The American uranium sector has witnessed a surge in activity as companies like Kraken Energy Corp. (CSE: UUSA; OTCQB: UUSAF) seek to capitalize on the country's rich uranium resources. Kraken Energy is a new energy company focused on advancing its portfolio of high-grade uranium properties in the United States with strategic acquisitions and exploration efforts.
Expanding Portfolio:
UUSA holds a 100% ownership of the Apex Uranium Property, located in Nevada, which is recognized as Nevada's largest past-producing uranium mine. In addition, Kraken has entered into an option agreement to earn 100% of the Garfield Hills Uranium Property, located in Mineral County, Nevada.
Furthermore, Kraken Energy has recently staked the Huber Hills Uranium Property, covering historic mining areas, and entered into an option agreement to earn 75% of the Harts Point Uranium Property, located in San Juan County, Utah. These strategic acquisitions highlight the company's commitment to unlocking the untapped potential of the American uranium market.
Drilling Permits and Partnership:
Kraken Energy Corp. is pleased to announce that it has received permits to commence drilling activities at the Harts Point Uranium Property. The property, situated in the center of the Colorado Plateau, is known as the "Athabasca Basin of the US" due to its significant uranium potential. The region is located just 64 kilometers north of the White Mesa Uranium Mill, the only fully licensed and operating conventional uranium mill in the United States.
To carry out the upcoming drill program at Harts Point, Kraken Energy has secured the services of Major Drilling Group International Inc. The drill program, expected to commence in early July, will involve up to 20 drill pads to test the extent of uranium mineralization across the property.
Financial Position:
Matthew Schwab, CEO of Kraken Energy, expressed his optimism regarding the untapped potential at Harts Point. The company's strong financial position, with $6.5 million cash on hand and an exploration budget of approximately $1 million, ensures sufficient funding for the Phase I drilling program.
Learn more about UUSA and its upcoming Harts Point Drill Program here: https://krakenenergycorp.com/news/2023/kraken-energy-receives-drilling-permit-for-20-drill-pad-locations-for-phase-i-drill-program-at-harts-point/ Posted on behalf of Kraken Energy Corp.