/t silver, and 0.25% copper.
Uranium mineralisation at the three Nut Lake South prospects exhibits a polymetallic mineral signature analogous to that to the Angilak deposit, with anomalous to high concentrations of molybdenum, lead, silver, and copper. The reported sulphide mineralisation at Angilak identifies chalcopyrite (copper), galena (lead), and molybdenite (molybdenum) associated with uraninite.
Geochemistry indicates similar mineralogy at Nut Lake South, however mineralogy work is now required to confirm.
Write to Adam Orlando at Mining.com.au
Images Cosmos
