Kraken Energy Corp. announced geochemical assay results from its maiden drilling program at the Garfield Hills Uranium Property in west-central Nevada. A total of 1,697.2 meters ("m") were drilled in the 2022 and early 2023 Phase I exploration program.

The 11 completed holes over a surface area of 400 m by 900 m confirmed historical drilling and extended the mineralization at the Garfield Hills property. 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. Additionally, the Company announces that regional exploration and new soil sampling continues to encounter high grade surface and soil samples of up to 1.007% U3O8 along strike to the east of Phase I drilling and up to 0.320% U3O8 to the west of Phase I drilling, identifying a mineralized trend of over 4 kilometers ("km")., if re-elected at the 2023 AGM, Marc Nolet de Brauwere will step down and the Board intends to appoint Ms. Annie Torkia Lagacé as Director to fill the vacancy. This appointment will immediately increase female Board representation to over 37%, reflecting the Corporation's commitment to best governance practices, and largely exceeds proxy advisory firms' guidelines, including guidelines of Institutional Shareholder Services Inc. ("ISS"), which has recommended that shareholders vote for all resolutions put forth at its upcoming Annual General Meeting ("AGM") to be held on June 15, 2023.

The 1,238-hectare (3,060 acre) Garfield Hills Property is located within the jurisdiction of Nevada's Bureau of Land Management ("BLM"), 19 kilometers ("km") (12 miles) east of Hawthorne in Mineral County, Nevada.