Business
Myriad Uranium Announces Acquisition of Historic Bonanza and Kermac/Day Uranium Mines at Copper Mountain
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased
About this update from Myriad Uranium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - April 19, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) (\"Myriad\" or the \"Company\") is pleased to announce that its earn-in partner Rush Rare Metals Corp. (\"Rush\"), again guided by proprietary data, has acquired the historic Bonanza and Kermac/Day uranium mines at Copper Mountain (See Figure 1 below). Various proprietary documents in Myriad's possession indicate that the Bonanza Mine produced around 780,000 lbs from 30,000 tons of ore at a grade of 1.3% eU3O8, while at the Day Mine, 1,152 tons of ore were mined at grades of between 0.12% and 0.56% eU3O8 in the early 1960's (see Figure 2 below). \"Bonanza-Kermac\" aggregates 280 acres, and its acquisition increases the area subject to Myriad's 75% earnable interest under the property option agreement between Myriad and Rush from 3,605 acres to 3,886 acres. Figure 1: Current Copper Mountain Project Area including Bonanza-Kermac Myriad's CEO Thomas Lamb commented, \"We continue to add highly prospective acreage at Copper Mountain.\" Production during the late 1950's and 1960's from the Bonanza Mine Area came from siltstones of the Wind River Formation overlying the pre-Cambrian basement granitic rocks. Mineralization in these areas formed by basinward migration of uranium in channel sediments with precipitation occurring at roll-front boundaries or fault/hydrocarbon redox areas. The deposit lies downstream of the old Little Mo (Arrowhead) Mine which was the first area of production (around 500,000 lbs U3O8) before final shutdown in 1971 (Figure 2). Figure 2: Extracts from 1975 and 1968 charts of Copper Mountain indicating the Bonanza Mine's estimated uranium endowment and grade. Mineralization in the Kermac/Day Mine Area follows a similar configuration and was investigated by RME as a site for potential shallow uranium mineralization in the late 1970's. Previous production was from Tertiary bentonitic clay sediments overlying the basement granite. A qualified person (as defined under NI 43-101) has not done sufficient work to classify the historical target estimates reported in this news release as current mineral resources or mineral reserves, and Myriad is not treating the historical target estimates as current mineral resources or mineral reserves. In particular, the Company considers that ins...