Myriad Uranium (CSE:M) - Assays Boost Grades to Unlock Copper Mountain District-Scale Upside

Thomas Lamb (0:00)

Hi, I'm Thomas Lamb. I'm CEO of Myriad Uranium Corp. We're Canadian listed, OTC listed, and we have the various Frankfurt and other German tickers. We're a US focused, for the moment, we're a US focused uranium exploration and development company. We have three projects, Copper Mountain in Wyoming, that's potentially America's largest uranium project.

We have the Bretchett Pipe Project in Arizona, that's 23 Bretchett Pipes, excited to tell you about that. And then we retain a 10% free carried interest in the Red Basin Project in New Mexico, which we recently sold for cash and the carried interest to some tech VCs, PayPal Mafia guys. We have an alliance with them.

Matthew (0:50)

Can you call them that? Let's go with it. I like that.

Okay, so...

Thomas Lamb (0:56)

But that's what Google says, so I don't know if I'm trying...

Matthew (0:59)

Then that works. Because, yeah, that works. Right, okay.

It's been a while since we saw you, obviously. People are getting excited about the spot price again.

And, you know, you've got a lot of moving parts, as you described, as small as you have not yet described. Let's start with the basic question. So, like, can we talk about what your flagship is, Copper Mountain, and some of the position is, last time, Ryan, you said you were going to acquire 100% of it or get up to 100% of it. Where are we today?

Thomas Lamb (1:31)

We've done it. These mergers always take longer than you think they will, but we closed it about a month ago. We acquired the last 25% of Copper Mountain.

One plus one equals three to a lot of investors, and we're delighted.

Matthew (1:51)

We'll get into what that actually means for yourself and investors in a second. One of the other things, I think, last time, Ryan, we were talking about drilling.

You've actually begun drilling, so can you give me an update on where you got to with that?

Thomas Lamb (2:03)

Sure. We did our phase one drilling almost two years ago. First modern drilling in 50 years. We drilled 34 holes and we drilled in the center of the project. The results were excellent, far exceeded. This is GammaPro basis, far exceeded our expectations. We knew that historically they were Union Pacific Railway in Southern California at a center. They were very conservative in the late 1970s. That was phase one drilling. When we assayed all the intercepts they actually came back up to 60% higher grade than the probe indicated.

That was a very exciting development for the project. That means the mine plan, because this was supposed to be a large scale conventional uranium mine starting production in 1983, that means the mine plan, we believe, was very conservative, et cetera.

We flew geophysics, radiometrics, mag, et cetera, about eight months ago, 10 months ago.

And that revealed a huge new area, and then also helped us with targeting inside the known areas at Copper Mountain. And we've started phase two drilling, to your point. About a month and a half ago we started phase two drilling at Copper Mountain and that has been going great. We've drilled two areas, Lucky Cliff and Gem. And as people see in the press releases, we're crushing it. Great results.

Matthew (3:33)

Okay. And that was a 5,000 meter program you're talking about?

Thomas Lamb (3:37)

Yeah. Although we do have in mind to scale it from there. Right.

Matthew (3:40)

Okay.

Thomas Lamb (3:41)

As we go, we basically have the budget. We've budgeted $6 million for this phase two. But we are cashed up with 10 million. We are getting excellent results as we go.

And the market rewards it, et cetera. We will dial it up, I think.

Matthew (4:00)

Okay. Okay. So let's, yeah, because I think last time around, we talked about the possibility of, you know, I think your ambitions to get to like 10,000, et cetera. So that's good to hear. I'm with Lucky Cliff, right? Okay. As you say, you know, I think four holes in sector uranium, right? And, you know, the headline number I saw was sort of, you know, 20 meters at, you know, 270 PPM, right? So these are solid numbers for the US.

For a conventional mine, you know, I mean, well, how do you view those numbers? What's it starting to tell you about? What's in front of you?

Thomas Lamb (4:32)

A few things. First, the core area of the project has a historical resource of 26.6 million pounds.

Matthew (4:40)

Yeah.

Thomas Lamb (4:40)

All of this is down to 600 feet. Then a bigger area has an exploration target of up to 655 million pounds. This was based on 2,000 boreholes and extensive work by Union Pacific, US. Department of Energy, Bendix Engineering, late 1970s, published in 1982 Lucky Cliff, the area we just drilled, you just mentioned, sits to the north outside of all of that.