Kraken Energy is identifying several additional priority drill targets on the Garfield Hills, Nevada uranium property

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Vancouver, British Columbia–(Newsfile Corp. – January 30, 2023)- Kraken Energy Corp. (CSE:UUSA) (OTCQB:UUSAF) (the “company” or “Kraken Energy“) is pleased to report that a high resolution unmanned aerial vehicle (“UAV”) assisted magnetic and radiometric survey has been completed on the past-producing Garfield Hills uranium property (“Garfield Hills” or “the Property‘) and the surrounding land package in west-central Nevada, USA has successfully identified several additional priority drill targets.

The UAV surveys use leading-edge technology to generate high-resolution data critical to identifying radiometric anomalies and geophysical signatures used in targeting new zones of uranium mineralization.


  • Five new drill targets have been identified that show significant correlations between highly anomalous radioactivity as equivalent uranium (eU) parts per million (ppm) and elevated UAV spectrometer readings.
  • Additional drill targets are currently being evaluated based on information from current drilling and geological mapping interpretations, which also show correlation with survey anomalies.
  • Further geological mapping at Garfield Hills is planned for summer 2023 to better understand additional target areas.
  • Some of the smallest airborne anomalies on the property correlated strongly with grab samples grading up to 0.32% U3O8th. The major anomalies have yet to be sampled and examined.
  • The target areas are much larger than expected, indicating increased potential for a larger uranium mineralized system over much of the property.

“These survey results have identified much larger target areas than we anticipated,” said CEO Matthew Schwab. “With the smallest anomalies returning very encouraging results and the largest anomalies remaining largely untested, we see strong evidence at Garfield Hills of a uranium mineralized system with significant size and scale potential.”

The airborne surveys were conducted by MWH Geo-Surveys using a Geometrics MagArrow cesium magnetometer and a D230A UAV gamma ray spectrometer flown under a Watts Innovation Prism X8 axial quadcopter.

Subsequent ground surveys using a Radiation Solutions RS-125 handheld spectrometer were conducted over the areas of interest outlined by the airborne survey.

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Figure 1: Additional targets at Garfield Hills

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Figure 2: Garfield Hills UAV radiometric spectrometer

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Figure 3: Garfield Hills UAV Magnetic Survey (TMI)

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Technical information:

All scientific and technical information contained in this news release was prepared or reviewed and approved by Matthew Schwab, P.Geo., the Company’s President and CEO, and Garrett Ainsworth, P.Geo., the Company’s Chairman. Both Mr. Schwab and Mr. Ainsworth are Qualified Persons as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Natural gamma ray from the prospecting reported in this news release was measured in counts per second (cps) or parts per million (ppm) equivalent uranium (eU) using a Radiation Solutions RS-125 handheld spectrometer. The Company considers greater than 250 cps or 10 ppm eU on the spectrometer to be elevated radioactivity over background radioactivity levels of 50 to 150 cps or 0 to 5 ppm eU. The reader is cautioned that the scintillometer readings are not directly or consistently related to the uranium grades of the measured rock sample and should only be used as a preliminary indication of the presence of radioactive materials.

About Kraken Energy Corp.

Kraken Energy Corp. is a new energy company advancing its 100% owned Apex uranium property located 280 km (174 miles) east of Reno, Nevada. The Apex property is considered Nevada’s largest past producing uranium mine. The Company has also entered into an option agreement to acquire 100% of the Garfield Hills uranium property located 19 km (12 miles) east of Hawthorne in Mineral County, Nevada. Additional staking has been completed on the Garfield Hills uranium property, bringing the total area of ​​the property to 1,238 hectares (3,060 acres). The Company also recently staked the Huber Hills Uranium Property, located 136 km (85 miles) north of Elko, Nevada, covering 2,580 acres and containing the historic Race Track open pit mine.

For more information about the company, visit

On behalf of the Board of Directors of Kraken Energy Corp.

Matthew Schwab
President & Chief Executive Officers

Corporate Headquarters:
Suite 918-1030 West Georgia
Vancouver, BC
V6E 2Y3
T: (604) 737-2303

For Investor Relations inquiries contact:
Kristina Pillon, High Tide Consulting Corp.
E: [email protected]

The CSE has neither approved nor disapproved the contents of this press release. Neither the CSE nor its Regulation Service Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.

This press release contains “forward-looking information” that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Such statements are subject to all of the risks and uncertainties normally associated with such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management’s best estimate based on information currently available.

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