Business
Myriad Uranium Announces Proposed Transaction Respecting Copper Mountain Project in Wyoming, USA
Vancouver, British Columbia--(Newsfile Corp. - September 18, 2023) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is plea
About this update from Myriad Uranium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - September 18, 2023) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) (\"Myriad\" or the \"Company\") is pleased to announce that it has signed a binding letter of intent (\"LOI\") dated as of today's date with Rush Rare Metals Corp. (\"Rush\") which, subject to due diligence, would give Myriad 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 775 hectares. The due diligence period expires 30 days from the date hereof, and the parties are expected to enter a further definitive agreement (the \"Agreement\") respecting the Option, under substantially the same terms, on or before that date. A brief video regarding the transaction and Copper Mountain can be viewed here. The Copper Mountain Project The Property is comprised of 110 claims in the Copper Mountain district of Wyoming, widely regarded as one of the best uranium exploration jurisdictions in the world. Within the Copper Mountain claims area are several known historic zones of uranium mineralization, including the Canning, Hesitation, Mint and Fuller deposits, as well as a historical mine previously known as the Arrowhead Mine, which produced approximately 500,000 pounds of uranium in the 1960's and 1970's. Prior to a vast reduction of uranium exploration in the USA throughout the 1980's, Copper Mountain was the focus of several significant drill programs, and there are estimated to be as many as 2000 historical drill holes in the claim area. Consequently, there is an abundance of historical data, including drill logs, geological reports, maps, resource estimations, and geological team discussion memos, which will all need to be carefully reviewed and analysed. Note some but not all of the historical data has been located, and the research to find any missing data continues. A map showing the Copper Mountain claim boundaries, known uranium occurrences, and some historical drilling locations is provided below, as well as photographs of the landscape near the Canning Deposit. Figure 1: Map of the Copper Mountain Project Figure 2: Picture of Copper Mountain Project \"This will be a transformative transaction for Myriad,\" stated Thomas Lamb, Myriad's CEO. \"We already have ...