Myriad Uranium (CSE: M; US-OTC: MYRUF) says it has effectively doubled the size of its main Copper Mountain project in Wyoming after geophysical survey results indicated potential in other parts of the property that it has yet to stake.
The project has now been expanded to 18,351 acres from 9,439 acres to cover all key areas and targets across the district, Myriad said in a news release on Tuesday. Copper Mountain is about 300 km northwest of state capital Cheyenne.
“We quickly acquired this new large area and other areas suggested by the geophysics and our other data,” Myriad CEO Thomas Lamb said in a release about recent surveying of the area. “Confidence is increasing that we now have one of the largest uranium projects in the United States.”
Uranium blooms
The company’s property expansion comes amid accelerated momentum in the uranium sector so far this year as countries seek cleaner energy sources and technology companies try to procure contracts for power-hungry AI data centres. Two mines in Saskatchewan’s Athabasca basin uranium hotspot announced production starts over the past few weeks and Kazakhstan’s Kazatomprom (LSE: KAP), the world’s top producer of uranium, unveiled plans last month to sell a large amount of nuclear metal output to India. Canadian producer Cameco (TSX: CCO; NYSE: CCJ) also signed a C$2.6 billion supply deal with the Asian country last week.
Meanwhile, Wyoming has emerged as a centre of activity for uranium in the United States, with the state hosting most of the country’s producing uranium mines, all of which are in-situ recovery operations.
Despite Myriad’s project gains, shares fell almost 5% to 58¢ apiece on Wednesday afternoon in Toronto, in line with a wider decline in markets due to war in the Middle East. The company has a market capitalization of C$63 million. The stock has traded in a 12-month window of 22¢ to 70¢.
New geophysics, old data
To determine which areas to acquire, Myriad said it integrated the new geophysical data with its existing geological dataset, including insights derived from studies completed by Bendix Field Engineering for the US Department of Energy in 1982.
The Bendix study estimated uranium endowments at Copper Mountain of approximately 655 million lb. of uranium oxide equivalent (eU₃O₈) to a depth of 600 feet within a broader “assessment area,” and 245 million lb. eU₃O₈ at the same depth within a more focused “control area.”
Before the expanded staking, most of Myriad’s claims clustered to the west, which is where this historic uranium resource lies. Following the update, the company now controls about 62% of the assessment area and 80% of the control area.
Former Union Pacific project
Historically, the Copper Mountain district was explored by Union Pacific, which aimed to develop a conventional hub and spoke, six-pit mine plan centered on the Canning deposit. However, those plans were dropped in the early 1980s after uranium prices plummeted following the Three Mile Island incident.
“Based on results of our own initial drill program, we already have strong confidence in the core deposits and historic resources delineated by Union Pacific in the 1970s,” Lamb said.
Myriad holds a 75% interest in the Copper Mountain project, earned through an option agreement with Rush Rare Metals (CSE: RSH; US-OTC: RSHMF)
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