Vancouver, British Columbia--(Newsfile Corp. - November 27, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that the Company has completed its maiden drill program at Copper Mountain. Across all 34 boreholes, drilling encountered 30 intervals greater than 3 ft and over 1,000 ppm eU₃O₈ (Figure 1), 56 intervals greater than 3 feet over 500 ppm eU₃O_8, and 165 intervals over a minimum of 3 feet that are greater than 200 ppm eU₃O₈. Results of equivalent uranium (eU₃O₈) grades across all boreholes are provided in the appendices hereto.

Results from the final 11 holes continued to validate historical drilling and delivered higher-grade results than anticipated, a consistent theme throughout the whole drill program. And in a significant development, the most recent drilling has confirmed that uranium mineralisation occurs below the general maximum depth of historical drilling (approx. 500 to 600 feet). The potential of this deeper mineralisation is highly significant and will be investigated further through geophysics and will be factored into drill targeting for the 2025 drill program. Mineralisation deeper than 600 feet is entirely new relative to historical resource estimates and could increase the potential of the entire Project. Chemical assay results may differ from spectral gamma ray results. As previously disclosed, a recent gamma probe calibration test at the US Department of Energy calibration facility in Casper, Wyoming, indicated that reported grades for boreholes 1 to 6 may be understated by as much as 13%, including CAN0006's reported peak grade of 8,060 ppm.

The maiden drill program is now complete and crews have been de-mobilized. The technical team is currently logging and photographing core and shipping samples to ALS Laboratories in Vancouver, BC. Chemical assay results are expected over the coming months. Archaeological and wildlife surveys are underway in connection with the Company's submission to regulators of a large-scale plan of operations for 2025. This extensive exploration program will involve geophysics and continued drilling at Canning and other high-potential target areas.

Based on the successful maiden drill program, the Company has also focused on vastly increasing its footprint at Copper Mountain by staking additional acreage across the wider Project area and important nearby prospects revealed by proprietary data and the results of recent exploration work.

Highlights

• ⁠Drilling continued to return highly encouraging eU₃O₈ results from the Canning Deposit area over a strike length of some 2,500 ft (~750 m).

• Uranium mineralisation was encountered below the historical "hard deck" of 500 to 600 feet, which brings an exciting new dimension to the Project.

• Several new intervals from boreholes CAN0024 to CAN0034 reported average grade greater than 1,000 ppm eU₃O₈ and peak grade reached up to 3,847 ppm eU₃O₈ in borehole CAN0024.

• All high-grade intervals exceeding 1,000 ppm over a minimum of 3 feet are listed as follows:

  • CAN0001: 1,924 ppm eU₃O₈ over 3.28 feet (peak of 2,886 ppm eU₃O₈ at 160.56 feet)

  • CAN0004: 2,160 ppm eU₃O₈ over 5.58 feet (peak of 3,751 ppm eU₃O₈ at 226.81 feet)

  • CAN0004: 1,215 ppm eU₃O₈ over 4.59 feet (peak of 1,515 ppm eU₃O₈ at 243.87 feet)

  • CAN0004: 1,698 ppm eU₃O₈ over 6.89 feet (peak of 2,644 ppm eU₃O₈ at 256.66 feet)

  • CAN0005: 1,917 ppm eU₃O₈ over 6.89 feet (peak of 2,329 ppm eU₃O₈ at 391.47 feet)

  • CAN0005: 1,677 ppm eU₃O₈ over 18.70 feet (peak of 2,601 ppm eU₃O₈ at 561.37 feet)

  • CAN0005: 1,035 ppm eU₃O₈ over 3.28 feet (peak of 1,152 ppm eU₃O₈ at 572.20 feet)

  • CAN0006: 1,744 ppm eU₃O₈ over 6.89 feet (peak of 2,639 ppm eU₃O₈ at 136.94 feet)

  • CAN0006: 1,719 ppm eU₃O₈ over 6.89 feet (peak of 2,262 ppm eU₃O₈ at 179.25 feet)

  • CAN0006: 2,436 ppm eU₃O₈ over 3.61 feet (peak of 3,710 ppm eU₃O₈ at 228.12 feet)

  • CAN0006: 5,936 ppm eU₃O₈ over 7.54 feet (peak of 8,060 ppm eU₃O₈ at 267.48 feet)

  • CAN0006: 1,733 ppm eU₃O₈ over 8.53 feet (peak of 2,263 ppm eU₃O₈ at 313.73 feet)

  • CAN0006: 2,105 ppm eU₃O₈ over 20.01 feet (peak of 5,183 ppm eU₃O₈ at 352.76 feet)

  • CAN0006: 1,524 ppm eU₃O₈ over 3.28 feet (peak of 1,972 ppm eU₃O₈ at 379.33 feet)

  • CAN0006: 1,765 ppm eU₃O₈ over 6.23 feet (peak of 2,410 ppm eU₃O₈ at 414.43 feet)

  • CAN0006: 2,417 ppm eU₃O₈ over 8.20 feet (peak of 5,219 ppm eU₃O₈ at 444.93 feet)

  • CAN0006: 1,964 ppm eU₃O₈ over 3.61 feet (peak of 2,890 ppm eU₃O₈ at 455.43 feet)

  • CAN0008: 2,173 ppm eU₃O₈ over 5.25 feet (peak of 3,346 ppm eU₃O₈ at 280.93 feet)

  • CAN0008: 1,599 ppm eU₃O₈ over 14.10 feet (peak of 2,367 ppm eU₃O₈ at 341.94 feet)

  • CAN0010: 1,614 ppm eU₃O₈ over 4.59 feet (peak of 2,012 ppm eU₃O₈ at 272.73 feet)

  • CAN0010: 1,110 ppm eU₃O₈ over 4.59 feet (peak of 1,184 ppm eU₃O₈ at 560.72 feet)

  • CAN0013: 1,881 ppm eU₃O₈ over 8.20 feet (peak of 2,353 ppm eU₃O₈ at 305.53 feet)

  • CAN0013: 1,286 ppm eU₃O₈ over 6.89 feet (peak of 1,595 ppm eU₃O₈ at 330.13 feet)

  • CAN0021: 2,530 ppm eU₃O₈ over 6.56 feet (peak of 3,870 ppm eU₃O₈ at 301.60 feet)

  • CAN0021: 1,714 ppm eU₃O₈ over 4.26 feet (peak of 2,340 ppm eU₃O₈ at 330.46 feet)

  • CAN0023: 1,644 ppm eU₃O₈ over 8.53 feet (peak of 2,095 ppm eU₃O₈ at 448.87 feet)

  • CAN0024: 2,471 ppm eU₃O₈ over 11.15 feet (peak of 3,847 ppm eU₃O₈ at 335.38 feet)

  • CAN0030: 1,108 ppm eU₃O₈ over 3.61 feet (peak of 1,158 ppm eU₃O₈ at 337.35 feet)

  • CAN0034: 2,530 ppm eU₃O₈ over 6.56 feet (peak of 3,870 ppm eU₃O₈ at 301.60 feet)

  • CAN0034: 1,714 ppm eU₃O₈ over 4.26 feet (peak of 2,340 ppm eU₃O₈ at 330.46 feet)

• Spectral gamma ray logging results show elevated uranium mineralisation (greater than 200 ppm eU₃O₈) across multiple intercepts in almost every hole drilled during this campaign.

• Across all 34 holes drilled, there were 165 intervals over a minimum of 3 feet that are greater than 200 ppm eU₃O₈, 56 intervals greater than 500 ppm eU₃O₈, and 30 intervals greater than 1,000 ppm eU₃O₈.

• It is important to note that this initial drill program is focused only on the Canning Deposit area, itself highly significant, but there are also six other historical deposit areas at Copper Mountain previously identified by Union Pacific, namely Fuller, Mint, Allard, Hesitation, Arrowhead and Gem. The Project area also includes prospective targets such as Midnight, Knob, Bonanza, and Kermac/Day, all of which have shown excellent potential through historical exploration work.

• In addition, the Copper Mountain Project Area includes the formerly producing Arrowhead and Bonanza uranium mines, which are understood to have produced 0.50 Mlbs at 0.15% U₃O₈ and 0.78 Mlbs at 1.3% U₃O₈ respectively.

• CEO Thomas Lamb commented: "Our maiden results are excellent and have exceeded our expectations by a significant margin. They have verified some of the uranium mineralisation targeted by Union Pacific and highlighted additional potential. The 2.76 GT% intercept in CAN0024 is truly outstanding for that borehole location. We achieved the extraordinary result of 30 intervals over 1000 ppm across 34 holes and a peak grade of 8,060 ppm (likely to be corrected upwards by roughly 13%).

"Also very exciting is that we have encountered elevated uranium below Union Pacific's 'hard deck', which is what we were targeting as part of this drilling phase. During the previous uranium cycle Neutron Energy held portions of Copper Mountain but was not able to consolidate ownership. However, their initial data inventory (2008) stated that 'Field work, drilling and evaluations of the data produced has established that there is a very large resource of uranium at Copper Mountain. Perhaps as much as several hundred million pounds.' Finding uranium below Union's historical hard deck is an important step toward us eventually reaching that world-class potential."

• George van der Walt, Myriad's Qualified Person for the Project and Technical Advisor, commented: "It is encouraging that the drilling has continued to provide results that are consistent with those found by Union Pacific historically as well as finding mineralisation at depths below those historically drilled. This is an aspect that needs to be investigated further. Myriad has intersected exceptional eU₃O₈ grades in almost all 34 boreholes drilled this season, including 30 intervals above 1000 ppm and a peak grade of 8,060 ppm (which could increase by 13% due to probe calibration adjustments). These high grades compare well with industry peers and point to significant potential value at Canning and other historical deposit areas."

All significant intervals derived from Spectral Gamma Ray (SGR) logging at 1000 ppm (0.10%) cut-off (over a minimum of 3 feet) include the following intervals. Note that grade intervals at 500 ppm (0.05%) and 200 ppm (0.02%) cut-offs are provided in Appendix 1:

Notes:

• 1) The interval lengths are "down the hole" and may not represent true width intervals as the exact nature of the mineralisation distribution has not been determined yet. However, most of the holes are being drilled at an inclination of 50 degrees to test a model that indicates steeply dipping mineralisation.
• 2) Intervals were selected over a minimum of 3 feet, with grade below cut-off less than 1 foot being included in the total interval.
• 3) The possible effects of disequilibrium have not been accounted for in the determination of eU₃O₈ grades.

The boreholes represent a combination of diamond core and reverse circulation drilling that was planned to verify mineralisation identified in drilling by Union Pacific in the late 1970s and to test a grade shell model (above 0.05% eU₃O₈) created from cross-sections, as reported here and here.

The majority of the recently drilled boreholes reported here were drilled on the western side of the high-grade zone of the Canning Deposit area. This demonstrates the presence of high-grade mineralisation across a strike length of at least 2,500 ft (~750 m).

The drilling crews will now stand down for the winter season, while Myriad completes logging and sampling and plans a more extensive exploration program to continue drilling at Canning and investigate other target areas.

Figure 1: Map of completed boreholes in the Canning Deposit Area.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/231557_3eec51c3d451b966_002full.jpg

Deeper Mineralisation

Some of the boreholes drilled by Myriad have encountered low to moderately elevated mineralisation at depths below the average levels drilled by Union Pacific historically (Figure 2). Some significant intervals (>200 ppm eU₃O₈ over 3 feet) at these depths (downhole) include:

• CAN0015: 242 ppm eU₃O₈ over 3.28 feet (from 676.01 feet to 679.29 feet)
• CAN0015: 345 ppm eU₃O₈ over 4.92 feet (from 717.66 feet to 722.58 feet)
• CAN0031: 274 ppm eU₃O₈ over 6.89 feet (from 781.62 feet to 788.51 feet)
• CAN0031: 434 ppm eU₃O₈ over 12.46 feet (from 791.79 feet to 804.26 feet)
• CAN0031: 276 ppm eU₃O₈ over 3.28 feet (from 781.62 feet to 788.51 feet)
• CAN0031: 445 ppm eU₃O₈ over 3.61 feet (from 1,006.96 feet to 1,014.83 feet)
• CAN0034: 246 ppm eU₃O₈ over 7.87 feet (from 1,322.17 feet to 1,325.78 feet)
• CAN0034: 243 ppm eU₃O₈ over 3.94 feet (from 1,488.46 feet to 1,492.40 feet)

The confirmation of zones of elevated mineralisation below the average levels previously drilled by Union Pacific is encouraging and needs to be investigated further.

Figure 2: Side view (looking east) showing the average levels of drilling by Union Pacific (white traces) relative to drilling by Myriad, with elevated zone of mineralisation indicated (yellow ellipses).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/231557_3eec51c3d451b966_003full.jpg

Equipment and Methods

Drilling was performed by Harris Exploration using two diamond core (DD) rigs producing HQ (63.5 mm / 2.5 in) core diameter and 96 mm (3.78 in) in hole diameter, and one reverse circulation (RC) rig using a 140 mm (5.5 in) hammer bit. Core samples have been packed into core trays and transported to Riverton for further processing. RC hole runs were drilled at 5 ft intervals and split on site to produce two representative samples that were then transported to Riverton for further processing. All mineralised intervals will be submitted to ALS Laboratories for chemical analysis to confirm the intervals reported by gamma logging.

Downhole logging was performed by DGI Geoscience (DGI). A combination of Spectral Gamma Ray (SGR) and Optical Televiewer and/or Acoustic Televiewer was applied. The probes are manufactured by Mount Sopris Instruments with details as follows:

• QL40 SGR BGO (Sx): Measures the energy of gamma emissions from natural sources within formations crossed by a borehole. It counts the number of gamma emissions at each energy level aiding in lithological determination and correlation. The probe uses a Bismuth Germanium Oxide scintillation crystal.
• QL40 SGR 2G CeBr3 (Sx): Measures the energy of gamma emissions from natural sources within formations crossed by a borehole. It counts the number of gamma emissions at each energy level aiding in lithological determination and correlation. The probe uses a CeBr3 (Cerium Bromide) scintillation crystal.
• QL 40 ABI 2G (At, Gr): Captures high-resolution, oriented images of the borehole wall, allowing the orientation of acoustically visible features to be determined. This includes fractures, bedding/rock fabric, breakouts, bedding planes and other structural features. Contains a built in Natural Gamma sensor that measures the gamma emissions from natural sources in the formation.
• QL OBI 2G (Ot, Gr): Captures a high-resolution, oriented image of the borehole wall using a CMOS digital image sensor, allowing the orientation of features to be determined. This includes fractures, bedding/rock fabric, veins, lithological contacts, etc. Contains a built in Natural Gamma sensor that measures the gamma emissions from natural sources in the formation.

The SGR probes measure the full energy spectrum of the gamma radiation emitted naturally from within the formations crossed by a borehole. A Full Spectrum Analysis (FSA) is performed on the recorded energy spectra. The FSA derives in real time the concentration of the three main radioisotopes ⁴⁰K, ²³⁸U, ²¹²Th, and thus also provides insight into the mineral composition of the formations. DGI is also running optical and acoustic televiewer, when hole conditions allow, to obtain downhole structural information. Borehole paths are being measured using a gyroscopic deviation tool.

Data Verification and Determination of eU₃O₈ Grades

Initial manufacturer calibration certificates have been provided to Myriad by DGI. Downhole gamma measurements are checked for a repeatability by comparing down and up runs in the borehole. DGI is providing conversion of API units measured by the SGR tools to eU₃O₈ concentrations using a standard conversion theory and formula.

DGI also ran a calibration test on both the BGO and CeBr3 SGR probes at the Department of Energy (DOE) calibration test facility in Casper, Wyoming on November 1^st, 2024. The data indicates that the CeBr3 SGR probe is measuring accurately in the test pit to within 2% of the expected average value, but that the BGO probe is possibly underestimating eU₃O₈ grade by as much as 13%. The first six boreholes (CAN0001 - CAN0006) were run with the BGO probe and the remainder are all being run with the CeBr3 probe. Further comparison will be made with sample assays from an accredited laboratory before any adjustments are made to the reported grade data.

Radiometric Disequilibrium

Radiometric disequilibrium refers to the loss or gain of uranium in the mineralised zone during geologic processes, which can disrupt the equilibrium between the parent isotope and its daughter products. At this stage the effect of disequilibrium has not been fully assessed at Copper Mountain, but it should be noted that geochemical analysis of samples from the drilling could report results for U₃O₈ that differ from the eU₃O₈ grades that have been derived from the gamma logging. Some historical reports state that closed can assays from Copper Mountain indicated little disequilibrium, however differences between gamma probe data and were observed. For this reason, the reported eU₃O₈ values should be considered as preliminary and are subject to data verification by chemical assay with appropriate QAQC.

Myriad is in the process of collecting the samples of all the mineralised intervals from drilling and will submit them to a commercial laboratory for full chemical analysis. The results will then be compared to determine the potential effect of disequilibrium, or other factors, on the final uranium grades that will be used in mineral resource estimation when there is sufficient data to allow it.

Geological Background

Uranium mineralisation at Copper Mountain occurs in two distinct geologic environments:

• Fracture-controlled uranium mineralisation hosted in Archaean-aged granite, syenite, isolated occurrences along the margins of diabase dikes and in association with meta-sediment inclusions in granite; and
• As disseminations in coarse-grained sandstones and coatings on cobbles and boulders in the Tertiary-aged Teepee Trail Formation at the Arrowhead (Little Mo) mine and other localities.

Uranium mineralisation is thought to have resulted through supergene and hydrothermal enrichment processes. In both cases, the source of the uranium is thought to be the granites of the Owl Creek Mountains.

Historical Estimates

While Myriad Uranium has determined that the historical estimates described in this news release are relevant to the Copper Mountain Project Area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned to not 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 Copper Mountain Project Area contains all or most of each deposit referred to, some of the resources referred to may be located outside the current Copper Mountain 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.

Inherent limitations of the historical estimates include that the nature of the mineralisation (fracture hosted) makes estimation from drill data less reliable than other deposit types (e.g. those that are thick and uniform). From Myriad Uranium's viewpoint, limitations include that the Company has not been able to verify the data itself and that the estimate may be optimistic relative to subsequent work which applied a "delayed fission neutron" (DFN) factor to calculate grades. On the other hand, DFN is controversial, in that the approach is viewed by some experts as too conservative. Nevertheless, it was applied in later resource estimations by Union Pacific relating to Copper Mountain.

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 Copper Mountain 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 historical 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 resource estimates which are detailed here. A recent detailed update with Crux Investor 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.

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; 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.

APPENDIX 1: Equivalent uranium (eU₃O₈) intervals for all holes at 500 ppm and 200 ppm cut-off (over 3 ft minimum)

APPENDIX 2: Table of all drilled positions

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231557