Kraken Energy Corp C.UUSA

Alternate Symbol(s): UUSAF

Kraken Energy Corp. is a Canada-based energy company advancing its portfolio of high-grade uranium properties in the United States. The Company is advancing its 100%-owned Apex Uranium Property, located 280 kilometers (km) east from Reno, Nevada, which is recognized as Nevada's past-producing uranium mine. The Company has additionally entered into an option agreement to earn 100% of the Garfield Hills Uranium Property. The past-producing Garfield Hills Uranium Property covers 1,238 hectares (ha) and is located 19 km east of Hawthorne in Mineral County, Nevada. It has also recently staked the Huber Hills Uranium Property, located 136 km north of Elko, Nevada, which covers 1,044 ha and encompasses the historic Racetrack open pit mine. The Company has also entered into an option agreement to earn 75% of the Harts Point Uranium Property. The Harts Point Uranium Property covers 2,622 ha and is located 49 km northwest of Monticello in San Juan County, Utah.

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Kraken Energy Corp > Growing Support for Nuclear Power

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Post by MarketMakersson Feb 06, 2024 6:58pm

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Post# 35866460

Growing Support for Nuclear Power

Having recently received the permits to resume its phase 1 drill program at its Harts Point Uranium Property, Kraken Energy (UUSA.c UUSAF) stands out as a high potential opportunity amid increasing support for nuclear power and the growing recognition that dependable sources of clean energy are needed to meet climate goals.

Located in Southern Utah, UUSA will drill the property from two pad locations over a 5km strike length targeting the favourable uranium-baring Chinle Formation host rock where three historical oil and gas wells returned "off-scale" radioactivity.

Upon favourable results, UUSA will continue the drill program to further evaluate the mineralized trend.

As a result of this development, the management team has made the strategic decision to reallocate resources from drilling at its Apex Uranium Property to the resumption of drilling at Harts Point.

UUSA CEO Matthew Schwab stated:

"We are excited to be resuming our Phase I drilling program at Harts Point in Utah and we believe the site to be extremely promising in the short-term. Regarding Apex, we anticipate resuming drilling there once the property is fully permitted, including the US Forest Service portions. While we are encouraged by the continued exploration at Apex, we believe that we can run our drill program more effectively and efficiently once we have the property fully permitted. As such, Harts Point will be our immediate focus moving into 2024."

Highlights from the Harts Point Property include:

Located in a world class uranium jurisdiction which has produced over 328 million ("M") pounds ("lbs") U3O8 at 0.2 to 0.4% U3O8 since the 1950s
324 lode mining claims on BLM ground covering 2,622 hectares
Harts Point Anticline is Analogous to the Lisbon Valley Anticline which hosted 17 large uranium mines that produced ~80M lbs U3O8 at 0.34% U3O8
Significant historic Uranium Production has occurred with three wide-spaced historic oil and gas wells on the Property showing 'off-scale' radioactivity within the favorable Chinle Formation host rock
Excellent Infrastructure and located ~64km north of the White Mesa uranium processing facility.