Business
Kraken Energy Executes Definitive Option Agreement for the Harts Point Uranium Property, Utah
Vancouver, British Columbia--(Newsfile Corp. - May 23, 2023) - Kraken Energy Corp. ( CSE: UUSA)...
About this update from Atomic Minerals Corporation
[{"type":"text","content":"Kraken Energy Executes Definitive Option Agreement for the Harts Point Uranium Property, UtahVancouver, British Columbia--(Newsfile Corp. - May 23, 2023) - Kraken Energy Corp. (CSE: UUSA) (OTCQB: UUSAF) (the \"Company\" or \"Kraken\") is pleased to announce the execution of a definitive option agreement (the \"Option Agreement\" or the \"Agreement\") to acquire up to a 75% interest in the Harts Point Uranium Property (Figures 1 & 2) in San Juan County, southeast Utah (\"Harts Point\" or the \"Property\"). This news follows the previously announced binding letter of agreement (see May 2nd, 2023 press release).Harts Point is located in the center of the Colorado Plateau, referred to by some as \"the Athabasca Basin of the US\" and is 64 kilometers (\"km\") (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 (\"BLM\") ground that covers an area of 2,622 hectares (\"ha\") (6,480 acres) and drill permits are in place for up to 25 exploration drill holes upon payment of the US$58,000 bond to the BLM.Garrett Ainsworth, Chairman of Kraken, stated, \"We are very pleased to have executed the option agreement on Harts Point, which has strong potential to host a uranium deposit trend along the east flank of an anticline feature within the well-known Chinle Formation in the Colorado Plateau. Historical uranium mining to the east and west of Harts Point along with historic off-scale radioactivity in the Chinle Formation on Harts Point have significantly de-risked our upcoming drill program where the majority of permitting has already been completed.\"Harts Point Property Highlights:World class uranium jurisdiction: located in the center of the Colorado Plateau, which has produced over 328 million (\"M\") pounds (\"lbs\") U3O8 at 0.2 to 0.4% U3O8 since the 1950s1.Harts Point Anticline is Analogous to the Lisbon Valley Anticline: where the Lisbon Valley Uranium District (Figure 1) hosted 17 large uranium mines which produced approximately 80M lbs U3O8 at 0.34% U3O8 from 1948 to 19882. The dimensions of these tabular sandstone-hosted uranium deposits range from 2 to 13 meters (\"m\") (7 to 43 feet) thick, 100 to 3,048 m (328 to 10,000 feet) long, and 31 to 427 m (100 to 1,400 feet) wi...