Mike Fagan,
Editor
Nov. 23, 2023
With uranium prices sharply on the rise, Kraken Energy Corp. (CSE: UUSA)(OTC: UUSAF) — currently trading around C$0.27 per share — has commenced drilling at its flagship, 100%-owned Apex uranium project.
The newly expanded Apex property, which lies 280 km east of Reno, Nevada, encompasses the famed Apex Uranium Mine, which is known in mining circles as Nevada’s largest past-producing uranium mine.
During its heyday, the Apex Mine produced a full 50% of the historical uranium output for the entire state of Nevada; ~106,000 lbs at an average grade of 0.25% U₃O₈. The Kraken Energy team now has the drills turning at Apex to begin the process of determining the property’s potential for a return to eventual U₃O₈ production.
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View ReportsThe newly commenced program is permitted for up to 2,200 meters of drilling in 24 holes and will target a mineralized zone of ~2 km in strike length with a primary focus on two key areas situated along strike to the Apex Mine.
Kraken Energy CEO Matthew Schwab commented on the inaugural drill program via press release:
“We are very excited to begin drilling at Apex, where historic drilling features results of up to 34.1 m (112 ft) at 0.37% U₃O₈ and 15.2 m (50 ft) at 0.51% U₃O₈. With radon anomalies now over 5 times larger than the footprint of the Apex Mine, our team is confident in the priority targets outlined for this maiden drilling program on the property.”
And about as far as you can get from a one-trick pony, Kraken Energy is advancing a grand total of three brownfield uranium exploration projects in Nevada — Apex (drilling underway), Garfield Hills (planned drilling in 2024), and Huber Hills — plus the newly-acquired Harts Point uranium project in Utah, with the longer-term aim of building out an eventual hub-and-spoke mining model in the western United States.
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View PublicationsWith uranium prices currently testing 15-year highs near US$75/lb, and with plenty of runway to go, look for increased news flow from the Kraken team in the coming weeks and months as the drills continue to spin.
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.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest