Uranium-focused Cosmos Exploration (ASX:C1X) announced the assay results from its maiden rock sampling program at the Nut Lake South project in Thelon Basin, Nunavut, Canada.
A total of 16 rock chips returned uranium results above 0.3 percent U3O8 along with associated metals. The samples were gathered from three prospects: the new Gyrfalcon and Snow Goose prospects and Tundra Swan.
High-grade mineralisation was seen at Gyrfalcon, with grades up to 1.2 percent uranium, 1.0 percent molybdenum, 31 grams per tonne silver, 0.4 percent lead and 487 parts per million copper.
Snow Goose results also included high grades, assaying up to 1.1 percent uranium, 0.3 percent molybdenum, 4.8 grams per tonne silver, 0.4 percent lead and 509 parts per million copper.
“It is good to see we have generated significant rock chip results soon after acquiring these projects within the last few months,” commented Jeremy Robinson, executive chairman of Cosmos.
Cosmos said that the rock sampling also confirmed radioactivity at the project. It added that uranium mineralisation at the three prospects “exhibits a polymetallic mineral signature analogous to ... the Angilak deposit, with anomalous to high concentrations of molybdenum, lead, silver, and copper.”
The Angilak property is owned by Canadian mineral company Atha Energy (TSXV:SASK) and is among the projects driving growing interest in the Thelon Basin.
“The project’s close lithological and geochemical associations with the Angilak deposit support the exploration model for further work on the project,” the release states.
Cosmos confirmed its 100 percent acquisition of the Nut Lake South and Angilak West projects in June, following its agreement with Northex Capital Partners to acquire 80 percent of the Fenix uranium project in the Basin in May.
The company's top priority is advancing its portfolio of deposits in Thelon Basin.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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