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Friday, January 27, 2023

A Close Look at Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF)

Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) is trading just over all time 52-week lows and investors are looking for turnaround to previous levels well over $1 per share. the Company is making moves in Uranium mining and its Apex Property is recognized as Nevada’s largest past-producing uranium mine 

Kraken has been busy recently commencing a 669 line-kilometer (“km”) (416 mile) VTEM™ and magnetic airborne geophysical survey on its 100%-owned past-producing Apex Uranium Mine and surrounding property in Nevada.  

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Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) is a new energy company advancing its 100%-owned Apex Uranium Property, located 280 km (174 miles) east from Reno, Nevada. The Apex Property is recognized as Nevada’s largest past-producing uranium mine. The Company has additionally entered into an option agreement to earn 100% of the Garfield Hills Uranium Property, located 19 km (12 miles) east of Hawthorne in Mineral County, Nevada. Additional staking has been done on the Garfield Hills Uranium Property, bringing the total area of the Property to 1,238 hectares (3,060 acres).  

Earlier this year Kraken commenced an inaugural drill program at its Garfield Hills Uranium Property in Nevada. A Phase I diamond drilling program designed to test the extent of uranium mineralization is now underway at the 1,238-hectare (3,060 acre) Garfield Hills Property. This program is planned for 2,000 metres (“m”) of NQ diameter core drilling across 25-holes where recent surface samples of 0.32% U308 and historical intercepts from the late-1960s of 14 m (46 feet) at 0.26% U308 and 14 m (46 feet) at 0.18% U3081 were reported. The project is permitted for a total of 5,000 metres of drilling and the initial program may be expanded based on promising initial results. Garfield Hills is located within the jurisdiction of Nevada’s Bureau of Land Management (“BLM”), 19 kilometres (“km”) (12 miles) east of Hawthorne in Mineral County, Nevada. 

The Company has also commenced an Unmanned Aerial Vehicle (UAV) airborne radiometric and magnetic survey, which will continue concurrently with drilling. The survey will cover the entire expanded 1,238-hectare (3,060-acre) land package. The UAV survey is being conducted by MWH Geo-Surveys using a Geometrics MagArrow Cesium Magnetometer and a D230A UAV Gamma-Ray Spectrometer flown under a Watts Innovation Prism X8 axial quadcopter. 

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On November 22 Kraken announced it has commenced a 669 line-kilometer (“km”) (416 mile) VTEM™ and magnetic airborne geophysical survey on its 100%-owned past-producing Apex Uranium Mine and surrounding property (“Apex” or “the Property”) in Nevada. The survey is being flown by Geotech Ltd. and will collect both time-domain electromagnetic and magnetic data on 100 metre (“m”) (328 foot) spaced lines with a northeast-southwest flight orientation. The survey will investigate multiple prospects on the historic Apex Uranium Property for anomalous conductivity and lowered magnetic susceptibility associated with an altered graphitic horizon related to uranium mineralization. 

The Company expects to receive the preliminary results in the coming months and will be utilizing the data for additional target generation and refinement for a planned Phase I drilling program in Q2 of 2023. The Apex Uranium Mine was Nevada’s largest past-producing uranium mine which produced ~106,000 pounds of U3O8 in the 1950s at an average grade of ~0.25% U3O8. Historic drilling results include results of up to 34.1 m (112 ft) at 0.37% U3O8 and 15.2 m (50 ft) at 0.51% U3O8. 

Matthew Schwab, President, CEO, and Director of Kraken commented: “Using various technology-based exploration methods, we continue to progress Apex towards a drill program targeted for the first half of 2023. We are excited to compile the results of this year’s exploration efforts to better understand the controls of the widespread uranium mineralization on the property. The current VTEM™ survey is another valuable tool for precise targeting for our upcoming drilling program.” 

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Currently trading at a $15 million market valuation Kraken Energy is an exciting new Company makes moves in the booming uranium mining space. According to a recent report via ReportLinker, the global uranium ore mining market is expected to grow from $8.94 billion in 2021 to $9.82 billion in 2022 at a compound annual growth rate (CAGR) of 9.8% Kraken Apex Property is recognized as Nevada’s largest past-producing uranium mine. The Company also recently commenced a 669 line-kilometer (“km”) (416 mile) VTEM™ and magnetic airborne geophysical survey on its 100%-owned past-producing Apex Uranium Mine and surrounding property in Nevada.   We will be updating on Kraken when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.

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Disclosure: we hold no position in Kraken  either long or short and we have not been compensated for this article.

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