Why Myriad Uranium Corp. Could Be the Next Big Thing in Uranium Mining

As the push for clean energy intensifies, uranium is becoming increasingly important. Myriad Uranium Corp. is positioning itself to meet this demand with its focus on promising uranium projects. In this article, we’ll look at Myriad's journey, their key projects, and why they’re a compelling investment in today’s uranium market.

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Company Overview

Myriad Uranium Corp. (CSE: M | OTC: MYRUF) specializes in exploring and developing uranium resources. The company's main asset is the Copper Mountain Uranium Project in Wyoming, which includes several known deposits and historic mines. Among these, the Arrowhead Mine stands out with a production history of 500,000 lbs of eU3O8.

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In October 2023, Myriad secured a 75% interest in Copper Mountain. The site was heavily explored in the 1970s by Union Pacific, resulting in over 2,000 boreholes and the identification of multiple high-grade zones. Historical estimates indicate 15 to 30 million pounds of uranium, with potential for more. By digitizing and validating this extensive historical data, Myriad is well-positioned to advance the project efficiently.

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Uranium Market Dynamics

The global uranium market is undergoing significant changes driven by the demand for clean energy and geopolitical shifts. The U.S., the largest consumer of uranium, relies heavily on imports, especially from Russia and Kazakhstan. In 2022, 33% of U.S. uranium enrichment services were sourced from Russia, highlighting a critical dependency.

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In response, the U.S. passed the Prohibiting Russian Uranium Imports Act in May 2024, banning imports from Russia. Alongside this, the Nuclear Fuel Security Act aims to rejuvenate the domestic uranium industry with $2.72 billion in funding. Uranium prices have surged from $30 to $85 per pound over the past two years, with forecasts predicting $105 by the end of this year and $115 by 2025.

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Wyoming, home to the Copper Mountain project, is a leading region for U.S. uranium production, hosting four of the five operating uranium mines in the country. This strategic location enhances Myriad Uranium Corp.’s prospects in the current market dynamics.

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About The Copper Mountain Project

Historical Exploration

The Copper Mountain Uranium Project in Wyoming has a rich history of exploration dating back to the 1970s. Union Pacific Railway invested approximately $117 million (adjusted for 2024 dollars) in the project, drilling over 2,000 boreholes. Their efforts uncovered multiple high-grade uranium zones and identified six significant deposits, including the North Canning Deposit. Union Pacific had developed a comprehensive six-pit mine plan and a feasibility study for a large-scale conventional uranium mine. However, the project was halted in 1979 due to the Three Mile Island accident, which caused uranium prices to plummet, rendering the operation economically unviable at the time.

Recent Developments

As previously mentioned, in October 2023, Myriad Uranium Corp. acquired a 75% interest in the Copper Mountain project. The acquisition process involved thorough due diligence and the review of a significant amount of historical data. This data included detailed maps, surface geochemistry, and drill results, which Myriad has since digitized and incorporated into their GIS systems for better analysis and planning.

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Myriad's focus has been on leveraging this historical data to streamline and improve their exploration efforts. By understanding the past work done by Union Pacific and integrating modern exploration techniques, Myriad aims to unlock the full potential of the Copper Mountain project.

Drilling Results

Myriad has announced significant historical high-grade uranium intervals at the North Canning Deposit, based on the review of 82 boreholes drilled by Union Pacific. These boreholes, initially part of the six-pit mine plan, provide a wealth of data for Myriad's current and future exploration efforts.

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The drilling results from the North Canning Deposit include intercepts of up to 0.385% eU3O8, with mineralized intervals extending up to 291 feet. Grade-Thickness (GT) products from these intercepts range from the minimum selected 0.3 ft% to 11.55 ft%. Within the data compiled, there were 56 intervals greater than 0.1% eU3O8 and 8 intervals exceeding 0.2% eU3O8. Recent interpretations of the mineralization model suggest that high-grade uranium, up to 3850 ppm, is most likely concentrated in vertical structures that extend deeper than the 600 feet drilled by Union Pacific. This presents an exciting opportunity for Myriad to explore these deeper vertical structures, potentially increasing the project's uranium grades and volume.

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In addition to the North Canning Deposit, other key zones such as the Fuller, Mint, Allard, Gem, and Hesitation prospects have shown promising results. These areas, combined with the high-priority Midnight prospect, believed by Union Pacific to contain up to 10 million pounds of uranium, form the backbone of Myriad's future exploration strategy.

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Future Plans

Looking ahead, Myriad has ambitious plans for the Copper Mountain project. The company intends to focus its drilling efforts on the high-grade zone at the Canning Deposit, aiming to outline an initial NI 43-101 resource estimate by Q1 2025. To support these plans, Myriad has opened a $5 million private placement, of which $2.9 million has already been secured, reflecting strong investor confidence in the project's potential.

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The upcoming drilling program includes plans to drill 83 boreholes, with 56 Reverse Circulation (RC) holes and the rest being diamond holes. Unlike Union Pacific's approach, which involved drilling to a depth of 183 meters (600 feet), Myriad plans to drill down to 1,000 feet to intersect the vertical structures hosting high-grade uranium. This deeper drilling approach aims to uncover additional high-grade zones and increase the project's overall resource estimate.

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In addition to the Canning Deposit, Myriad intends to expand its exploration efforts to other promising targets within the Copper Mountain area, such as the Fuller, Mint, Allard, Gem, and Hesitation prospects. The Midnight prospect, believed by Union Pacific to contain up to 10 million pounds of uranium, is also a high-priority target for Myriad.

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Management Team

Myriad Uranium Corp. is led by a team of seasoned professionals with substantial insider ownership, demonstrating their confidence in the company's future.

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Thomas Lamb, CEO and Director, has over 20 years of experience in the public company sector and a strong background in exploration. Lamb's leadership was crucial in co-founding ventures like M2 Cobalt. His strategic vision and ability to navigate complex projects position Myriad for significant growth. As the second-largest shareholder on the NOBO list, Lamb's interests are closely aligned with those of other investors.

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George van der Walt, the company's economic geologist, brings extensive experience in uranium projects. He has managed large-scale projects like Peninsula's Karoo uranium project in South Africa, ensuring Myriad's geological assessments are thorough and reliable. Van der Walt's expertise is critical for advancing the Copper Mountain project efficiently.

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The technical committee includes Jim Davis and Douglas Christopherson, who offer deep industry knowledge and practical experience. Davis, who led Union Pacific's exploration at Copper Mountain in the 1970s, provides valuable historical insights. His familiarity with the site's geology and previous drilling results is essential for guiding current exploration strategies.

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Douglas Christopherson adds to the team's technical strengths with his analytical skills. Known for his in-depth analysis of project data, Christopherson helps validate and optimize Myriad's exploration plans. His ability to interpret complex geological data and develop actionable drilling programs is crucial for uncovering high-grade uranium zones.

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The management team and insiders collectively own 44% of Myriad's shares, reflecting their strong belief in the company's potential and aligning their interests with those of shareholders.

Conclusion

Myriad Uranium Corp. offers an investment worth considering, particularly given its current market cap of only$11 million, which likely undervalues its true potential. The Copper Mountain Uranium Project, benefiting from over $117 million of historical exploration investment by Union Pacific, has revealed significant high-grade uranium zones.

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Key investment highlights include:

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• Large Resource Potential: Historical estimates suggest 15-30 million pounds of uranium, with the potential for over 65 million pounds.

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• High-Grade Exploration Potential: Recent geological interpretations indicate substantial high-grade mineralization in deeper vertical structures.

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• Significant Historical Work: Union Pacific's investment included 2,000 drill holes and comprehensive feasibility studies, providing a solid foundation for Myriad.

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• Strategic Jurisdiction: Wyoming is a key state for uranium production in the U.S., benefiting from strong political support and increasing investment.

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• Undervalued Relative to Potential: The current market cap does not seem to fully reflect the substantial potential of the Copper Mountain asset.
• Near-term Catalysts: An upcoming drilling program aims to verify and expand the historical resource, potentially driving a revaluation.

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• Strong Market Fundamentals: Rising uranium prices and favourable market conditions are expected to boost investment and M&A activity in the sector.

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• Experienced Management and Strategic Investors: The team, with 44% insider ownership, includes specialists who have conducted thorough due diligence.

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Sources: The information in this article was sourced from Myriad Uranium's official website, investor presentation, and recent press releases.

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