en.Wedoany.com Reported - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) has acquired, by way of grant, 15 Arizona state mineral leases and 8 split estate claims covering 5,600 acres. An additional 2 state mineral grants are pending, which would bring the total area to 6,080 acres. These leases and claims encompass a total of 23 breccia pipe uranium targets with the potential for associated rare earth elements. The claims are located in the "Arizona Strip" in northern Arizona, a historically significant uranium mining district. Among the 23 targets is Wate Pipe, which has a historical resource estimate of 71,000 tons of ore containing 1.12 million pounds of eU₃O₈ at an average grade of 0.79% eU₃O₈ (this historical estimate is not current and does not comply with NI 43-101).
Myriad has granted Wedgemount Resources Corp. a 3-year option, effective June 8, 2026, to acquire up to a 75% interest in the Breccia Pipe Project and the Area of Mutual Interest, with Myriad retaining the right to subsequently buy back a 25% interest and establish a 50/50 joint venture. Under the option terms, Wedgemount will earn up to a 75% interest in the project by: paying Myriad $75,000 (approximately C$104,500) within 30 days; issuing common shares to Myriad over the option period such that Myriad ultimately holds 9.9% of Wedgemount's shares; and incurring C$4,000,000 in qualifying expenditures over the option period. Myriad retains the right to buy back its project interest to 50% by funding the next C$5,000,000 in qualifying expenditures.
Myriad Chairman Simon Clarke stated that this acquisition places the company directly into a historically significant uranium district near a producing uranium mine. He noted that the area is very underexplored and that none of the modern exploration techniques have been applied to the targets the company has acquired. This opportunity comes from the same source that helped Myriad consolidate the Red Basin project and who drilled several key targets on this project during the last uranium cycle (pre-Fukushima). Clarke believes it makes sense to focus on the large flagship Copper Mountain project in Wyoming while bringing in Wedgemount as a suitable partner for day-to-day operations, while retaining significant ownership.
Breccia Pipe Project Highlights include: 23 breccia pipe exploration targets spanning the Arizona Strip and Colorado Plateau – an area that historically produced over 23 million pounds of U₃O₈ in the 1980s according to the US Geological Survey; the project includes the Wate uranium breccia pipe deposit, formerly 100% owned by Energy Fuels, with historical drilling data and a historical resource estimate from SRK Consulting in 2015; historical drilling by VANE Minerals (2007-2009) encountered anomalous uranium mineralization in at least four other targets based on monthly reports in Myriad's possession; any additional breccia pipe targets discovered within the Area of Mutual Interest, a defined area covering/surrounding the existing targets, will automatically be included in the option; the breccia pipes are located near Energy Fuels' Pinyon Plain mine – a high-grade uranium mine currently in production in the same district, which produced 638,700 pounds of U₃O₈ at an average grade of 2.23% U₃O₈ in Q2 2025 (the most recent available Energy Fuels data). A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and the company is not treating the historical estimate as current resources.
Wedgemount Option Details: First Option to earn a 50% interest in the Breccia Pipe Project, Wedgemount will pay Myriad $75,000 in cash within 30 days of the effective date; issue to Myriad the following Wedgemount common shares: 2,000,000 shares within 30 days of the effective date, an additional 1,500,000 shares on or before the 8-month anniversary, an additional 1,500,000 shares on or before the 16-month anniversary, and an additional 1,500,000 shares on or before the 24-month anniversary; incur the following minimum exploration expenditures: C$500,000 on or before the 8-month anniversary, an additional C$750,000 on or before the 16-month anniversary, and an additional C$1,000,000 on or before the 24-month anniversary. Second Option to earn an additional 25% interest in the Breccia Pipe Project (for a cumulative 75% interest), Wedgemount will issue to Myriad, on or before the 3rd anniversary, such number of common shares that, together with the common shares issued to Myriad under the First Option, equals an aggregate ownership interest of 9.9% of all issued and outstanding common shares of Wedgemount; and incur an additional C$1,750,000 in exploration expenditures on or before the 3rd anniversary. If Wedgemount earns a cumulative 75% interest in the package, a 75/25 joint venture will be formed. Myriad can increase its ownership in the joint venture to 50% by assuming 100% of the first C$5,000,000 in exploration expenditures of the joint venture. If Wedgemount only exercises the First Option, a 50/50 joint venture will be formed between Wedgemount and Myriad.
Regarding the regional geological setting, Arizona breccia pipes are typically mineralized at depths of 1,000 to 1,800 feet, particularly within the Hermit Shale, with vertical extents up to 600 feet and pipe diameters of 200 to 400 feet. Mineralization at Wate has been confirmed at depths of 1,300 to 1,600 feet. The shaft at Pinyon Plain extends to approximately 1,470 feet. Arizona breccia pipe deposits are typically mined using underground methods with relatively limited surface disturbance, but Myriad has not completed a current mining study for Wate Pipe. The project is located in northern Arizona, within the same regulatory district, with access to the same established infrastructure, including the Kaibab National Forest road network, and is near Energy Fuels' White Mesa mill in Utah – the only operating conventional uranium mill in the United States. Published technical literature (e.g., Wenrich, 2018) indicates the presence of rare earth element enrichment in some breccia pipe systems in northern Arizona. Myriad has not completed sufficient work to determine the extent or economic significance of any REE mineralization on its option claims.
Regarding the Wate Breccia Pipe Historical Resource Estimate: SRK reported a historical inferred mineral resource estimate for Wate Pipe of approximately 71,000 short tons of ore containing 1.12 million pounds of eU₃O₈ at an average grade of 0.79% eU₃O₈. This estimate is historical in nature and is not current and does not comply with NI 43-101. The source of the historical resource estimate is a technical report titled "NI 43-101 Technical Report on Resources Wate Uranium Breccia Pipe – Northern Arizona, USA" prepared by SRK Consulting for Energy Fuels, dated March 10, 2015. The qualified person considers the historical estimation work completed by SRK to be reliable and considers the historical estimate relevant as an exploration guide. SRK determined there was sufficient drill hole information to define the mineralization geometry, modeled the mineralization within the Wate Pipe as four discrete zones, and completed the resource estimate following industry standard procedures consistent with CIM definitions for NI 43-101 reporting. SRK classified the estimate as "Inferred" in accordance with CIM definitions and standards (2014). There is no more recent estimate for the deposit. Data verification is required to confirm the basis of the historical resource estimate and determine if it can be restated as a current mineral resource estimate consistent with CIM definitions for NI 43-101 reporting. Additional drilling and sampling may be required if original data is unavailable. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Myriad is not treating the historical estimate as current resources.
Myriad Uranium Corp. holds a 75% interest in the Copper Mountain uranium project in Wyoming, USA, and has a definitive agreement to acquire the remaining 25% interest through the acquisition of Rush Rare Metals Corp. Copper Mountain hosts multiple historical uranium deposits and past-producing mines, including the Arrowhead mine (which produced approximately 500,000 pounds of U₃O₈). Union Pacific conducted extensive exploration and development in the area in the late 1970s, including approximately 2,000 drill holes and advanced mine planning, until the uranium market downturn in 1980. Union Pacific is estimated to have invested approximately C$125 million (2026 dollars) in the project, generating substantial historical resource estimates. Myriad holds a 10% free carried interest in the Red Basin uranium project, which was recently sold to Subatomic Industries, backed by 8VC and Overmatch.
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