Myriad Reports on Historic Drilling at Copper Mountain

Rhea-AI Summary

Myriad Uranium Corp. announces significant high-grade uranium intervals at Copper Mountain project, providing a clear path to re-evaluate resources and confirm feasibility of mining. The intervals relate to 82 boreholes drilled into the 'High Grade Zone' of the North Canning deposit, showing high-grade material close to the surface. CEO Thomas Lamb highlights the potential for fast-tracking confirmation work and increasing overall grades and volumes at Copper Mountain.

Vancouver, British Columbia--(Newsfile Corp. - March 5, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce a compilation of significant historic eU₃O₈ grade intervals at its Copper Mountain project, compiled from cross-sections prepared by Anaconda Uranium ("Anaconda") in 1997. These cross-sections were found during the Company's ongoing review of proprietary paper-based historical data sets. The intervals confirm that there is high grade material close to the surface at Copper Mountain and give Myriad a clear path to re-evaluating the resources and confirming the feasibility of mining, taking the Company much closer to production than previously thought.

The intervals relate to 82 boreholes drilled into what Anaconda called the "High Grade Zone" of the North Canning deposit (see Figure 3 below) by a subsidiary of Union Pacific Railway, Rocky Mountain Energy ("RME"). RME had intended North Canning to be the centre of a three-pit mine they were planning in the late 1970s. The cross-sections include a significant number of high-grade intervals (up to 0.385% eU₃O₈) and many long, mineralized intervals (up to 291 feet). Grage-Thickness (GT) products range from the minimum selected 0.3 ft% (equivalent to 0.1% over 3 feet) to 11.55 ft% (represented by 0.05% eU₃O₈ over 231 feet). Highlights are set out at Table 1 below and a full listing of results from the boreholes are available here. Within the data set compiled, there are 56 intervals >0.1% eU₃O₈ and 8 intervals >0.2% eU₃O₈. It should be borne in mind that this represents only a small portion of the total area of data collection for one of the project areas.

Myriad's CEO Thomas Lamb commented, "These are exciting cross-sections. They demonstrate that there is significant high-grade uranium at Copper Mountain and they provide us with a roadmap to fast-track the required confirmation work. These particular boreholes were drilled in the High Grade Zone at an important structural boundary of the North Canning area, adjacent to the more moderate-grade zones of the main North Canning deposit area. Union Pacific had intended the North Canning deposit to be a moderate-grade bulk-tonnage central pit for a large mining operation. They had conducted considerable test work and built a heap leach pad before discontinuing development due to fast-falling uranium prices at the end of the 1970s."

Thomas Lamb then continued "Historically, other high-grade zones away from North Canning saw only limited drilling and we are now armed with geological insight to help us pursue trends - particularly faults that are now much better understood and have not been explored yet. This gives us confidence that we can increase overall grades and volumes relative to RME's historic estimates and also consider alternatives such as initially developing a current resource estimate for just the smaller high-grade areas of North Canning as a first step. Experts such as Union Pacific's manager of exploration at Copper Mountain during the 1970s, Jim Davis, who recently joined Myriad's Technical Committee, have speculated that fault trends at Copper Mountain could lead to the discovery of noncomformity-type deposits and 'represent an attractive potential for large uranium deposits, based on world-class models, including the French granite, Navarrette, Australia, and Beaverlodge, Canada'. This view is bolstered by the fact that high grade at North Canning is associated with amphibolite schists, a feature shared with Beaverlodge, a vast uranium complex in the Athabasca Basin."

Interval Highlights

Note that these reported intervals have not been verified by new measurements and should serve as a guide only for assessing the grade potential of targeted mineralization at Copper Mountain. A full listing of results from the captured boreholes is available here.

Table 1 Summary of highlighted significant eU₃O₈ intervals from the North Canning area

Borehole ID		From (ft)	To (ft)	Interval (ft)	eU3O8 (%)	GT (ft%)
LH00041		228	255	27	0.075	2.03
	Including	249	252	3	0.385	1.16
		345	420	75	0.053	3.98
	Including	387	399	12	0.145	1.74
LH00056		303	375	72	0.075	5.40
	Including	306	309	3	0.173	0.52
	Including	315	321	6	0.217	1.30
	Including	333	336	3	0.130	0.39
	Including	348	354	6	0.146	0.88
LH00064		57	90	33	0.098	3.23
	Including	66	84	18	0.153	2.75
		111	144	33	0.062	2.05
	Including	117	123	6	0.218	1.31
		279	312	33	0.107	3.53
	Including	288	306	18	0.147	2.65
LH00166		105	150	45	0.047	2.12
		183	321	138	0.036	4.97
	Including	294	306	12	0.180	2.16
LH00182		171	462	291	0.039	11.35
	Including	294	306	12	0.180	2.16
LH00508		168	246	78	0.041	3.20
	Including	225	228	3	0.117	0.35
LH00513		204	435	231	0.050	11.55
	Including	261	267	6	0.163	0.98
	Including	366	378	12	0.145	1.74
	Including	390	393	3	0.143	0.43
	Including	405	411	6	0.128	0.77
LH00565		387	579	192	0.045	8.64
	Including	516	525	9	0.167	1.50
LH00567		153	324	171	0.063	10.77
	Including	240	258	18	0.109	1.96
	Including	285	306	21	0.164	3.44
LH00581		390	450	60	0.074	4.44
	Including	414	423	9	0.311	2.80
LH00598		393	597	204	0.040	8.16
	Including	510	531	21	0.137	2.88
LH00956		270	288	18	0.112	2.02
	Including	279	285	6	0.228	1.37
		453	543	90	0.046	4.14
	Including	483	486	3	0.100	0.30
	Including	501	507	6	0.129	0.77
LH00957		156	351	195	0.055	10.73
	Including	273	288	15	0.113	1.70
MG00060		282	297	15	0.085	1.28
	Including	285	288	3	0.202	0.61
MG00061		249	273	24	0.101	2.42
	Including	252	261	9	0.172	1.55
MG00093		519	528	9	0.097	0.87
	Including	522	528	6	0.139	0.83
		561	579	18	0.056	1.01
	Including	564	567	3	0.195	0.59
MG00100		459	483	24	0.018	0.43
	Including	468	480	12	0.332	3.98
MG00128		414	423	9	0.100	0.90
	Including	417	420	3	0.252	0.76
		435	471	36	0.072	2.59
	Including	438	453	15	0.119	1.79
		717	789	72	0.035	2.52

 

Geological Background

Uranium mineralization at Copper Mountain occurs in two distinct geologic environments:

• Fracture-controlled uranium mineralization hosted in Archaean-aged granite, syenite, isolated occurrences along the margins of diabase dikes and in association with meta-sediment inclusions in granite; and

• As disseminations in coarse-grained sandstones and coatings on cobbles and boulders in the Tertiary-aged Teepee Trail Formation at the Arrowhead (Little Mo) mine and other localities.

Uranium mineralization is thought to have resulted through supergene and hydrothermal enrichment processes. In both cases, the source of the uranium is thought to be the granites of the Owl Creek Mountains. The pattern of structural features and overall structural setting developed in the southern-most portion of the Archaean granites of the Owl Creek Mountains, and particularly at Copper Mountain, is a key aspect for the localization of uranium mineralization in the project area.

Earlier interpretations of the mineralization at Copper Mountain show that the controls on mineralization were not fully understood. Factors such as hydrocarbons, degree of fracturing, and lithologic differences had been considered, generally without solid conclusions that would help in putting shape, grade and predictability to the mineralized areas. There is evidence to suggest that some of the upper mineralization was depleted in uranium, which was remobilized and fixated in deeper and higher-grade areas and it is unclear if this concept has been fully tested.

The location of the Copper Mountain uranium district in relation to other uranium districts in Wyoming is shown in Figure 1 below.

Figure 1 Uranium Districts of Wyoming

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/200421_3a3e79224491db68_002full.jpg

"Area of Special Interest"

The grade intervals were calculated as weighted averages using 3-foot composite grades that Anaconda derived from drilling data acquired from RME which conducted uranium exploration in the Copper Mountain area between 1969 to 1982. The grade intervals presented here were captured from cross-sections that Anaconda drafted over an area designated the "E2 Zone" or "Area of Special Interest", which covers part of the High Grade Zone of the North Canning deposit area as defined by Anaconda (1997). It was previously reported (here) that the Canning deposit contains between 8.79 Mlbs eU₃O₈ (at 170 ppm average grade) and 19.0 Mlbs eU₃O₈ (at 390 ppm average grade). The Canning deposit is approximately 4,500 feet (1,372 metres) long in an east-west direction and 1,500 feet (457 metres) wide in a north-south direction. The main portion is from 100 to 250 feet (30 to 76 metres) below surface and attains a thickness of up to 300 feet (91 metres). A west-northwest trending fault (the Canning Fault) bounds the deposit on the northern side and also controls the High Grade Zone, which contains significantly higher grade uranium than the rest of the deposit area.

It is not clear what the Area of Special Interest represents, but it is thought to be one of the areas earmarked for bulk sampling or early mining development by RME. The presence of higher grades in certain areas along fault trends provides the option of increasing the cut-off grade, should it be feasible to do so.

The location of the "Area of Special Interest" identified by Anaconda is shown in Figure 2 below and the locations of the boreholes appearing in the cross-sections are indicated in Figure 3 below.

Figure 2 Myriad claims, deposits and the Anaconda "Area of Special Interest"

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https://images.newsfilecorp.com/files/6301/200421_3a3e79224491db68_003full.jpg

The coordinates of the boreholes indicated as "cross-section" boreholes in Figure 3 below are available here.

Note that these reported intervals have not been verified by sampling or analytical methods to test the data and should serve as a guide only for assessing the grade potential of targeted mineralization at Copper Mountain. A discussion on the equivalent uranium grade determinations is provided further down.

Figure 3 Canning "Area of Special Interest" and cross-section borehole locations

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https://images.newsfilecorp.com/files/6301/200421_3a3e79224491db68_004full.jpg

Figure 4 Section 732450E in the "Area of Special Interest" as produced by Anaconda, showing grade interval ranges

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https://images.newsfilecorp.com/files/6301/200421_3a3e79224491db68_006full.jpg

Determination of eU₃O₈ Grades

Drilling by RME was conducted using a combination of rotary percussion and core drilling (approximately 10%). Thus, most of the eU₃O₈ grades were derived from natural gamma (NGAM) logging probes, while a limited check was done using Delayed Fission Neutron (DFN) analysis of core samples. During RME's investigations at the time, a discrepancy was identified between grades determined by the NGAM and the DFN method.

Through extensive investigations by RME and others, it was concluded that the NGAM over-stated higher grades and understated lower grades, when compared to the DFN. The decision was therefore made to err on the side of caution and use the DFN grades for all estimation going forward. RME therefore converted all NGAM grades to an equivalent DFN grade using a regression curve.

Independent assessment and reporting of results for the projects have confirmed the veracity of the data collection methods. For example, an independent report by David S. Robertson and Associates (1978) concluded that RME "has utilized proper procedures in collecting and handling data from the North Canning Project". Similarly, a Golder Associates report (1979) found that the data collection methods were reliable, and a Neutron Energy Inc. report (2008) stated that there was no reason to believe that standard industry practices were not employed by RME at the time. Enwall (1980) also noted that DFN assaying has proven to be one of the most interference-free, precise and accurate analytical techniques for uranium.

Data Verification

Note that the reported intervals have not been verified by sampling or analytical methods to test the data and should serve as a guide only for assessing the grade potential of targeted mineralization at Copper Mountain. The equivalent grades used for the reported intervals will need to be verified by re-logging the boreholes or drilling twin boreholes to obtain similar results. This is part of the planned work strategy described below. The borehole dip and azimuth are not known at this time and the intervals have not been corrected for true width, as the controls on mineralization have not been firmly established.

Planned Work Strategy and Schedule

The strategy for verification of historically reported grades and further delineation of mineralized zones is dependent on conditions in the field, which have yet to be determined. Myriad plans to conduct a site visit to Copper Mountain at the earliest possibility that weather conditions will allow, possibly late April to early May, 2024. The aim of the site visit would be to assess the conditions in the field generally, but more importantly, to locate historically drilled borehole collar positions and check if they are preserved and open at depth. If the historic boreholes are open and are accessible, they could be re-probed using modern equipment to generate new grade interval information that can be used in reporting, with only limited drilling then required to chemically verify the results.

Should this strategy be feasible, borehole logging equipment, such as Prompt Fission Neutron (PFN) will be sourced immediately and set to work on re-probing the historic boreholes this summer season. Priority for boreholes will be guided by the information already available, which will shorten the time required for producing representative results.

The strategy may include the drilling of limited diamond drill (DD) core and reverse circulation (RC) or rotary air blast (RAB) holes to supplement the drilling delineation process and fast-track the production of a code compliant Mineral Resource Estimate.

Conclusion

The data compiled by Anaconda and reported here is believed to be relevant and demonstrates the potential for higher grade zones along the fault trends and elsewhere in the Copper Mountain district. The data shows us that (1) there is high-grade material in areas formerly designated for open-pit mining prior to the market turn in the 1980's, and (2) Myriad has a clear path for re-evaluating the existing resources at Copper Mountain and may in fact be much farther along than previously thought in terms of testing the feasibility of a mining plan for these areas.

The data also shows us that high-grade potential exists outside the main Copper Mountain deposits and provides support for the idea that undiscovered high-grade mineralization may be found along trends that have not been explored yet. Myriad's strategy, besides confirming existing areas of mineralization, will be to locate and follow out these fault structures to target areas of higher-grade mineralization.

Qualified Person Statement

The scientific or technical information in this news release respecting the Company's Copper Mountain Project has been prepared and approved by George van der Walt, MSc., Pr.Sci.Nat., MGSSA, a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. It is based on the Qualified Person's initial review of historical reports which were recently obtained by the Company. The information did not include original data such as drilling records, sampling, analytical or test data underlying the information or opinions contained in the written documents. Therefore, the Qualified Person has not reviewed or otherwise verified the information and has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The Qualified Person considers the information to be relevant based on the amount and quality of work undertaken and reported historically. A more thorough review of any available original data will be undertaken and reported on in more detail in future releases.

About Myriad Uranium Corp.

Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU₃O₈. Copper Mountain saw extensive drilling and development by Union Pacific, which developed a mine plan and built a leach pad for one of the deposits at Copper Mountain. Operations ceased in 1980 before mining could commence due to falling uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain and the project area has significant exploration upside. Union Pacific is estimated to have spent C$117 million (2023 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates which are detailed here.

Myriad also holds 80% ownership of over 1,800 km² of uranium exploration licenses in the Tim Mersoï Basin, Niger, with the option to earn up to 100%. These licenses are surrounded by many of the most significant uranium deposits in Africa, including Orano's 384 Mlbs eU₃O₈ Imouraren, Global Atomic's 236 Mlbs Dasa, and Goviex's 100 Mlbs Madaouela, and on the same fault structures. Myriad also has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Metals Inc. For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.

Recent interviews with VSA and Crux Investor are here and here. A video overview of the Copper Mountain Project is here.

Myriad Contacts:

Thomas Lamb

President and CEO

tlamb@myriaduranium.com

Forward-Looking Statements

Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and

FAQ

What are the significant highlights of the high-grade uranium intervals at Copper Mountain project?

The intervals relate to 82 boreholes drilled into the 'High Grade Zone' of the North Canning deposit, showing high-grade material close to the surface.

Who conducted the drilling for the high-grade uranium intervals at Copper Mountain project?

A subsidiary of Union Pacific Railway, Rocky Mountain Energy (RME), drilled the 82 boreholes into the 'High Grade Zone' of the North Canning deposit.

What is the CEO of Myriad Uranium Corp., Thomas Lamb, emphasizing regarding the high-grade uranium intervals?

Thomas Lamb highlights the potential for fast-tracking confirmation work and increasing overall grades and volumes at Copper Mountain.

What geological environments host uranium mineralization at Copper Mountain?

Uranium mineralization occurs in fracture-controlled environments in Archaean-aged granite and disseminations in Tertiary-aged sandstones at Copper Mountain.

Who is the Qualified Person responsible for the technical information in the news release?

George van der Walt, MSc., Pr.Sci.Nat., MGSSA, is the Qualified Person responsible for the technical information in the news release.