Vancouver, British Columbia--(Newsfile Corp. - May 7, 2025) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that it has staked additional ground at its Red Basin Uranium Project in Catron County, New Mexico, USA (the "Project"). The 77 newly-registered claims increase total acreage from approximately 1,753 acres (709 hectares) to approximately 3,324 acres (1,345 hectares). To the best of management's knowledge, the Company now holds acreage covering the vast majority of known historical drilling (more than 1,050 holes) and all identified historical uranium resources in the district (0.5 Mlbs Indicated, 1.5 to 6.5 Mlbs Inferred) (not NI 43-101 compliant). Please refer to our February 4, 2025 press release for more details.
Highlights
- Myriad has nearly doubled its acreage along New Mexico's Red Basin trend in the Datil Mountains — Pietown Uranium District.
- To the best of management's knowledge, the Company now holds acreage covering the vast majority of known historical drilling (more than 1,050 holes) and all identified historical uranium resources in the district (0.5 Mlbs Indicated, 1.5 to 6.5 Mlbs Inferred).
- The Company's claims contain extensive uranium-vanadium mineralisation which is near surface at grades of 0.17% - 0.31% U3O8 and up to 1.64% V2O5.
- Historical estimates include Indicated resources of 0.5 Mlbs U3O8 and additional inferred resources of 1.5 - 6.5 Mlbs U3O8, as estimated by Rio Grande Resources Corporation in 2012 (not NI 43-101 compliant).
- The mineralisation is hosted in thick sections of roll-front deposits hosted in permeable sandstones from surface to depths of less than 450 feet.
- Existing claims offer significant resource expansion potential, and the newly-acquired claims are considered highly prospective.
- The shallow roll front mineralisation suggests there may be numerous extraction options that could be economic, including in-situ recovery.
- The Company is leveraging the expertise of advisors with in-depth understanding of past exploration and drilling at Red Basin.
- The broader Datil Mountains — Pietown area is estimated to contain as much as 30 - 45 Mlbs of uranium mineralisation (Chamberlin, 1981, Open-File Report No. 138, New Mexico Bureau of Mines and Mineral Resources) with much of it potentially amenable to in-situ recovery.
- The Red Basin District has excellent access and infrastructure, and New Mexico has a rich history of exploration, development and mining. A number of prominent uranium companies are currently investing heavily in the state.
- Readers are cautioned not to place undue reliance on historical resource estimates as an indicator of current mineral resources or mineral reserves.
Thomas Lamb, Myriad's CEO, commented, "Our acquisition of a significant high grade historical resource at Red Basin was in itself a coup. Now, the narrative is evolving with an exciting new phase of growth. Instead of simply expanding around our current claims, we are leveraging the expertise of local geologists with first-hand experience in the 1970s and 1980s drilling programs. Importantly, details of this historic drilling are not public knowledge, and our direct access to individuals involved provides us with a distinct advantage and a compelling opportunity as we pursue significant resource expansion and new discoveries."
The Company's lead consulting geologist, George van der Walt, stated, "These claims occupy ground along the trend of the highly prospective Baca Formation in the Red Basin, where known deposits contain high-grade mineralisation up to 0.31% U3O8 and 1.64% V2O5. The expansion of claims will increase the potential for new discoveries in an area of very little previous mining development but which we believe is highly prospective for uranium and vanadium."
Claim Details and Historic Drilling
The claims cover key areas along the highly prospective Red Basin trend, which are located within the Pietown-Datil Mountains uranium-vanadium district, approximately 140 km (87 mi) south-west of Albuquerque, New Mexico. The original Phase I and Phase II claims comprise 85 lode claims in Datil Mountains — Pietown Uranium District, covering approximately 1,753 acres (709 hectares). The new (Phase III) claim areas staked to the east comprise a further 77 claims covering approximately 1,571 acres (636 hectares), bringing the total claims to approximately 3,324 acres (1,345 hectares).
Gulf Oil Corporation drilled more than 1,000 holes in the Red Basin trend in the late 1960s through the early 1980s. The positions of 612 of these holes have been located within the original claim areas. Occidental Petroleum Corporation ("OPC") held ground in the new claim areas and drilled at least 26 holes, 18 on the western claims along a north-northeast to south-southwest trend that could represent a palaeo-channel, and 8 on the eastern claims in a small cluster along an east-west trend. The drill logs of the OPC drilling are not currently available to Myriad, but the positions are known from old field notes as indicated on the map below (Figure 1), and local advisors are providing the Company with other highly useful insights regarding the drilling.
Figure 1 Location of the Red Basin Project staking
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/251062_938e6a547468a954_002full.jpg
Geology and Mineralisation
Exploration and minor production in the Red Basin district began in the 1950s with an unknown entity producing 1,194 pounds of U3O8 from ore with an average grade of 0.17% U3O8 (McLemore & Chenoweth, 2017). No production is known to have occurred within the Project area itself. Gulf Oil and Occidental Petroleum drilled more than 1,050 holes in the Red Basin Project area in the late 1960s through the early 1980s, most of which are located on the current claim areas.
Mineralisation is hosted as roll-front deposits within permeable sandstones of the Crevasse Canyon Formation and pre-Baca Formation paleosols. Historical drilling on the Project has delineated a thick section of roll-front type uranium-vanadium mineralisation cropping out on the surface to approximately 450 feet down dip. The meandering uranium-vanadium bearing sandstones can be more than a mile in length and 600 or more feet wide. The host formations are amenable to open pit or underground mining and possibly in-situ leaching.
A 1980 assessment of uranium resources in the Colorado Plateau physiographic province (U.S. Department of Energy, 1980) estimated the Red Basin Project contains approximately 1.6 million pounds U3O8 at an average grade of 0.31% U3O8. In 2012, Rio Grande Resources commenced a geologic evaluation of the drill hole gamma ray electric logs. Stratigraphic cross-sections were constructed, two separate roll-fronts were mapped, and a resource estimate made. Using a grade times thickness (GT) cutoff of 0.25 and grade cutoff of 0.02%, in-place resources of 500,000 pounds and an inferred resource between 1.5 - 6.5 million pounds U3O8 was estimated (RGR, 2012). Readers are cautioned that historical resource estimates should not be relied upon to judge the quality of exploration potential of the Red Basin Project.
An Open-File report (No. 138) produced by the New Mexico Bureau of Mines and Minerals (Chamberlin, 1981) indicates that the Red Basin area contains as much as 30 - 45 million pounds of U3O8. In addition, the deposits could contain significant amounts of associated vanadium, up to 1.64% V2O5, as reported by Bachman et al. (1957).
Historical Estimates
While Myriad Uranium has determined that the historical estimates described in this news release are relevant to the Red Basin Project area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned not to place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the Project area. A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves, and Myriad Uranium is not treating the historical estimates as a current mineral resource or mineral reserve. Also, while the Red Basin claims contain all or most of each deposit referred to, some of the resources may be located outside the current Red Basin Project area. Furthermore, the estimates are decades old and based on drilling data for which the logs are, as of yet, predominantly unavailable. The historical resource estimates, therefore, should not be unduly relied upon.
From Myriad Uranium's viewpoint, limitations include that the Company has not been able to verify or validate historical data. To verify the historical estimates and potentially re-state them as current resources, a program of digitization of available data would be required. This must be followed by re-logging and/or re-drilling to generate new data to the extent necessary that it is comparable with the original data, or new data that can be used to establish the correlation and continuity of geology and grades between boreholes with sufficient confidence to estimate mineral resources.
Qualified Person
The scientific or technical information in this news release respecting the Company's Red Basin Project has been approved by George van der Walt, MSc., Pr.Sci.Nat., FGSSA, a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. van der Walt is employed by The MSA Group (Pty) Ltd. (MSA), a leading geological consultancy providing services to the minerals industry, based in Johannesburg, South Africa. He has more than 20 years industry experience and sufficient relevant experience in the type and style of mineralisation to report on exploration results.
The information and interpretations thereof are based on the Qualified Person's initial review of historical reports, which were recently obtained by the Company. The information did not include original data such as drilling records, sampling, analytical or test data underlying the information or opinions contained in the written documents. Therefore, the Qualified Person has not reviewed or otherwise verified the information and has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. The Qualified Person considers the information to be relevant based on the amount and quality of work undertaken and reported historically. A more thorough review of any available original data will be undertaken and reported on in more detail in future releases.
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. Copper Mountain hosts several known uranium deposits and historic uranium mines, including the Arrowhead Mine which produced 500,000 lbs of e U3O8. 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 resource estimates which are detailed here. The Company also recently acquired, subject to completing a geophysical survey this year, a 100% interest in the Red Basin Uranium Project in New Mexico, which has a near-surface historical resource (non-NI 43-101) of 0.5 Mlbs indicated and 1.5 to 6.5 Mlbs inferred at grades from 1,700 to 3,100 ppm, with significant upside potential. The announcement can be viewed here. Our Crux Investor overview page including recent interviews can be viewed here. The Company's presentation can be viewed here. News releases regarding historical drilling can be viewed here and here.
Myriad also has a 50% interest in the Millen Mountain Property in Nova Scotia, Canada, with the other 50% held by Probe Gold Inc. For further information, please refer to Myriad's disclosure record on SEDAR+ (www.sedarplus.ca), contact Myriad by telephone at +1.604.418.2877, or refer to Myriad's website at www.myriaduranium.com.
Myriad Contacts:
Thomas Lamb
President and CEO
tlamb@myriaduranium.com
Forward-Looking Statements
This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect," "anticipate," "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; access to minerals where the surface rights above them have not been settled; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The CSE has not reviewed, approved or disapproved the contents of this news release.
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