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Myriad Uranium Issues Shares under Option to Acquire 100% of the Red Basin Uranium Project in New Mexico, USA
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2025) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleas
About this update from Myriad Uranium Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - February 11, 2025) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) (\"Myriad\" or the \"Company\") is pleased to announce that it has issued 612,164 common shares of Myriad (each, a \"Share\") to FirstAmerican Energy Fuels Ltd. (the \"Optionor\") pursuant to a property option agreement dated as of January 30, 2025 (the \"Option Agreement\") with First American Uranium Inc. (CSE: URM) (\"First American\") and the Optionor respecting the Red Basin Uranium Project (the \"Project\"). The Project is comprised of 86 lode claims in the Red Basin area of the Datil Mountains - Pietown Uranium District, Catron County, New Mexico, USA, covering approximately 1,776 acres (approximately 719 hectares). (see Myriad's news release dated February 4, 2025 respecting the Option Agreement and the Project). The Shares were issued at a deemed price of approximately C$0.408 per Share, representing a value of C$250,000 according to a 10-day VWAP for the Shares contemplated by the Option Agreement. Pursuant to applicable securities laws, the Shares are subject to a four month hold period expiring June 12, 2025. Myriad's final obligation to exercise the option under the Option Agreement and earn a 100% interest in and to the Project is to conduct a geophysics survey on the Project by no later than January 30, 2026. Myriad will provide further updates respecting the Project in due course. About Myriad Uranium Corp. Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming, USA. To date, Myriad has earned a 50% interest in Copper Mountain. Copper Mountain hosts several known uranium deposits and historical uranium mines, including the Arrowhead Mine which produced 500,000 lbs of eU3O8. Copper Mountain saw extensive drilling and development by Union Pacific during the late 1970s including the development of a mine plan to fuel a planned fleet of California Edison reactors. Operations ceased in 1980 before mining could commence due to falling uranium prices. Approximately 2,000 boreholes have been drilled at Copper Mountain and the Project Area has significant exploration upside. Union Pacific is estimated to have spent C$117 million (2024 dollars) exploring and developing Copper Mountain, generating significant historical res...