Myriad Uranium has secured a 75% earnable interest in the Copper Mountain Uranium Project, a site with a rich history of exploration and development. During the 1970s, Union Pacific invested an impressive US$78 million (adjusted to 2024 dollars) in this project, making significant strides in uncovering the area's potential.
Union Pacific's efforts included drilling approximately 2,000 boreholes, which led to the discovery of seven uranium deposits. They also developed a comprehensive six-pit mine plan and estimated resources ranging between 15.7 and 30.1 million pounds of eU3O8. Additionally, they projected the further potential of both known and speculated targets within the project area to exceed 65 million pounds. However, these estimates remain historical and are not yet compliant with current NI 43-101 standards.
Myriad Uranium is committed to updating these historical estimates to meet NI 43-101 standards and, if possible, surpassing them. Their initial focus will be on the 'High Grade Zone' of the Canning Deposit, which contains the largest estimated historical resources at Copper Mountain.
A crucial development in this endeavor occurred during a recent site visit. George van der Walt, a member of Myriad Uranium’s Technical Committee, and Thomas Lamb, CEO, confirmed the accuracy of key historical drill hole locations in the company's data set. This verification is expected to facilitate a more efficient confirmation of the historical resource estimates, marking a significant step forward in Myriad Uranium's strategic plan.
Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. To date, Myriad has earned a 50% interest in Copper Mountain. Copper Mountain hosts several known uranium deposits and historical uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU3O8. Copper Mountain saw extensive drilling and development by Union Pacific during the late 1970s including the development of a mine plan to fuel a planned fleet of California Edison reactors. 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. Union Pacific is estimated to have spent C$117 million (2024 dollars) exploring and developing Copper Mountain, generating significant historical resource estimates.
