Myriad Uranium Enters into Option to Acquire 100% of the Red Basin Uranium Project in New Mexico, USA

Core Viewpoint - Myriad Uranium Corp. has entered into an option agreement to acquire 100% interest in the Red Basin Uranium Project in New Mexico, which includes 86 lode claims covering approximately 1,776 acres [1][2][3] Company Overview - Myriad Uranium Corp. is a uranium exploration company with a current 50% interest in the Copper Mountain Uranium Project in Wyoming, which has significant historical resource estimates [14] - The company aims to replicate the success of previous transactions, such as the Copper Mountain deal, by unlocking value in the Red Basin Project [2] Project Details - The Red Basin Project is located in the Datil Mountains - Pietown Uranium District, with historical estimates of 1.5 million to 6.5 million pounds of U3O8 (inferred) [3][8] - The project area has a history of extensive drilling, with 60% of approximately 1,000 boreholes conducted within the lode claims, confirming high-grade uranium-vanadium mineralization of 0.17% - 0.31% U3O8 [3][4] - The mineralization is primarily hosted in roll-front deposits within permeable sandstones, with potential for both open-pit and in-situ leaching extraction methods [7][9] Financial Considerations - The total consideration for the option agreement amounts to C$525,000, which includes an immediate cash payment and share issuance [1][5] - Myriad has already made a non-refundable deposit of C$25,000 and must complete additional cash payments and share issuances to fully exercise the option [5] Exploration Potential - The broader Datil Mountains - Pietown area could contain over 40 million pounds of high-grade uranium, with significant expansion potential identified [4][9] - The project is expected to have relatively easy and inexpensive drilling due to the nature of the rock [2][4] Historical Context - Historical assessments indicate that the Red Basin area may contain as much as 30-45 million pounds of U3O8, with associated vanadium content up to 1.64% V2O5 [9][10] - Previous drilling and evaluations have provided a foundation for the current exploration efforts, although the historical estimates should not be solely relied upon for current resource assessments [10][11]