Initial Drilling at Coyote Basin Shows Radioactivity Correlating to Historical Drilling

Core Insights - Homeland Uranium Corp. has provided an update on the Phase II exploration program at the Coyote Basin Uranium Project, which is fully owned by the company [1][12] Exploration Program Update - The first six of the planned 35 Reverse Circulation (RC) drillholes have been completed, totaling approximately 5,300 meters (17,000 feet) [2] - Drilling is focused on historical resource-bearing locations identified by previous operators and during the company's June mapping and prospecting program [2] Drilling Results - Downhole Spectral Gamma Ray readings from completed drill holes indicate near-surface elevated radioactivity at depths of 50 to 100 meters, correlating with previously identified mineralized horizons [3] - Hole CB-RC-0023 identified multiple zones of elevated radioactivity at depths between 220 and 320 meters (722 to 1,050 feet), which remain open for expansion [4] - Anomalous radioactivity is widely dispersed within shales, claystones, and fine-grained sandstones, suggesting potential for additional uranium mineralization between known horizons [5] Quality Assurance and Analysis - All drillholes are logged using a calibrated QL40 SGR Spectral Gamma Ray downhole probe, which collects continuous spectral gamma measurements [7] - Discrepancies between spectral gamma readings and XRF results indicate that additional geochemical and assay sampling will be necessary for accurate uranium grade determination [9] - Samples from each 5-foot interval of the drill holes have been collected for geochemical analysis and will be sent to SGS Laboratories for testing [10] Historical Resource Information - The Coyote Basin Project is reported to contain an estimated historical resource of 8,850,000 tons grading 0.20% U3O8, totaling approximately 35.4 million pounds of U3O8 [13] - The company is not treating the historical resource estimate as current mineral resources and emphasizes the need for further evaluation before classifying any resources [14]