Vancouver, British Columbia – August 15, 2024 / IRW-Press / Kraken Energy Corp. (CSE: UUSA; OTCQB: UUSAF; FWB: F2C) (the “Company” or “Kraken”) is pleased to announce that it has submitted an application to the Bureau of Land Management (“BLM”) for drill permits for up to fifteen drill holes on the Harts Point uranium property (“Harts Point” or the “Property”) in San Juan County, Utah, in partnership with option partner Atomic Minerals Corporation (“Atomic Minerals”) (TSX Venture: ATOM).
“With the confirmation of radiometric anomalies over significant widths from our first drill program at Harts Point, we are very excited to continue our work on the property at the earliest opportunity,” stated Matthew Schwab, CEO. “We are extremely excited to be moving forward with the expertise of the Atomic Minerals team and while the focus for the remainder of 2024 will be on Kraken’s flagship Apex property in Nevada, we aim to continue to pursue permitting and preparations at Harts Point to advance there in early 2025.”
The planned drilling program is aimed at exploring and evaluating potential uranium mineralization in the prospective uranium-bearing sandstone associations of the Chinle Formation at Harts Point, building on the success of a previous Phase I drilling campaign. This collaboration with Atomic Minerals underscores the commitment of both companies to further advance exploration and development projects in this promising region.
Key facts about the Harts Point property
– World class uranium jurisdiction: Located in the center of the Colorado Plateau, which has produced over 590 million (“M”) pounds of U3O8 grading 0.2 to 0.4% U3O8 since the 1950s1,5-8.
– The Property consists of 324 mineral mining claims on Bureau of Land Management (“BLM”) land covering an area of 2,622 hectares (“ha”) (6,480 acres).
– The Harts Point anticline is comparable to the Lisbon Valley anticline: In the Lisbon Valley uranium district there are 17 large uranium mines in which approximately 80 million pounds of U3O8 with 0.34% U3O8 were produced between 1948 and 19882.
- The dimensions of these tabular, sandstone-hosted uranium deposits range from 2 to 13 m (7 to 43 ft) in thickness, 100 to 3,048 m (328 to 10,000 ft) in length, and 31 to 427 m (100 to 1,400 ft) in width3.
– Significant historical uranium production:
- Several historic mines located 11 km (7 miles) west of the Harts Point property produced approximately 280,000 pounds of U3O8 at 0.3% U3O8 from the prospective Chinle Formation host rocks4.
- The Lisbon Valley anticline is located 31 km (19 miles) east of the Harts Point property and produced approximately 80 million pounds of U3O8 at 0.34% U3O82.
– Excellent infrastructure: Located approximately 64 km (40 miles) north of the White Mesa uranium processing plant.
- There is excellent access throughout the property, which is located 45 km (28 miles) from the town of Monticello, Utah.
Figure 1: Point Property
Private placement:
The Company further announces, with reference to its press release dated June 28, 2024, that it will not proceed with the final tranche of the non-brokered private placement.
Sources
1 Holger Albrethsen, Jr. and Frank E. McGinley (1982). Summary History of Domestic Procurement Under U.S. Atomic Energy Commission Contracts, September 1982.
2 Chenoweth, W.L. (1990). Lisbon Valley, Utah’s Premier Uranium Area, a Summary of Exploration and Ore Production. Utah Geological Survey Open File Report 188, Juli 1990.
3 Gordon W. Weir and Willard P. Puffett (1981). Incomplete manuscript on stratigraphy and structural geology and uranium-vanadium and copper deposits of the Lisbon Valley area, Utah-Colorado. Open-File Report 81-39. Seite 153 bis 163. United States Department of the Interior
Geological Survey.
4 Chenoweth, W.L. (1993): The geology and Production History of the Uranium deposits in the White Canyon Mining District, San Juan County, Utah, Utah Geological Survey Miscellaneous Publication 93-3.
5 Mills, Stephanie E. and Bear Jordan (2021). Uranium and Vanadium Resources of Utah: An Update in the Era of Critical Minerals and Carbon Neutrality, Open File Report 735, Utah Geological Survey.
6 Chenoweth, William L. (1981). The Uranium – Vanadium Deposits of the Uravan Mineral Belt and Adjacent Areas, Colorado and Utah, New Mexico Geological Society Guidebook, 32nd Field Conference, Western Slope Colorado.
7 McLemore, Virginia T. and Willam L. Chenoweth (1989). Uranium Resources in New Mexico, Resource Map 18, New Mexico Bureau of Mines and Mineral Resources.
8 Chenoweth, William L. and Virginia T. McLemore (1989). Uranium Resources on the Colorado Plateau in Energy Frontiers in the Rockies, Albuquerque Geological Society.
Technical information
All scientific and technical information contained in this news release has been prepared or reviewed and approved by Matthew Schwab, P.Geo., President and CEO of the Company, and Garrett Ainsworth, P.Geo., Chairman of the Company, both of whom are Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The data disclosed in this news release relates to historical drilling results. Kraken has not conducted an independent review of the sampling or independent analysis of the results of historical exploration work to verify the results. Kraken considers these historical drilling results to be relevant as the Company uses this data to guide the planning of exploration programs. The Company’s current and future exploration work includes verification of the historical data through drilling.
About the Harts Point Property
Harts Point is located in the center of the Colorado Plateau, which some refer to as the “Athabasca Basin of the United States,” and is just 64 kilometers (“km”) (40 miles) north of the White Mesa Uranium Processing Plant, the only fully permitted and operating conventional uranium processing plant in the United States. The property consists of 324 mineral mining claims on Bureau of Land Management (“BLM”) lands, with drilling permits in place for up to 20 exploration wells.
About Kraken Energy Corp.
Kraken Energy Corp. is an energy company advancing its portfolio of high-grade uranium properties in the United States. The Company is currently developing its 100% owned Apex Uranium Property, located 280 kilometers (174 miles) east of Reno, Nevada, and recognized as Nevada’s largest past-producing uranium mine. The Company has also entered into an option agreement to acquire 100% of the Garfield Hills Uranium Property. The past-producing Garfield Hills Uranium Property covers 1,238 ha (3,060 acres) and is located 19 km (12 miles) east of Hawthorne in Mineral County, Nevada. Additionally, Kraken recently staked the Huber Hills Uranium Property, which covers 1,044 ha (2,580 acres) and is located 136 km (85 miles) north of Elko, Nevada and includes the historic Race Track open pit mine. The Company has also entered into an option agreement to acquire 75% of the Harts Point Uranium Property. The Harts Point Uranium Property covers 2,622 ha (6,480 acres) and is located 49 km (30 miles) northwest of Monticello in San Juan County, Utah.
Further information about the company can be found at www.krakenenergycorp.com.
For the Board of Kraken Energy Corp.
Matthew Schwab
President & Chief Executive Officer
Headquarters:
Suite 907 – 1030 West Georgia Street
Vancouver, British Columbia
V6E 2Y3
T: (604) 628-2669
Investors please direct their inquiries to:
Kin Communications Inc.
T: (604) 684-6730
E: uusa@kincommunications.com
This news release contains forward-looking information that is subject to a number of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Forward-looking statements in this news release include our plans for exploration on the properties. These forward-looking statements are subject to a number of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could cause these statements to change or not occur include, among others, changes in mining and processing costs, increased capital costs, the timing and content of upcoming work programs, drilling-based geological interpretations that could change as more detailed information becomes available, potential processing methods and mineral recoveries that are based on limited test work and comparisons to believed analogous deposits that may not be comparable with further test work; the availability of labor, equipment and markets for the products produced; and the possibility that, despite the current expected profitability of the project, conditions may change to the extent that the minerals on our property cannot be economically mined or that the necessary permits for the construction and operation of the proposed mine cannot be obtained. The Company undertakes no obligation to update or revise this information to reflect new events or circumstances, except as required by law.
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