Myriad Uranium doubles size of Wyoming project

Myriad Uranium (CSE: M) says it has effectively doubled the size of its flagship project in Wyoming after geophysical survey results indicated potential in other parts of the property that it has yet staked.

The project, known as Copper Mountain, has now been expanded from 9,439 acres to 18,351 acres to cover all key areas and targets across the district, Myriad said in a press release on Tuesday.

The company staked these additional claims after recent geophysical surveys at Copper Mountain led to the identification of uranium anomalies in previously untested grounds, mostly towards the eastern parts of the property.

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. in 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 approximately 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 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,” said Thomas Lamb, CEO of Myriad, in the press release.

“Confidence is increasing that we now have one of the largest uranium projects in the United States,” he added.

Myriad holds a 75% interest in the Copper Mountain project, earned through an option agreement with Rush Rare Metals.