Copper Mountain, Wyoming, USA
Rush has entered into an earn-in agreement with Myriad Uranium allowing Myriad, upon reaching certain spending thresholds, to earn up to 75% of the Copper Mountain Project – see press release dated October 20, 2023.
URANIUM FOR A GREENER PLANET
COPPER MOUNTAIN HIGHLIGHTS
Over 3000 acres in the Copper Mountain district of Wyoming, including several historical zones of uranium mineralization
Historic production of 500,000 lbs. eU3O8 at the Arrowhead Mine in the centre of the project area
Wyoming is a mining friendly district, with the State and Federal governments both recently passing laws to encourage local uranium production¹
100% owned by Rush, with a 2.5% NSR to the vendor, and subject to a further earn-in agreement with Myriad Uranium (see Oct. 20, 2023 press release)
Up to 2,000 boreholes drilled and US $74M (2023 dollars) spent by Union Pacific developing the project in the 1970s
¹For example, state: https://oilcity.news/wyoming/energy/2022/03/21/governor-signs-new-wyoming-nuclear-regulations-into-law-tax-exemptions-for-using-domestic-uranium-start-in-2035/
and federal: https://www.energy.gov/articles/doe-announces-next-steps-build-domestic-uranium-supply-advanced-nuclear-reactors-part#:~:text=In%20total%2C%20President%20Biden%27s%20Inflation,used%20as%20fuel%20for%20advanced
COPPER MOUNTAIN LOCATION
COPPER MOUNTAIN TECHNICAL REPORT (Completed March, 2023)
Two primary areas of known uranium mineralization, the Arrowhead Mine and the North Canning Deposit (among others)
Past production of approximately 500,000 lbs of eU3O8, primarily from the Arrowhead Mine
The Arrowhead Mine was developed in conglomerate deposits of very high permeability – up to 60’ thick
The North Canning deposit was drilled and explored in the 1960s and early 1970s, and was evaluated as a medium grade, very large volume deposit, with potential for open pit mining
Myriad Uranium is executing recommended exploration programs, including evaluation of 2000+ historical drill logs (see Myriad Uranium Oct. 31, 2023 press release)
EARN-IN AGREEMENT WITH MYRIAD URANIUM
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On October 18, 2023, Rush executed earn-in agreement with Myriad
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Myriad must spend $1.5M on exploration at Copper mountain within 2 years to earn 50%
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Myriad must spend an additional $4M within 4 years to earn 75%
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Rush received an initial payment, and receives share payments at one and two years
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Rush receives $2.5M in Myriad shares upon a PEA or PFS being completed
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Rush receives a higher interest (50%) on the first $50M of early production
DISCOVERY OF NEW DATA
Game Changer For Rush and Myriad
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Millions in previous exploration work has been done at Copper Mountain
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Most of the data was collected before 1980, and thus non-digital (paper form only)
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Serendipitously, a great deal of old data was located – in stored boxes on a local ranch
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This data gives an enormous head-start with exploration, providing multiple insights, including:
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Direction – a clear idea where historic deposits were, and at what depth(s)
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Validation – Union Pacific had constructed a leach pad and was poised to commence mining before market conditions changed in the 1980’s
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Scale – historical resource estimates provide excellent guidance as to how much uranium may be present and at what grade
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Process – old metallurgy and mining plans give an idea of expected recoveries and mining options
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Efficiency – verifying old drill data may allow a far more efficient path to compliant resource calculation
COPPER MOUNTAIN HISTORICAL URANIUM
Maxine and Neil McNeice at the site of their uranium discovery in the Gas Hills east of Riverton, 1953. (Within 40 km of Rush licenses)
Source:, Wyoming Public Media, The Cheyenne Post Wyoming Historical Society, https://www.wyohistory.org/encyclopedia/fremont-county-wyoming
Wyoming produces more and has the largest amount of known uranium reserves in the USA
Google search for Uranium, Wyoming and “Canning Deposit” and/or “Arrowhead Mine” will reveal numerous old reports discussing Copper Mountain uranium mining and exploration history, as well as speculation about historical resource numbers
Uranium deposits in the area were at one time economic, but mining activity slowed substantially in the 70’s and 80’s with a dramatic drop in uranium prices
Ray Harris, a Uranium scholar in the 80’s, wrote that Copper Mountain uranium mineralization was likely “formed by processes similar to those that operated in the Athabasca and Northern Australian regions.”
Interest in domestic Uranium production options for the USA, and in particular in Wyoming as a Uranium producing State, are currently very high.
RUSH GAME PLAN 2024 - COPPER MOUNTAIN
