Homeland completes six drill holes at Coyote Basin

Executive Summary

• Homeland Uranium Corp. has completed the first six of 35 planned reverse circulation (RC) drill holes at its 100%-owned Coyote Basin uranium project in Colorado, totaling approximately 5,300 meters (17,000 feet).
• Downhole spectral gamma ray readings from holes CB-RC-0023 to CB-RC-0028 show near-surface elevated radioactivity (50–100m depth) correlating with historical 1979 drilling, interpreted to dip gently eastward at approximately four degrees.
• Hole CB-RC-0023 identified multiple zones of elevated radioactivity at depths between 220 and 320 meters, remaining open for expansion, while anomalous radioactivity was found widely dispersed in shales and sandstones, suggesting potential for additional mineralization between known horizons.

Key Details

• Drilling Program Scope: Phase II exploration program consisting of 35 planned RC drill holes; first 6 holes completed totaling ~5,300 meters (17,000 feet).
• Location: Northern end of the southern historical resource area defined by previous explorers, on a single east-west-oriented fence.
• Hole CB-RC-0023 (Easternmost): Identified multiple zones of elevated radioactivity at depths between 220 and 320 meters (722 to 1,050 ft); these zones remain open for expansion.
• Correlation: Near-surface elevated radioactivity (50 to 100 m depth) correlates with shallow mineralized horizons from historical 1979 drilling.
• Geological Interpretation: Mineralized horizons interpreted to dip gently eastward at approximately four degrees.
• Mineralization Potential: Anomalous radioactivity found widely dispersed within shales, claystones, and fine-grained sandstones within the Upper Member of the Fort Union formation, suggesting potential for additional uranium mineralization between known horizons.
• Assay Requirements: Chemical assays are required to accurately determine uranium grades due to potential uranium disequilibrium (where the uranium decay series is not in equilibrium with daughter products).
• QA/QC Methodology:
  • All holes radiometrically logged using a calibrated QL40 SGR spectral gamma ray downhole probe.
  • Portable handheld XRF (SciAps X-555 REE analyzer) used on drill cuttings to test for uranium presence.
  • Discrepancies between spectral gamma readings and XRF results necessitate additional geochemical and assay sampling.
  • Samples collected from each five-foot interval for geochemical analysis.
  • Samples sent to SGS Laboratories in Lakefield, Ont. (ISO 17043 certified).
• Historical Context: Coyote Basin reported by Energy Metals Corp. (2006) to contain a historical resource of 8.85 million tons grading 0.20% U3O8 and 0.10% V2O5, totaling 35.4 million pounds of U3O8. This is not treated as a current mineral resource.
• Qualified Person: Nancy Normore, PGeo, Vice-President, Exploration.

Notable Quotes

• "Drilling in hole CB-RC-0023, the easternmost hole on the fence, also identified multiple zones of elevated radioactivity at depths between 220 and 320 metres (722 to 1,050 ft) that remains open for expansion."
• "These findings suggest that there is potential for additional uranium mineralization to exist between the known mineralized horizons."
• "Enough discrepancies have occurred when comparing the results of the Spectral gamma ray downhole probe and the XRF that additional geochemical and assay sampling will be required before uranium grades can be accurately determined."