Orano’s In-Situ Recovery Program Bodes Well for Myriad’s Projects
Vancouver, British Columbia–(Newsfile Corp. – April 4, 2023) – MYRIAD URANIUM CORP. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) (“Myriad” or the “Company”) is pleased to advise, in potentially transformative news for Myriad, that Orano has announced that it will invest over C$115 million in formal in-situ recovery (ISR) testing at its Imouraren project in the prolific Tim Mersoï Basin, Niger. Imouraren is Africa’s largest uranium deposit, and the world’s second largest, at 384 Mlbs eU3O8. If successful, the application of ISR to these deposits could be a game changer, as ISR is the uranium industry’s leading low-cost production method globally, but has hitherto not been used in Niger.
The Arlit Fault, which hosts Imouraren and is considered to control mineralisation throughout the Tim Mersoï Basin, runs directly into Myriad’s Agebout licence. There, approximately 15 km north of Imouraren, it intersects with part of the important Madaouela Fault system which hosts Goviex’s 100 Mlbs eU3O8 Madaouela deposit.
Myriad calls the area around the intersection of the Arlit and Madaouela faults “Imouraren North”. See Figure 1 below.
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Imouraren North has never been properly explored. Orano’s predecessor Areva had planned an extensive drill program for the area, entailing approximately 65 boreholes, but then the 2011 Fukushima Daiichi accident intervened.
Now Myriad, which holds a 100% option interest in Agebout, will take up the task. Myriad possesses Areva’s historic regional exploration data for Agebout, including airborne geophysics, radiometry, mapping, and 39 boreholes. However, most of this work was conducted in the eastern part of Agebout, away from Imouraren North.
“Since day one this intersection of key fault structures has been a high priority target area within our land package of over 1,800 square kilometres,” stated Thomas Lamb, Myriad’s CEO. “We know that Areva planned to test it intensively for roll-front sandstone deposits like Imouraren, but withdrew from all exploration in Niger before it could start the program. We also know that since Global Atomic’s high grade Dasa discovery, geologists have been keen to test Imouraren North and other areas within Myriad’s licences, since Athabasca-like high grade may be found at deeper strata along important fault boundaries. Now Myriad gets to do both. The announcement by Orano regarding Imouraren, just a few kilometers to the south of us, that they are going to invest heavily to confirm amenability to ISR, has elevated Imouraren North to the highest priority. We can’t wait to get to work.”
David Miller, one of the world’s foremost authorities on ISR and a member of Myriad’s Technical Committee, added “The recent press release on Orano’s Imouraren project that ISR testing will begin next year, bodes well for our adjacent Agebout project. ISR is far less costly and intrusive on the environment than conventional open-cast or underground mining. The ISR method involves injecting a solution directly into the mineralised part of the orebody. The uranium is dissolved in water and then pumped to the surface and extracted by technology similar to a water softener. After uranium extraction, the water is refortified and reinjected in a closed loop with extremely low water consumption. Uranium extraction by ISR is little known in Niger, but over half of the world’s uranium production is now extracted by this method.”
Myriad intends to explore Imouraren North this year. The program will include high resolution airborne and ground geophysics for drill targeting, followed by drilling.
George van der Walt (MSc. Economic Geology, Pr.Sci.Nat.), a “Qualified Person” for the purpose of National Instrument 43-101, has reviewed and approved the scientific and technical information included in this news release.
Myriad Uranium Corp. is a Canadian mineral exploration company with a 100% option interest in over 1,800 km2 of uranium exploration licences in the Tim Mersoı̈ Basin, Niger. Myriad also has a 50% interest in the Millen Mountain Property located in Nova Scotia, Canada, with the other 50% held by Probe Metals Inc. For further information, please refer to the Company’s disclosure record on SEDAR (www.sedar.com), contact the Company by telephone at +1.604.418.2877, or refer to the Company website, at www.myriaduranium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
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