Kraken Energy is building a portfolio of 5-10 uranium projects in tier one locations in the USA

Kraken Energy Corp. (CSE: UUSA | OTCQB: UUSAF) (“Kraken”) is focused on growing and advancing its portfolio of uranium properties in the United States. Kraken owns 4 uranium projects in Nevada and Utah. The concept is to develop a hub and spoke model with several uranium mines feeding a central mill.

Kraken’s 4 uranium projects in the USA are:

• Apex Uranium Property (100% owned) (Nevada)
• Garfield Hills Uranium Property (option to acquire 100%) (Nevada)
• Huber Hills Property (100% owned) (Nevada)
• Harts Point Uranium Property (option agreement to earn 75%) (Utah)

Note: Kraken’s Apex Uranium Property contains the Apex Uranium Mine, Nevada’s largest past-producing uranium mine. For details on the above first 3 Nevada projects you can read our past article here and on the newly acquired Utah project you can read our article here.

Kraken’s strategy to develop a new US domestic source of uranium

Kraken’s strategy is to rapidly assemble and develop a portfolio of 5-10 uranium projects in the USA, each with potential deposits of 10 to 50 million tonnes of uranium. Ideal targets are those projects with past producing uranium mines or a historical uranium resource and ideally valuable by-products. Projects need to be in Tier 1 mining jurisdictions and have access to infrastructure and year round access.

Thereafter the goal is to rapidly bring these properties to a Pre-Feasibility or Feasibility Stage and ultimately establish a sustainable ‘hub and spoke’ mining model. Kraken’s strategy is to focus on states in the US that have a strong uranium mining history where there is a willingness to get projects to production. So far Kraken’s projects are in Nevada and Utah, but they are also looking at Wyoming, Colorado, and New Mexico. Many of these regions have a history of uranium projects dating back to the 1950’s and 1960’s that have largely been forgotten.

Kraken’s vision to build a U.S-based uranium hub and spoke model to service domestic energy demand

Source: Kraken company presentation

Kraken’s latest news

As announced on July 5, 2023, Kraken has received permits to drill the Harts Point Uranium Property in Utah. Kraken state that the drilling

“is expected to begin in early July. Phase I of the drill program includes an initial 2,000 meters (m) of drilling to twin the three historical holes which span 5 kilometers (“km”) of strike that returned off-scale radioactivity from downhole probe readings.”

High radioactive readings are potentially a good indicator of uranium.

Kraken CEO, Matthew Schwab comments:

“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 5 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.….”

As announced on June 6, 2023, Kraken reported geochemical assay results from its maiden drilling program at the Garfield Hills Uranium Property. The results were solid with Kraken stating:

“Of the 11 completed holes, 7 holes encountered shallow, flat lying uranium mineralization, highlighted by hole GH22-01 which intersected a broad 12.5 m interval of 0.036% U₃O₈ starting from a depth of 23.0 m, and hole GH23-04 which returned 7.0 m of 0.029% U₃O₈ from 17.5 m.”

The drill results were spread over an area of flat lying uranium mineralization covering 400m by 900m.

Also positive was that additional surface soil sampling along 4 km of strike returned high-grade chemical assay results of over 1.0% U3O8. This suggests it is possible that the uranium mineralization is spread over a much larger area and warrants further drilling.

Closing remarks

Kraken Energy is really ‘cracking along’. Kraken has now acquired 4 USA based uranium projects and intends to grow this to 5-10 projects with a goal to rebuild the US domestic uranium supply chain. Kraken’s strategy is a simple and cost effective way of building a potential significant future uranium production company. At the current pace, investors should not have to wait too long for more potentially good news on their progress. Drill results at the Harts Point Uranium Property will be eagerly awaited.

Kraken Energy trades with a market cap of C$15 million with C$6.5 million cash on hand as of July 2023.

In a recent interview conducted by Tracy Weslosky of InvestorIntel with George Glasier, President, CEO, and Director of Western Uranium & Vanadium Corp. (CSE: WUC | OTCQX: WSTRF) reported updated results from the ongoing uranium and vanadium project at the Sunday Mine Complex and how they continue to vastly exceed expectations. 

With respect to the vanadium side of their operations, George noted the increasing demand from potential battery companies requiring long-term supply commitments for vanadium. These companies plan to build vanadium redox flow (VRFB) battery plants, for which vanadium electrolyte is the energy storage medium.

Glasier also emphasized the importance of thinking long-term and contracting at economic price levels, reflecting on past industry mistakes made when uranium prices surged before receding. He confirmed that the life of the Sunday Mine Complex is estimated at least 20 years at expected production rates, and is to be supplemented by additional resources set to be developed and permitted in the future. He highlighted the company’s growth from two employees three years ago to the current twenty plus and elaborated on the company’s development plans, mentioning the recent acquisition of a drill to define additional underground ore bodies that have been historically difficult to reach, with surface drilling, due to challenging topography.

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About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a Colorado-based uranium and vanadium conventional mining company focused on low-cost near-term production of uranium and vanadium in the western United States, and the development and application of kinetic separation.

To learn more about Western Uranium & Vanadium Corp., click here.

Disclaimer: Western Uranium & Vanadium Corp. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp., (IIC), does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

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In this InvestorIntel interview, Tracy Weslosky talks with Western Uranium & Vanadium Corp.‘s (CSE: WUC | OTCQX: WSTRF) President, CEO, and Director George Glasier about possible causes of the recent upward pressure on uranium prices and his views on the current uranium market.

George comments about the potential impacts of banning Russian uranium. He states: “The sanction on Russian uranium is in the works right now….the market is saying that it is likely to happen….over a period of time that will cause demand for uranium to switch from Russian and Kazakhstan likely to non-Russian, non-Kazakhstan uranium….it’s going to take a higher price to justify this non-Russian, non-Kazakhstan production.”

George gives his view on where the uranium price is likely to go in the next 2 years. He also discusses Western Uranium & Vanadium’s Sunday Mine production potential. When combined with the Company’s other project, total uranium production is targeted to produce ~2 million pounds of uranium per year over a 20+ years period.

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About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a Colorado-based uranium and vanadium conventional mining company focused on low-cost near-term production of uranium and vanadium in the western United States, and the development and application of kinetic separation.

To learn more about Western Uranium & Vanadium Corp., click here.

Disclaimer: Western Uranium & Vanadium Corp. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp., (IIC), does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please contact us at +1 416 792 8228 and/or email us direct at [email protected].

In this InvestorIntel interview, Tracy Weslosky talks with Ur-Energy Inc.‘s (NYSE American: URG | TSX: URE) Chairman, CEO, and President John Cash about how Prohibiting Russian Uranium Imports Act, if passed, could be a game changer for the United States’ uranium industry.

Highlighting Russia’s dominance in the global uranium market, John discusses how the invasion of Ukraine by Russia has raised concerns about the security of supply chain, sending US utilities scrambling to find alternative sources of uranium in case the sanctions are finalized.

Speaking about how China, Kazakhstan, and Russia seem to be working together to dominate the global nuclear market, John says that the United States doesn’t have enough uranium reserves to meet its own demand and needs support from allies such as Canada and Australia to fill the gap.

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About Ur-Energy Inc.

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Company has produced, packaged, and shipped approximately 2.6 million pounds of U₃O₈ from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company’s second in situ recovery uranium facility in Wyoming, and is in the process of obtaining remaining amendments to Lost Creek authorizations for expansion of Lost Creek. Ur‑Energy is engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States.

To know more about Ur-Energy Inc., click here

Disclaimer: Ur-Energy Inc. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp., (IIC), does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please contact us at +1 416 792 8228 and/or email us direct at [email protected].

In this InvestorIntel interview, Tracy Weslosky talks with Ur-Energy Inc.’s (NYSE American: URG | TSX: URE) Chairman, CEO, and President John Cash about restarting commercial production at Ur-Energy’s Lost Creek, In Situ, Uranium Facility in Wyoming, United States.

John discusses how their cash flow looks promising as UR-Energy has decided to ramp up production due to improving market conditions and some favorable long-term contracts. The Company has already sold 100,000 pounds of uranium at $64.47 per pound this year and is contracted to sell another 180,000 pounds of uranium with projected sales to reach over $17 million in 2023. He adds that next year, sales should increase to 600,000 pounds and the Company should recognize about $200 million during the lifetime of the first two contracts signed.

UR-Energy is the lowest-cost producer of uranium in the United States and has a strong track record of maintaining low costs due to the quality of the ore body in Wyoming and its experienced staff. The Company has received significant support from Wyoming, both locally and statewide, including funding for facility expansion and strong backing from politicians and regulators.

John discusses UR-Energy’s Lost Creek production plant has a capacity of 1.2 million pounds per year, while its second facility, Shirley Basin, is licensed for 1 million pounds per year, but has not been built out yet. He adds that the Company aims to secure additional contracts to reach 2.2 million pounds per year and would help justify the build-out at Shirley Basin.

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About Ur-Energy Inc.

Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central Wyoming. The Company has produced, packaged, and shipped approximately 2.6 million pounds of U₃O₈ from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company’s second in situ recovery uranium facility in Wyoming, and is in the process of obtaining remaining amendments to Lost Creek authorizations for expansion of Lost Creek. Ur‑Energy is engaged in uranium recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States.

To know more about Ur-Energy Inc., click here

Disclaimer: Ur-Energy Inc. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp., (IIC), does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

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Things are heating up nicely in the US uranium market.

The US government is now buying US-produced uranium at a premium to ensure they can support the local industry and build up a significant US uranium reserve. Furthermore, there is a bill pending to cut off Russian imports of low-enriched uranium. If passed, there are certain waivers if the US has no other uranium source and any ban would not begin until 2028. Additionally, Congress is considering steps to further bolster US nuclear fuel production capacity via the Nuclear Fuel Security Act.

As announced on June 1, 2023:

“The House Energy and Commerce Committee has advanced a bill to the chamber’s floor that, with certain exceptions, would ban the import of low-enriched uranium from Russia into the United States……the Prohibiting Russian Uranium Imports Act (H.R. 1042) was approved in a (slightly) bipartisan 29–21 vote on May 24.“

As a result of this uncertainty and limited new supply, the uranium price surged higher in the past few months

Source: Trading Economics

All of the above is good news for US uranium producers.

Ur-Energy Inc.

Ur-Energy Inc. (NYSE American: URG | TSX: URE) is a US uranium producer at their Lost Creek in-situ recovery uranium facility in south-central Wyoming. As announced on May 30, 2023, the Company has restarted commercial production and completed the Casper Centralized Services Facility for full laboratory and construction services for each of Ur-Energy’s mining projects. 2023 looks like potentially a big year for Ur-Energy as they ramp up production at their Lost Creek Facility and look to potentially start construction (subject to the placement of new off-take sales contracts) at their Shirley Basin Project.

The Lost Creek in-situ recovery uranium facility is now in production

Back in February InvestorIntel reported that Ur-Energy was about to immediately ramp up production at its Lost Creek uranium facility in response to new sales agreements and that

“Ur-Energy’s total sales quantity under contract is 500,000 pounds of uranium concentrates per annum, beginning in 2024, plus or minus“.

That figure has now risen to 600,000 pounds with the Department of Energy agreeing to buy 100,000 pounds of of domestically produced uranium concentrate from Ur-Energy for the National Uranium Reserve at a sales price of US$64.47/lb.

Ur-Energy stated on May 30, 2023:

“Lost Creek production inventory will be sold into our remaining 2023 contract book of 180,000 pounds U₃O₈ in the second half of the year. Beginning in 2024, the Company’s total sales quantity under contract is 600,000 pounds U₃O₈ annually, plus or minus a small, optional flex.”

A positive sign that there is a very strong demand for Ur-Energy’s uranium.

Ur-Energy COO, Steve Hatten, stated:

“This restart of normal operations at Lost Creek marks the first of a series of planned production areas scheduled for 2023 and 2024. We hope our return to commercial production also is the beginning of a resurgence of the uranium mining industry in the United States.“

Shirley Basin Project

Ur-Energy’s Shirley Basin Project has all major permits and licenses required to construct and operate a one million pound per year production facility.

Ur-Energy CEO, John Cash, stated in May, 2023:

“As the market continues to improve, we are increasingly optimistic that additional profitably priced sales contracts will incentivize a ramp up to full production at Lost Creek and, potentially, the build out of Shirley Basin. 2023 promises to be an exciting year for Ur-Energy and our shareholders.”

Ur-Energy – Lost Creek Facility, the ready to construct Shirley Basin Project, and other uranium projects in USA

Source: Ur-Energy website

Q1 2023 Financial results

In Q1, 2023, Ur-Energy delivered 100,000 pounds of U₃O₈ at a sales price of $64.47/lb for proceeds of $6.4 million to the U.S. Department of Energy (“DOE”) national uranium reserve. During the Quarter, Ur-Energy generated $2.3 million from operating activities.

On May 1, 2023, Ur-Energy stated in their Q1 2023 Financials announcement:

“Including the Q1 DOE sale, we expect to sell 280,000 pounds U₃O₈ in 2023 for $17.3 million and, together with the base amount of 600,000 pounds U₃O₈ to be sold annually 2024 – 2028, total anticipated revenues to the Company will be approximately $205 million…….Sales prices are anticipated to be profitable on a Company-wide, all-in cost basis, and are escalated annually from initial pricing in 2023 and 2024…..“

Closing remarks

Ur-Energy is back in business. Prior to the Lost Creek restart, Ur-Energy was essentially on hold awaiting stronger uranium prices. Uranium contracts for several years ahead, potentially bode well for future profitability for the Company. If we continue to see reasonable uranium prices (at or above US$50/lb) then Ur-Energy will also look to bring on their second project Shirley Basin and thereby expand their production volumes further.

Ur-Energy trades on a market cap of C$280 million.

In this InvestorIntel interview, Jack Lifton talks with Kraken Energy Corp.’s (CSE: UUSA | OTCQB: UUSAF) CEO and Director Matthew Schwab about how Kraken is reviving past producing uranium mines to set up domestic uranium production in the United States.

Speaking about Kraken’s high-calibre team with extensive uranium expertise, Matthew provides an update on their recent agreement to acquire up to 75% interest in the Harts Point Uranium Property in southeast Utah, USA.

Rather than seeking new discoveries, Matthew says that Kraken is looking to exploit resources with near-surface mineralization that were taken out of production due to the removal of incentives by the US government in the late 1950s and 1960s. Matthew believes that they can move these projects towards production in a shorter timeframe in the US than in other jurisdictions.

The interview also touches on the issue of the US’ dependence on foreign uranium, despite having a significant number of nuclear power reactors, and the need for domestic production.

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About Kraken Energy Corp.

Kraken Energy Corp. (CSE: UUSA | OTCQB: UUSAF) is a new energy company advancing its portfolio of high-grade uranium properties in the United States. The Company is advancing its 100%-owned Apex Uranium Property, located 280 km (174 miles) east of Reno, Nevada which 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. The past-producing Garfield Hills Uranium Property covers 1,238 ha (3,060 acres) and is located 19 km (12 miles) east of Hawthorne in Mineral County, Nevada. The Company has also recently staked the Huber Hills Uranium Property, located 136 km (85 miles) north of Elko, Nevada which covers 1,044 ha (2,580 acres) and encompasses the historic Race Track open pit mine.

To learn more about Kraken Energy Corp., click here

Disclaimer: Kraken Energy Corp. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp., (IIC), does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please contact us at +1 416 792 8228 and/or email us direct at [email protected].

In this InvestorIntel interview, Tracy Weslosky talks with Kraken Energy Corp.’s (CSE: UUSA | OTCQB: UUSAF) CEO and Director Matthew Schwab about Kraken’s recent agreement to acquire up to 75% interest in the Harts Point Uranium Property in southeast Utah, USA.

With a focus on building a portfolio of high-quality uranium assets in Tier 1 jurisdictions of Nevada, Wyoming, and Utah, that have a strong history of uranium production, Matthew discusses how Kraken is moving forward with their hub and spoke model for domestic uranium production in the United States.

Speaking about the strength of its management team, Matthew explains how Kraken’s success in acquiring historically exceptional projects is attributed to knowing the right people and a diligent process in reviewing forgotten uranium projects from the 1950s and 1960s.

Kraken aims to continue expanding its project portfolio with deposits ranging from 10 to 50 million tonnes, with the long-term goal being to bring these properties to a Pre-feasibility or Feasibility Stage and establish a sustainable “hub and spoke” mining model.

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About Kraken Energy Corp.

Kraken Energy Corp. (CSE: UUSA | OTCQB: UUSAF) is a new energy company advancing its portfolio of high-grade uranium properties in the United States. The Company is advancing its 100%-owned Apex Uranium Property, located 280 km (174 miles) east of Reno, Nevada which 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. The past-producing Garfield Hills Uranium Property covers 1,238 ha (3,060 acres) and is located 19 km (12 miles) east of Hawthorne in Mineral County, Nevada. The Company has also recently staked the Huber Hills Uranium Property, located 136 km (85 miles) north of Elko, Nevada which covers 1,044 ha (2,580 acres) and encompasses the historic Race Track open pit mine.

To learn more about Kraken Energy Corp., click here

Disclaimer: Kraken Energy Corp. is an advertorial member of InvestorIntel Corp.

This interview, which was produced by InvestorIntel Corp., (IIC), does not contain, nor does it purport to contain, a summary of all the material information concerning the “Company” being interviewed. IIC offers no representations or warranties that any of the information contained in this interview is accurate or complete.

This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

If you have any questions surrounding the content of this interview, please contact us at +1 416 792 8228 and/or email us direct at [email protected].

As the newest National Hockey League franchise, the Seattle Kraken, continue to surprise the opposition in Round 2 of the NHL playoffs, in only their second year of existence, I thought that would be a good reason to look at another Kraken. Something a little more investable than a hockey team. Unless of course, you are one of the many celebrities joining consortiums to bid upwards of $1 billion on the Ottawa Senators (The Weeknd, Snoop Dogg, Ryan Reynolds). That price tag is well outside of my financial capacity, so instead we’ll look at something a lot more affordable, a U.S. uranium player called Kraken Energy Corp. (CSE: UUSA | OTCQB: UUSAF).

Kraken Energy is a relatively new energy company developing a portfolio of uranium properties in the United States. Kraken ‘emerged’ from the depths after shifting its focus to the clean energy sector and changing its company name in early 2022.

The Company is advancing its 100%-owned Apex Uranium Property, located 280 km (174 miles) east of Reno, Nevada, which 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 also in Nevada as well as its most recent acquisition of up to a 75% interest in the Harts Point Uranium Property in San Juan County, southeast Utah. All of Kraken’s uranium projects are located in the Tier 1 mining jurisdictions of Nevada and Utah.

Kraken Acquires the Harts Point Uranium Project in Utah

Last week, the Company announced it had entered into a binding letter of agreement to acquire up to a 75% interest in the Harts Point Uranium Property, located in the center of the Colorado Plateau, referred to by some as “the US version of the Athabasca Basin”. According to the Company’s news release, the Colorado Plateau has produced over 328 million lbs U₃O₈ at 0.2 to 0.4% U₃O₈ since the 1950s.

Harts Point Anticline is analogous to the Lisbon Valley Anticline, located 31 km (19 miles) to the east, where the Lisbon Valley Uranium District had 17 large uranium mines which produced approximately 80 million lbs U₃O₈ at 0.34% U₃O₈ from 1948 to 1988. Also of note, Harts Point is located 64 km (40 miles) north of the White Mesa Uranium Mill, the only fully licensed and operating conventional uranium mill in the United States.

Key to the acquisition of the Harts Point Property, aside from its proximity to historic uranium mines, was three wide-spaced historic oil and gas wells on the Property, along the east flank of the Harts Point Anticline, which showed ‘off-scale’ radioactivity within the favorable Chinle Formation host rock.

FIGURE 1: Recently Acquired Harts Point Uranium Project in Utah

Continued Exploration at Kraken’s Apex Uranium Property in Nevada

Elsewhere, at Kraken’s Apex Property, the Company reported on the interpretation of a recently flown Versatile Time Domain Electromagnetic (VTEM) and magnetic airborne geophysical survey. The survey was comprised of 669 line km (416 miles) flown with 100-meter (328-foot) spaced lines.

The VTEM survey results have identified numerous conductive anomalies associated with known uranium mineralization on the Property and also along trend to the east-southeast as high-priority blind targets. Conductive anomalies and magnetic highs have significantly upgraded the regional prospectivity on the Apex Property creating an updated geological model and additional geophysical data for drill targeting.

FIGURE 2: Kraken Completes Airborne Geophysical Survey at Apex Uranium Property

Kraken Completes Phase 1 Drill Program at the Garfield Hills Uranium Project in Nevada

At the Company’s Garfield Hills Uranium Property, Kraken has just wrapped up its Phase 1, 11-hole drill program that started in late 2022 to confirm historical drilling and extend the mineralization. All of the completed drill holes returned wide zones of elevated radioactivity as identified with a downhole gamma probe. Drillhole GH23-06 intersected continuous 14.8 m with downhole probe readings ranging from 253 to 3,364 counts per second (“cps”). Assays have been sent to a lab for analysis and will be released in due course.

The Company continues to define the extent of the potential uranium resource on the property from both the intersection of elevated radioactivity across the drill targets and the confirmed surface mineralization spanning 4 km. With the project area remaining open in all directions and at depth, Kraken is eager to plan a follow-up Phase 2 drill program.

FIGURE 3: Garfield Hills Drill Results Plan Map and Downhole Radioactivity Cross Section

Next Steps for Kraken

Looking ahead, Kraken has several catalysts. With C$7.5 million in cash on the balance sheet, they are well funded for the numerous drilling programs slated.

• The Harts Point Property is permitted for up to 25 exploration drill holes upon payment of the US$58,000 bond to the BLM and targets have already been selected.
• At the Apex Property, the Company is currently pursuing drill permits and hopes to commence drilling before the end of H1/2023.
• At Garfield Hills, Kraken is planning a follow-up Phase 2 drilling program for 2023. Plus, there are the pending assays from the 11 holes already drilled at Garfield Hills.

Kraken plans to advance its portfolio of energy projects and potentially benefit from the U.S. government’s recent actions to mitigate the risks to its domestic supply chain of uranium for energy, defense, and national security purposes.

Kraken Energy Corp. currently trades at a C$17 million market cap.

In this InvestorIntel interview during PDAC 2023, Chris Thompson talks to Western Uranium & Vanadium Corp.’s (CSE: WUC | OTCQX: WSTRF) CEO, President, and Director George Glasier about an update on their Sunday Mine Complex located in Colorado, USA. Currently producing and stockpiling uranium and vanadium ores at the Sunday Mine Complex, George provides an update on their new mineral processing facility to be built in Utah, USA to recover uranium, vanadium, and cobalt with initial production from the facility expected in 2026.

George goes on to discuss their patented Kinetic Separation Technology that reduces the mass put through the mill by up to 10 times. In addition to reducing the environmental footprint, George explains how Western Uranium & Vanadium’s Kinetic Separation Technology considerably reduces the cost of production.

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About Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a Colorado-based uranium and vanadium conventional mining company focused on low-cost near-term production of uranium and vanadium in the western United States, and development and application of kinetic separation.

To learn more about Western Uranium & Vanadium Corp., click here.

Disclaimer: Western Uranium & Vanadium Corp. is an advertorial member of InvestorIntel Corp.

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This presentation may contain “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements are based on the opinions and assumptions of the management of the Company as of the date made. They are inherently susceptible to uncertainty and other factors that could cause actual events/results to differ materially from these forward-looking statements. Additional risks and uncertainties, including those that the Company does not know about now or that it currently deems immaterial, may also adversely affect the Company’s business or any investment therein.

Any projections given are principally intended for use as objectives and are not intended, and should not be taken, as assurances that the projected results will be obtained by the Company. The assumptions used may not prove to be accurate and a potential decline in the Company’s financial condition or results of operations may negatively impact the value of its securities. Prospective investors are urged to review the Company’s profile on Sedar.com and to carry out independent investigations in order to determine their interest in investing in the Company.

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