Mr. Matthew Schwab reports
KRAKEN ENERGY COMMENCES DRILLING PROGRAM AT FLAGSHIP APEX URANIUM PROPERTY, NEVADA
Kraken Energy Corp. has commenced the inaugural drill program at its 100-per-cent-owned, past-producing flagship Apex uranium property located in central Nevada.
The 2,200-metre drilling program will target a mineralized area over two kilometres in strike length consisting of two separate target areas immediately along strike from the past-producing Apex mine. The company has received approval to initially drill up to 2,200 m (7,217 feet) in 24 holes from eight pads.
"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 per cent U3O8 [triuranium octoxide] and 15.2 m (50 ft) at 0.51 per cent U3O8," stated Matthew Schwab, chief executive officer of Kraken. "With radon anomalies now over five 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."
Highlights:
- Priority drill targets over strong radon anomalies coincide with geophysical signatures outlining the mineralized contact at the historic Apex uranium mine.
- The Bureau of Land Management has approved permit to drill up to 2,200 m (7,217 ft) in 24 holes from eight pads.
- Interpretation of the recently flown VTEM (versatile time-domain electromagnetic) and UAV (unmanned aerial vehicle) magnetic surveys shows a geophysical signature associated with uranium mineralization at the Apex mine that appears to be offset to the north where it continues trending northwest. This geophysical signature coincides with strong and consistent, recently identified radon anomalies.
- Over two km of new high-priority target potential has been identified on the recently staked BLM ground that follows the northwest mineralized trend from the Apex mine.
- Newly defined and previously undrilled target area with projected target depths ranging from 50 m to 200 m (164 ft to 656 ft).
About the Apex property
The Apex uranium mine was Nevada's largest past-producing uranium mine which produced approximately 106,000 pounds of U3O8 in the 1950s at an average mining grade of approximately 0.25 per cent U3O8. Historic drilling results include results of up to 3.1 m (10 ft) at 1.33 per cent U3O8, 34.1 m (112 ft) at 0.37 per cent U3O8 and 15.2 m (50 ft) at 0.51 per cent U3O8.
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 CEO of the company, and Garrett Ainsworth, PGeo, chairman of the company. Each of Mr. Schwab and Mr. Ainsworth is a qualified person 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 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 km (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 ha (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 ha (6,480 acres) and is located 49 km (30 miles) northwest of Monticello in San Juan county, Utah.
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