Myriad Uranium Reports on Additional Chemical Assays From 34 Boreholes at Copper Mountain

The New Results Enhance Uranium Grades, Extend Mineralised Intervals, and Identify Numerous Entirely New Mineralised Intervals.

Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) is pleased to report updated chemical assay results from October-November 2024 drilling at the Copper Mountain Uranium Project in Wyoming. The new results enhance uranium grades, extend mineralised intervals, and identify numerous entirely new mineralised intervals. All have significant positive implications for the Project’s resource potential.

In late 2024 the Company drilled 34 boreholes at the Canning deposit at Copper Mountain. Comparisons between equivalent gamma probe-derived grades (eU3O8) and chemical assays (U3O8) from that drilling are reported here. The initial set of samples sent for chemical assay were selected strictly using a 100 ppm eU3O8 cut-off. The chemical assays returned significantly higher confirmed grades (U3O8), confirming the likelihood of radiometric disequilibrium being present in the system.

Grades of 1,000 ppm eU3O8 or more were found to be 60% higher on average. Grades above 500 ppm eU3O8 were found to be 50% higher on average. Across all samples submitted, grades were increased an average of 20%. Given these important differences, it was decided that physical sampling for chemical assays should be expanded to close sampling gaps and extend intervals where uranium may not have been accounted for.

An initial rough estimate anticipated that up to 1,500 samples could be collected for this purpose. After more rigorous review, a total of 706 additional samples were collected for the additional chemical assays. The effect of this sampling is seen especially in the mid- to lower-grade ranges of U3O8 assays as follows:

- At 500 ppm cut-off: 5 entirely new intervals reported.
- At 200 ppm cut-off: 20 entirely new intervals reported, and 12 intervals extended in length.
- At 100 ppm cut-off: 31 entirely new intervals reported, and 45 intervals extended in length.

The overall outcome of this additional sampling is that there is significantly more uranium reported than previously accounted for. Highlights of new intervals above 500 ppm cut-off not previously reported include:

- CAN0017: 502 ppm U3O8 over 2.62 ft (0.80 m) from 783.92 ft to 786.54 ft
- CAN0019: 533 ppm U3O8 over 4.92 ft (1.50 m) from 220.74 ft to 225.66 ft
- CAN0023: 623 ppm U3O8 over 1.32 ft (0.40 m) from 304.38 ft to 305.70 ft
- CAN0023: 804 ppm U3O8 over 2.95 ft (0.90 m) from 547.43 ft to 550.38 ft
- CAN0031: 841 ppm U3O8 over 2.95 ft (0.90 m) from 201.39 ft to 204.34 ft

Revised grade interval tables are provided in Appendix 1.

Myriad’s CEO Thomas Lamb commented: “These new chemical assays, which extend 12 already-known intervals and reveal 70 new intervals across just 34 boreholes, build on the strong foundation established by the Bendix study discussed in a recent news release (here).” That rigorous 600+-page report, prepared in 1982 for the U.S. Department of Energy and based on Union Pacific’s full exploration dataset, the result of roughly C$118 million of exploration and development spending (in today’s dollars), confirmed the exceptional scale of the Copper Mountain District. It estimated that a central area at Copper Mountain alone could contain a mineral endowment of 245 million pounds of uranium to a depth of 600 feet, with Myriad and its partner Rush controlling 70 percent of that ground. It was further estimated that the broader district could host a mineral endowment of 655 million pounds, of which we control nearly a third. Combined with these new assay results, the Bendix data gives us a high level of confidence in Copper Mountain’s uranium potential and provides a strong technical foundation for our next stage of exploration. These results bring significant additional uranium into the picture at Canning, and hopefully foretell what we will see across the project as we engage in extensive drilling under our recently-approved plan of operations which provides clearance for 222 boreholes across the Copper Mountain Project area (announcement here). We will also endeavour to verify and go well beyond historic resources estimated by Fluor and Union Pacific, such as those totalling 16.55 Mlbs described in Appendix 2.

The boreholes represent a combination of diamond core and reverse circulation drilling that was planned to verify mineralization identified in drilling by Union Pacific in the late 1970s and test a grade shell model (above 0.05% eU3O8) created from cross-sections, as reported here and here. All reported assay results are represented by the borehole locations indicated on Figure 1 and Table 2 below.


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