UUSA's Apex Uranium Mine: A Historic Giant The price of uranium has surged to over $60 per pound, reaching levels not seen in the past five years. This increase is driven by a growing global interest in nuclear power as governments, such as the Netherlands and Sweden, reconsider their stance on nuclear energy as a clean energy source.
The shift towards nuclear power is expected to boost uranium demand, with estimates suggesting that 135,000 tons of uranium will be needed worldwide by 2040, surpassing current mining production levels. This potential undersupply is likely to drive uranium prices even higher, making the revival of dormant uranium mines increasingly attractive.
Source: https://www.resource-capital.ch/en/news/view/uranium-price-on-the-way-to-new-heights/
Kraken Energy (Ticker: UUSA.c or UUSAF for US investors) controls 3 past-producing uranium mines in Nevada, including Apex Uranium Mine.
The Apex Uranium Project, located just 5 km south of Austin, Nevada, represents a significant piece of uranium history. It is the state's largest past-producing mine. The Apex Uranium Mine played a pivotal role in the uranium industry, contributing approximately 106,000 pounds of uranium to Nevada's historic output. It accounted for 50% of Nevada's historic uranium output and boasted an average historical production grade of approximately 0.25% U3O8, with recent grab samples showing values as high as 3.19% U3O8.
This project covers a substantial area of 6,027 hectares and enjoys excellent accessibility, being less than 15 minutes from Highway 50. It comes with established infrastructure, including roads, water, electricity, and a logistics base.
UUSA isn't just relying on the mine's past success. They've gathered and analyzed drilling data, uncovering valuable mineral deposits. Their drilling efforts at Apex have been very promising. For example, Hole D showed a stretch of 10.4 meters with 0.27% uranium content, and Hole H had a section that's 17.7 meters long with 0.36% uranium, including a particularly high-quality part at 1.33% uranium. Additionally, a 250-ton sample they took returned results of 0.7% uranium or better.
What's really interesting is that samples from the "Diamond Pit" hilltop found uranium levels as high as 1.00%, and UUSA made a brand new discovery in Adit O with assays reaching as high as 3.19% uranium. This suggests that there's still a lot of valuable uranium at the project waiting to be unearthed.
These findings, combined with a strike length of over 14.5 kilometers of favorable geology for uranium mineralization, demonstrate the Apex Uranium Mine's exceptional potential.
But the mine doesn't stop at uranium; it has also yielded anomalous gold, silver, nickel, and copper values. Silver was found grading at 7,300 g/t and gold grading at 15 g/t was reported from 1980s sampling at the Apex Mine, along with the presence of copper-bearing minerals.
With a growing global demand for uranium, projects like the Apex Uranium Mine have the potential to play a pivotal role in securing a clean energy future. It's an exciting time for both UUSA and the uranium industry as a whole.
More on Apex here: https://krakenenergycorp.com/apex-uranium-mine/
Posted on behalf of Kraken Energy Corp.