Myriad Uranium Corp. completed the acquisition of Rush Rare Metals Corp. on August 21, 2026, consolidating 100% ownership of the Copper Mountain project in Wyoming. The day before closing, the company had already released the first radiometric results from the Lucky Cliff target: four drill holes, all returning uranium mineralization.
The transaction was structured as a pure share exchange. Myriad issued 24,983,671 common shares to Rush shareholders at a conversion ratio of 0.5405 Myriad shares per Rush share held. The deal received final court approval on August 19, two days before closing, and was valued at CA$10.49 million. With this move, Myriad increases its interest from 75% to full ownership of the asset, eliminating any governance uncertainty over the project.
Copper Mountain has a long exploration history. The property hosts numerous historical deposits and past-producing mines, including the Arrowhead mine, which produced approximately 500,000 pounds of U₃O₈. In the late 1970s, Union Pacific carried out extensive exploration campaigns in the area — drilling around 2,000 holes and advancing mine planning significantly — before the uranium market collapse of 1980 brought everything to a halt. The value of that investment, expressed in 2026 Canadian dollars, is estimated at approximately C$125 million. Myriad is now working to validate and update that wealth of historical data using modern methods.
The Phase II drilling program targets two parallel objectives: verifying the mineralization underlying a historical resource estimate of 26.63 million pounds of eU₃O₈, and generating fresh data for a future mineral resource estimate compliant with current standards. Preliminary results from the Lucky Cliff target — located at the northern edge of the Copper Mountain claim, outside the area covered by the historical Bendix assessment — show that all four drill holes intercepted near-surface uranium mineralization. A total of 50 intervals grading above 100 ppm eU₃O₈ were identified across 716.6 metres of total drilling. Hole LUC0004DD returned the longest intercept: 19.96 metres at 269 ppm eU₃O₈ from 18 metres depth, with a peak grade of 1,336 ppm eU₃O₈. These values are gamma probe estimates and remain subject to laboratory chemical verification.
The broader exploration potential of the area is even more significant. According to the company’s projections, historical targets combined with those generated through Myriad’s own exploration work could point to an exploration target of between 245 and 655 million pounds of eU₃O₈. These are indicative figures, not classified resources, but they define the scale of the project. Myriad’s portfolio extends beyond Wyoming: it also includes the Red Basin project, in which it holds a 10% carried interest, and the Breccia Pipe Project in Arizona, acquired at 100%.
With consolidated ownership and the first radiometric data in hand, Myriad is entering a more defined phase. The next step is converting historical data into verifiable resource estimates in line with NI 43-101 or equivalent standards. Laboratory assay results, expected in the coming weeks, will determine how well the gamma probe numbers hold up against direct chemical analysis. If the values are confirmed, Lucky Cliff could become the starting point for a maiden mineral resource estimate on a project that had been dormant for decades until just a few years ago.
