Kraken Energy Corp. (Ticker: UUSA.c or UUSAF for US investors) recently announced the resumption of its Phase I drill program at the Harts Point Uranium Property in Southern Utah, The decision reflects a strategic reallocation of resources, with CEO Matthew Schwab emphasizing the short-term promise of Harts Point and outlining plans for the company's Apex Uranium Property in the future.
Harts Point, situated in the heart of the Colorado Plateau, boasts a world-class uranium jurisdiction with a rich history of production. The property spans 2,622 hectares, comprising 324 lode mining claims on Bureau of Land Management grounds.
Notably, the Harts Point Anticline, analogous to the successful Lisbon Valley Anticline, has historically produced approximately 280,000 lbs UO at 0.3% UO from the favorable Chinle Formation host rock.
The region's infrastructure, located 64 km north of the White Mesa uranium processing facility, offers convenient access and positions Kraken Energy for operational efficiency.
The resumption of drilling is fueled by the prospect of significant uranium deposits, as evidenced by historical oil and gas wells on the property revealing 'off-scale' radioactivity in the Chinle Formation host rock.
The planned drill program, covering a 5 km strike length, aims to assess the mineralized trend and potentially unlock substantial uranium resources.
CEO Matthew Schwab expressed excitement about the resumption of drilling at Harts Point, emphasizing its short-term promise.
Regarding the Apex Uranium Project, Schwab outlined plans to resume drilling once the property is fully permitted, including the US Forest Service portions.
The decision to focus on Harts Point in 2024 aligns with the belief that drilling operations can be conducted more effectively and efficiently once full permitting is secured for Apex.
Kraken Energy's decision to resume drilling at Harts Point signals a strategic shift aimed at maximizing short-term potential. The company's strong focus on operational efficiency positions it for continued success in the dynamic uranium exploration sector.
Full Press Release: https://krakenenergycorp.com/news/2023/kraken-energy-receives-permit-to-resume-phase-i-drill-program-at-harts-point-and-provides-corporate-update/
Posted on behalf of Kraken Energy Corp.