Kraken Energy (CSE: UUSA)(OTC: UUSAF) CEO Matthew Schwab on Advancing Multiple US Uranium Projects with More Drilling Ahead in 2023
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Kraken Energy — Mr. Matthew Schwab. Matt, how are you today?
Matthew Schwab: Hey, Gerardo. I'm doing well, thanks. It's always great chatting with you so I appreciate you having me back.
Gerardo Del Real: Listen, it's great to have you back on. I wanted to catch up. We talked a bit off-air and I mentioned to you that it's clear, to me anyhow, that there is a uranium market that is developing that I believe is going to be really, really favorable and profitable in the second half of this year.
With that being said, Kraken is positioned really, really well. You just had some drilling results that I wanted you to provide some context on. And I really, really thank you for your time today because I wanted to get an update just on what's to come because I think, much like the uranium space, Kraken has got an exciting second half of the year in store.
Matthew Schwab: Yeah, I fully agree with you. I'm really optimistic about the uranium space right now. We're seeing this steady climb in the spot price. And I think that's really because the world is finally starting to pay attention to the situation with uranium supply still dropping, demand still increasing, and really seeing that the current supply is being aggressively locked up by other nations around the world.
I do believe we're at that critical point now where energy security is finally coming to the forefront, and, honestly, new uranium production is the key factor in making that a reality. Right now, Kraken, like I said, we're moving ahead really aggressively. We're moving ahead nicely with our projects, highlighted by Harts Point and Garfield Hills, as I'm sure you've seen over the recent press releases.
At Harts Point, we expect to have our drilling permit issued in the coming days here, and our team is quickly moving ahead to secure service providers so that we can be on the property and drilling by early July.
But on the point of Garfield Hills, we are honestly very excited about the combined results from our first season of exploration on the property. What we're looking at now is a confirmed extent of surface mineralization that spans almost four kilometers and includes soil samples over 1% U308.
Beyond that, our maiden drilling program has confirmed continuous near-surface mineralization over intervals up to 12.5 meters and starting as shallow as 2.0 meters depth. Overall, we’re very confident in moving forward with a Phase-2 drilling program on that project later this year.
I'd like to emphasize the importance of that sample that came back over 1%. In my entire career, on all of the projects and uranium deposits that I've worked on, I've never seen a soil sample come back in a non-glaciated area that resulted in 1% U308. So we're incredibly enthusiastic to move forward with more exploration on all of our projects through the rest of 2023.
I guess in summary, we're in a really good place. We're very well situated, and we're moving ahead quickly to progress our projects in both Nevada and Utah as quickly as possible.
Gerardo Del Real: That's a lot going on for a company with a market cap of what, today, Matt?
Matthew Schwab: I think we're sitting at about C$16 million today.
Gerardo Del Real: And how much of that is anchored by cash?
Matthew Schwab: We've got about C$6.5 million in the treasury right now so we're well financed for the upcoming exploration this year. And like I said, we're going to keep moving forward concurrently with all of our projects as aggressively as we possibly can.
Gerardo Del Real: That's a lot of irons in the fire that I think are going to pay off very, very well the second half of this year. You've positioned the company well. We met late last year in person, and I complimented the fact that you're singularly focused on Kraken. You don't have 16 other companies that you're also co-CEO of.
As a shareholder, I really, really appreciate that because it's becoming less and less common in the space. I think it speaks to your faith in the projects and the vision for the company. Anything to add to that, Matt?
Matthew Schwab: No, I appreciate your faith in that point. Kraken is my sole focus, 100%. We're really enthusiastic about our projects. We have great faith in them. And not just our projects but the team that we've put together. So we're really looking forward to some very positive news in the coming year, and we'll keep you updated as we go.
Gerardo Del Real: Excellent. Thank you for your time as always.
Matthew Schwab: Awesome. Thanks, Gerardo. Great talking to you.
Gerardo Del Real: Cheers.Click here to see more from Kraken Energy