Kraken Energy Provides Corporate Update
Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) has completed an application for drilling permits at the Harts Point Uranium Property in Utah, in partnership with Atomic Minerals The planned program includes up to 15 drill holes to explore uranium mineralization in the Chinle Formation. Harts Point is located in the Colorado Plateau, a region that has produced over 590 million pounds of U3O8. The property consists of 324 lode mining claims covering 2,622 hectares. Kraken's CEO, Matthew Schwab, expressed excitement about moving forward with the project in early 2025, following the company's focus on its flagship Apex property in Nevada for the remainder of 2024.
Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) ha completato una richiesta per i permessi di perforazione presso il Harts Point Uranium Property nello Utah, in partnership con Atomic Minerals. Il programma pianificato prevede fino a 15 fori di perforazione per esplorare la mineralizzazione di uranio nella Formazione Chinle. Harts Point si trova nel Colorado Plateau, una regione che ha prodotto oltre 590 milioni di libbre di U3O8. La proprietà comprende 324 diritti minerari che coprono 2.622 ettari. Il CEO di Kraken, Matthew Schwab, ha espresso entusiasmo per il progresso del progetto nell'inizio del 2025, seguendo il focus dell'azienda sulla sua proprietà di punta Apex in Nevada per il resto del 2024.
Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) ha completado una solicitud para permisos de perforación en la Harts Point Uranium Property en Utah, en asociación con Atomic Minerals. El programa planificado incluye hasta 15 perforaciones para explorar la mineralización de uranio en la Formación Chinle. Harts Point está ubicado en la Meseta de Colorado, una región que ha producido más de 590 millones de libras de U3O8. La propiedad consta de 324 derechos mineros que cubren 2,622 hectáreas. El CEO de Kraken, Matthew Schwab, expresó su entusiasmo por avanzar con el proyecto a principios de 2025, tras el enfoque de la empresa en su propiedad insignia Apex en Nevada para el resto de 2024.
Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF)는 유타에 있는 하츠 포인트 우라늄 재산에 대한 시추 허가 신청을 Atomic Minerals와 함께 완료했습니다. 계획된 프로그램은 Chinle 형층에서 우라늄 광물화를 탐사하기 위해 최대 15개의 시추 구홀을 포함합니다. 하츠 포인트는 590백만 파운드 이상의 U3O8을 생산한 콜로라도 고원에 위치합니다. 이 부동산은 2,622 헥타르를 포괄하는 324개의 광산 청구권으로 구성됩니다. Kraken의 CEO인 Matthew Schwab는 2024년 동안 회사의 주력인 네바다의 Apex 부동산에 집중한 후 2025년 초에 프로젝트를 진행하게 되어 기쁘다고 밝혔습니다.
Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) a complété une demande de permis de forage pour la propriété d'uranium Harts Point dans l'Utah, en partenariat avec Atomic Minerals. Le programme prévu comprend jusqu'à 15 forages pour explorer la minéralisation d'uranium dans la Formation Chinle. Harts Point est situé dans le Colorado Plateau, une région qui a produit plus de 590 millions de livres de U3O8. La propriété comprend 324 revendications minières s'étendant sur 2 622 hectares. Le PDG de Kraken, Matthew Schwab, a exprimé son enthousiasme à l'idée de faire avancer le projet au début de 2025, après que l'entreprise se soit concentrée sur sa propriété phare Apex au Nevada pour le reste de 2024.
Die Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) hat einen Antrag auf Bohrgenehmigungen für das Harts Point Uranium Property in Utah in Partnerschaft mit Atomic Minerals abgeschlossen. Das geplante Programm umfasst bis zu 15 Bohrlöcher, um die Uran-Mineralisierung in der Chinle-Formation zu erkunden. Harts Point liegt im Colorado Plateau, einer Region, die über 590 Millionen Pfund U3O8 produziert hat. Das Grundstück besteht aus 324 Bergbauansprüchen, die sich über 2.622 Hektar erstrecken. Kraken's CEO, Matthew Schwab, äußerte sich begeistert über den Fortschritt des Projekts im frühen 2025, nachdem sich das Unternehmen im Rest des Jahres 2024 auf sein Flaggschiffprojekt Apex in Nevada konzentriert hat.
- Application completed for drilling permits for up to 15 holes at Harts Point Uranium Property
- Property located in the Colorado Plateau, which has historically produced over 590M lbs U3O8
- Harts Point consists of 324 lode mining claims covering 2,622 hectares
- Property is near historic uranium mines that produced 280,000 lbs U3O8 at 0.3% grade
- Excellent infrastructure with proximity to White Mesa uranium processing facility
- Company will not proceed with the final tranche of the previously announced non-brokered private placement offering
- Drilling at Harts Point not planned until early 2025, potentially delaying progress
Vancouver, British Columbia--(Newsfile Corp. - August 15, 2024) - Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) (FSE: F2C) (the "Company" or "Kraken") is pleased to announce that, in partnership with optioned partner Atomic Minerals Corporation ("Atomic Minerals") (TSXV: ATOM), it has completed their application for submission to the Bureau of Land Management ("BLM") for drilling permits for up to fifteen holes at the Harts Point Uranium Property ("Harts Point" or the "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 CEO 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 favorable 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 center of the Colorado Plateau, which has produced over 590 million ("M") pounds ("lbs") U3O8 at 0.2 to
0.4% U3O8 since the 1950s1,5-8. - Property consists of 324 lode mining claims on Bureau of Land Management ("BLM") ground that covers an area of 2,622 hectares ("ha") (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 80M lbs U3O8 at
0.34% U3O8 from 1948 to 19882.
The dimensions of these tabular sandstone-hosted uranium deposits range from 2 to 13 m (7 to 43 feet) thick, 100 to 3,048 m (328 to 10,000 feet) long, and 31 to 427 m (100 to 1,400 feet) wide3.
- Significant Historic Uranium Production:
Several historic mines located 11 km (7 miles) west of the Harts Point Property produced approximately 280,000 lbs U3O8 at
The Lisbon Valley Anticline is located 31 km (19 miles) to the east of the Harts Point Property produced approximately 80M lbs U3O8
- Excellent Infrastructure: located approximately 64 km (40 miles) north of the White Mesa uranium processing facility.
There is also excellent access throughout the Property, which is situated 45 km (28 miles) from the town of Monticello, Utah.
Figure 1: Harts Point Property
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8684/220007_0ec0ccccd4737ac3_001full.jpg
Private Placement:
The Company also announces that, further to its news release dated June 28th, 2024, it will not be proceeding with the final tranche of the non-brokered private placement offering.
References
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, July 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. Pages 153 to 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 in this news release has been prepared by or reviewed and approved by Matthew Schwab, P.Geo., President and CEO of the Company, and Garrett Ainsworth, P.Geo., 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 is 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 this 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 center of the Colorado Plateau, referred to by some as "the Athabasca Basin of the US" and is 64 kilometers ("km") (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 Bureau of Land Management ("BLM") ground and drill permits are in place for up to 20 exploration drill holes.
About Kraken Energy Corp.
Kraken Energy Corp. is an energy company advancing its portfolio of high-grade uranium properties in the Unites States. The Company is advancing its
For more information about the Company, please visit; www.krakenenergycorp.com.
On Behalf of the Board of Kraken Energy Corp.
Matthew Schwab
President & Chief Executive Officer
Corporate Office:
Suite 907 - 1030 West Georgia Street
Vancouver, British Columbia
V6E 2Y3
T: (604) 628-2669
For investor relations inquiries, contact:
Kin Communications Inc.
T: (604) 684-6730
E: uusa@kincommunications.com
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this press release include our plans for exploration at the properties. These forward-looking statements are subject to a variety 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 change or prevent these statements from coming to fruition include changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine can be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220007
FAQ
What is Kraken Energy's plan for the Harts Point Uranium Property in 2024?
How many drill holes are planned for the Harts Point Uranium Property?
What is the historical uranium production in the area near Harts Point?
What is the size of Kraken Energy's Harts Point Uranium Property?
Has Kraken Energy (UUSAF) completed its previously announced private placement?
