Myriad Uranium Corp press release

Myriad Uranium Reports Final Chemical Assays from Copper Mountain. Grades Up to 60% Higher Than Probe Equivalents, with Positive Implications for Scale and Scope of the Project. Plan of Operations Application Submitted to Drill High Priority Prospects

2025-06-11

CSE - Canadian National Stock Exchange · Uranium · Vanadium · Gold · Canada

Vancouver, British Columbia--(Newsfile Corp. - June 11, 2025) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) is pleased to report chemical assay results from the final six boreholes drilled in late 2024 at the Copper Mountain Uranium Project in Wyoming (Figure 1).

These results and the complete set of confirmed chemical assay grades (U3O8) across all 34 holes drilled late 2024 have been compared against previously reportedequivalent spectral gamma probe grades (eU3O8) and confirm extensive high-grade uranium mineralisation at the Canning Deposit. Myriad's drilling program prioritized Canning due to Union Pacific's 1979 mine plan, which identified it as the largest mineralized area and the central pit of an initial six pit mining plan. Verification of historical work in this area has therefore been a priority.

Confirmed U3O8 grades are on average significantly higher than eU3O8 probe grades. The fact that confirmed individual U3O8grades are higher, and sometimes lower, than corresponding eU3O8 grades, indicates secular disequilibrium is present in the system. The gamma probe tends to especially underestimate higher grades.

Across the 34 assayed boreholes to date, confirmed U₃O₈ grades are on average:

60% higher at a 1,000 ppm cut-off 50% higher at 500 ppm cut-off 20% higher at 200 ppm cut-off

Many intervals with initially low or near-zero probe readings have been confirmed as mineralized by chemical assay. Notably, the deepest intercept (CAN0034, 1,489.45-1,491.25 ft) returned 832.5 ppm U₃O₈, a 242% increase over its equivalent probe grade. Therefore, more samples from the drilling campaign are being submitted for laboratory testing, and chemical assay will become the primary reporting method for Copper Mountain going forward.

Thomas Lamb, the CEO of Myriad, stated:_"Based on the results of our initial drill campaign, we can preliminarily assert several positive findings. First, our assays suggest the high end of Union Pacific's historical estimate of 15-30 million pounds U₃O₈ across six deposits to a maximum depth of 600 feet is more accurate [see "Historical Estimates" disclaimer below]. Union's decision to depend on DFN grade data was overly conservative, as a number of experts had suspected. Second, our deeper intercepts may indicate new, previously unaccounted pounds. Third, these preliminary findings of deeper mineralisation, along with our higher grade mineralization's association with faults and fractures in basement granite and amphibolite schists (similar to Beaver Lodge in Athabasca) support statements in Neutron Energy internal documents from 2006-2010 that Copper Mountain's potential is "several hundred million pounds" and that "new genetic models suggest a high chance for discovery of world-class deposits in both hard rock and sandstone."_

George van der Walt, Myriad's consulting geologist and technical advisor, commented: "It is good to see that the last set of final results continue to hold up to expectations. We now aim to fill gaps in the physical sampling, which has commenced."

Updated significant chemical assay intervals with a GT >0.15 ft% (equivalent to 500 ppm over 3 feet), and their equivalent spectral gamma probe intervals are provided in Table 1 below. Note that Appendix 1 provides all grade intervals at (a) 1,000 ppm (0.10%) U3O8cut-off, 500 ppm (0.05%) U3O8cut-off and (b) 200 ppm (0.02%) U3O8cut-off.

Table 1: Significant intervals from chemical assay and their equivalent spectral gamma probe intervals (GT >0.15 ft% or 500 ppm U3O8over 3 feet)

| Borehole ID | Chemical Assay Interval | Equivalent Spectral Gamma Probe Interval | | | | | | | | | | | | From (ft) | To (ft) | Length (ft) | U3O8 (ppm) | U3O8 (%) | GT (ft%) | From (ft) | To (ft) | Length (ft) | eU3O8 (ppm) | eU3O8 (%) | eGT (ft%) | | | CAN0001 (DD) | 158.40 | 162.40 | 4.00 | 2306.5 | 0.23 | 0.92 | 158.10 | 162.03 | 3.93 | 1746.4 | 0.17 | 0.69 | | CAN0002 (DD) | 347.68 | 348.78 | 1.10 | 1945.7 | 0.19 | 0.21 | 347.68 | 348.99 | 1.31 | 433.3 | 0.04 | 0.06 | | CAN0003 (RC) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | CAN0004 (DD) | 222.64 | 234.44 | 11.80 | 2369.7 | 0.24 | 2.80 | 222.71 | 234.52 | 11.81 | 1394.6 | 0.14 | 1.65 | | 235.74 | 238.44 | 2.70 | 593.1 | 0.06 | 0.16 | 235.83 | 238.46 | 2.63 | 953.3 | 0.10 | 0.25 | | | 240.64 | 249.94 | 9.30 | 1190.3 | 0.12 | 1.11 | 240.10 | 249.61 | 9.51 | 1095.7 | 0.11 | 1.04 | | | 253.54 | 266.44 | 12.90 | 1571.0 | 0.16 | 2.03 | 253.54 | 266.66 | 13.12 | 1115.0 | 0.11 | 1.46 | | | 287.82 | 290.02 | 2.20 | 871.4 | 0.09 | 0.19 | 287.98 | 290.28 | 2.30 | 565.6 | 0.06 | 0.13 | | | CAN0005 (RC) | 385.00 | 400.00 | 15.00 | 1488.5 | 0.15 | 2.23 | 385.00 | 400.00 | 15.00 | 1086.0 | 0.11 | 1.63 | | 545.00 | 575.00 | 30.00 | 941.0 | 0.09 | 2.82 | 545.00 | 575.00 | 30.00 | 1365.1 | 0.14 | 4.10 | | | CAN0006 (DD) | 132.48 | 139.55 | 7.08 | 721.1 | 0.07 | 0.51 | 132.51 | 139.73 | 7.22 | 1703.0 | 0.17 | 1.23 | | 150.22 | 152.97 | 2.75 | 843.1 | 0.08 | 0.23 | 150.22 | 152.85 | 2.63 | 1020.8 | 0.10 | 0.27 | | | 173.51 | 176.21 | 2.70 | 654.7 | 0.07 | 0.18 | 173.51 | 176.14 | 2.63 | 1463.4 | 0.15 | 0.38 | | | 225.57 | 230.07 | 4.50 | 1134.4 | 0.11 | 0.51 | 225.66 | 230.26 | 4.60 | 2102.6 | 0.21 | 0.97 | | | 265.35 | 272.85 | 7.50 | 4360.5 | 0.44 | 3.27 | 265.35 | 272.90 | 7.55 | 5936.5 | 0.59 | 4.48 | | | 290.94 | 291.94 | 1.00 | 3301.8 | 0.33 | 0.33 | 291.92 | 292.90 | 0.98 | 2571.1 | 0.26 | 0.25 | | | 312.26 | 320.66 | 8.40 | 1040.9 | 0.10 | 0.87 | 312.26 | 320.78 | 8.52 | 1733.4 | 0.17 | 1.48 | | | 341.02 | 355.02 | 14.00 | 1407.7 | 0.14 | 1.97 | 341.12 | 355.22 | 14.10 | 2393.7 | 0.24 | 3.38 | | | 377.86 | 380.86 | 3.00 | 805.4 | 0.08 | 0.24 | 377.86 | 380.81 | 2.95 | 1578.6 | 0.16 | 0.47 | | | 408.70 | 416.80 | 8.10 | 660.0 | 0.07 | 0.53 | 408.69 | 416.89 | 8.20 | 1519.0 | 0.15 | 1.25 | | | 430.99 | 432.59 | 1.60 | 1145.0 | 0.11 | 0.18 | 430.99 | 432.63 | 1.64 | 1396.5 | 0.14 | 0.23 | | | 439.20 | 449.30 | 10.10 | 1364.5 | 0.14 | 1.38 | 439.12 | 449.36 | 10.24 | 2107.2 | 0.21 | 2.16 | | | 454.30 | 456.90 | 2.60 | 1129.7 | 0.11 | 0.29 | 454.28 | 456.90 | 2.62 | 2276.1 | 0.23 | 0.60 | | | CAN0007 (RC) | 370.00 | 375.00 | 5.00 | 561.3 | 0.06 | 0.28 | 370.00 | 375.00 | 5.00 | 234.5 | 0.02 | 0.12 | | 455.00 | 460.00 | 5.00 | 758.2 | 0.08 | 0.38 | 455.00 | 460.00 | 5.00 | 864.9 | 0.09 | 0.43 | | | 465.00 | 470.00 | 5.00 | 722.8 | 0.07 | 0.36 | 465.00 | 470.00 | 5.00 | 461.3 | 0.05 | 0.23 | | | 510.00 | 520.00 | 10.00 | 610.2 | 0.06 | 0.61 | 510.00 | 520.00 | 10.00 | 531.2 | 0.05 | 0.53 | | | CAN0008 (DD) | 278.89 | 287.39 | 8.50 | 2290.4 | 0.23 | 1.95 | 278.89 | 287.33 | 8.44 | 1509.2 | 0.15 | 1.27 | | 317.18 | 320.48 | 3.30 | 1381.1 | 0.14 | 0.46 | 317.18 | 320.46 | 3.28 | 1042.6 | 0.10 | 0.34 | | | 332.26 | 355.66 | 23.40 | 1467.0 | 0.15 | 3.43 | 332.26 | 355.55 | 23.29 | 1191.6 | 0.12 | 2.78 | | | CAN0009 (RC) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | Borehole ID | Chemical Assay Interval | Equivalent Spectral Gamma Probe Interval | | | | | | | | | | | | From (ft) | To (ft) | Length (ft) | U3O8 (ppm) | U3O8 (%) | GT (ft%) | From (ft) | To (ft) | Length (ft) | eU3O8 (ppm) | eU3O8 (%) | eGT (ft%) | | | CAN0010 (DD) | 71.80 | 75.40 | 3.60 | 1204.7 | 0.12 | 0.43 | 71.83 | 75.44 | 3.61 | 1120.0 | 0.11 | 0.40 | | 81.00 | 89.10 | 8.10 | 909.4 | 0.09 | 0.74 | 81.02 | 89.22 | 8.20 | 819.6 | 0.08 | 0.67 | | | 269.29 | 277.49 | 8.20 | 1292.0 | 0.13 | 1.06 | 269.29 | 277.49 | 8.20 | 1150.6 | 0.12 | 0.94 | | | 289.00 | 294.00 | 5.00 | 1017.6 | 0.10 | 0.51 | 287.66 | 292.58 | 4.92 | 603.5 | 0.06 | 0.30 | | | 553.99 | 562.79 | 8.80 | 1345.2 | 0.13 | 1.18 | 553.99 | 562.85 | 8.86 | 1012.7 | 0.10 | 0.90 | | | CAN0011 (RC) | 200.00 | 215.00 | 15.00 | 699.3 | 0.07 | 1.05 | 200.00 | 215.00 | 15.00 | 303.3 | 0.03 | 0.45 | | 245.00 | 260.00 | 15.00 | 614.0 | 0.06 | 0.92 | 245.00 | 260.00 | 15.00 | 257.9 | 0.03 | 0.39 | | | 295.00 | 330.00 | 35.00 | 988.3 | 0.10 | 3.46 | 295.00 | 330.00 | 35.00 | 248.9 | 0.02 | 0.87 | | | 380.00 | 395.00 | 15.00 | 1095.5 | 0.11 | 1.64 | 380.00 | 395.00 | 15.00 | 398.2 | 0.04 | 0.60 | | | CAN0012 (RC) | 330.00 | 340.00 | 10.00 | 633.8 | 0.06 | 0.63 | 330.00 | 340.00 | 10.00 | 540.3 | 0.05 | 0.54 | | 425.00 | 430.00 | 5.00 | 570.7 | 0.06 | 0.29 | 425.00 | 430.00 | 5.00 | 416.9 | 0.04 | 0.21 | | | CAN0013 (DD) | 290.94 | 310.94 | 20.00 | 1327.0 | 0.13 | 2.65 | 290.94 | 310.94 | 20.00 | 1250.9 | 0.13 | 2.50 | | 313.54 | 320.14 | 6.60 | 650.3 | 0.07 | 0.43 | 313.57 | 320.13 | 6.56 | 448.7 | 0.04 | 0.29 | | | 322.74 | 326.04 | 3.30 | 612.0 | 0.06 | 0.20 | 322.75 | 326.03 | 3.28 | 718.6 | 0.07 | 0.24 | | | 328.00 | 335.90 | 7.90 | 871.5 | 0.09 | 0.69 | 328.00 | 335.87 | 7.87 | 1233.5 | 0.12 | 0.97 | | | CAN0014 (RC) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | CAN0015 (DD) | 167.28 | 179.38 | 12.10 | 615.3 | 0.06 | 0.74 | 167.28 | 179.42 | 12.14 | 378.4 | 0.04 | 0.46 | | 199.10 | 208.60 | 9.50 | 545.8 | 0.05 | 0.52 | 199.10 | 208.61 | 9.51 | 347.1 | 0.03 | 0.33 | | | 240.10 | 243.10 | 3.00 | 665.1 | 0.07 | 0.20 | 240.10 | 243.05 | 2.95 | 346.0 | 0.03 | 0.10 | | | CAN0016 (RC) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | CAN0017 (DD) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | CAN0018 (DD) | 269.94 | 272.74 | 2.80 | 832.5 | 0.08 | 0.23 | 269.94 | 272.57 | 2.63 | 566.6 | 0.06 | 0.15 | | CAN0019 (RC) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | CAN0020 (DD) | 440.18 | 448.48 | 8.30 | 743.7 | 0.07 | 0.62 | 440.18 | 448.38 | 8.20 | 923.4 | 0.09 | 0.76 | | 486.10 | 489.40 | 3.30 | 626.0 | 0.06 | 0.21 | 486.10 | 489.38 | 3.28 | 308.6 | 0.03 | 0.10 | | | 721.93 | 723.93 | 2.00 | 558.9 | 0.06 | 0.11 | 721.93 | 723.90 | 1.97 | 384.7 | 0.04 | 0.08 | | | 736.00 | 738.80 | 2.80 | 516.5 | 0.05 | 0.14 | 736.03 | 738.98 | 2.95 | 292.5 | 0.03 | 0.09 | | | CAN0021 (RC) | 295.00 | 305.00 | 10.00 | 1510.6 | 0.15 | 1.51 | 295.00 | 305.00 | 10.00 | 1801.7 | 0.18 | 1.80 | | 330.00 | 335.00 | 5.00 | 1768.8 | 0.18 | 0.88 | 330.00 | 335.00 | 5.00 | 1141.2 | 0.11 | 0.57 | | | CAN0022 (RC) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | CAN0023 (DD) | 315.86 | 321.36 | 5.50 | 957.6 | 0.10 | 0.53 | 315.86 | 321.44 | 5.58 | 611.1 | 0.06 | 0.34 | | 339.15 | 344.65 | 5.50 | 592.4 | 0.06 | 0.33 | 339.15 | 344.73 | 5.58 | 381.1 | 0.04 | 0.21 | | | 370.64 | 373.84 | 3.20 | 619.1 | 0.06 | 0.20 | 370.64 | 373.92 | 3.28 | 690.5 | 0.07 | 0.23 | | | 442.47 | 457.87 | 15.40 | 1259.9 | 0.13 | 1.94 | 442.47 | 457.89 | 15.42 | 1193.8 | 0.12 | 1.84 | | | CAN0024 (DD) | 326.69 | 337.29 | 10.60 | 3030.5 | 0.30 | 3.21 | 326.69 | 337.18 | 10.49 | 2558.5 | 0.26 | 2.68 | | CAN0025 (RC) | 85.00 | 95.00 | 10.00 | 1010.6 | 0.10 | 1.01 | 85.00 | 95.00 | 10.00 | 986.6 | 0.10 | 0.99 | | CAN0026 (RC) | 265.00 | 270.00 | 5.00 | 496.4 | 0.05 | 0.25 | 265.00 | 270.00 | 5.00 | 361.0 | 0.04 | 0.18 | | Borehole ID | Chemical Assay Interval | Equivalent Spectral Gamma Probe Interval | | | | | | | | | | | | From (ft) | To (ft) | Length (ft) | U3O8 (ppm) | U3O8 (%) | GT (ft%) | From (ft) | To (ft) | Length (ft) | eU3O8 (ppm) | eU3O8 (%) | eGT (ft%) | | | CAN0027 (DD) | 502.50 | 504.00 | 1.50 | 1403.2 | 0.14 | 0.21 | 502.50 | 504.14 | 1.64 | 250.0 | 0.03 | 0.04 | | CAN0028 (DD) | 205.00 | 215.20 | 10.20 | 546.7 | 0.05 | 0.56 | 205.00 | 215.17 | 10.17 | 531.5 | 0.05 | 0.54 | | CAN0029 (RC) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | CAN0030 (RC) | 335.00 | 340.00 | 5.00 | 793.6 | 0.08 | 0.40 | 335.00 | 340.00 | 5.00 | 1056.9 | 0.11 | 0.53 | | 435.00 | 440.00 | 5.00 | 847.8 | 0.08 | 0.42 | 435.00 | 440.00 | 5.00 | 1060.8 | 0.11 | 0.53 | | | CAN0031 (DD) | 342.80 | 348.80 | 6.00 | 730.5 | 0.07 | 0.44 | 342.76 | 348.66 | 5.90 | 662.6 | 0.07 | 0.39 | | 381.14 | 386.04 | 4.90 | 726.3 | 0.07 | 0.36 | 381.14 | 386.06 | 4.92 | 645.2 | 0.06 | 0.32 | | | 432.63 | 434.93 | 2.30 | 908.0 | 0.09 | 0.21 | 432.63 | 434.93 | 2.30 | 500.9 | 0.05 | 0.12 | | | 792.45 | 803.65 | 11.20 | 533.1 | 0.05 | 0.60 | 792.45 | 803.60 | 11.15 | 456.4 | 0.05 | 0.51 | | | CAN0032 (DD) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | CAN0033 (RC) | Below applied grade-thickness product cut-off (GT > 0.15, equivalent to >500 ppm U3O8over >3 feet) | | | | | | | | | | | | | CAN0034 (DD) | 111.85 | 114.85 | 3.00 | 533.0 | 0.05 | 0.16 | 111.85 | 114.80 | 2.95 | 339.1 | 0.03 | 0.10 | | 117.75 | 120.65 | 2.90 | 515.3 | 0.05 | 0.15 | 117.75 | 120.70 | 2.95 | 578.0 | 0.06 | 0.17 | | | 144.32 | 159.22 | 14.90 | 1151.5 | 0.12 | 1.72 | 144.32 | 159.08 | 14.76 | 1080.2 | 0.11 | 1.59 | | | 222.71 | 227.11 | 4.40 | 1195.4 | 0.12 | 0.53 | 222.71 | 226.98 | 4.27 | 490.2 | 0.05 | 0.21 | | | 1489.45 | 1491.25 | 1.80 | 832.5 | 0.08 | 0.15 | 1489.45 | 1491.09 | 1.64 | 343.8 | 0.03 | 0.06 | |

Notes:

_1) The interval lengths are "down the hole" and may not represent true width intervals as the exact nature of the mineralization distribution has not been determined yet. However, most of the holes were drilled at an inclination of 50 degrees to test a model that indicates steeply dipping mineralisation. 2) eU3O8is the radiometric equivalent U3O8derived from a calibrated total gamma downhole probe. 3) U3O8is the chemical assay of mineralized split core samples or RC cuttings. 4) Core sampling was conducted at 3 feet intervals, adjusted to minimum of 1 foot, where appropriate. 5) Reverse Circulation sampling was conducted at 5 feet intervals, according to the drilling procedure. 6) Assay interval depths have been adjusted to spectral gamma probe depths, where appropriate. 7) Intervals were composited above a cut-off grade of 500 ppm U3O8, with grade below cut-off less than 1 foot being included in the total interval. 8) Abbreviations: DD = Diamond Drill, RC = Reverse Circulation. 9) "High-grade uranium" is defined by the Company as composite results with >1000 ppm U3O8and no greater than 1-foot continuous internal dilution._

The boreholes represent a combination of diamond core and reverse circulation drilling that was planned to verify mineralization identified in drilling by Union Pacific in the late 1970s and test a grade shell model (above 0.05% eU3O8) created from cross-sections, as reported hereand here. All reported assay results are represented by the borehole locations indicated on Figure 1 and Table 2 below.

[](https://images.newsfilecorp.com/files/6301/255222_312fdf95a432cbf3_002full.jpg)

Figure 1: Map of completed boreholes and grade above cut-off.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6301/255222_312fdf95a432cbf3_002full.jpg

Table 2: Collar details for boreholes completed by Myriad

| Borehole ID | Easting (X) | Northing (Y) | Elevation (ft) | Azimuth | Dip | Type | EOH (ft) | | CAN0001 | 267366.40 | 4809808.50 | 6047.24 | 0 | -90 | DD | 501 | | CAN0002 | 267364.90 | 4809808.50 | 6047.41 | 359 | -54 | DD | 501 | | CAN0003 | 267356.00 | 4809727.00 | 6049.26 | 0 | -50 | RC | 750 | | CAN0004 | 267364.04 | 4809920.89 | 6064.71 | 0 | -90 | DD | 350 | | CAN0005 | 267406.80 | 4809791.40 | 6044.03 | 16 | -47 | RC | 600 | | CAN0006 | 267413.90 | 4809878.92 | 6052.60 | 0 | -90 | DD | 475 | | CAN0007 | 267405.30 | 4809791.40 | 6043.70 | 352 | -50 | RC | 600 | | CAN0008 | 267293.21 | 4809851.70 | 6061.33 | 0 | -50 | DD | 605 | | CAN0009 | 267471.82 | 4809840.12 | 6045.33 | 0 | -50 | RC | 400 | | CAN0010 | 266942.43 | 4809984.96 | 6178.23 | 0 | -90 | DD | 635 | | CAN0011 | 266841.44 | 4809909.11 | 6116.57 | 0 | -50 | RC | 500 | | CAN0012 | 266944.68 | 4809914.83 | 6155.29 | 0 | -50 | RC | 650 | | CAN0013 | 267249.68 | 4809824.19 | 6076.99 | 14 | -49.6 | DD | 700 | | CAN0014 | 267031.92 | 4809836.99 | 6181.58 | 0 | -50 | RC | 713 | | CAN0015 | 266819.33 | 4809992.73 | 6136.15 | 0 | -90 | DD | 863.5 | | CAN0016 | 266946.49 | 4809825.45 | 6164.08 | 0 | -50 | RC | 660 | | CAN0017 | 266956.50 | 4809753.70 | 6156.14 | 0 | -50 | DD | 805 | | CAN0018 | 267532.50 | 4809837.60 | 6045.16 | 0 | -50 | DD | 414 | | CAN0019 | 266835.52 | 4809885.00 | 6110.68 | 0 | -50 | RC | 650 | | CAN0020 | 267412.80 | 4809754.50 | 6041.75 | 0 | -50 | DD | 996 | | CAN0021 | 266858.42 | 4809947.99 | 6127.66 | 0 | -50 | RC | 400 | | CAN0022 | 266901.61 | 4809829.74 | 6153.24 | 0 | -50 | RC | 1100 | | CAN0023 | 267388.48 | 4809790.67 | 6045.15 | 0 | -50 | DD | 951 | | CAN0024 | 267036.00 | 4809882.00 | 6176.87 | 0 | -50 | DD | 588 | | CAN0025 | 266941.40 | 4809960.30 | 6168.23 | 0 | -50 | RC | 400 | | CAN0026 | 266821.10 | 4809967.30 | 6130.19 | 0 | -50 | RC | 650 | | CAN0027 | 267442.40 | 4809801.98 | 6038.84 | 0 | -53 | DD | 797 | | CAN0028 | 266824.00 | 4809905.00 | 6113.01 | 0 | -50 | DD | 650 | | CAN0029 | 266883.10 | 4809885.10 | 6145.25 | 0 | -50 | RC | 600 | | CAN0030 | 266918.00 | 4809915.60 | 6146.13 | 0 | -50 | RC | 500 | | CAN0031 | 266881.00 | 4809837.00 | 6134.82 | 0 | -50 | DD | 1173 | | CAN0032 | 266945.70 | 4809825.42 | 6166.50 | 0 | -50 | DD | 884 | | CAN0033 | 266916.10 | 4809873.00 | 6170.54 | 0 | -50 | RC | 650 | | CAN0034 | 267410.03 | 4809896.85 | 6055.61 | 0 | -90 | DD | 1556 | | Co-ordinate System: UTM Zone 13T (N) | | | | | | | |

Deeper Mineralisation

One of the aims of the drilling program was to test for deeper mineralisation, below the level that Union Pacific had conducted their drilling (around 600 feet on average). The last borehole, CAN0034, was drilled to a final depth of 1,556 feet and intersected mineralisation between 1,489.45 and 1,491.25 (1.80 feet). Where the equivalent gamma grade from the spectral gamma probe indicated an average grade of 343.8 ppm eU3O8, the chemical assay returned an average grade of 832.5 ppm U3O8over the equivalent interval.

This outcome is encouraging for the potential of deeper mineralisation at Canning and elsewhere and needs to be investigated further. It also illustrates that the actual chemical grade and the equivalent gamma grades can vary significantly.

Table 3: Deeper interval comparison in borehole CAN0034

| Borehole ID | Chemical Assay Interval | Equivalent Spectral Gamma Probe Interval | | | | | | | | | | | | From (ft) | To (ft) | Length (ft) | U3O8 (ppm) | U3O8 (%) | GT (ft%) | From (ft) | To (ft) | Length (ft) | eU3O8 (ppm) | eU3O8 (%) | eGT (ft%) | | | CAN0034 (DD) | 1489.45 | 1491.25 | 1.80 | 832.5 | 0.08 | 0.15 | 1489.45 | 1491.09 | 1.64 | 343.8 | 0.03 | 0.06 |

Drilling

Drilling was undertaken by Harris Exploration using two diamond core (DD) rigs producing HQ (63.5 mm / 2.5 in) core diameter and 96 mm (3.78 in) in hole diameter, and one reverse circulation (RC) rig using a 140 mm (5.5 in) hammer bit. Core samples were packed into core trays and transported to Riverton for further processing. RC hole runs were drilled at 5 ft intervals and split on site by a rig-mounted cyclone splitter to produce two representative samples that were then transported to Riverton for further processing.

Downhole Logging

Downhole logging was performed by DGI Geoscience (DGI) using a combination of Spectral Gamma Ray (SGR) probe for gamma data, and Optical Televiewer and/or Acoustic Televiewer for structural data. The probes are manufactured by Mount Sopris Instruments with details as follows:

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QL40 SGR BGO (Sx): Measures the energy of gamma emissions from natural sources within formations crossed by a borehole. It counts the number of gamma emissions at each energy level aiding in lithological determination and correlation. The Probe use a Bismuth Germanium Oxide scintillation crystal.