Homeland confirms southward uranium anomaly at Coyote

Executive Summary

• Homeland Uranium Corp. reports the completion of six additional reverse circulation (RC) drill holes (CB-RC-0029 to CB-RC-0034) at its 100%-owned Coyote Basin uranium project in Colorado.
• The new drilling confirms the southward continuity of an anomalous radiometric horizon over a strike length of approximately 200 meters, extending the drill-defined area to approximately 1,000 m by 200 m.
• The company is moving the drill to test a third fence of holes 200 meters south of the current section and is awaiting geochemical assay results to accurately determine uranium grades, as downhole gamma logging alone is insufficient due to potential uranium disequilibrium.

Key Details

• Drilling Program: Phase II exploration program, totaling approximately 5,300 meters (17,500 feet).
• New Holes: Six RC holes completed (CB-RC-0029 to CB-RC-0034).
• Spacing and Location: Holes completed at 200 m (656 ft) spacings on a single east-west-oriented drill fence, located approximately 200 meters south of the previously reported section (CB-RC-0023 to CB-RC-0028).
• Geological Findings:
  • Confirmed presence of a near-surface anomalous radiometric horizon at depths of 50 to 100 meters (164 to 328 feet).
  • Horizon dips gently eastward at approximately four degrees.
  • Associated with shales, claystones, and fine-grained sandstone units within the Upper Member of the Fort Union formation.
  • Anomalous radioactivity is widely dispersed within the same stratigraphic package.
• Strike Length: Anomalous radioactivity is now drill-defined over an interpreted strike length of approximately 200 meters (656 ft).
• Total Defined Area: Anomalous radioactivity has been drill-defined over an area approximately 1,000 m (3,280 ft) by 200 m (656 ft), remaining open for expansion in every direction.
• Next Steps:
  • Drill moved to test a third fence of holes approximately 200 m south of the newly drilled section.
  • Geochemical samples collected from each five-foot interval of completed holes have been shipped to SGS Laboratories in Lakefield, Ont., for analysis.
  • Phase II drill program paused for Christmas holiday; operations expected to resume in the New Year.
• Technical Notes:
  • Downhole Spectral Gamma Ray CPS readings confirm radiometric horizons but may not accurately reflect uranium grades due to uranium disequilibrium (common in sandstone-hosted deposits).
  • Portable handheld XRF testing revealed discrepancies between spectral gamma probe results and XRF, necessitating geochemical and assay sampling for accurate grade determination.
  • True thicknesses have not yet been determined; all reported depths are drilled depths and downhole lengths.

Notable Quotes

• "This new fence of drill holes further advances our understanding of Coyote Basin and is a key step in confirming the historical operator's interpretation of a laterally extensive mineralized horizon that dips gently to the east. These results reinforce our confidence in the project's exploration model and provide an important foundation as we await geochemical assay data and prepare to resume drilling in the new year." — Roger Lemaitre, President and CEO, Homeland Uranium