Myriad ups stake in Wyoming Copper Mountain: resource and drilling lens for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Myriad Uranium has increased its interest in the Copper Mountain uranium project in Wyoming to 75% after spending over US$5.5 million in eligible exploration under an option agreement with Rush Rare Metals, which retains 25% subject to underlying NSR royalties. Historic Union Pacific work in the late 1970s outlined six open pits targeting 245 million lb U₃O₈ after spending about US$25 million (around US$100 million today). A new drilling expansion permit obtained in October positions Myriad to test whether Copper Mountain can rank among the largest US uranium projects, in a state already geared for in-situ recovery operations.
Technical Brief
- Myriad’s interest is held under a property option with Rush Rare Metals, both subject to underlying NSR royalties.
- Union Pacific’s late‑1970s work culminated in a study defining six discrete open pits at Copper Mountain.
- Historic expenditure of about US$25 million in the 1970s (~US$100 million today) reflects substantial legacy drilling and engineering data.
- CEO commentary notes phase‑one drilling “significantly exceeded expectations”, implying upside beyond the historic Union Pacific pit outlines.
- Copper Mountain’s scale potential is framed explicitly against “one of America’s largest” uranium projects, guiding Myriad’s current drilling strategy.
Our Take
A historical spend of about $25 million (roughly $100 million in today’s terms) at Copper Mountain signals that Union Pacific had already de-risked much of the basic geology, which can materially compress Myriad Uranium’s timeline and cost for modern resource definition compared with a greenfield Wyoming uranium play.
The 245 million lb U3O8 target from the legacy Union Pacific work would place Copper Mountain at the upper end of project scales in our uranium-tagged coverage, implying that even partial confirmation of those figures could support a district-scale development strategy rather than a single-pit mine plan.
With 75% project interest earned for $5.5 million in eligible expenditures, Myriad’s entry cost into a large historical uranium camp appears low relative to other North American uranium stories in our database, suggesting Rush Rare Metals’ 25% residual stake could become a leveraged exposure to any future resource upgrade or permitting progress in Wyoming.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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