Kraken Energy to resume Phase I drill programme in Utah

With a revised and approved exploration permit, the company will drill the property from two pad locations over a 5 km strike length targeting the favourable uranium bearing Chinle Formation host rock where three historical oil and gas wells returned “off-scale” radioactivity. Upon favourable results, the company intends to continue the drill programme to further evaluate the mineralised trend.

As a result of this development, the management has made the strategic decision to reallocate resources from drilling at the Apex Uranium Property (“Apex”) to the resumption of drilling at Harts Point.

CEO of Kraken Energy, Matthew Schwab, stated: “We are excited to be resuming our Phase I drilling programme at Harts Point in Utah and we believe the site to be extremely promising in the short-term. Regarding Apex, we anticipate resuming drilling there once the property is fully permitted, including the US Forest Service portions. While we are encouraged by the continued exploration at Apex, we believe that we can run our drill programme more effectively and efficiently once we have the property fully permitted. As such, Harts Point will be our immediate focus moving into 2024.”

Read the article online at: https://www.globalminingreview.com/exploration-development/03012024/kraken-energy-to-resume-phase-i-drill-programme-in-utah/