Additional Elevated Radioactivity Intersected Over Wide Zones At Garfield Hills

VANCOUVER - Kraken Energy Corp. reported on downhole probe results from the remaining 5 drill holes of the 2023 drilling program at the Garfield Hills Uranium Property in west-central Nevada. A total of 1697.2 meters ("m") were drilled for a total of 11 completed holes during the 2022 and early 2023 drill program to confirm historical drilling and extend the mineralization at the Garfield Hills property. All of the completed drill holes (two incomplete holes) returned wide zones of elevated radioactivity as identified with a downhole gamma probe. Drilling from this program covered an area of approximately 400 m by 900 m. Assays have been sent to a lab for analysis and will be released in due course.

Highlights & Downhole Gamma Probe Results: Drillhole GH23-06 intersected a total of 15.3 m of elevated radioactivity with downhole probe readings from 253 cps up to 3,634 cps?(from 18.5 to 51.9 m); Drillhole GH23-01 intersected a total of 18.0 m of elevated radioactivity with downhole probe readings from 251 counts per second (cps) up to 431 cps?(from 159.8 to 202.2 m); Drillhole GH23-02 intersected 7.0 m of continuous elevated radioactivity with downhole probe readings from 289 cps up to 590 cps (from 16.5 to 23.5 m); Drillhole GH23-05 intersected a total of 67.7 m of elevated radioactivity with downhole probe readings from 251 cps up to 417 cps (from 115.6 to 197.3 m); Drillhole GH23-04 intersected a total of 9.0 m of elevated radioactivity with scintillometer readings ranging from 270 cps to 1,004 cps however it was not subject to the downhole gamma probe analysis due to hole conditions; (between 16.5 to 25.5 m); and Continued prospecting and ground truthing of the UAV radiometric survey has outlined a mineralized surface expression of over 4 kilometers (km) along strike EW from the current area of drilling. Multiple uraniferous anomalies have been discovered reading more than 15,000 cps from the RS-125 handheld spectrometer.

"The continued intersection of elevated radioactivity across drill targets at Garfield Hills combined with a 4 km strike of confirmed surface mineralization is highly encouraging as we continue to build the extent and potential of uranium resource potential on the property," stated CEO, Matthew Schwab. "With the known drilling area open in all directions and at depth, our team is eager to begin planning a follow-up Phase 2 drilling program at Garfield Hills for 2023."