Cosmos Exploration has expanded its mining portfolio with the acquisition of two uranium projects, Angilak West and Nut Lake South, in the Thelon Basin in Nunavut, Canada.

These projects were obtained through direct staking and are situated in a region known for its high uranium potential.

The Angilak West project lies 30km west of the Angilak deposit, owned by Atha Energy, which is the second-largest uranium deposit in the Thelon district.

It holds 43.3 million pounds of uranium oxide (U3O8) at a grade of 0.69%. This proximity suggests a promising area for exploration.

Meanwhile, the Nut Lake South project is located 3km south of the Nut Lake uranium discovery by Greenridge Exploration.

This project is famous for a 1979 discovery by Pan Ocean Oil, which included a drill intersection of 9ft at 0.7% U3O8, with a high-grade section of 4.9% U3O8 over 1ft from a shallow depth of 8ft.

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With the acquisition of these two parcels of land, Cosmos aims to explore the north-west-trending structures that are key to mineralisation.

These structures are similar to those at Angilak and extend into Greenridge’s Nut Lake Project, indicating the potential for significant findings.

Cosmos is optimistic about the prospectivity of the structures around the Yathkyed and Angikuni Sub Basins in the Thelon District.

It believes these areas could host unconformity-related uranium deposits, akin to those in Saskatchewan’s Athabasca Basin, which is renowned for high-grade uranium deposits.

Cosmos executive chairman Jeremy Robinson said: “These projects complement and enhance our existing position in Thelon Basin, the fact they already have many uranium occurrences noted on them in this world-class uranium province provides for some exciting exploration opportunities for Cosmos.”