Myriad Uranium has completed high-resolution ground radiometric and magnetic surveys and secured full ownership of the Red Basin uranium project in New Mexico, US.

The Red Basin project consists of 86 lode claims located in the Datil Mountains in the Pietown Uranium District of Catron County, New Mexico.

The claims cover around 1,776 acres (approximately 719 hectares).

Completion of this phase of work fulfils Myriad Uranium’s earn-in obligations under an option agreement dated 30 January 2025 with First American Uranium and its 60%-owned subsidiary, First American Energy Fuels.

As a result, Myriad Uranium currently holds a 100% interest in these claims.

The company also announced that it has engaged Machai Capital to enhance investor awareness as it advances its projects.

Myriad CEO Thomas Lamb said: “We are delighted to complete this earn-in to 100% ownership of Red Basin. The entire basin is estimated to contain up to 45 Mlbs [million pounds] of uranium and our acreage within it is excellent, comprising the vast majority of historical drilling and known resources.

“Mineralisation is hosted in thick sections of channelised roll-front deposits hosted in permeable sandstones from surface to depths of less than 450ft. The setting and nature of the mineralisation suggests there may be numerous extraction options that could be considered, including in-situ recovery.”

The ground magnetic and radiometric surveys were carried out at 50m line spacing along a north-south orientation.

The magnetic survey covered a total of 160 line-km, collected with a Geometrics MagEx portable cesium-vapor magnetometer paired with a Geometrics MagStation base station for diurnal corrections. Gamma mapping spanned 142 line-km over the same grid area.

Lamb added: “We are currently advancing a large-scale exploration permit for the project and this high-resolution ground survey will help us optimise it. 

“We are also pleased to announce a significant new investment in investor awareness with the engagement of Machai Capital. With recent milestones achieved and additional developments on the horizon, this is the right moment to expand our international visibility as we advance our projects.”

Myriad Uranium is an exploration company that holds a 75% interest in the Copper Mountain uranium project in Wyoming, US.