Myriad Uranium Reports More Phase II Drill Results at Copper Mountain

Myriad Uranium Corp. has announced preliminary gamma probe equivalent uranium (eU3O8) results from drilling at the Gem Deposit, one of six historically identified uranium deposits within the Copper Mountain Uranium Project in central Wyoming. The company emphasized that the reported figures are preliminary estimates derived from gamma logging and are not chemical assays. The results remain subject to confirmation through laboratory testing.

The Gem Deposit is located approximately 1.6 kilometers south of the main Canning Deposit. Historical records indicate that several thousand tons of uraniferous granite were excavated from the Gem Mine during the 1950s. The material was reportedly never milled, while stockpiles near the mine were estimated to contain an average grade of 0.07% eU3O8. The site has subsequently been remediated by the U.S. Bureau of Land Management.

Exploration activities in the Gem area date back to 1973, when Rocky Mountain Energy Company (RMEC) conducted geophysical and geochemical surveys, surface mapping, and limited hammer and core drilling. Additional work during the late 1970s helped define a resource area that was considered to have potential for a large-scale production pit.

Historical estimates indicated approximately 3.07 million tons of mineralized granite containing 1.44 million pounds of eU3O8 at an average grade of 0.023%, using a 100 ppm cutoff. However, Myriad stressed that these historical estimates do not qualify as current mineral resources or mineral reserves under present standards and should not be treated as such.

Uranium mineralization at Gem is primarily associated with pitchblende and coffinite occurring along fractures within granite. Secondary minerals, including uranophane and autunite, have also been observed. Mineralization is strongly influenced by geological structures, with higher grades generally associated with fault intersections and areas of greater fracture density. The mineralized zone is largely concentrated within altered and oxidized granite to depths of approximately 200 feet, or 61 meters.

Downhole logging was conducted by Century Geophysical using its Uranium E-Log Suite, which includes natural gamma-ray, resistivity, spontaneous-potential and deviation probes. Century's OREGRADE system converts gamma-ray measurements into eU3O8 grade estimates after applying corrections for borehole conditions and other environmental factors. Results are calculated across 15-centimeter intervals and used to identify mineralized zones and grade-thickness intervals.

The broader Copper Mountain Project also contains historical estimates of 26.63 million pounds of eU3O8 across 48.95 million tons at an average grade of 269 ppm. However, these estimates require further verification. Myriad noted that re-drilling will be necessary to generate modern data capable of establishing geological continuity and supporting the declaration of current mineral resources.

The project also has a conceptual Exploration Target ranging from 1.111 billion to 2.971 billion tons at 100 ppm eU3O8, although the company cautions that this target is conceptual and further exploration may not result in a defined mineral resource.

Product & Chemical Commodity Price Impact

The preliminary uranium results could strengthen Myriad’s exploration outlook and potentially improve investor interest in the Copper Mountain Project, but they do not yet establish a commercially recoverable uranium resource because the gamma-derived estimates require laboratory verification. If subsequent drilling and assays confirm higher-grade, continuous mineralization, the project could progress toward resource definition and eventually increase potential uranium supply. For ChemAnalyst-tracked uranium markets, the immediate price impact is expected to be limited, as the results represent an exploration-stage development rather than near-term production. A materially larger and economically viable resource could eventually exert modest downward pressure on uranium prices through expectations of additional future supply.