- Myriad Uranium (CSE:M) has revealed its earn-in partner Rush Rare Metals has entered into a 20-year mining lease with Diamond X Ranch for the Copper Mountain Uranium Project
- Myriad has a 75 per cent earnable interest pursuant to a property option agreement with Rush
- Through the lease, the size of the Copper Mountain Uranium project increases from 3,886 acres to 4,206 acres
- Shares of Myriad Uranium are down 4 per cent to C$0.24 as of 10:14 am ET
Myriad Uranium (CSE:M) has revealed its earn-in partner Rush Rare Metals has entered into a 20-year mining lease with Diamond X Ranch for the Copper Mountain Uranium Project in Wyoming.
In a news release, the Vancouver-based company stated it has a 75 per cent earnable interest pursuant to a property option agreement with Rush Rare Metals.
Additionally, through the lease, the company stated the size of the Copper Mountain Uranium project increased from 3,886 acres to 4,206 acres.
“This is a critical area at Copper Mountain and we’re delighted to conclude a lease with Diamond X for access to it on fair terms,” Thomas Lamb, CEO of Myriad Uranium, said in a statement. “We have reasons to be optimistic that verification of resources and the pathway to uranium production at Copper Mountain could begin sooner than expected, especially if we opt for conventional mining, and it was important to secure this area well in advance.”
Under the terms of the lease, Myriad paid Diamond X a US$5,000 signing bonus and a first-year property lease payment of US$8,000.
Uranium produced from portions of the area where Diamond X holds only surface rights will generate a flat 1 per cent royalty on net returns while uranium produced from areas where Diamond X holds surface and mineral rights will attract a flat 3 per cent royalty on net returns.
The addition of the Diamond X claims completes the picture for the central part of the overall Myriad Uranium claims and secures the eastern portions of the North Canning deposit area.
Myriad Uranium is a uranium exploration company with an earnable 75 per cent interest in the Copper Mountain Uranium Project in Wyoming.
The project is host to several known uranium deposits and historic uranium mines, including the Arrowhead Mine.
Shares of Myriad Uranium Corp. (CSE:M) are down 4 per cent to C$0.24 as of 10:14 am ET.
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