Myriad Uranium Announces Approval of Plan of Operations Which Provides Clearance for 222 Boreholes at Copper Mountain
Executive Summary
- The U.S. Bureau of Land Management approved Myriad Uranium’s Plan of Operations, allowing drilling of up to 222 boreholes across the Copper Mountain Project, expanding beyond the currently bonded 70 holes.
- The expanded footprint includes high‑priority targets such as Lucky Cliff, Arrowhead, Mint (Fuller West), Gem, and additional work at Canning.
- Myriad also issued 1,300,000 incentive stock options at $0.43 per share and 925,000 RSUs, both to directors, officers and consultants, with vesting and exercise terms detailed in the release.
Key Details
- Permit Expansion:
- Approved Plan of Operations permits drilling up to 222 holes (vs. 70 currently bonded).
- Targets covered: Mint, Arrowhead, Lucky Cliff, Gem, and additional Canning holes.
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Remaining targets (Hesitation, Fuller, Knob, Cedar Ridge) may be added pending future amendments.
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Historical Context & Resource Highlights:
- Arrowhead: >500,000 lb U₃O₈ produced historically at ~1,500 ppm; significant remaining mineralization suspected.
- Lucky Cliff: 22 historic holes intersected up to 108 m of shallow granite‑hosted mineralization starting at 59 ft depth.
- Gem: Historic indicated & inferred resources of 3.07 Mt containing 1.44 M lb eU₃O₈ at 234 ppm.
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Mint (Fuller West): Historic indicated & inferred resources of 3.68 Mt containing 1.41 M lb eU₃O₈ at 141 ppm.
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Equity Incentive Grants:
- Incentive Stock Options: 1,300,000 options @ $0.43 exercise price; vest immediately; exercisable for five years.
- Restricted Share Units (RSUs): 925,000 RSUs; each convertible to one common share; expire 12/31/2028; vest on the 1st, 2nd and 3rd anniversaries of grant date with acceleration upon change‑of‑control or share price ≥ $1.00.
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Issuances qualify as “related party transactions” exempt from MI 61‑101 valuation/approval thresholds (≤25% market cap).
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Qualified Person Review:
- Technical content reviewed and approved by George van der Walt, Pr.Sci.Nat., FGSSA, qualified under NI 43‑101.
Notable Quotes
“Having verified much of the original drilling conducted by Union Pacific at Canning, we now have the permit we need to continue drilling not only at Canning, but also at other target areas to confirm the entire Project's vast potential.” – Thomas Lamb, President & CEO
All forward‑looking statements are subject to risks and uncertainties as described in the release.