Cross Bones
The Cross Bones Property is comprised of over 853 BLM mineral claims and three Colorado state leases overlying over 35 km of strike length of the Sego Sandstones, a favourable uranium-bearing sandstone location across the district. The Cross Bones Property is the result of the combination of the former Red Wash Project, acquired as part of the Coyote Basin Property transaction, and the Skull Creek Property purchase, which hosts the Cross Bones Uranium Deposit (formerly known as the Skull Creek Uranium Deposit).
In their September 30, 2006 SEC quarterly financial report filings, Energy Metals Corporation reported historical uranium-vanadium resources (under the name Skull Creek) on the property of:
7,129,000 tons at 0.31% U3O8 = 44.2 M lbs of U3O8*
Energy Metals attributed this historical resource estimate from work completed by previous operators of the property and outlined in the report Geological Reconnaissance Report on Lignite Properties in Moffat County, Colorado, Geological Services, Moab, Utah, 1956
In addition to developing Coyote Basin, Homeland will also be working towards defining and growing the known resources at Cross Bones to current NI 43-101 standards.
The property also contains the Urangesellschaft Uranium Showing, where uranium mineralization up to 0.035% U3O8 was discovered in outcrop with a carbonaceous trash-bearing sandstone unit.
This historical assay was obtained from Nelson-Moore, James L., Donna Bishop Collins, and A. L. Hornbaker. “Bulletin 40 - Radioactive Mineral Occurrences of Colorado (and Bibliography).” Radioactive Minerals. Bulletin. Denver, CO: Colorado Geological Survey, Department of Natural Resources, 1978. CGS Publications. https://coloradogeologicalsurvey.org/publications/bibliography-radioactive-minerals-colorado/.
Anomalous uranium concentrations and uranium mineralization is also known to be present in carbonaceous shales, siltstones and thin lignite seams underlying the Sego Sandstone, indicating that uranium-bearing fluids have penetrated down-dip along the entire stratigraphic package.
On the Ground
*The Company is not treating the Cross Bones historical resource estimate as current mineral resources and the reader is cautioned not to rely on either of these estimates. A Qualified Person (as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")) has not done sufficient work to classify the historical resources from the project as current mineral resources or mineral reserves nor can the Company or the Qualified Person comment on the quality or verify the data obtained from the assay sampling programs from the project that were used to determine these historical resource estimates, as such information was not included in the historical reports acquired by Homeland. The Company is not treating the historical resource estimate as current mineral resources or mineral reserves and the Company and the Qualified Person is unable to compare the historical resource estimate to the CIM's current resource classification system at this time. The Cross Bones Project any future NI 43-101 mineral resource estimate will require considerable further evaluation which will include completion of the Phase I drilling program and may require addition drilling to follow-up Phase 1 results.