Myriad Uranium Reports on Recent Ground Magnetometer Survey at the Copper Mountain Uranium Project, Wyoming
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) has completed a ground magnetometer survey at the Canning Deposit in the Copper Mountain Uranium Project, Wyoming. The survey revealed previously unknown mag lows that may indicate uranium mineralization, including areas below where historical drilling ended in mineralization. Myriad is adjusting its upcoming drilling program based on these results and historical data.
The company aims to convert historical uranium resources into current categories under NI 43-101. Myriad's CEO believes there's potential to surpass Union Pacific's achievements by targeting near-vertical fractures and drilling deeper, up to 500 meters. The survey covered 571 acres and included 104.8 line kilometers, providing high-resolution data to optimize drilling strategy.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) ha completato un'indagine con un magnetometro a terra presso il Canning Deposit nel progetto di uranio Copper Mountain, Wyoming. L'indagine ha rivelato mag lows precedentemente sconosciuti che potrebbero indicare mineralizzazione di uranio, comprese aree sotto dove la perforazione storica si è conclusa in mineralizzazione. Myriad sta adattando il suo programma di perforazione imminente basato su questi risultati e dati storici.
L'azienda mira a convertire le risorse di uranio storiche in categorie attuali secondo il NI 43-101. Il CEO di Myriad crede ci sia il potenziale per superare i risultati della Union Pacific mirando a fratture quasi verticali e perforando più in profondità, fino a 500 metri. L'indagine ha coperto 571 acri e includeva 104,8 chilometri lineari, fornendo dati ad alta risoluzione per ottimizzare la strategia di perforazione.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) ha completado una encuesta de magnetómetro terrestre en el Canning Deposit del Proyecto de Uranio Copper Mountain, Wyoming. La encuesta reveló bajos magnéticos previamente desconocidos que pueden indicar mineralización de uranio, incluyendo áreas debajo de donde la perforación histórica terminó en mineralización. Myriad está ajustando su programa de perforación próximo basado en estos resultados y datos históricos.
La empresa tiene como objetivo convertir los recursos históricos de uranio en categorías actuales bajo el NI 43-101. El CEO de Myriad cree que hay potencial para superar los logros de Union Pacific al apuntar a fracturas casi verticales y perforar más profundo, hasta 500 metros. La encuesta cubrió 571 acres e incluyó 104.8 kilómetros lineales, proporcionando datos de alta resolución para optimizar la estrategia de perforación.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF)는 와이오밍의 Copper Mountain 우라늄 프로젝트에 있는 Canning Deposit에서 지상 자기계측기 조사를 완료했습니다. 이 조사는 이전에 알려지지 않은 자기 저점을 발견했으며, 이는 우라늄 광물화를 나타낼 수 있으며, 과거 시추가 성과가 있었던 지점 아래의 영역을 포함합니다. Myriad는 이러한 결과와 역사적 데이터를 토대로 예정된 시추 프로그램을 조정하고 있습니다.
회사는 역사적 우라늄 자원을 NI 43-101에 따른 현재 카테고리로 전환하는 것을 목표로 하고 있습니다. Myriad의 CEO는 근접 수직 균열을 겨냥하고 최대 500미터까지 더 깊이 시추함으로써 Union Pacific의 성과를 능가할 가능성이 있다고 믿고 있습니다. 이 조사는 571 에이커의 면적을 포함하고 104.8라인 킬로미터를 포함하여 시추 전략을 최적화하기 위한 고해상도 데이터를 제공했습니다.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) a réalisé une enquête avec un magnétomètre au sol au Canning Deposit du projet Uranium Copper Mountain, Wyoming. L'enquête a révélé des bas magnétiques précédemment inconnus qui pourraient indiquer une minéralisation d'uranium, y compris des zones en dessous de celles où le forage historique a pris fin en minéralisation. Myriad ajuste son programme de forage à venir en fonction de ces résultats et des données historiques.
L'entreprise vise à convertir les ressources historiques d'uranium en catégories actuelles selon le NI 43-101. Le PDG de Myriad croit qu'il y a un potentiel pour surpasser les réalisations de la Union Pacific en ciblant des fissures presque verticales et en forant plus profondément, jusqu'à 500 mètres. L'enquête couvrait 571 acres et incluait 104,8 kilomètres linéaires, fournissant des données haute résolution pour optimiser la stratégie de forage.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) hat eine Magnetometer-Untersuchung am Canning Deposit im Uranprojekt Copper Mountain, Wyoming, abgeschlossen. Die Untersuchung hat früher unbekannte Magnettiefs ergeben, die auf eine Uranmineralisierung hinweisen könnten, einschließlich Bereiche unterhalb der Stelle, an der die historische Bohrung in der Mineralisierung endete. Myriad passt sein bevorstehendes Bohrprogramm basierend auf diesen Ergebnissen und historischen Daten an.
Das Unternehmen hat das Ziel, historische Uranressourcen in aktuelle Kategorien gemäß NI 43-101 umzuwandeln. Der CEO von Myriad glaubt, dass das Potenzial besteht, die Erfolge von Union Pacific zu übertreffen, indem nahezu vertikale Risse angezielt und bis zu 500 Meter tiefer gebohrt wird. Die Untersuchung umfasste 571 Acres und beinhaltete 104,8 Linienkilometer, die hochauflösende Daten zur Optimierung der Bohrstrategie liefern.
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Myriad holds a
75% earnable interest in the Copper Mountain Uranium Project which underwent approximately US$78m (2024$) in exploration and development expenditures by Union Pacific during the 1970s. Myriad is earning its interest in Copper Mountain from Rush Rare Metals Corp.Union Pacific drilled over 2,000 boreholes and discovered 7 uranium deposits at Copper Mountain, developing a 6-pit mine plan with estimated resources of between 15.7 and 30.1 Mlbs U3O8. Union Pacific estimated the potential of known and speculated targets across the full project area to be over 65 Mlbs.
By far the largest historical estimate at Copper Mountain relates to the "Canning Deposit", which was estimated by Union Pacific to contain between 8.79 and 19 Mlbs U3O8. Myriad intends to focus its initial exploration efforts on the high-grade zone of Canning to begin validating and expanding on historical data. Drilling at Canning will commence soon. Canning is just one of many highly prospective areas at Copper Mountain (see Figure 2 below).
The historical estimates in this news release are not yet current under NI 43-101. While Myriad has determined that the historical estimates described in this news release are relevant to the Copper Mountain Project area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned to not place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the project area. A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves, and Myriad is not treating the historical estimates as a current mineral resource or mineral reserve.
Myriad recently completed a high-resolution ground magnetometer survey over 571 acres of the Canning Deposit area (See Figures 1 and 2). The magnetometer survey revealed previously unknown mag lows which may relate to uranium mineralisation. Also, there appear to be extensive mag lows just below where historical drilling terminated in mineralisation. The drill targets, number of holes, and target depths for our upcoming drilling program are being adjusted to take into account the results of the magnetometer survey as well data from historical drilling that has recently been integrated into our 3-D Leapfrog modelling. The considerable review work conducted on the property since 1982 by companies such as Anaconda (ARCO), Neutron Energy (now enCore), and several leading consultants is also being leveraged.
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce the results of a ground magnetometer geophysical survey completed at the Canning Deposit which is located at the centre of the Copper Mountain Uranium Project, covering approximately 4,200 acres in Wyoming, U.S.A. The completed ground magnetometer survey is part of Myriad's maiden 2024 exploration program. Next comes exploration drilling, which the Company anticipates will commence in the coming weeks. The Copper Mountain Uranium Project contains numerous historical estimates of uranium deposits, past-producing uranium mines, exploration targets, and advanced prospects (see Figures 1 and 2 below).
Myriad is planning a maiden exploration drill program targeting the Canning Deposit to confirm, and if possible, expand upon the historical drilling and historical resource estimates. Historical drilling data and results from the recent ground magnetometer survey are being combined to optimise the Company's drilling strategy.
Figure 1: View over the ground magnetometer survey area at Canning.
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The principal goal of Myriad's completed ground magnetometer survey and upcoming maiden exploration drilling program is to begin converting the large historical uranium resource at the Copper Mountain Uranium Project into current categories under National Instrument 43-101. With important insights drawn from review of Union Pacific's historical drilling data, as well as new modern analysis techniques and new higher-detail geophysical data such as that generated by the recent ground magnetometer survey, Myriad's exploration program will aim to not only confirm previous work, but to also re-assess the overall mineralisation potential of the project area. For example, steeply dipping structures previously identified to run to depths of 500 feet may actually run well beyond that. Moreover, recent analysis suggests that these structures, and their associated fracture zones, which may have been poorly understood by Union Pacific at the time of their drilling during the 1970s, may host higher grades of uranium and continue to significantly greater depths. Myriad's Phase I maiden exploration drilling program which will commence soon, is designed to begin confirming these possibilities.
Myriad's CEO Thomas Lamb commented, "The mag survey was much higher resolution than anything previously conducted at Canning and we are optimising our drilling strategy in light of the excellent data acquired. Union Pacific's historical drilling rarely went deeper than 183 metres, even though holes sometimes terminated in significant mineralisation. This is because Union Pacific generally targeted low- mid grade flat-lying mineralisation. However, more recent analysis of the larger data set suggests that it is the near-vertical fractures that host high grade mineralisation and not the horizontal-lying pods. As a result, we're going to strategically angle our holes and also drill some holes as deep as 500 metres. By utilizing modern techniques and with the benefit of work done since Union Pacific's tenure, I would emphasize that we now have a much better understanding of the Project's mineralisation and geology than Union Pacific did during the 1970s. By targeting these near-vertical fractures and also going deeper, I believe there is potential to go well beyond what Union Pacific achieved. Upcoming drilling is the first exciting step."
Figure 2: Map of the ground magnetometer survey area at the Canning Deposit
at the center of the Copper Mountain Uranium Project. Lines indicated as "planned" were completed.
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Ground Magnetometer Survey Parameters and Objectives
A team from Géophysique TMC was deployed to carry out the ground magnetometer survey over the Canning Deposit. The ground magnetometer survey was performed in a continuous walking mode; GPS guided along north-south traverse lines spaced 25 metres apart, with 250 metre east-west tie lines, for a total of 104.8 line kilometres, covering an area of approximately 231 hectares (571 acres).
The aim of the Canning Deposit ground magnetometer survey was to delineate the aerial extent of known favourable structures and to assist in identifying and delineating other structures with zones of intense fracturing and brecciation. Variations in magnetic intensity are expected to arise from several factors including varying degrees of alteration and weathering in the fracture stock (slight to total destruction of magnetic minerals), the presence of mafic dikes and metasedimentary xenoliths of Precambrian age scattered throughout the area, varying depths of burial of quartz monzonite (horsts, grabens and tilted blocks), or variations in primary concentrations of magnetic minerals in the stock, all of which could demonstrate an association with uranium mineralisation.
Results and Interpretation
Following processing of the data, several outputs were generated such as Total Magnetic Field (TMF), High Pass Vertical Gradient (VG). Horizontal Gradient (HG) and Reduced to Pole (RTP). These outputs can filter out noise and enhance variations that can reveal different characteristics and trends in the magnetic field data and are useful for interpreting the nature and structure of the underlying rocks (Figure 3).
Figure 3: Processed imagery from the ground magnetic survey.
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Interpretation of the processed data has resulted in an improved interpretation of the main structures that are believed to control mineralization (Figure 4). This interpretation combined with historical data has enhanced our understanding of, and confidence in, the geological and structural interpretation of the Canning Deposit.
Figure 4: Updated interpretation of structures on the high pass vertical gradient image.
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In addition to mapping the main structures that could potentially control mineralization, further analysis of the data and modelling at depth indicate a correlation between lower magnetic field strength and the mineralized area in the northern part of the Canning Deposit between the North Canning Fault and South Fault which run east to west along the top and mid-point, respectively, of the Canning Deposit (Figure 5).
The magnetometer survey suggests extensive areas of lower magnetic field strength below the maximum depth of Union Pacific's drilling during the 1970s, which was generally 183 metres or 600 feet. A number of those boreholes terminated in mineralisation. One goal of planned drilling is to determine whether mineralisation continues.
Figure 5: Interpreted structures and mineralized zones on total field (with trend removal applied).
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Historical Estimates
While Myriad has determined that the historical estimates described in this news release are relevant to the Copper Mountain Project area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned to not place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the project area. A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves, and Myriad is not treating the historical estimates as a current mineral resource or mineral reserve. Also, while the Copper Mountain Project area contains all or most of each deposit referred to, some of the resources referred to may be located outside the current Copper Mountain Project area. Furthermore, the estimates are decades old and based on drilling data for which the logs are, as of yet, predominantly unavailable. The historical resource estimates, therefore, should not be unduly relied upon.
Inherent limitations of the historical estimates include that the nature of the mineralization (fracture hosted) makes estimation from drill data less reliable than other deposit types (e.g, those that are thick and uniform). From Myriad's viewpoint, limitations include that the Company has not been able to verify the data itself and that the estimate may be optimistic relative to subsequent work which applied a "delayed fission neutron" (DFN) factor to calculate grades. On the other hand, DFN is controversial, in that the approach is viewed by some experts as too conservative. Nevertheless, it was applied in later resource estimations by Union Pacific relating to Copper Mountain.
To verify the historical estimates and potentially re-state them as current resources, a program of digitization of available data is required. This must be followed by re-logging and/or re-drilling to generate new data to the extent necessary that it is comparable with the original data, or new data that and can be used to establish the correlation and continuity of geology and grades between boreholes with sufficient confidence to estimate mineral resources.
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. Mr van der Walt is employed by The MSA Group (Pty) Ltd (MSA), a leading geological consultancy providing services to the minerals industry, based in Johannesburg, South Africa. He has more than 20 years industry experience and sufficient relevant experience in the type and style of mineralisation to report on exploration results.
The information and interpretations thereof are 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.
The ground magnetometer processing and interpretation was undertaken by Mike Anderson (PGEO), Senior Geophysicist at APTIM, headquartered in Baton Rouge, Louisiana. Mr. Anderson has been employed as a professional geoscientist for over 25 years.
About Myriad Uranium Corp.
Myriad Uranium Corp. is a uranium exploration company with an earnable
Myriad also has a
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.
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FAQ
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