Business
Myriad Uranium Acquires Earnable 75% Interest in Copper Mountain Uranium Project in Wyoming, USA
Vancouver, British Columbia--(Newsfile Corp. - October 20, 2023) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is please
About this update from Myriad Uranium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - October 20, 2023) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) (\"Myriad\" or the \"Company\") is pleased to announce that it has signed a property option agreement dated as of October 18, 2023 (the \"Option Agreement\") with Rush Rare Metals Corp. (\"Rush\") pursuant to which Myriad has the option (the \"Option\") to earn up to a 75% interest in and to Rush's Copper Mountain Project (the \"Property\"), comprised of 110 mineral claims in the State of Wyoming covering approximately 1,911 acres. The Option Agreement replaces the binding letter of intent between the parties, as previously announced (see Myriad's news release dated September 18, 2023). \"This is a transformative deal for us with a superb partner in Rush,\" stated Myriad's CEO, Thomas Lamb. \"Copper Mountain is a historic producer. One of its mines, the Arrowhead, produced 500,000 lbs eU3O8 in the 1950s and 1960s. The Property contains a number of other known uranium deposits and there is good potential to discover more. Rocky Mountain Energy, a subsidiary of Union Pacific, drilled approximately 2,000 boreholes at Copper Mountain between 1969 and 1980. They spent upwards of US$78 million advancing Copper Mountain (2023 dollars), planned a mine for one of its deposits, and built a leach pad. Operations came to a halt in 1980 due to falling uranium prices. There is also a great deal of exciting exploration upside at Copper Mountain. Known high-grade areas have not yet been followed up, and new, more modern paragenesis theories could guide us to big discoveries. Finally, historical reports suggest the ore at Copper Mountain is leachable and does not require a mill, and it may even be ISR-amenable. Wyoming is the centre of uranium mining in the USA and many of its operations are ISR.\" Under the Option Agreement, Myriad has the option to acquire an initial 50% interest in the Property by: (1) making an initial cash payment of $100,000 to Rush and issuing 576,209 common shares of Myriad (each, a \"Share\") to Rush on the date of execution (the \"Effective Date\") of the Agreement; (2) making an additional cash payment of $35,000 to Rush on the date which is 90 days from the Effective Date; (3) issuing an additional $150,000 worth of Shares to Rush on the date which is one year from the Effective Date; ...