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 4000 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)
Several primary areas of known uranium mineralization, including 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 has evaluated extensive historic data (see Myriad Uranium Oct. 31, 2023 press release) and is expected to commence drilling in the fall of 2024
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 – new drilling expected to commence fall 2024