VRIC Video: Homeland Uranium drills Colorado for maiden resource

Homeland Uranium (TSXV: HLU; US-OTC: HLUCF) is drilling in northwest Colorado to turn two forgotten uranium-vanadium deposits into a first compliant resource, president and CEO Roger Lemaitre said.

The 10-month-old company is advancing the Coyote Basin and Cross Bones projects in the past-producing Maybell district at the northern end of the Colorado Plateau. The focus is on Coyote Basin, where a 35-hole program budgeted at $4 million is testing about 5,600 metres of drilling aimed at an inferred resource by midyear.

Coyote Basin carries a historical estimate of 8.9 million tons grading 0.2% uranium oxide and 0.1% vanadium oxide for 35.4 million lb. uranium and 17.7 million lb. vanadium, while Cross Bones has a historical estimate of 7.1 million tons at 0.3% for 44.2 million lb. uranium.

“The absolute truth is by 2040 we need to find 11 Cigar Lake mines to meet the demand that’s coming,” Lemaitre told The Northern Miner’s Western Editor, Henry Lazenby, during a recent industry event. “In the world’s history in the last 50 years, we’ve only found six equivalents.”

Cigar Lake – Cameco’s (TSX: CCO; NYSE: CCJ) flagship, high-grade mine in Saskatchewan – runs at about 18 million lb. uranium per year (100% basis), making it a common yardstick for the scale of new supply required. By comparison, Homeland sees the U.S. market running an annual deficit of about 48 million lb. of yellowcake.

Watch the full interview below: