Kraken Energy Completes VTEM(TM) Airborne Geophysical Survey at Apex Uranium Property

Source: 4/26/2023, Location: North America

Kraken Energy Corp. is pleased to report on the interpretation of recently flown 669 line-kilometer ("km") (416 mile) VTEM™ and magnetic airborne geophysical survey on its 100%-owned Apex Property ("Apex" or the "Property") in Central Nevada.

Conductive graphite and sulphides (pyrite and chalcopyrite) are associated with uranium mineralization on the Property, and 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.

Known uranium mineralization on the Property is associated with conductive anomalies and magnetic highs.
Uranium mineralization at the past-producing Apex and Lowboy Mines is strongly associated with conductive graphite and sulphides. Magnetic high signatures are also associated with these historic uranium mines.
The highest-grade uranium mineralization at the historic Apex Mine is associated with graphitic and pyritic shales near the intrusive contact, and along both the hanging wall and foot wall of the aplite dikes1.
Numerous highly prospective and untested conductive anomalies and magnetic highs exist across the entire 14.5 km mineralized strike length within the Apex Property.
New priority targets have been outlined on both BLM and USFS portions of the Property.
The strongest conductive anomalies on the Property are untested blind targets located in between the historic Apex and Lowboy Mines.
Conductive anomalies and magnetic highs have significantly upgraded the regional prospectivity on the Apex Property.
The survey was carried out by Geotech Ltd. and collected both time-domain electromagnetic and magnetic data on 100 meter ("m") (328 foot) spaced lines with a northeast-southwest flight orientation. The survey was designed to investigate multiple prospects on the Apex Uranium Property for anomalous conductivity related to graphitic and sulphide-rich horizons, and magnetic highs related to intrusive bodies that are often concurrently associated with uranium mineralization.

"With a newly updated geological model and additional geophysical data for targeting, we are confident with our drill targets on the Apex Property," stated CEO Matthew Schwab. "Our team's understanding of the entire Apex Property has taken a remarkable leap forward, and we are excited to test these new targets as we continue to advance the drill permitting process with the US Forest Service."

The Apex Uranium Mine was Nevada's largest past-producing uranium mine which produced ~106,000 pounds of U3O8 in the 1950s at an average grade of ~0.25% U3O8. Historic drilling results include results of up to 34.1 m (112 ft) at 0.37% U3O8 and 15.2 m (50 ft) at 0.51% U3O82,3,4,5.

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