Highlights

  • Initial Phase II drill holes show elevated radioactivity aligning with historical mineralized zones.
  • Near-surface and deeper radiometric anomalies identified across multiple drill intervals.
  • Chemical assays underway to confirm uranium grades due to possible disequilibrium.

Homeland Uranium Corp. (TSXV:HLU) has released an update on Part 1 of its Phase II exploration program at the 100% owned Coyote Basin Uranium Project in northwestern Colorado. The program comprises 35 planned reverse circulation drill holes totaling about 5,300 m.

The completed drill holes were positioned along a single east–west fence at the northern end of a historically defined southern resource area. These locations were selected based on historical drilling data and mapping and prospecting work completed earlier in the year.

Radioactivity Correlates With Historical Data
Downhole spectral gamma ray logging from holes CB-RC-0023 to CB-RC-0028 recorded elevated radioactivity between depths of approximately 50 m and 100 m. These readings correspond with shallow mineralized horizons identified during historical drilling conducted in 1979. The mineralized horizons are interpreted to dip gently eastward at around four degrees.

In hole CB-RC-0023, which is the easternmost drill hole on the fence, additional zones of elevated radioactivity were encountered at depths ranging from 220 m to 320 m. These deeper intervals remain open for potential extension based on current drilling information.

Geological Context and Distribution
Beyond confirming down-dip extensions of known near-surface radioactivity, drilling results indicate anomalous radioactivity distributed across shales, claystones, and fine-grained sandstones within the Upper Member of the Fort Union Formation. This distribution suggests the possibility of uranium mineralization occurring between previously identified horizons, based on radiometric data alone.

Assay Requirements and Uranium Disequilibrium
The company noted that uranium mineralization in sandstone-hosted deposits can occur in disequilibrium with radioactive decay products. While downhole gamma logging is effective for identifying radiometric horizons, chemical assays are required to accurately determine uranium grades.

Comparisons between spectral gamma ray readings and handheld XRF analysis of drill cuttings have shown discrepancies. As a result, geochemical sampling from each 5 ft drill interval has been collected and will be analyzed by SGS Laboratories in Lakefield, Ontario, which operates under ISO 17043 accreditation.

Historical Resource Context
Coyote Basin hosts a historical uranium resource estimate reported in 2006 by a previous operator. Homeland Uranium has stated that this estimate is not considered current under NI 43-101 standards and should not be relied upon as a current mineral resource.

Share Price Snapshot
HLU was trading at CAD 0.29 per share as of 15 December 2025.