Myriad Uranium Announces Addition of Highly Prospective Target Area Revealed by Historic Data Trove, Increases Wyoming Land Position by 41%

Rhea-AI Summary

Myriad Uranium Corp. announces the staking of Knob claims in the Copper Mountain Uranium District, potentially containing up to 500,000 lbs U3O8. Myriad holds a 75% earnable interest in the area, aiming to increase uranium grade and volume. Historical data sets reveal high-grade targets for expansion.

Vancouver, British Columbia--(Newsfile Corp. - February 26, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce the staking of the Knob claims, a significant uranium target area in the Copper Mountain Uranium District. Historical information from Neutron Energy Inc. suggests that the Knob claims contain a potential target of up to 500,000 lbs U₃O₈ at 0.15% (unverified, see Note 1 below) with significant potential for expansion. The Knob claims are comprised of 52 Wyoming mineral claims aggregating 780 acres (see Figure 1 below.). The area is now part of the Copper Mountain Project, in which Myriad holds a 75% earnable interest.

The identification and acquisition of the Knob claims is a result of Myriad's ongoing review of proprietary paper-based historical data sets. The Knob target areas' mineralisation is understood to be in a flat-lying zone of fracturing within the host granite.

Figure 1: Updated Myriad Uranium claims

To view an enhanced version of this graphic, please visit:
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"I remind everyone of a statement made in a 2010 Neutron Energy internal memorandum that we possess," remarked Thomas Lamb, Myriad's CEO. "The statement is: 'Copper Mountain has world-class potential in the "brownfield" exploration and expansion of the Copper Mountain District.' Myriad Uranium is intent on confirming this statement. Our ongoing review of several historical data sets has revealed an array of compelling high-grade targets that do not form part of the historic resource estimates we've previously reported. The estimates were generated by Union Pacific to support a medium-grade bulk tonnage mine focused on the Canning Deposit in the centre of our claim area. Union Pacific and subsequent owners of parts of our current claims, such as Neutron Energy (now part of enCore), also understood that high grade exploration targets are in abundance in the district and needed to be followed up, but they ran out of time. As we take up the helm, we are optimistic that Knob and other areas in our pipeline could significantly increase the grade and volume of uranium we can report at Copper Mountain. There is much more to come, so please stay tuned."

This is the first of many planned expansions at Copper Mountain, adding to a claim area that already includes the past-producing Arrowhead Mine, the Canning Deposit, the Fuller Deposit, and a number of other uranium deposits and mines. It is expected that the historical data trove will continue to allow Myriad to add high-potential prospects to the project.

Note 1

A qualified person (as defined under NI 43-101) has not done sufficient work to classify the historical target estimate reported in this news release as a current mineral resource or mineral reserve, and Myriad is not treating the historical target estimate as a current mineral resource or mineral reserve. In particular, the Company does not know the key assumptions, parameters and methods used to prepare the historical target estimate. Also, the Company does not have any more recent estimates or data available respecting the historical target estimate. In order to verify the historical target estimate referenced in this release, additional exploration work will be required, including drilling. The target estimate in this news release is referenced in a January 2010 Neutron Energy Inc. report titled "The Copper Mountain, Wyoming Project, Resource Status, Potential, & Recommended Programs" by J.F. Davis and D.T. Wilton." The January 2010 report states that no data was available to the authors relating to the Knob target, but does reference "Ferris, 1968" as a source. The Company is seeking a copy of this document but has not yet located one. The estimate cannot be relied upon until it is confirmed by additional work.

Qualified Person

The scientific or technical information in this news release respecting the Company's Copper Mountain Project has been 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 is understood to have produced 500,000 lbs of eU₃O₈ at a grade of 0.15%. 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 phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.

The CSE has not reviewed, approved or disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199336

FAQ

What is the latest announcement from Myriad Uranium Corp. regarding the Copper Mountain Uranium District?

Myriad Uranium Corp. has announced the staking of the Knob claims, a significant uranium target area in the Copper Mountain Uranium District.

What is the potential target of the Knob claims in terms of U3O8?

The Knob claims have a potential target of up to 500,000 lbs U3O8 at 0.15%.

What percentage of earnable interest does Myriad hold in the Copper Mountain Project?

Myriad holds a 75% earnable interest in the Copper Mountain Project.

What type of mineralization is expected in the Knob target areas?

The mineralization in the Knob target areas is understood to be in a flat-lying zone of fracturing within the host granite.

Who is the CEO of Myriad Uranium Corp. and what statement did he make regarding the Copper Mountain District?

Thomas Lamb, the CEO of Myriad Uranium Corp., stated that the Copper Mountain District has world-class potential in brownfield exploration and expansion.