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Myriad Uranium Reports Chemical Assays on 20 Copper Mountain Boreholes. Confirmed U3O8 Grades Are 20% Higher on Average than Previously Reported Gamma Grades. Assays also Reveal the Presence of Extensive Uranium Mineralisation That Could Not Be Detected by the Probe, with Potential Positive Implications for Historical Estimates. Large Number of Additional Intervals to Be Sent for Assay

In This Article:

Vancouver, British Columbia--(Newsfile Corp. - March 17, 2025) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce the results of chemical assay (U3O8) grades from 20 boreholes at the Copper Mountain Uranium Project in Wyoming, USA (Figure 1). Chemical assay (U3O8) has been compared against the previously reported equivalent spectral gamma probe results (eU3O8) and confirms high-grade uranium mineralisation at the Canning Deposit. Furthermore, certain U3O8 intervals are higher, and lower, than their previously reported eU3O8 grades, indicating secular disequilibrium is present in the system. The U3O8 grades reported here are on average 20% higher than the eU3O8 grades over the same intervals. Results from the remaining 14 boreholes are pending and will be reported in due course.

Highlights

  • Although there is both positive and negative variance (disequilibrium), the uranium grades we have confirmed by chemical assay are on average 20% higher than previously reported spectral gamma probe results.

  • Many intervals thought to contain low uranium concentrations based on gamma probe results have significantly higher concentrations than expected. This could have important implications for the project. The drill sampling will be expanded to include samples previously excluded as "low-grade" according to the gamma probe results.

  • Overall, results re-confirm the strong occurrence of high-grade intervals previously reported from the Canning Deposit, with numerous intervals exceeding 1,000 ppm U3O8 over more than 3 feet and often exceeding the previously reported eU3O8 values. See Table 1 and Appendix 1 below.

  • Thomas Lamb, Myriad's CEO, commented: "Assays are 20% higher on average than our previously reported gamma probe results. Furthermore, assays have revealed extensive higher-grade uranium mineralisation where the probe detected low values. The potential implications of this are still being considered by management and its advisors. At a minimum, this is preliminary confirmation that, as some experts suspected, Union Pacific may have taken a conservative approach to accounting for disequilibrium at Copper Mountain.

    Overall, the results are a material improvement on the already excellent gamma probe results
    announced on November 27, 2024. I must caveat that these results only relate to one part of the project area, and historic grade discounting to account for potential disequilibrium may not apply across the entire project area. Although of course we hope it does. It may be that there are large volumes of uranium at Copper Mountain that have never been picked up by the gamma probes. We now need to analyse additional core and RC chips that may contain significant uranium mineralisation. We are waiting for assays relating to the remaining 14 boreholes which includes the deeper mineralisation at over 1,500 feet we picked up in CAN0034."

  • Jim Davis, General Manager of Union Pacific's exploration at Copper Mountain during the late 1970s and current Technical Advisor to Myriad, commented: "This not only bodes well for Canning but works into our latest thinking about additional resource potential in the District."

  • George van der Walt, Myriad's consulting geologist and technical advisor, commented: "I am pleased to see that some of the high grades previously reported have held up to chemical assay and that some are even better than expected. The presence of disequilibrium in favour of chemical assay is also encouraging and requires further investigation."

  • Peak grade assayed so far is 8,325 ppm U3O8 in CAN0006, up from 8,060 ppm eU3O8 reported previously over the same interval.

  • Highlights of significant U3O8 intervals from chemical assay include the following, with comprehensive details set out at Table 1 and Appendix 1:

    • CAN0004: 5,337 ppm U3O8 over 4.20 feet from 225.64 to 229.84 feet (peak of 6,898 ppm)

    • CAN0004: 1,190 ppm U3O8 over 9.30 feet from 240.64 to 249.94 feet (peak of 2,370 ppm)

    • CAN0004: 2,206 ppm U3O8 over 8.20 feet from 253.54 to 261.74 feet (peak of 3,726 ppm)

    • CAN0005: 2,818 ppm U3O8 over 5.00 feet from 390.00 to 395.00 feet

    • CAN0005: 1,520 ppm U3O8 over 10 feet from 550.00 to 560.00 feet (peak of 2,040 ppm)

    • CAN0006: 1,364 ppm U3O8 over 3.00 feet from 227.07 to 230.07 feet (peak of 1,521 ppm)

    • CAN0006: 4,361 ppm U3O8 over 7.50 feet from 265.35 to 272.85 feet (peak of 8,325 ppm)

    • CAN0006: 1,176 ppm U3O8 over 2.90 feet from 312.26 to 315.16 feet

    • CAN0006: 1,408 ppm U3O8 over 14.00 feet from 341.02 to 355.02 feet (peak of 1,981 ppm)

    • CAN0006: 2,113 ppm U3O8 over 5.20 feet from 442.20 to 447.40 feet (peak of 4,693 ppm)

    • CAN0008: 2,829 ppm U3O8 over 6.50 feet from 278.89 to 285.39 feet (peak of 5,660 ppm)

    • CAN0008: 1,964 ppm U3O8 over 14.80 feet from 334.86 to 349.66 feet (peak of 3,219 ppm)

    • CAN0011: 1,439 ppm U3O8 over 5.00 feet from 295.00 to 300.00 feet

    • CAN0011: 1,769 ppm U3O8 over 10.00 feet from 320.00 to 330.00 feet (peak of 1,899 ppm)

    • CAN0011: 1,899 ppm U3O8 over 5.00 feet from 385.00 to 390.00 feet

    • CAN0021: 1,511 ppm U3O8 over 10.00 feet from 295.00 to 305.00 feet (peak of 2,417 ppm)

    • CAN0021: 1,769 ppm U3O8 over 5.00 feet from 330.00 to 335.00 feet

    • CAN0025: 1,158 ppm U3O8 over 5.00 feet from 85.00 to 90.00 feet