Kraken Energy Corp C.UUSA

Apex Drilling to Start By Year End 2023

[MarketMakerss]

Rising 125% since 2020, uranium spot prices recently hit a 15-year high, creating a robust market poised for dramatic gains as new assets need to come online with the supply and demand of the market to balance.

With this, several hedge fund managers have been piling into uranium stocks, citing their focus on "uranium miners in public markets”.(Source: https://www.bnnbloomberg.ca/hedge-funds-pile-into-uranium-stocks-poised-for-dramatic-gains-1.1990962)

One such company is Kraken Energy (UUSA.c UUSAF), a high potential opportunity with three high-grade uranium projects, including its 100% owned, past-producing flagship Apex Uranium Property in Nevada, where they recently received the highly-anticipated drill permits.

With approval to drill up to 2,200m in 24 holes from 8 pads, UUSA expects to commence drilling before the end of 2023. This inaugural drill program will test high-priority targets immediately northwest and along trend of the historic Apex Uranium Mine in central Nevada.

The priority drill targets over strong radon anomalies coincide with geophysical signatures outlining the mineralized contact

The Apex Uranium Mine was Nevada's largest past-producing uranium mine with a 17.5km mineralized trend which produced over 100,000 pounds of U3O8 in the 1950s at an average mining grade of ~0.25% U3O8.

Historic drilling results include results of up to 3.1 m (10 ft) at 1.33% U3O8, 34.1 m (112 ft) at 0.37% U3O8 and 15.2 m (50 ft) at 0.51% U3O8

UUSA CEO Matthew Schwab commented:

"The emergence of this 2 km long, high priority target area along trend of the historic Apex Uranium Mine is very exciting for the Kraken team. With an approved drill permit now in hand and the environmental bond paid, we are ready to commence our maiden drill program at the Apex Uranium Property,"

"As our understanding of the property has continued to develop, the multi-layered anomalies from radon and geophysical surveys (electromagnetic and magnetic) combined with our ground truthed geological model presents excellent discovery potential for the upcoming drill program at our flagship uranium property in Nevada."

This news follows UUSA's significant expansion of the Apex Property on Nevada Bureau of Land Management ground that covers the potential northwest extension of uranium mineralization from the mine, as well as the identification of multiple high-priority drill targets comprising coincident geophysical and radon anomalies along a 2.0km trend northwest of the Apex Mine and within the newly expanded BLM ground

For more information, check out UUSA's feature in Baystreet's "Top 5 Ways to Invest in Explosive Uranium Demand": https://www.baystreet.ca/stockstowatch/16273/Top-5-Ways-to-Invest-in-Explosive-Uranium-Demand

Full News Release: https://krakenenergycorp.com/news/2023/kraken-energy-receives-drill-permit-for-flagship-apex-uranium-property-nevada/

Posted on behalf of Kraken Energy Corp