Coyote Basin
The Coyote Basin Project is underlain by prospective units of the Sego/Iles Formation of the Mancos Shale and the Fort Union and Wasatch Formations. At least two favorable horizons have been discovered in Fort Union rocks and three additional units are also considered prospective for exploration targeting.
In 2006, Energy Metals Corporation reported historical uranium-vanadium resources on the property of:
8,850,000 tons at 0.20% U3O8 and 0.10% V2O5 =
35.4 M lbs of U3O8 and 17.7 M lbs of V2O5 *
Energy Metals attributed this historical resource from reports and exploration work completed in the 1970’s by Western Mining Resources*, a previous operator of the property.
Based upon a review of historical claim holdings, the Company believes that the Coyote Basin Project overlies the entire Western Mining claim group from the 1970s.
Homeland’s near-term exploration focus will be on acquiring historical exploration data and defining and growing the known resources to current NI 43-101 standards.
On the Ground
*The Company is not treating this information as current mineral resources and the reader is cautioned not to rely on it. The Company has not completed the work necessary to independently verify the classification of this historical resource estimate and is not treating the mineral resource estimate as confirming to the requirements of National Instrument 43-101. The Coyote Basin Project and any future NI 43-101 resource estimate will require considerable further evaluation, which the Company’s management intends to carry out in due course. (see https://www.sec.gov/Archives/edgar/data/1361605/000106299306003601/exhibit99-2.htm).