Mr. Thomas Lamb reports

MYRIAD URANIUM TARGETING MINERALIZATION USING GEOPHYSICAL TECHNIQUES

In order to constrain structures and identify possible uranium traps ahead of coming drilling, Myriad Uranium Corp. has initiated geophysical surveys at key target areas within the company's Agebout and Afouday licences. Drones carrying high-resolution magnetometers have already started flying a planned 5,942-line-kilometre pattern at 50-metre line spacing and 35-metre flying height.

Early indications from the field are that the drone survey is successfully detecting very low amplitude features that would otherwise be difficult or impossible to detect using traditional fixed-wing or helicopter-based surveys. Data acquisition is expected to be completed within six to eight weeks, with processing and interpretation following within four weeks after that.

Thomas Lamb, Myriad's chief executive officer, stated: "Areva (now called Orano), the previous owner of the Agebout and Afouday properties, developed ambitious exploration plans for these survey areas, which are on structure and literally surrounded on all sides by five of the world's most significant uranium deposits, including Imouraren (384 million pounds eU3O8 [equivalent (triuranium octoxide), Dasa (250 million pounds eU3O8), Madaouela (150 million pounds eU3O8), Somair (154 million pounds eU3O8) and Cominak (164 million pounds eU3O8). All are located on the same structures [...]. For example, Areva had developed a 65-hole drill program for the Imouraren North area, which is located inside our Agebout licence just north of Imouraren, the world's second-largest uranium deposit. Areva was unable to commence the program due to their insolvency and restructuring, which followed the Fukushima disaster. Now the area is ours, and uranium is over $56 per pound instead of $19 per pound.

"Not only is it a new paradigm in terms of the price of uranium, but, now, thanks to Global Atomic's nearby Dasa discovery, we know that Athabasca-like uranium grades may lie just a bit deeper than Orano ever drilled. This could change everything. In 2016, Orano geologist Dr. M. Mamane wrote in his PhD thesis: 'Especially at Imouraren, it would be interesting to drill from the Jurassic (Tchirezrine 2) to the Carboniferous (Tarat and Guezouman). This last hypothesis is supported by the discovery of the Dasa deposit by Global Atomic.' Myriad now has the chance to do this. We are all very excited."

Early analysis of seismic data has already confirmed that previous regional drilling by Areva, while promising, still missed key fault structures and traps that may contain Dasa-like uranium mineralization.

What follows is a discussion of Myriad's current geophysics program by senior economic geologist George van der Walt, who leads the company's exploration.

Introduction

One of the challenges of targeting uranium mineralization in the Tim Mersoi basin is accurately locating the fault structures that control mineralization. In the past, mainly roll-front-type mineralization has been targeted by Orano in proximity to the main Arlit fault. However, more recent work by the likes of Global Atomic and GoviEX has shown that significant mineralization can be found in, or associated with, secondary fault structures away from the Arlit fault. This strategy requires a more focused approach to locating the position of fault structures, which will reduce the need for the type of grid-style drilling that has been employed previously.

Existing geophysical data, flown at 200-metre line spacing, while useful for the interpretation of larger-scale structures, is unable to accurately resolve the position of smaller-scale structures. Myriad's strategy currently involves the use of high-resolution geophysical methods for fault identification, including drone-based magnetic surveys and trials of either induced polarization (IP) or audio-magnetotellurics (NS-AMT).

Drone-based magnetic surveys

Myriad has recently appointed AeroPhysX Survey Ltd. to conduct high-resolution, drone-based magnetic surveys over two high-priority areas inside Myriad's Agebout and Afouday licences. The purpose of these surveys is to accurately resolve the position of fault structures on surface. The company is only a few days into the program, but Myriad's geophysicists advise the company that success so far in resolving low-amplitude features has been very impressive.

AeroPhysX uses a UAV (unmanned aerial vehicle) magnetic system carrying the MagArrow magnetometer. The MagArrow magnetometer is lightweight and self-contained and has a high sampling frequency, which allows for faster flying and closer sampling. The data collected by the system have been demonstrated to be of superb quality when compared with other traditional airborne methods like fixed wing or helicopter.

The survey specifications are to fly 5,942 line kilometres at 50-metre line spacing at a flying height of 35 metres. The data acquisition phase is expected to take six to eight weeks, with data processing and interpretation following within four weeks after that. In due course, the survey areas may be expanded to cover the remaining extents of the Myriad licence areas.

Ground-based electrical method surveys

As a follow-up to the high-resolution magnetic surveys, which will identify fault structures at surface, the company plans to detect and model the subsurface trend of the faults using audio magnetotellurics (AMT), which can penetrate as deep as 1,000 metres. It is anticipated that this AMT survey will commence within the next two weeks. Together with the magnetic survey, the AMT will lay the groundwork for a targeted drilling program to commence later this year.

Qualified person

George van der Walt, MSc (economic geology), PrSciNat, a qualified person for the purpose of National Instrument 43-101, has reviewed and approved the scientific and technical information included in this news release.

About Myriad Uranium Corp.

Myriad Uranium is a Canadian mineral exploration company with 100-per-cent option interest in over 1,800 square kilometres of uranium exploration licences in the Tim Mersoi basin in Niger. These licences are surrounded by many of the most significant uranium deposits in Africa, including Orano's Imouraren project (384 million pounds eU3O8), Global Atomic's Dasa project (236 million pounds) and GoviEX's Madaouela project (100 million pounds), and on the same fault structures. Myriad also has a 50-per-cent interest in the Millen Mountain property in Nova Scotia, Canada, with the other 50 per cent held by Probe Metals Inc.

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