Mr. Matthew Schwab reports
KRAKEN ENERGY RECEIVES DRILLING PERMIT FOR 20 DRILL PAD LOCATIONS FOR PHASE I DRILL PROGRAM AT HARTS POINT URANIUM PROPERTY, UTAH
Kraken Energy Corp. has received permits to drill the Harts Point uranium property in San Juan county, southeast Utah, for up to 20 drill pads, to test the extent of uranium mineralization across the property.
The company also announces that it has secured Major Drilling Group International Inc. out of Salt Lake City, Utah, for the upcoming drill program at Harts Point, which is expected to begin in early July. Phase 1 of the drill program includes an initial 2,000 metres of drilling to twin the three historical holes which span five kilometres of strike that returned off-scale radioactivity from downhole probe readings.
Matthew Schwab, chief executive officer of Kraken, commented: "The Harts Point property is within a district that has had significant historical uranium production, and the property itself contains three historic oil and gas drill holes across a five km strike that returned intervals of off-scale radioactivity within the same geologic unit that has been historically mined in the district. These attributes, along with others, represent exceptional exploration potential to discover a trend of high-grade uranium deposits located within a pro-mining jurisdiction. With $6.5-million cash on hand and an exploration budget of approximately $1-million, we remain well funded for the phase 1 program and look forward to examining the untapped potential at Harts Point."
Harts Point property highlights:
- World-class uranium jurisdiction: Located in the centre of the Colorado Plateau, which has produced over 328 million pounds (Mlb) U3O8 (triuranium octoxide) at 0.2 per cent to 0.4 per cent U3O8 since the 1950s.
- Property consists of 324 lode mining claims on Bureau of Land Management (BLM) ground that covers an area of 2,622 hectares (ha) (6,480 acres).
- Harts Point anticline is analogous to the Lisbon Valley anticline: Where the Lisbon Valley uranium district hosted 17 large uranium mines, which produced approximately 80 Mlb U3O8 at 0.34 per cent U3O8 from 1948 to 1988:
- The dimensions of these tabular sandstone-hosted uranium deposits range from two metres to 13 m (seven feet to 43 feet) thick, 100 m to 3,048 m (328 feet to 10,000 feet) long and 31 m to 427 m (100 feet to 1,400 feet) wide.
- Significant historic uranium production:
- Several historic mines located 11 kilometres (seven miles) west of the Harts Point property produced approximately 280,000 lb U3O8 at 0.3 per cent U3O8 from the favourable Chinle formation host rock.
- The Lisbon Valley anticline is located 31 km (19 miles) to the east of the Harts Point property and produced approximately 80 Mlb U3O8 at 0.34 per cent U3O8.
- Historic exploration: Three wide-spaced historic oil and gas wells on the property along the east flank of the Harts Point anticline show off-scale radioactivity within the favourable Chinle formation host rock.
- Permitted to drill: The Harts Point property is permitted for up to 20 exploration drill pads.
- Excellent infrastructure: Located approximately 64 km (40 miles) north of the White Mesa uranium processing facility:
- There is excellent access throughout the property, which is situated 45 km (28 miles) from the town of Monticello, Utah.
Technical information
All scientific and technical information in this news release has been prepared by, or reviewed and approved by, Mr. Schwab, PGeo, president and chief executive officer of the company, and Garrett Ainsworth, PGeo, chairman of the company. Mr. Schwab and Mr. Ainsworth are qualified persons for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.
The data disclosed in this news release are related to historical drilling results. Kraken has not undertaken any independent investigation of the sampling, nor has it independently analyzed the results of the historical exploration work in order to verify the results. Kraken considers these historical drill results relevant as the company is using these data as a guide to plan exploration programs. The company's current and future exploration work includes verification of the historical data through drilling.
About the Harts Point property
Harts Point is located in the centre of the Colorado Plateau, referred to by some as the Athabasca basin of the United States, and is 64 kilometres (40 miles) north of the White Mesa uranium mill, the only fully licensed and operating conventional uranium mill in the United States. The property consists of 324 lode mining claims on Bureau of Land Management ground and drill permits are in place for up to 20 exploration drill holes.
About Kraken Energy Corp.
Kraken Energy is a new energy company advancing its portfolio of high-grade uranium properties in the Unites States. The company is advancing its 100-per-cent-owned Apex uranium property, located 280 kilometres (174 miles) east from Reno, Nev., which is recognized as Nevada's largest past-producing uranium mine. The company has additionally entered into an option agreement to earn 100 per cent of the Garfield Hills uranium property. The past-producing Garfield Hills uranium property covers 1,238 hectares (3,060 acres) and is located 19 km (12 miles) east of Hawthorne in Mineral county, Nevada. Kraken Energy has also recently staked the Huber Hills uranium property, located 136 km (85 miles) north of Elko, Nev., which covers 1,044 hectares (2,580 acres) and encompasses the historic Race Track open-pit mine. The company has recently entered into an option agreement to earn 75 per cent of the Harts Point uranium property. The Harts Point uranium property covers 2,622 hectares (6,480 acres) and is located 49 km (30 miles) northwest of Monticello in San Juan county, Utah.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.