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About Myriad Uranium Corp
Myriad Uranium Corp (OTCQB: MYRUF) is a uranium exploration company headquartered in Vancouver, Canada, focused on acquiring, developing, and advancing high-potential uranium projects in North America. With an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA, and a 100% interest in the recently acquired Red Basin Uranium Project in New Mexico, USA, Myriad is strategically positioned to capitalize on the increasing global demand for uranium as a critical energy resource.
Core Business and Exploration Projects
Myriad’s flagship Copper Mountain Uranium Project spans approximately 9,320 acres in Wyoming, a region historically recognized as one of the world’s premier uranium jurisdictions. The project includes several known uranium deposits and former uranium mines, such as the Arrowhead Mine, which produced 500,000 lbs of U3O8. Extensive historical exploration, including over 2,000 boreholes drilled by Union Pacific during the 1970s, revealed significant uranium mineralization across multiple zones. Myriad’s 2024 maiden drill program validated historical data, uncovered deeper mineralization, and demonstrated the project’s potential for both high-grade and large-scale uranium resources.
The Red Basin Uranium Project, located in the Datil Mountains-Pietown Uranium District of New Mexico, encompasses 1,776 acres and hosts historical estimates of 1.5 to 6.5 million lbs of U3O8 (inferred). Historical drilling by Gulf Oil Corporation identified near-surface roll-front uranium deposits, with grades averaging 0.31% U3O8. This project complements Myriad’s portfolio by offering high-grade, near-surface exploration potential with significant expansion opportunities.
Industry Context and Strategic Positioning
Myriad operates within the uranium exploration industry, a sector experiencing renewed interest due to the global transition toward clean energy and the increasing adoption of nuclear power. Uranium is a critical mineral for nuclear energy production, and the need for secure, domestic supply chains in North America further elevates its strategic importance. Myriad differentiates itself by focusing on historically underexplored but resource-rich areas, leveraging extensive historical data to reduce exploration risk and costs.
Key competitive advantages include its access to historical exploration data, partnerships with experienced technical advisors, and a focus on jurisdictions with favorable regulatory environments for uranium mining. The company’s projects are strategically located near existing infrastructure, enhancing their economic viability.
Exploration and Development Approach
Myriad employs a systematic exploration approach, combining modern geophysical techniques with historical drilling data to identify and delineate uranium resources. At Copper Mountain, the company’s maiden drill program exceeded expectations by confirming high-grade uranium mineralization across a strike length of 2,500 feet and identifying new mineralization at depths below historical drilling limits. At Red Basin, Myriad plans to conduct geophysical surveys and targeted drilling to validate historical resource estimates and explore untapped potential.
Significance in the Uranium Market
Myriad Uranium Corp’s projects align with the growing demand for uranium driven by the expansion of nuclear energy as a clean and reliable power source. The company’s focus on North American projects positions it to contribute to the region’s energy security while capitalizing on favorable market dynamics. By unlocking the potential of historically significant uranium deposits, Myriad aims to establish itself as a key player in the uranium exploration sector.
Myriad Uranium reports significant uranium mineralization from drilling at the Copper Mountain Uranium Project in Wyoming. Spectral gamma ray logging confirms high-grade uranium at the Canning Deposit area across a 2,500 ft strike length. Notable results include intercepts of 2,530 ppm eU3O8 over 6.56 feet and 1,881 ppm eU3O8 over 8.20 feet. The thirteen holes reported contain 56 intervals greater than 200 ppm eU3O8, with 14 intervals exceeding 500 ppm and 5 intervals above 1,000 ppm. Recent calibration tests suggest earlier reported grades may have been understated by up to 13%. Results are pending chemical assay confirmation.
Myriad Uranium Corp (OTCQB: MYRUF) has exercised its option to acquire an initial 50% interest in the Copper Mountain Uranium Project in Wyoming, after exceeding $1.5 million in qualifying expenditures. The company issued 1,093,702 common shares valued at $400,000 ($0.365 per share). Additionally, Myriad granted 2,075,000 stock options at $0.50 per share and 2,475,000 Restricted Share Units to directors, officers, and consultants under a new omnibus long-term security-based incentive plan. The company also entered into a one-month marketing agreement with General Research GmbH for European services, worth 10,000 Euros.
Myriad Uranium has exercised its option to acquire an initial 50% interest in Rush Rare Metals' Copper Mountain uranium property in Wyoming. As part of the agreement, Myriad has issued 1,093,702 common shares to Rush, valued at $400,000 (approximately $0.365 per share). The shares are subject to a four-month hold period ending February 26, 2025. The Copper Mountain project has been expanded to include multiple uranium occurrences, identified through significant historical exploration investment. New drilling operations are underway to confirm historical data, with results expected soon.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) has announced promising results from initial drilling at the Copper Mountain Uranium Project in Wyoming, USA. Spectral gamma ray logging confirms high-grade uranium mineralization at the Canning Deposit area, validating historic work by Union Pacific. Highlights include:
- Multiple intervals reporting over 1,000 ppm eU3O8
- Peak grade in borehole CAN0006 reaching 8,060 ppm eU3O8
- Significant intervals such as 5,936 ppm eU3O8 over 7.54 feet and 2,105 ppm eU3O8 over 20.01 feet
- Elevated uranium mineralization (>200 ppm eU3O8) across multiple long intercepts in every hole drilled
The results corroborate or exceed expectations based on historic data, providing confidence in the potential of the Canning Deposit and the broader Copper Mountain Project Area.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) is accelerating its option to acquire an initial 50% interest in the Copper Mountain Uranium Project in Wyoming, USA. The company will issue 1,093,702 common shares to Rush Rare Metals Corp., valued at $400,000. This acceleration is possible as Myriad's qualifying expenditures at Copper Mountain have exceeded $1,500,000.
The shares will be issued at a deemed price of approximately $0.365 per share, subject to a four-month hold period. Myriad's CEO, Thomas Lamb, expressed confidence in the project's potential scale and quality. The company is focused on securing full 75% ownership of the project.
Additionally, Myriad has entered into a consulting services agreement with Arrow Park Capital Corp. for advertising and social media management services from October 21, 2024, to January 31, 2025, for a fee of $32,500 plus taxes.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) has closed the final tranche of its non-brokered private placement financing, raising gross proceeds of $1,845,890 through the issuance of 7,383,560 units at $0.25 per unit. Each unit consists of one common share and half a warrant, with each full warrant allowing the purchase of one share at $0.30 until October 7, 2026. Across three tranches since June 2024, the company has raised a total of $5,928,390, exceeding its $5 million target.
The company paid $75,056 in finder's fees and issued 300,224 finder's warrants. Proceeds will fund Myriad's 2024 exploration program at Copper Mountain and general working capital. A director participated in this tranche, considered a related party transaction but exempt from certain requirements due to its size.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) has commenced its inaugural exploration drill program at the Copper Mountain Uranium Project in Wyoming, USA. The company holds a 75% earnable interest in the project, which previously saw C$117 million (2024$) in exploration and development expenditures by Union Pacific in the 1970s.
Harris Exploration Drilling Co. is conducting the drilling using two diamond drills and one reverse circulation drill. DGI Geoscience US Inc. is on-site to survey the holes with Spectral Gamma Ray and Acoustic and Optical Televiewer. The company has completed the first borehole of the 2024 campaign, which is currently being surveyed.
CEO Thomas Lamb expressed gratitude to the lead geologist George van der Walt and technical advisors Jim Davis and Doug Christopherson for their contributions to the project.
Myriad Uranium has announced significant historical grade intervals and new insights from the Copper Mountain Uranium Project in Wyoming. The company holds a 75% earnable interest in the project, which saw extensive exploration by Union Pacific in the 1970s. Union Pacific drilled around 2,000 boreholes, discovering seven historical uranium deposits and estimating historical resources of 15.7 to 30.1 Mlbs eU3O8, with further potential over 65 Mlbs. Recent data from 1977 cross-sections by Rocky Mountain Energy has been incorporated into Myriad's 3-D modeling, enhancing targeting for their upcoming drill campaign. The data includes long mineralized intervals of up to 210.5 ft and grades over 0.25% eU3O8. Some grades may be higher, as indicated by previous findings. CEO Thomas Lamb noted that drilling will target high-grade shells and deeper mineralization. The Canning Deposit, which hosts the largest historical resource, remains the focus, but other areas also show significant potential. This development aims to optimize drill planning and potentially discover new high-grade mineralization.
Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) held its Annual General and Special Meeting of Shareholders on September 19, 2024. Shareholders approved all matters, including the election of six nominees to the board of directors and the re-appointment of Davidson & Company LLP as auditors. Two new directors, Marvin Singer and Ian Archbold, joined the board.
Mr. Singer brings over 40 years of international experience in mineral exploration and development projects, having been a senior partner at Norton Rose Fulbright. Mr. Archbold has over 25 years of professional experience, including 15 years in global investing at CPP Investments and Ontario Teachers' Pension Plan.
CEO Thomas Lamb welcomed the new directors, noting their expertise in governance, finance, and strategy as the company focuses on advancing the Copper Mountain Uranium Project in Wyoming. Outgoing directors Cyril Amadi and Daye Kaba were thanked for their service.
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.
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