Kraken Energy Corp. reported that the Company has received permits to drill 100%-owned, past-producing Apex Uranium Property located in central Nevada. On August 28th, 2023, Kraken reported a significant expansion of the Apex Property on Nevada Bureau of Land Management ground that covers the potential northwest extension of uranium mineralization from the historic Apex Uranium Mine.

On October 17th, 2023, the Company reported on the identification of multiple high priority drill targets comprising coincident geophysical and radon anomalies along a 2.0 km trend northwest of the Apex Mine and within the newly expanded BLM ground. Kraken has received approval from the Nevada BLM to drill up to 2,200 m (7,217 ft) in 24 holes from 8 pads and expects to commence drilling before the end of 2023. This inaugural drill program will test high priority targets immediately northwest and along trend of the historic Apex Uranium Mine in central Nevada.

Highlights: Priority drill targets over strong radon anomalies coincide with geophysical signatures outlining the mineralized contact at the historic Apex Uranium Mine; The BLM has approved permit to drill up to 2, 200 m (164 ft to 656 ft). About the Apex Property: 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 mining grade of 0.25% U3O8. Historic drilling results include results of up to 3.1 m (10 ft) at 1.33% U3O8, 34.1 m (112 ft) at 0.37% U3O8 and 15.2 m (50 ft) at 0.51% U3O8.