Homeland Uranium completes phase 2 drilling at Coyote

Executive Summary

• Homeland Uranium Corp. completed its Phase II exploration drilling program at the 100%-owned Coyote Basin uranium project in northwestern Colorado, exceeding the planned drilling depth.
• The program consisted of 33 reverse circulation drill holes totaling 5,423 meters, confirming extensive near-surface radioactivity across both the central and southern portions of the project.
• Geochemical samples have been submitted to SGS Laboratories for analysis; however, discrepancies between spectral gamma ray readings and handheld XRF tests indicate that uranium disequilibrium may be present, necessitating full assay results to determine accurate grades.

Key Details

• Drilling Statistics: Completed 33 drill holes totaling 5,423 meters (17,792 feet) of reverse circulation drilling, exceeding the original plan of 5,300 meters.
• Historical Context: The project contains an inferred historical uranium and vanadium resource of 35.4 million pounds of U3O8 and 17.7 million pounds of V2O5 (based on a 1980 Western Mining Resources report).
• Central Project Area Results:
  • 10 drill holes completed in three northeast-southwest-oriented sections.
  • Downhole probe results show a laterally continuous, locally variable near-surface interval of elevated radioactivity extending from surface to depths of 50–150 meters.
  • Coverage area: approximately 800 meters by 400 meters.
  • Locally anomalous values typically 300 counts per second (cps) or less, with higher values over narrow intervals.
• Southern Project Area Results:
  • 23 drill holes completed to evaluate historical mineralization.
  • Defined a laterally continuous horizon of elevated radioactivity extending over an area of approximately 1,000 meters (east-west) by 600 meters (north-south).
  • The horizon remains open for expansion to the south and east.
  • Anomalous values typically range between 400 and 600 cps, with one localized peak of approximately 2,300 cps recorded over a 10-centimeter interval.
• Technical Methodology & QA/QC:
  • All holes logged using a calibrated QL40 SGR Spectral Gamma Ray downhole probe.
  • Samples collected from each five-foot interval and shipped to SGS Laboratories in Lakefield, Ontario.
  • Uranium Disequilibrium Concerns: Discrepancies were observed between spectral gamma ray data and portable handheld XRF (SciAps X-555 REE analyzer) results on drill cuttings.
  • Due to potential uranium disequilibrium (similar to the nearby Maybelle mine), gamma readings cannot yet be accurately converted to uranium concentrations.
  • Full geochemical and assay results are required to determine accurate uranium grades; true thicknesses have not yet been determined.
• Management Commentary: President and CEO Roger Lemaitre stated that the drilling confirms the presence of near-surface elevated radioactivity across a broad area, providing confidence in the scale of the system and supporting current geological interpretations.

Notable Quotes

• "The completion of our phase II drilling program represents an important step forward in advancing the Coyote basin project. Drilling has consistently confirmed the presence of near-surface elevated radioactivity across a broad area. The continuity observed in both the central and southern portions of the project provides confidence in the scale of the system and supports the geological interpretation developed to date." — Roger Lemaitre, President and CEO