Mr. Thomas Lamb reports
MYRIAD TRANSFORMED AS DATA TROVE REVEALS SIGNIFICANT HISTORICAL URANIUM RESOURCES AT COPPER MOUNTAIN
Myriad Uranium Corp. has released historical resource estimates contained in a trove of recently purchased data relating to the Copper Mountain uranium project in Wyoming, United States. This should be considered an interim report because the data review is in progress. Myriad holds an option to earn up to 75 per cent of the project from Rush Rare Metals Corp. Currently, the project comprises 110 mineral claims aggregating 1,911 acres.
The Copper Mountain area contains several known uranium deposits and past-producing uranium mines, including the Arrowhead mine, which produced 500,000 pounds U3O8 in the 1950s and 1960s. During the period from 1969 to 1980, Rocky Mountain Energy Corp. spent approximately $74-million (U.S.) (2023 dollars), exploring and developing Copper Mountain, drilling up to 2,000 boreholes, developing a mine plan, and constructing a leach pad for the Canning deposit. Low uranium prices following the 1979 Three Mile Island incident intervened, and RMEC ceased operations there.
All of this activity generated a vast amount of paper-based data, reportedly contained in hundreds of boxes, the existence and location of which are largely unknown. For that reason, the recently purchased data and its resource estimates were not available to the author of Rush's March, 2023, technical report respecting the Copper Mountain project. In fact, the phase 1 recommendation in the technical report was to obtain historic data, if possible; otherwise, a maiden drill program would be required.
"We got lucky," commented Myriad's chief executive officer, Thomas Lamb, "and kudos to Rush's CEO Pete Smith. This first trove, acquired in part due to a chance encounter and acquired much sooner than anyone expected, contains several high-quality management summaries and technical reports spanning Copper Mountain's history. We believe the resource estimates they contain vault us into an entirely different category. While the known resources at Copper Mountain, once verified, could provide the basis for production, there also appears to be world-class potential in brownfield exploration opportunities based on modern techniques and understanding. Also [in situ recovery] amenability, if confirmed, would be a game changer. Memorandums in the purchased data -- and the views of our own ISR experts -- are cautiously optimistic. These possibilities will be explored in the future. As you can see, there is a great deal to come. To use a baseball metaphor, the bases are loaded with nobody out."
The resource estimates in the purchased data vary widely depending on the combination of deposits considered, the method of estimation, cut-off grades applied and several other factors. The stated range of resources is 15.7 million pounds triuranium octoxide equivalent to 30.1 Mlb eU3O8, but RMEC believed that additional sources could bring this total as high as 63.8 Mlb (RMEC, 1978). Some of the estimates relate only to Canning, for example, which has generally been the focus of most exploration attention at Copper Mountain. Other estimates include most or all of the known deposits at Copper Mountain, the majority of which is within the Copper Mountain project. Another point of concern is whether a delayed fission neutron (or DFN) factor should be applied to correct grades.
A review by Neutron Energy Inc. in 20O8 attempted to summarize all the resource estimates to that date and provided an apt summary of the positive prospects for Copper Mountain while also effectively noting the caution that must be applied.
"There are a multitude of ore or resource calculations. Resources have been calculated by using polygons, sections, plan maps, grade thickness and geostatistics. Some calculations are widely optimistic while others are quite pessimistic. A few can be considered pie-in-the-sky guesses. For some calculations, the reserves are based on gross gamma probe data. Others use probe data corrected with DFN analysis. Geostatistical calculations were done by consultants that were considered the top of the field. The resource studies have been exhaustive and comprehensive, but unfortunately not conclusive. ... It has been stated over and over again that there is a substantial resource of uranium in the Canning-Fuller zone. With only a cursive examination of the sections and drill hole data, it is obvious that higher-grade zones exist at both Canning and Fuller. Some of the grades are very impressive. The high-grade core at Canning has received attention. What cannot be determined with existing data is the degree of continuity of the higher-grade material."
A report by Gregory K. Liller (1991), a geologist who was reviewing a vast Copper Mountain data set of 250 boxes at the time, made the following comment regarding the high-grade reserve potential at Copper Mountain. It may be useful to keep it in mind as the reader reviews the resource estimates that follow.
"The Copper Mountain uranium project contains a core of high-grade reserves, which has not been calculated to date. The emphasis of the RMEC work was the identification of a very large bulk tonnage uranium deposit to which economies of scale could be applied. As such, they were successful in identifying the Canning deposit and its satellites. Little attention was paid to the structural controls of the orebody or the geometry of the high-grade portions of the deposits. It was not until the Fluor Mining & Metals Inc. reserve study in 1980 that the basic geometry of the Canning deposit, the most densely drilled of all areas, was even realized. In 1981, RMEC undertook a study on the high-grade material along structures in two separate subareas and demonstrated the continuity of high-grade ore within discrete structural zones. High-grade mineralization is also hosted in veinlike bodies of syenite containing specular hematite and in portions of the Tertiary section. No detailed modelling of the geometry and projection of the syenite bodies or Tertiary-hosted ore was attempted. ... Further understanding of the geometry and continuity of the high-grade portions of the orebodies will lead to a better understanding of the reserves and significant increase in average grade."
While Myriad has determined that the historical estimates which follow 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 National Instrument 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 sit outside of 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 resource estimates, therefore, should not be unduly relied upon.
Historical resource estimates
What follows are discussions on different references to resource estimates reported for projects within the Copper Mountain district. These estimates are historic in nature, are not NI 43-101 compliant and should not be relied upon.
Rocky Mountain Energy (1978)
The earliest historical resource estimate is from Rocky Mountain Energy's 1978 third quarter report.
RMEC estimated a total of 21.1 million lb eU3O8 in the Canning Pit area alone. The entire Canning and Fuller zones were estimated to contain between 39.7 million and 63.8 million lb of eU3O8 at a 0.02-per-cent and 0.01-per-cent cut-off, respectively, using the polygonal slice method. This relates to only two of the five deposits that RMEC was aware of at Copper Mountain (Canning and Fuller).
RMEC based the estimates in the report on extensive drilling, stating: "Drilling during the third quarter dramatically increased the total indicated resources. At a 0.01-per-cent eU3O8 cut-off, there appears to be a minimum of at least 64 million pounds of contained U3O8."
The term indicated in this context presumably refers generally to estimated resources, rather than the official resource category of indicated resources that is used today.
The exact number of boreholes to the date of the estimate is not indicated but can be derived to be in the order of 1,800. By 1980, the number of boreholes drilled at Copper Mountain was in the order of 1,850, and another report in the purchased data stated that approximately 50 boreholes were drilled in 1979. By 1980, according to numerous sources, approximately 900,000 feet of drilling had been conducted at Copper Mountain across approximately 1,850 boreholes.
The RMEC report stated that the Canning zone (located near the centre of the Myriad/Rush Copper Mountain project area) was largely defined on 200-foot centres. Drilling of the test pit area at the west end of the Canning zone to 100-foot centres was nearly completed as at the date of the report.
The report's estimate does not use categories other than mineral resource and mineral reserve. The report stated: "Three sets of reserves were developed. Reserves were calculated for the Canning pit, the resources for the entire Canning zone were developed and finally, the resources for Fuller area were calculated. Drilling since the inception of the current program have greatly added to the reserves."
Regarding reliability, the report also stated that plans called for, inter alia, economic analysis and sensitivity studies, mining studies through column analysis and similar programs, reserve calculation and chemical to probe correction factors, and pit optimization, and concluded "that there is now enough data to make studies of this nature meaningful."
Inherent imitations of the estimates include that the nature of the mineralization (fracture hosted) makes estimation from drill data less reliable than other deposit types (for example, 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 factor to calculate grades. DFN is controversial, in that the approach is viewed by some experts as too conservative, but it was nevertheless applied in future resource calculations relating to Copper Mountain.
Fluor (1980)
A resource estimate by Fluor, commissioned by RMEC and published in 1980, is described in detail in a number of subsequent technical documents and is often relied upon as a robust conservative case estimate. Myriad has not yet located a copy of the Fluor report, but reference to it by almost all subsequent experts reporting on Copper Mountain warrants its inclusion here. The details and extracts presented are from a Neutron Uranium Inc. technical report prepared by G.S. Carter of Broad Oak Associates dated Aug. 20, 20O8.
Fluor's goals were stated as: correction for disequilibrium, construction of a 3-D dowel-rod model, geostatistical structural analysis, determination of global grade-tonnage curves, creation of a computerized block model and development of a bulk sampling program. Fluor investigated various resource estimation techniques, including polygonal methods, cross-sectional methods, ordinary kriging and a method using conditional log-normal probability distributions, which was the chosen method.
The Fluor estimate was reported as a geostatistical ore reserve analysis for the Canning area, which includes some of the surrounding uranium deposits. It also included reserve and minable reserve estimates for the Canning deposit, as distinct from the Canning area. In addition, the Fluor report refers to proven and global reserves. Only mineral resource and mineral reserve are defined at sections 1.2 and 1.3 of National Instrument 43-101. Minable, proven and global reserves, all used by Fluor, are not.
Fluor used a conditional log-normal probability distributions method to calculate its estimates and applied a delayed fission neutron adjustment, which reduced the grades. The application of DFN was the subject of considerable discussion since other factors were thought to compensate in the other direction. Since Fluor's probe adjustments are in one direction only, its 1980 estimates are the most conservative in the purchased data.
Fluor also included a milling option in its estimates. The economic criteria used by Fluor were as follows (1980 U.S. dollars).
Mining cost (ore and waste): $1.47 per short ton
Milling cost: $15.02 per short ton
Mining recovery: 97 per cent
Milling recovery: 91 per cent
Fluor estimated resources for the Canning area using DFN assay data to define tons and grades at a cut-off of 0.01 per cent U3O8.
RESOURCES FOR CANNING AREA
Deposit Million short tons Contained U3O8 (Mlb)
Canning 25.98 8.79
Fuller 4.71 1.54
Mine 3.68 1.41
Allard 3.81 3.81
Hesitation 4.06 1.3
Totals 42.24 14.64
Limitations of the estimates discussed herein include that the nature of the mineralization at Copper Mountain (fracture hosted) makes estimation from drill data less reliable than other deposit types (for example, those that are thick and uniform) and that the delayed fission neutron factor used to calculate grades is somewhat controversial, in that the approach is viewed by some experts as too conservative. G.S. Carter, the author of the Neutron Energy report, was not able to verify the data utilized to prepare the Fluor report, as the raw drill hole data were not accessible to him. However, various progress reports prepared by RMEC staff and selected radiometric logs published in a U.S. Department of Energy report (Sayala and others, 1982) were available to Mr. Carter for review. From Myriad's viewpoint, limitations include that the company has not yet been able to verify the data either.
Fluor stated proven and global reserves for the Canning deposit as follows:
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Proven reserves at a 0.010-per-cent cut-off contained 6.22 Mlb U3O8.
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Proven reserves at a 0.015-per-cent cut-off contained 4.77 Mlb U3O8.
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Proven reserves at a 0.020-per-cent cut-off contained 3.69 Mlb U3O8.
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Proven reserves at a 0.025-per-cent cut-off contained 2.89 Mlb U3O8.
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Global reserves at a 0.010-per-cent cut-off contained 10.49 Mlb U3O8.
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Global reserves at a 0.015-per-cent cut-off contained 7.74 Mlb U3O8.
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Global reserves at a 0.020-per-cent cut-off contained 5.84 Mlb U3O8.
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Global reserves at a 0.025-per-cent cut-off contained 4.51 Mlb U3O8.
Fluor also estimated minable reserves for the Canning deposit, which used a conventional milling option with resin-in-pulp/solvent extraction rather than other options that were considered, including heap leaching and vat leaching. Maximum case minable reserves (assuming $60-per-pound uranium) were estimated for the Canning deposit at up to 4,096,000 lb U3O8 at a 0.010-per-cent cut-off, and 2,432,000 lb at a 0.025-per-cent cut-off. Reserves were considered non-minable at $40 per lb using a 0.01-per-cent cut-off.
MINABLE RESERVES FOR CANNING DEPOSIT
AT 0.010-PER-CENT CUT-OFF, 1980
Price Million short tons Contained U3O8 (Mlb)
$40/lb Non-minable n/a
$45/lb 0.966 0.565
$50/lb 5.351 2.638
$55/lb 7.113 3.386
$60/lb 8.958 4.096
MINABLE RESERVES FOR CANNING DEPOSIT
AT 0.020-PER-CENT CUT-OFF
Price Million short tons Contained U3O8 (Mlb)
$40/lb 0.495 0.439
$45/lb 2.329 1.774
$50/lb 2.865 2.126
$55/lb 3.242 2.381
$60/lb 3.321 2.432
Liller report (1991)
Anaconda Resources Inc.'s summary report of the Copper Mountain uranium project, by Mr. Liller, dated April, 1991, contains a detailed summary of exploration and development at Copper Mountain up to that date, and also a resource estimate which is based on all of the historical work by RMEC and also the Fluor report discussed herein. It appears he had access to the entire RMEC data set and the original Fluor report. Mr. Liller does use the term contained drill proven resources. A detailed breakdown of drilling conducted to support the resource estimate is provided by Mr. Liller and reproduced herein.
Mr. Liller expressly confirms certain facts that Myriad had understood from other documents in the recently purchased data, the principal one being the amenability of Copper Mountain material to heap leach. Mr. Liller wrote, "Heap leach amenability has already been established by RMEC and numerous third parties" and "An order of magnitude study that includes preliminary flowsheet design, equipment lists and capital requirement costs should be prepared."
He also stated: "The heap leach mining option appears to be economically viable at this time (April, 1991, when uranium prices were roughly $11 (U.S.) per lb). This conclusion is based upon data contained in the Fluor reserve study and the metallurgical studies conducted by CSMRI. In order to advance the project in this direction, the following steps should be undertaken: (1) A bulk sample should be obtained from the Canning deposit. This will enable metallurgical and process design parameters to be firmly established. (2) An order of magnitude study needs to be performed in order to establish the economic parameters.
"Utilizing the Fluor calculated reserve base, average industry mining and processing costs, and reagent cost estimates derived from RMEC, third party studies and other sources, it is estimated that operating costs would be in the $7-per-pound range. Potential operating costs may also be significantly reduced by capitalizing a prestripping of waste."
Mr. Liller's reported resource and reserve estimates, which are connected to his heap leach comments, are summarized herein. Mr. Liller relied on a combination of RMEC and Fluor data, as he indicated in the attached tables which are extracted from his report.
RMEC drilled approximately 1,850 holes totalling over 900,000 feet of combined core and hammer drilling. The attached tables provide the total number of holes, footage and drilling method completed during exploration and development programs.
PROJECT DRILLING SUMMARY
Drill type Number of holes Footage
Hammer 1,740 841,000
Core 110 60,000
Total 1,850 901,000
Attached is a summary of the contained drill proven historical resources at Copper Mountain (as per Liller, 1991).
HISTORICAL RESOURCE ESTIMATE SUMMARY
Deposit Grade (% eU3O8) Cut-off (% eU3O8) Pounds (Mlb) Source
Canning 0.039 0.020 19.0 Fluor
Fuller 0.032 0.010 2.6 RMEC
Mint 0.030 0.010 2.4 RMEC
Allard 0.033 0.010 2.7 RMEC
Hesitation 0.024 0.010 2.2 RMEC
Arrowhead 0.070 0.010 0.5 RMEC
Gem 0.019 0.010 0.6 RMEC
Total resource 30.1 -
The Canning deposit was the subject of detailed reserve studies by RMEC. Attached are the results of a reserve study conducted by Fluor. All grade values have been converted to probe eU3O8 values. As previously noted, only mineral resource and mineral reserve are defined at sections 1.2 and 1.3 of NI 43-101. Minable, proven and global reserves, all used by Fluor, are not.
RESERVE SUMMARY
Deposit Grade (% eU3O8) Cut-off (% eU3O8) Pounds (Mlb) Strip ratio Source
Canning 0.045 0.020 9.0 4.25:1 Fluor
Limitations of the estimates discussed in the Liller report include that the nature of the mineralization at Copper Mountain (fracture hosted) makes estimation from drill data less reliable than other deposit types (for example, those that are thick and uniform) and that the delayed fission neutron factor used in some cases to calculate grades is somewhat controversial, in that the approach is viewed by some experts as too conservative. However, Mr. Liller had access to over 250 file boxes (two tons) of data acquired from Union Pacific Resources, including the results of over 900,000 feet of hammer tool and core drilling, the resultant gamma logs and core assays, metallurgical test results, process design studies, resource and reserve calculations, engineering and feasibility studies, and environmental studies and baseline permitting data. From Myriad's viewpoint, limitations include that the company has not yet been able to verify the data either.
A.C.A. Howe International Ltd. report (1997)
Anaconda Uranium Corp. commissioned Howe to prepare a second review report, written by Bojan Zabev and dated Aug. 22, 1997, to be included in a prospectus. The report was prepared through a review of a database provided to it and did not include a thorough review of original data. However, unlike Mr. Liller's review, this report included a comparison between natural-gamma-probe- and delayed-fission-neutron-derived eU3O8 grades generated by RMEC. The summary of RMEC resources based on these differences is presented herein.
Including the Gem and Arrowhead resources, the total contained pounds (eU3O8) using probe grades are 25.78 Mlb versus 15.3 Mlb using DFN results, which represent a substantial difference. Howe concluded that RMEC's use of the DFN values is conservative and may underreport the true grade of the deposit. It recommended that the problem of probe versus DFN discrepancy be reviewed to establish more reliable grade values.
Limitations of the estimates discussed in the Howe report include that the nature of the mineralization at Copper Mountain (fracture hosted) makes estimation from drill data less reliable than other deposit types (for example, those that are thick and uniform) and that the delayed fission neutron factor used in some cases to calculate grades is somewhat controversial, in that the approach is viewed by some experts as too conservative. Mr. Zabev did not visit the project area, but this was not deemed necessary as he had access to RMEC's extensive database, which included the results of over 900,000 feet of hammer tool and core drilling, the resultant gamma logs and core assays, metallurgical test results, process design studies, reserve calculations, engineering and feasibility studies, and environmental studies and baseline permitting data. He did not conduct a thorough review of the data because they were beyond the scope of this exercise. From Myriad's viewpoint, limitations include that the company has not yet been able to verify the data either.
Deposit summary
The attached tables summarize the geology, mode of occurrence, and extent of exploration and development efforts directed toward the individual deposits (as summarized by Liller, 1991), based on the reports discussed herein.
Canning
The Canning deposit is the largest of the known deposits and has received the greatest amount of drilling. The deposit contains a resource in excess of 19 million pounds of uranium hosted in the shattered and brecciated hangingwall of an east-west-trending fault. Smaller amounts of ore are present in the Wagon Bed sediments. Minable reserves as determined by Fluor are nine million pounds uranium at a waste to ore ratio of 4.25 to 1. A review of various uranium deposits shows this to be a relatively low strip ratio. The attached is a breakdown of the drilling statistics.
DRILLING STATISTICS
Drill type Number of holes Footage
Hammer 594 297,000
Core 80 46,189
Total 674 343,189
Fuller
The Fuller deposit was one of the first Precambrian hosted uranium deposits discovered. It contains a resource of 2.6 million pounds uranium including 110,000 pounds at a shallow depth. The Fuller deposit while primarily being hosted in structurally prepared granite contains high-grade mineralization in a veinlike body of quartz syenite. Ore grade mineralization is also present in the Wagon Bed sediments. Attached is a tabulation of the drilling completed on the Fuller deposit to date.
FULLER DRILLING
Drill type Number of holes Footage
Hammer 155 68,596
Core 10 3,741
Total 165 72,337
Mint-Allard
The Mint-Allard are two adjoining deposits containing a combined resource of 5.1 million pounds uranium. Ore is hosted in structurally prepared granite and in Tertiary sediments. Oil staining was common in drill cuttings, and methane-hydrogen sulphide was encountered during drilling operations. Attached is a breakdown of the drilling done to date.
MINT-ALLARD DRILLING
Drill type Number of holes Footage
Hammer 154 78,800
Core 8 3,997
Total 162 82,797
Hesitation
The Hesitation deposit contains a resource of 2.2 million pounds uranium. Ore is primarily found in brecciated zones associated with two faults: one an east-west-trending structure and the other a northerly trending structure. The area was initially prospected because of surface showings in Tertiary sediments. Attached is a tabulation of drilling on the Hesitation deposit.
HESITATION DRILLING
Drill type Number of holes Footage
Hammer 66 31,978
Core 5 2,647
Total 71 34,625
Arrowhead
The Arrowhead deposit includes the historic Arrowhead-Little Moe mine, which has produced in excess of 500,000 pounds of uranium at a grade of 0.15 per cent eU3O8 from shallow underground workings. Unlike the other deposits in the project area, Tertiary sediments host the majority of the current resources. RMEC estimates approximately 500,000 pounds remain in this area. This area apparently did not receive the same in-depth evaluation as the other deposits. An attached table reports the drilling of this deposit.
ARROWHEAD DRILLING
Drill type Number of holes Footage
Hammer 85 21,250
Core 3 750
Total 88 22,000
Gem
The Gem deposit is near the old Gem pit, which contains the best exposure of Precambrian hosted ore available in the project area. Stockpiles of ore mined during the 1950s, adjacent to the mine, reportedly average 0.07 per cent eU3O8. The stockpiles were apparently never sampled by RMEC. The Gem deposit as defined by RMEC lies to the west of the old pit under a cover of sediments. This area was investigated primarily as a source for a shallow bulk sample and contains 600,000 pounds of uranium as currently defined. Attached is a breakdown of drilling to date.
GEM DRILLING
Drill type Number of holes Footage
Hammer 24 12,000
Core 2 400
Total 26 12,400
Historical resource summary
Based on the information discussed herein, an attached table summarizes the range of potential uranium resources as reviewed and reported by Mr. Liller (1991) and Mr. Zabev (Howe, 1997).
The large variance between the high resources for Canning and Fuller as reported by RMEC (1978) and later reports has not yet been fully explained. This will form part of the detailed review and digitization process over the next few months as new information becomes available.
As previously noted, a qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resource or mineral reserve, and Myriad is not treating the historical estimates as a current mineral resource or mineral reserve.
Work required and exploration potential
To verify the historical resources and potentially restate them as current resources, a program of digitization of data will be required, followed by relogging and/or redrilling, to generate new data that are comparable with the original data that can be used to establish the correlation and continuity of geology and grades between boreholes with sufficient confidence to estimate mineral resources. More details on this planned work will be provided in future updates.
It is noteworthy that, in addition to the various non-NI 43-101-compliant resource estimates, many of the reports in the purchased data indicate potential for significant exploration upside, especially at the less drilled satellite areas outside of the Canning zone, where especially high grades were encountered but so far have not been followed up. Myriad will report more fully on this brownfield exploration potential in future press releases.
Conclusion
Mr. Lamb commented generally about the new data: "This find represents an enormous head start for Myriad at Copper Mountain, and it's just the beginning: We expect a great deal of additional historical data to be located. Not only do we now benefit from tens of millions of dollars in past work by many of the leading uranium geologists at the time, we also see that Copper Mountain was worthy of investment in a full-scale mining operation. Liller's report discussed above even notes that 'the heap leach mining option appears to be economically viable at this time,' which was 1991. Over all, this newly purchased trove of data gives us excellent guidance as to where the uranium is and how to best extract it. Given new and increasing demand for uranium, especially uranium sourced from stable and mining-friendly jurisdictions like Wyoming, we firmly believe we may have found an enormous uranium asset in Copper Mountain."
Previous financing
Myriad advises that it will not be closing additional tranches of the financing announced April 18, 2023, and the financing is closed.
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, PrSciNat, 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 is a uranium exploration company with an earnable 75-per-cent interest in the Copper Mountain uranium project in Wyoming, United States. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead mine, which produced 500,000 lb of eU3O8. Copper Mountain saw extensive drilling and development by Rocky Mountain Energy, a subsidiary of 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. Rocky Mountain Energy is estimated to have spent $74-million (U.S.) (2023 dollars), exploring and developing Copper Mountain.
Myriad also holds 80-per-cent ownership of over 1,800 square kilometres of uranium exploration licences in the Tim Mersoi basin, Niger, and the option to earn up to 100 per cent. These licences are surrounded by many of the most significant uranium deposits in Africa, including Orano's 384 Mlb eU3O8 Imouraren, Global Atomic's 236 Mlb Dasa and Goviex's 100 Mlb Madaouela, 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.
We seek Safe Harbor.
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