Homeland Uranium drills eight more RC holes at Coyote

Executive Summary

• Homeland Uranium Corp. reports the completion of eight additional reverse circulation (RC) drill holes (CB-RC-0035 to CB-RC-0042) as part of the Phase II exploration program at its 100%-owned Coyote Basin uranium project in Colorado.
• Elevated radioactivity has been confirmed over an area measuring approximately 1,000m by 600m, with the anomaly remaining open for expansion. Approximately 3,400m of the planned 5,300m Phase II program has been completed (64%).
• Downhole spectral-gamma-ray readings indicate elevated radioactivity at shallow depths (typically 50–100m below surface), associated with shales, claystones, and fine-grained sandstones of the Upper Fort Union formation.

Key Details

• Drilling Progress:
  • Completed 8 new RC holes: CB-RC-0035 through CB-RC-0042.
  • Total Phase II drilling completed: ~3,400 metres (11,155 feet) out of a planned 5,300 metres (17,388 feet).
  • Completion percentage: ~64% of the total planned Phase II program.
• Anomaly Extent:
  • Confirmed anomalous radioactivity area: ~1,000 metres (3,280 feet) by 600 metres (1,968 feet).
  • The anomaly remains open for expansion.
• Drill Fence CB-RC-0035 to CB-RC-0040:
  • Located on an east-west-oriented fence ~200 metres south of previously reported drilling.
  • Purpose: Systematic stepout to evaluate lateral extent of anomalous radioactivity.
  • Findings: Elevated radioactivity at shallow depths (50–100m below surface).
  • Geology: Anomalous radioactivity associated with shales, claystones, and fine-grained sandstones of the Upper member of the Fort Union formation.
• Drill Fence CB-RC-0041 and CB-RC-0042:
  • Located on the planned southernmost east-west drill fence.
  • Findings: Elevated radioactivity at shallow depths in the southwestern portion of the current drill area.
  • Interpretation: Suggests the anomalous horizon persists toward the southern extent, supporting the interpretation of a laterally extensive horizon.
• Assay and Geochemistry:
  • Samples from completed holes shipped to SGS Laboratories (Lakefield, Ont.) for geochemical analysis.
  • Results pending: Company will report geochemical and assay results once received, compiled, and reviewed.
  • Uranium Disequilibrium: Noted that uranium mineralization in sandstone-hosted deposits may be in disequilibrium with daughter products, making downhole gamma logging insufficient for accurate grade determination.
  • Verification: Portable hand-held XRF (SciAps X-555 REE analyzer) used on drill cuttings revealed discrepancies between spectral-gamma readings and XRF results, necessitating chemical assays for accurate uranium grade determination.
  • Sampling Protocol: Samples collected from each five-foot interval of drill holes.

Notable Quotes

• Roger Lemaitre, President and CEO: "The completion of this third fence of drilling further demonstrates the scale and continuity of near-surface anomalous radioactivity at Coyote Basin, providing additional confidence in the geological interpretation of the presence of a laterally extensive horizon that remains open for further evaluation. As have we restarted the drilling program after the holidays, our focus remains on systematically expanding the footprint of this system while advancing geochemical analysis to better characterize the uranium mineralization."