The US Senate has voted to establish a nuclear fuel program with the purpose of onshoring nuclear fuel production in the USA and reduce dependence on Russia for enriched uranium: https://twitter.com/quakes99/status/1684627083082043392?s=20
Coinciding with rising uranium spot prices, this is a significant occurrence for domestic uranium companies in the US.
Advancing its properties in key jurisdictions in the United States, Kraken Energy (UUSA.c UUSAF) provides a compelling opportunity posed to take advantage of the US' nuclear fuel program with its three high-grade and past-producing uranium projects including the Apex Mine, Nevada's largest past-producing uranium mine, and Huber Hills, Elko County's largest uranium past-producer with no modern exploration to date.
Recently, UUSA commenced drilling at its Harts Point Uranium Property in Utah with 20 drill pad locations fully permitted and ~$5M cash on hand, making this a fully funded and extensive drill program.
Targeting the uranium bearing Chinle Formation host rock, the program will initially focus on drilling 3 holes over a 5km strike length where three historical oil and gas wells previously returned "off-scale" radioactivity.
Located in a world class uranium jurisdiction in the center of the Colorado Plateau which has produced over 328 million pounds of U3O8 since the 1950s, Harts Point has significant potential as it is analogous to the Lisbon Valley Anticline which additionally hosted 17 large uranium mines that produced ~80 million pounds of U3O8
UUSA CEO Matthew Schwab, commented, "We believe that the historical off-scale radioactivity encountered from historic oil and gas wells significantly increases the potential for exploration success at the Harts Point Property, and we are extremely excited to be able to commence our inaugural drill program on this exciting project."
Full news release: https://krakenenergycorp.com/news/2023/kraken-energy-commences-drilling-at-harts-point-uranium-property-utah/
Posted on behalf of Kraken Energy Corp