Copper Mountain, Wyoming, USA
COPPER MOUNTAIN TRANSACTION
Letter of Intent signed between Rush Rare Metals and Myriad Uranium on September 18, 2023 regarding proposed transaction respecting the Copper Mountain Project.
Myriad has the option to acquire 50% interest in the property by making initial cash & shares payments and making expenditures of no less than $1,500,000 on the Property within two years.
Myriad will have the option to acquire an additional 25% interest (for a total interest of 75%) in the Property by making additional expenditures of no less than $4,000,000 within four years.
Upon Myriad successfully earning an initial 50% interest in and to the Property, the parties will be deemed to have formed a 50/50 joint venture.
Myriad will provide an update respecting the proposed transaction in due course. See news release regarding the full terms of the transaction.
Announcement by Thomas Lamb (CEO, Myriad Uranium) regarding the transaction on September 18, 2023.
COPPER MOUNTAIN HIGHLIGHTS
110 claims in the Copper Mountain district of Wyoming, including several historical zones of uranium mineralization (approx 775 hectares)
Former uranium production in the area primarily from 1955 to 1970
The USA and Wyoming are now uranium mining friendly, with the Federal and State governments both recently passing laws to encourage local uranium production¹
100% owned by Rush, with a 2.5% NSR to the vendor, and options to buy back the NSR in part
43-101 completed in spring 2023 – keywords “Copper Mountain” and “Wyoming” lead to academic articles about known U occurrences and mines on the property and in the area
COPPER MOUNTAIN LOCATION
COPPER MOUNTAIN HISTORICAL URANIUM
Source:, Wyoming Public Media, The Cheyenne Post Wyoming Historical Society, https://www.wyohistory.org/encyclopedia/fremont-county-wyoming
Wyoming produces more and has the largest amount of known uranium reserves in the USA
Google search for Uranium, Wyoming and “Canning Deposit” and/or “Arrowhead Mine” will reveal numerous old reports discussing Copper Mountain uranium mining and exploration history, as well as speculation about historical resource numbers
Uranium deposits in the area were at one time economic, but mining activity slowed substantially in the 70’s and 80’s with a dramatic drop in uranium prices
Ray Harris, a Uranium scholar in the 80’s, wrote that Copper Mountain uranium mineralization was likely “formed by processes similar to those that operated in the Athabasca and Northern Australian regions.”
Interest in domestic Uranium production options for the USA, and in particular in Wyoming as a Uranium producing State, are currently very high.
COPPER MOUNTAIN AGREEMENT
Core claims (Canning Deposit area) acquired for $250k USD
Annual NSR pre-payments of $25k USD
2.5% NSR, with 1% buy-back option to company
Finders fees of shares and warrants granted to three individuals all highly experienced with uranium and/or the Copper Mountain Project
Finders/vendor continue to provide Rush decades of uranium exploration experience to draw upon, as well as vast knowledge about Wyoming and Copper Mountain specifically
COPPER MOUNTAIN TECHNICAL REPORT (Completed March, 2023)
The Copper Mountain Uranium Project contains two primary areas of known uranium mineralization, the Arrowhead Mine and the North Canning Deposit (among others)
Past production in the district totaled approximately 500,000 lbs of eU3O8, primarily from the Arrowhead Mine
The Arrowhead Mine was developed in conglomerate deposits of very high permeability – up to 60’ thick. Similar thick conglomerate deposits have been observed at the historic Hesitation Project and Last Hope Mine
The North Canning deposit was drilled and explored in the 1960s and early 1970s, and was evaluated as a medium grade, very large volume deposit, with potential for open pit mining
Two phases recommended, first phase being collection and analysis of historical drill logs, second phase would be drilling to verify old data (if warranted based on phase 1 results)
COPPER MOUNTAIN TECHNICAL REPORT RECOMMENDATION
Technical Report Recommendation
Phase 1 is retrieval of historical drill hole data and analysis to determine if previously indicated intercepts
justify Phase 2 drilling program design to verify historical results
PHASE 1
- Historic data acquisition – there are as many as 2,000 historic drill holes within the Copper Mountain claim area, and the company is attempting to locate logs for as many of these as possible
- Based on results from the above research, the company can more accurately determine prospects for an economic resource
- The existence of so much historical data is anticipated to allow the company to learn a great deal about Copper Mountain at a fraction of traditional exploration costs
PHASE 2
Contingent on the results of Phase 1 – roughly 11,000 m of drilling to verify and potentially support historic grade data in the development
of an inferred mineral deposit estimate²
Proposed work program in 43-101 is budgeted at $1,100,000 USD in two phases
²Source: Technical Report (NI 43-101) dated Mar 24, 2023, available on SEDAR.com
COPPER MOUNTAIN FUTURE PLANS
