Tuesday, October 24, 2023

Vancouver, British Columbia based Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) reported that the company has received permits to drill our 100%-owned, past-producing flagship Apex Uranium Property located in central Nevada.

According to the release, on August 28th, 2023, Kraken reported a significant expansion of the Apex Property on Nevada Bureau of Land Management ("BLM") ground that covers the potential northwest extension of uranium mineralization from the historic Apex Uranium Mine. On October 17th, 2023, the Company reported on the identification of multiple high priority drill targets comprising coincident geophysical and radon anomalies along a 2.0 km trend northwest of the Apex Mine and within the newly expanded BLM ground.

Kraken has received approval from the Nevada BLM to drill up to 2,200 m (7,217 ft) in 24 holes from 8 pads and expects to commence drilling before the end of 2023. This inaugural drill program will test high priority targets immediately northwest and along trend of the historic Apex Uranium Mine in central Nevada.

Highlights:

• Priority drill targets over strong radon anomalies coincide with geophysical signatures outlining the mineralized contact at the historic Apex Uranium Mine.
   
• The BLM has approved permit to drill up to 2,200 m (7,217 ft) in 24 holes from 8 pads with an objective to commence drilling before the end of 2023.
   
• Interpretation of the recently flown VTEM and UAV 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 2 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).

Kraken Energy Corp. is a new energy company advancing its portfolio of high-grade uranium properties in the Unites States. The Company is advancing its 100%-owned Apex Uranium Property, located 280 km (174 miles) east from Reno, Nevada which is recognized as Nevada's largest past-producing uranium mine.

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