Homeland Uranium begins drilling at Coyote Basin

Executive Summary

• Homeland Uranium Corp. has commenced Phase II exploration drilling at its 100%-owned Coyote Basin uranium project in northwestern Colorado.
• The Phase II program is divided into two parts: Part 1 involves approximately 35 reverse circulation holes totaling 17,000 feet (5,300 meters) focused on historical resource-bearing locations, while Part 2 (50-70 holes total for the phase) is contingent on Part 1 results and requires separate permits.
• The company aims to convert historical uranium resources defined by previous operator Western Mining in the late 1970s into modern resource standards, with initial holes spaced 200 meters apart and utilizing wireline gamma tools and X-ray fluorescence spectrometers for analysis.

Key Details

• Project Location: Coyote Basin uranium project, northwestern Colorado (100% owned by Homeland Uranium).
• Drilling Program Structure:
  • Phase II Part 1: Approximately 35 reverse circulation (RC) holes.
  • Part 1 Depth: Approximately 17,000 feet (5,300 meters).
  • Part 1 Timeline: Anticipated completion in six to eight weeks.
  • Part 2 Scope: To bring the total Phase II program to 50-70 holes totaling approximately 33,000 feet (10,000 meters).
  • Part 2 Conditions: Location contingent on Part 1 results; requires separate exploration permits from the Bureau of Land Management (BLM) and Division of Reclamation, Mining and Safety (DMRS).
• Technical Methodology:
  • Hole Spacing: Approximately 200 meters apart.
  • In-situ Detection: Each hole probed using a wireline gamma tool to detect uranium in situ.
  • Sample Analysis: All cuttings scanned using a hand-held X-ray fluorescence spectrometer to enhance sample selection for assaying.
• Historical Resource Context:
  • Previous operator (Western Mining Resources) reported a historical resource in 1978-1979 based on 24 widely spaced holes.
  • Historical Estimate: 8.85 million tons grading 0.20% U3O8 and 0.10% V2O5.
  • Total Historical Content: 35.4 million pounds of U3O8 and 17.7 million pounds of V2O5.
  • Current Status: Homeland Uranium does not treat this historical estimate as current mineral resources or reserves; a qualified person has not done sufficient work to classify these as current resources under NI 43-101.
• Objective: Focus on the southernmost two of three mineralized areas defined in the late 1970s to initiate conversion of known historical resources to modern standards.

Notable Quotes

• "Homeland and our shareholders have been eagerly anticipating the commencement of our maiden drilling campaign at Coyote Basin since the inception of the company in March. Our initial drilling efforts will focus on the southernmost two of the three mineralized areas defined in the late 1970s by the previous operator Western Mining with the objective of initiating the conversion of the known historical uranium resources to modern resource standards," stated Roger Lemaitre, president and chief executive officer of Homeland Uranium.