Cosmos Exploration has announced a conditional agreement to acquire an 80% interest in the Fenix Uranium Project in Canada’s Thelon Basin from Northex Capital Partners.
As part of the agreement, Cosmos will have to make an upfront payment of C$50,000 ($36,718) and issue more than two million Cosmos shares, with further investments planned for exploration.
Subsequently, Cosmos will gain the earn-in interest by spending C$1m on exploration within three years, followed by additional cash and share payments.
This agreement is subject to satisfactory due diligence and necessary approvals.
The Fenix Project is located around 100km north of the Kiggavik deposit and 50km south-west of the Amer Lake uranium deposit within the Amer Group belt.
Cosmos is optimistic about the Thelon Basin’s potential for significant uranium discoveries and plans to commence exploration activities in the 2024 summer season.
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The company is preparing for rock and boulder sampling programmes to evaluate the project, with work expected to start in mid-2024.
The results, compliant with the Joint Ore Reserve Committee (JORC) Code 2012, are expected to be reported in the December 2024 quarter.
Cosmos executive chairman Jeremy Robinson said: “Cosmos has been searching for an attractive uranium opportunity for some time now and believes this to be a standout acquisition in a world-class, high-grade uranium province.
“The presence of high-grade boulders and historic intercepts indicates that there is likely a deposit nearby. Cosmos looks forward to progressing this project with all its stakeholders this field season just approaching in what is a resurgent uranium market.”
Cosmos is also exploring geophysical techniques that could reveal the project’s potential, aiming to establish drill targets for a maiden drill programme.
Earlier this year, Cosmo signed a terms sheet to acquire 100% of La Zarza Minerals, which holds the tenements comprising the Kanowna Gold Project (KGP) in Western Australia (WA).
Spanning 20km², the KGP includes 12 prospecting licences in the Eastern Goldfields of WA.
