VANCOUVER, BC / ACCESS Newswire / January 21, 2025 / Rush Rare Metals Corp. (CSE:RSH) ("Rush" or the "Company) is pleased to confirm that its earn-in partner on the Copper Mountain uranium property in Wyoming, Myriad Uranium Corp. (CSE:M)(OTCQB:MYRUF)(FRA:C3Q) - ("Myriad"), has announced a large expansion of the project area, from approximately 4,200 acres to approximately 9,320 acres.
The newly acquired areas include prospects generally known as Railroad, Steffen Hill, Cedar Ridge, Mole, West Mesa, and Lucky Cliff, plus extensions of existing areas such as Fuller, Mint, Midnight, and Knob (see Figure 1 below). Most of the new areas have confirmed significant surface or subsurface uranium mineralisation and may be prospective for other minerals. Some of the newly-acquired areas were previously targeted for uranium mineralisation in sandstone. This is important because sandstone-hosted deposits could be more amenable to in-situ recovery methods, if the conditions are favourable. All of the new areas were acquired by staking.
The expansion of the Copper Mountain Project claim area was largely guided by extensive information from historical exploration data (which includes over 2000 drill holes), mainly completed by Union Pacific during the 1970's, as well as insights from Myriad's 2024 successful maiden drill program.
Peter Smith, Rush's CEO, commented "We are very excited about the recent expansions at Copper Mountain, which adds a great deal of ground to our earn-in agreement with Myriad, creating exciting new value and potential for Rush shareholders. We have an ever-expanding collection of highly prospective zones at Copper Mountain which have all demonstrated great potential for extensive uranium mineralization through historical exploration records. In addition, Myriad's recent successful drill program in just one of these zones, at the Canning zone, has started to not only validate the historical work, but also increase our expectations in terms of the size, depth and grade in some of these mineralized zones. We anxiously await further exploration insights beyond the Canning zone, including for Mint, Bonanza, Fuller, Steffan Hill, Knob, Railroad, Midnight, Hesitation, Cedar Ridge, and others. It certainly appears that Copper Mountain is fast becoming Wyoming's largest and most exciting uranium project."
Myriad's news release dated January 20, 2025, can be found here, and contains comments from the CEO of Myriad.
Boxi Property Update The Boxi Property is a road accessible property comprised of over 8,000 hectares, located just a short distance from Mont Laurier, Quebec. Boxi was formerly held by Areva S.A. (now Orano), who held the Property based on early samples returning high values for uranium. Orano dropped the Property following the Fukushima incident in 2013, and uranium mining was subsequently suspended in Quebec under a temporary moratorium still in place today. Rush subsequently acquired the Property on the strength of niobium values in samples taken by Orano in 2011.
Niobium is categorized as a critical mineral in Canada and is used to make strong, light weight and corrosion resistant steel, superconductors, and various other highly topical products. There are only three niobium mines of any significance in the world, two of them in Brazil, and the third, the Niobec Mine, just 350km from Boxi in Quebec. Unlike these operating mines, which are hosted within carbonatite intrusions, the Boxi Property stands out by hosting niobium within pegmatite intrusions.
Previous exploration at the Boxi Property was summarized in a Company news release dated July 12, 2024.
We are pleased to report some more recent results from the Boxi Property. In the late fall of 2024, some additional channel samples were taken at various points along the mineralized dyke as shown below on Map 2.
Map 1. BX-1 Showing Channel Results
Results from the channel samples are summarized on the following table:
Table 1. BX-1 Showing Channel Results
The mineralized dyke at Boxi continues to be highly anomalous for niobium. However, recent results have failed to produce the much higher results often found in earlier prospecting programs. The niobium on the BX-1 showing is hosted in a pegmatite composed of quartz, feldspar, biotite and minor magnetite. The Boxi Property still holds significant untapped potential, particularly along the interpreted highly prospective NE-SW trending zone. This zone, spanning up to 15 km, has been delineated through interpretations from radiometric and magnetic surveys. The BX-1 Showing is located along that trend. Additionally, the presence of other critical-mineral-rich pegmatite occurrences in the area, as documented on the SIGEOM's government website, further underscores the strong exploration potential, both along strike and in other unexplored parts of the property.
In particular, a previously discovered radiometric anomaly at the far east of the Boxi Property along the NE-SW prospective trend should be further investigated. Additionally, the controls on pegmatite distribution and grade variability across the property remain to be fully understood.
Further analysis will be done over the rest of the winter and plans for future exploration work will be announced in due course, which may include geophysics, sub-surface investigation of the dyke and further stripping and sampling in other areas.
Qualified Person Clyde McMillan, P. Geo, a "Qualified Person" for the purpose of National Instrument 43-101, has reviewed and approved the scientific or technical information included in this news release respecting the Boxi Property. There were no limits on the verification process. Further scientific or technical information in this news release respecting the Boxi Property is based on an independent geological report titled "43-101 Technical Report on the BOXI REE-Nb-U Deposit" dated August 6, 2022 and available at Rush's disclosure record on SEDAR+ (www.sedarplus.ca).
About Rush Rare Metals Corp. Rush Rare Metals Corp. is a mineral exploration company focused on its Boxi Property located in the Province of Québec, Canada. Rush also owns the Copper Mountain Project located in Wyoming, USA, which it has optioned to Myriad Uranium Corp. Rush currently has a 100% interest in the Boxi Property, and a 50% interest in the Copper Mountain Project. For further information, please refer to Rush's disclosure record on SEDAR+ (www.sedarplus.ca) or contact Rush by email at psmith@rushraremetals.com or by telephone at 778.999.7030, or refer to Rush's website at www.rushraremetals.com.
Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's properties. Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
