Mike Fagan,
Editor
Oct. 26, 2023
With uranium prices sharply on the rise, Kraken Energy Corp. (CSE: UUSA)(OTC: UUSAF) — currently trading around C$0.25 per share — has received permits to drill its flagship, 100%-owned Apex uranium project.
The newly expanded Apex property, which is located 280 km east of Reno, Nevada, includes the Apex Uranium Mine — Nevada’s largest past-producing uranium mine. The mine produced 50% of the historical uranium output for the state of Nevada; ~106,000 lbs at an average grade of 0.25% U₃O₈.
The permit allows for the drilling of up to 2,200 meters in 24 holes from 8 pads. Kraken expects to commence drilling at Apex before year end in what will be the company’s inaugural drill program at the flagship property.
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The program will focus on high-priority targets comprising coincident geophysical and radon anomalies along a 2 km trend northwest of the Apex Mine and within the newly expanded BLM ground.
Kraken Energy CEO Matthew Schwab — whom you’re about to hear from directly in our exclusive interview — commented via press release:
“The emergence of this 2 km long, high priority target area along trend of the historic Apex Uranium Mine is very exciting for the Kraken team. With an approved drill permit now in hand and the environmental bond paid, we are ready to commence our maiden drill program at the Apex Uranium Property. As our understanding of the property has continued to develop, the multi-layered anomalies from radon and geophysical surveys (electromagnetic and magnetic) combined with our ground truthed geological model presents excellent discovery potential for the upcoming drill program at our flagship uranium property in Nevada.”
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View PublicationsIn all, Kraken Energy is advancing three brownfield uranium exploration projects in Nevada — Apex, Huber Hills, and Garfield Hills (planned drilling in 2024) — 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.
And with uranium prices surging toward decade-plus highs above US$65/lb, the timing could not be better. As promised, our own Gerardo Del Real of Junior Resource Monthly caught up with Kraken Energy CEO Matthew Schwab to discuss this key milestone for the company. 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