Mike Fagan,
Editor
June 12, 2023
Kraken Energy Corp. (CSE: UUSA)(OTC: UUSAF) — currently trading around C$0.25 per share — has released assays from its maiden drill program at the Garfield Hills uranium project in Mineral County, Nevada.
Kraken has an option to earn-in 100% of the project, which spans 1,268 hectares and includes a historical open pit mine.
The company just wrapped up a Phase-1, 1,700-meter drill program across 11 completed holes at the property. The drilling, which covered a surface area of 400 x 900 meters, confirmed historical drilling and extended the mineralization at the project.
Of the 11 completed holes, 7 holes encountered shallow, flat lying uranium mineralization.
Highlights include:
Hole GH22-01: Intersected a broad 12.5-meter interval of 0.036% U308 starting from a depth of 23 meters.
Hole GH23-04: Returned 7.0 meters of 0.029% U308 from 17.5 meters.
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Additionally, the Kraken team has announced that regional exploration and new soil sampling continues to encounter high-grade surface and soil samples of up to 1% U308 along strike to the east of Phase-1 drilling and up to 0.32% U308 to the west of Phase-1 drilling — identifying a mineralized trend of over 4 km in length.
Kraken Energy CEO Matthew Schwab — whom you’re about to hear from directly in our exclusive interview — commented via press release:
“We are pleased with the initial results showing continuity of shallow, flat lying uranium mineralization over a large 400 m by 900 m area. These results confirm our geological model, and coupled with recent surface sampling over a 4 km strike length it furthers our confidence in Garfield Hills as the project continues to provide an exceptional exploration opportunity for our shareholders. We are eager to plan and execute a Phase II drilling program on the property in the coming year.”
Management believes results received to-date are an early indicator of a potential new high-grade uranium system at Garfield Hills. Below is a downhole radioactivity cross section from Phase-1 drilling showing those elevated values.
As noted, a forthcoming Phase-2 drill program is being planned for later in the year to follow up on the successful results from Phase-1.
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View PublicationsIt’s all part of a hub-and-spoke mining model the company is working toward via its portfolio of three brownfield uranium exploration projects in Nevada (Garfield Hills, Apex, and Huber Hills) and the newly acquired Harts Point uranium property in the Utah portion of the Colorado Plateau.
With uranium sharply on the rise, our own Gerardo Del Real of Junior Resource Monthly caught up with Kraken Energy CEO Matthew Schwab to go over the newly received assays from Garfield Hills and much, much more. Please enjoy!
For more information on Vancouver-based Kraken Energy, be sure to contact the company’s IR department at 604-908-1695 or via email at info@krakenenergycorp.com. Sign up to receive updates directly from the company at the Kraken Energy corporate website.
Mike Fagan
Editor, Resource Stock Digest