Uranium prices outperforming other key commodities Uranium prices have outperformed other key commodities this year with prices continuing to rise. Following the coup in Niger, the seventh biggest producer and exporter of uranium, major implications for the uranium market are expected to arise which could affect supply and demand. (Source: https://invezz.com/news/2023/08/02/uranium-price-forecast-demand-and-supply-are-favourable/)
Further industry news surrounds the US Senate approving the establishment a nuclear fuel program aimed at the domestic production of nuclear fuel to reduce dependence on Russia for enriched uranium.
This is a significant opportunity for domestic uranium companies in the United States, including Kraken Energy (UUSA.c UUSAF).
Standing to benefit from the nuclear program, UUSA owns three high-grade and past producing uranium projects in key US jurisdictions including the Apex Mine, Nevada's largest past-producing uranium mine, and Huber Hills, Elko County's largest uranium past-producer with no modern exploration to date.
UUSA recently began drilling at its Harts Point Uranium Property in Utah with 20 drill pad locations fully permitted and ~$5M cash on hand,
The drill program is focused on the uranium-bearing Chinle Formation host rock and will start by targeting 3 areas over a 5km strike length where historical oil and gas wells previously returned "off-scale" radioactivity.
Situated in a world-class uranium jurisdiction, Harts Point is located within the Colorado Plateau, responsible for producing over 328 million pounds of U3O8 since the 1950s, and is analogous to the Lisbon Valley Anticline, host to 17 large uranium mines that have produced ~80 million pounds of U3O8.
Full news release: https://krakenenergycorp.com/news/2023/kraken-energy-commences-drilling-at-harts-point-uranium-property-utah/
Posted on behalf of Kraken Energy Corp