Kraken Energy, Atomic apply for Harts drill permits

Aug 15, 2024

2024-08-15 10:02 ET – News Release

See News Release (C-UUSA) Kraken Energy Corp

Mr. Matthew Schwab of Kraken Energy reports

KRAKEN ENERGY PROVIDES CORPORATE UPDATE

Kraken Energy Corp., in partnership with optioned partner Atomic Minerals Corp., has completed an application for submission to the Bureau of Land Management (BLM) for drilling permits for up to 15 holes at the Harts Point uranium property in San Juan county, Utah.

“With confirmation of radiometric anomalies over significant widths on our maiden drilling program at Harts Point, we are excited to continue moving forward on the property at our earliest opportunity,” stated chief executive officer Matthew Schwab. “We are excited to move forward jointly with the expertise of the team at Atomic Minerals, and, while the rest of 2024 will be focused on Kraken’s flagship Apex property in Nevada, we aim to be permitted and prepared to move forward again with Harts Point in early 2025.”

The planned drilling program aims to explore and evaluate the potential uranium mineralization within the favourable uranium-bearing sandstone units of the Chinle formation at Harts Point, building on a previous successful phase I drilling campaign. This collaboration with Atomic Minerals underscores both companies’ commitment to advancing exploration and development projects in this promising region.

Harts Point property highlights:

World-class uranium jurisdiction – located in the centre of the Colorado plateau, which has produced over 590 million pounds U3O8 (triuranium octoxide) at 0.2 per cent to 0.4 per cent U3O8 since the 1950s;
Property consists of 324 lode mining claims on BLM ground that covers an area of 2,622 hectares (6,480 acres);
Harts Point anticline is analogous to the Lisbon Valley anticline — where the Lisbon Valley uranium district hosted 17 large uranium mines, which produced approximately 80 million pounds U3O8 at 0.34 per cent U3O8 from 1948 to 1988.

The dimensions of these tabular sandstone-hosted uranium deposits range from two metres to 13 metres (seven feet to 43 feet) thick, 100 metres to 3,048 metres (328 feet to 10,000 feet) long and 31 metres to 427 metres (100 feet to 1,400 feet) wide.

Significant historic uranium production

Several historic mines located 11 kilometres (seven miles) west of the Harts Point property produced approximately 280,000 pounds U3O8 at 0.3 per cent U3O8 from the favourable Chinle formation host rock.

The Lisbon Valley anticline is located 31 kilometres (19 miles) to the east of the Harts Point property produced approximately 80 million pounds U3O8 at 0.34 per cent U3O8.

Excellent infrastructure

The Harts Point property is located approximately 64 kilometres (40 miles) north of the White Mesa uranium processing facility.

There is also excellent access throughout the property, which is situated 45 kilometres (28 miles) from the town of Monticello, Utah.

Private placement

The company also announces that, further to its news release dated June 28, 2024, it will not be proceeding with the final tranche of the non-brokered private placement offering.

Technical information

All scientific and technical information in this news release has been prepared by or reviewed and approved by Matthew Schwab, PGeo, president and chief executive officer of the company, and Garrett Ainsworth, PGeo, chairman of the company. Each of Mr. Schwab and Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

The data disclosed in this news release are related to historical drilling results. Kraken has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Kraken considers these historical drill results relevant as the company is using these data as a guide to plan 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 centre of the Colorado plateau, referred to by some as the Athabasca basin of the United States, and is 64 kilometres (40 miles) north of the White Mesa uranium mill, the only fully licensed and operating conventional uranium mill in the United States. The property consists of 324 lode mining claims on BLM ground and drill permits are in place for up to 20 exploration drill holes.

About Kraken Energy Corp.

Kraken Energy is an energy company advancing its portfolio of high-grade uranium properties in the United States. The company is advancing its 100-per-cent-owned Apex uranium property, located 280 kilometres (174 miles) east from Reno, Nev., which is recognized as Nevada’s largest past-producing uranium mine. The company has additionally entered into an option agreement to earn 100 per cent of the Garfield Hills uranium property. The past-producing Garfield Hills uranium property covers 1,238 hectares (3,060 acres) and is located 19 kilometres (12 miles) east of Hawthorne in Mineral county, Nevada. Kraken has also staked the Huber Hills uranium property, located 136 kilometres (85 miles) north of Elko, Nev., which covers 1,044 hectares (2,580 acres) and encompasses the historic Race Track open-pit mine. The company has also entered into an option agreement to earn 75 per cent of the Harts Point uranium property. The Harts Point uranium property covers 2,622 hectares (6,480 acres) and is located 49 kilometres (30 miles) northwest of Monticello in San Juan county, Utah.

We seek Safe Harbor.

https://www.atomicminerals.ca/