Myriad Uranium Corp has announced the commencement of drilling activities at its Copper Mountain uranium project in central Wyoming, USA. CEO Thomas Lamb stated at PDAC 2026 that new discoveries and advanced technologies have significantly expanded the resource potential, far exceeding historical estimates. This project has the potential to become one of the largest uranium mines in the United States, with progress driven by rising uranium prices and the energy demands of AI data centers.
The Copper Mountain uranium project has a rich historical background. Union Pacific invested approximately $100 million in the late 1970s, drilling around 2,000 holes and identifying seven uranium deposits. Lamb explained, "Union Pacific planned to build a large-scale conventional mine with an initial resource of 15 to 30 million pounds of uranium." A 1982 Department of Energy assessment estimated the region's uranium resources at 655 million pounds. Myriad holds the majority of the land, providing high geological confidence for exploration.
Recent radiometric surveys have identified over 100 new anomalies, potentially doubling the exploration area. Lamb noted, "The deposits and anomaly features may be biased towards the eastern side of the structure." Ground verification teams are currently sampling to prioritize drilling targets. Eastern anomalies show characteristics matching western deposits, indicating similar mineralization styles and grades. The company has received permits for 222 drill holes and will balance resource confirmation with new discovery efforts.
Modern analysis shows uranium grades are 50-60% higher than historical data—50% higher above 500 ppm and 60% higher above 1000 ppm. Lamb stated, "We are likely at the upper end of the resource range." Conservative estimates are based solely on updating historical resources and do not include new anomalies. The company holds approximately C$8.4 million in funding, with an initial drilling program planned for 7,000 to 10,000 meters and a budget of around $4 million.
The Copper Mountain uranium project is strategically located near roads, railways, and power infrastructure. Tests in the 1970s showed uranium recovery rates of 90-94%. The nearby Sweetwater processing plant, operated by Uranium Energy Corp, can handle the ore. A U.S. government directive requiring technology companies to secure independent energy supplies, along with AI data centers potentially accepting higher uranium prices to ensure long-term supply, provides a catalyst for the project.
