Kraken Energy Corp. announced that it has entered into an option agreement dated effective August 9, 2022, between the Company and Robert Weicker, pursuant to which the Company holds an option to acquire 100% of certain mining claims, including those encompassing the Garfield Hills Uranium Property ("the Proposed Transaction"), located east of Hawthorne, Nevada. The Garfield Hills Uranium Property (the "Property") comprises 36 unpatented Bureau of Land Management ("BLM") mineral claims covering 720 acres (201 hectares) and is located just south of HWY 95, and 19.3 km (12 miles) east of Hawthorne, in Mineral County, Nevada and is accessible by county-maintained gravel roads that cut across the western portion of the Property. Historical reports, including from the Nevada Bureau of Mines1 and a 1977 report by M&M Porcupine Gold Mines Ltd.2 describe high grade uranium mineralization on the Property. Historical drill highlights from 1969 include two drill holes located 183 m apart that include 0.258% U3O8 over 14 m (46 ft) and 0.175% U3O8 over 14 m (46 ft). A third historical drill hole, located 213 m (700 ft) to the east of the initial two drill holes, was reportedly higher grade (no interval or values reported). The uranium mineralized trend was reported to
extend east-west for 396 m (1300 feet) and remains open in most directions. The Company does not treat these historical results as current and has not completed sufficient work to verify such historical results. The Company plans to conduct an airborne radiometric and magnetic survey followed by
prospecting, geological mapping, and geochemical sampling that will lead to a maiden diamond drill program. The property comprises unpatented BLM mineral claims, which are often fully permitted for drilling in 30 to 45 days from the submission of a drill permit application.