Geophysical Surveys Completed on Kraken Energy’s Apex Uranium Property Identifies Several Additional Priority Drill Targets


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Vancouver, British Columbia–(Newsfile Corp. – November 2, 2022) – Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) (the “Company” Where “Kraken Energy“) is pleased to announce that a high-resolution unmanned aerial vehicle (“UAVs“) supported a magnetic and radiometric survey carried out this summer at the former Apex uranium mine (“Summit“or the”Property“) and the surrounding body of land in Nevada, has successfully identified several additional priority drill targets.

The UAV survey, which uses state-of-the-art drone technology to produce high-resolution data essential for identifying radiometric anomalies associated with uranium mineralization and geophysical signatures used to discover new areas of uranium mineralization. The airborne surveys focused on the 13 kilometer (8.2 mile) northwest-southeast trend between the Apex mine and the Lowboy mine.

Drone surveys were conducted by MWH Geo-Surveys using a Geometrics MagArrow cesium magnetometer and a D230A UAV gamma-ray spectrometer piloted under a Watts Innovation Prism X8 axial quadcopter.

“We are very pleased with the results of the recently completed geophysical surveys on our Apex property, as the data shows extensive and previously unknown radioactivity at the surface, which is consistent with our understanding of the geology of the area,” said the CEO Matthew Schwab. “With the information gained from these surveys, we have added other high priority target areas and will be able to better plan targets for future drilling.”

Figure 1: Map of the Apex Uranium Mine and surrounding properties

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Figure 2: Radiometric survey of the Apex UAV spectrometer

(Red outlines highlight areas of strong radioactive response exposed on the surface)

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Figure 3: Apex UAV Magnetic Survey (TMI)

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Technical informations

All scientific and technical information contained in this press release was prepared or reviewed and approved by Matthew Schwab, P.Geo., President and Chief Executive Officer of the Company, and Garrett Ainsworth, P.Geo., President of society. Mr. Schwab and Mr. Ainsworth are each a qualified person for the purposes of National Instrument 43-101 – Disclosure Standards for Mining Projects.

About Kraken Energy Corp.

Kraken Energy Corp. is a new energy company advancing its wholly owned Apex uranium property, located 280 km (174 miles) east of Reno, Nevada. The Apex property is recognized as the largest former producing uranium mine in Nevada. The Company has also entered into an option agreement to acquire 100% of the Garfield Hills uranium property, located 19 km (12 miles) east of Hawthorne in Mineral County, Nevada. Additional staking was completed on the Garfield Hills uranium property, bringing the total area of ​​the property to 1,238 hectares (3,060 acres). For more information about the company, please visit www.krakenenergycorp.com.

On behalf of the board of directors of Kraken Energy Corp.

Matthew Schwab
President and CEO

The head office:
400-1681 Chestnut St.
Vancouver, BC
V6J 4M6
Such. : (604) 737-2303

For any inquiries relating to investor relations, contact:
Kristina Pillon, High Tide Consulting Corp.
E : [email protected]

CSE has neither approved nor disapproved of the contents of this press release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This press release contains “forward-looking information” that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. These statements are subject to all risks and uncertainties normally associated with such events. Investors are cautioned that such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. These forward-looking statements represent management’s best judgment based on information currently available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142653

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