Comprehensive Historical Assessment Of Copper Mountain

VANCOUVER – Myriad Uranium Corp. announced a comprehensive report relating to a large-scale study of Copper Mountain for the U.S. Department of Energy (DOE) from 1982 has been obtained, enabling the Company to release the study’s conclusions regarding Copper Mountain’s potential uranium endowment.

Previously, the Company only had access to a summary companion document titled Copper Mountain, Wyoming, Intermediate-Grade Uranium Resource Assessment Project Final Report (November 1982). However, a comprehensive report titled An Exploration Systems Approach to the Copper Mountain Area Uranium Projects, Wyoming (September 1982)2, comprising over 600 pages of detailed data analysis and interpretation, has now been obtained. This report provides the underlying technical information and basis for the assessment that followed. 

Key conclusions from the study include: 

1) A “Control Area” at Copper Mountain, centred on the Canning Deposit, was estimated to have a potential mineral endowment of ~245 million pounds uranium down to a depth of 600 feet in the intermediate grade range of 100 – 500 ppm eU3O8. Myriad and its partner, Rush Rare Metals Corp., hold approximately 70% of this Control Area, and an even higher percentage of the historic boreholes drilled in this area.

2) A larger “Assessment Area” was estimated to have a potential mineral endowment of ~655 million pounds uranium, also to a depth of 600 feet. Myriad and Rush hold approximately 29% of this area.

3) Several probable target areas for extensive intermediate-grade uranium deposits were identified by the study through structural scoring of the Assessment Area. These include locations within the Control Area that previously lacked drill-hole data, and Myriad is now aware of.

Note: These estimates are historical in nature and do not represent current mineral resource, reserve or exploration target estimates under the category definitions provided by NI 43-101. They represent potential mineral endowments that would require exploration work and drilling to verify. The key assumptions, parameters, and methods used to prepare the historical estimates are described in this document. There are no more recent estimates of this type. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. Myriad and Rush are not treating the historical estimates as current mineral resources or mineral reserves.

CEO, Thomas Lamb, said, “The conclusions of the 1982 studies are exciting to us, as we have always thought the Copper Mountain district is underexplored. The core area of Copper Mountain has a potential uranium endowment of ~245 Mlbs down to 600 feet. We hold about 70% of this area and a higher percentage of its boreholes. The Report has also identified potential additional targets across our acreage that we were not previously aware of. Operators at the time, such as Union Pacific and Anaconda, barely scratched the surface outside of the known historic resource areas and this work will really help us to expand our targeting in a meaningful way. Furthermore, the strong potential of the district is highlighted by the occurrence of high-grades from sampling, which we’ve just learned about in this newly obtained report.

A potential new dimension to Copper Mountain exists below the “hard deck” of 600 feet. This depth was the general limit for drilling and feasibility studies conducted by Union Pacific in the 1970s. Our 2024 drilling campaign and subsequent assays yielded uranium findings below the hard deck, including at 1,495 feet below Canning and at various other depths. These intercepts, and Anaconda’s drilling at Railroad (an area acquired earlier this year) which had notable deep intercepts, hint at the potential for unconformity mineralization related to thrust faults under Copper Mountain. This is a theory that was considered by Anaconda and Union Pacific and a series of experts in subsequent decades, but was not fully tested.’