UUSA expanding its portfolio of Uranium Projects in the US Kraken Energy Corp. (UUSA.c or UUSAF for US investors) closed in the green after announcing yesterday that it has agreed to acquire up to 75% interest in the Harts Point Uranium Property in San Juan County, southeast Utah.
The US government is becoming increasingly supportive of domestic uranium producers as it works to decrease its Uranium imports from Russia and public support mounts for nuclear energy. UUSA is strategically building a portfolio of Uranium Projects in the US with the goal of becoming a major domestic producer. The company already has a portfolio of 3 other uranium projects, the Apex, Garfield Hills and Huber Hills projects which are all located in Nevada.
The Harts Point property is situated in the Colorado Plateau which is known for its uranium production. The project covers an area of 2,622 hectares and consists of 324 lode mining claims on Bureau of Land Management grounds.
The Harts Point Anticline feature in the property is analogous to the Lisbon Valley Anticline, which produced approximately 80 million pounds U3O8 at 0.34% U3O8 from 1948 to 1988.
Under the option agreement, UUSA will be the operator of the property and must incur $1.5m of eligible expenditures within 18 months to earn a 65% interest. It has the option to increase interest to 75% by incurring an additional $2m of eligible expenditures within 30 months and issuing Atomic 2 million common shares of Kraken.
To learn more about this agreement and to be directed to UUSA's website, click here: https://krakenenergycorp.com/news/2023/kraken-energy-executes-binding-letter-agreement-for-the-harts-point-uranium-property-utah/ Posted on behalf of Kraken Energy Corp.