Downhole Probe Results Confirm Wide Continuous Intervals Of Elevated Radioactivity At Garfield Hills Uranium Property

VANCOUVER - Kraken Energy Corp. reported the down hole probe results from the initial drill holes of the 2022 drilling program confirmed wide zones of elevated radioactivity at the at the Garfield Hills Uranium Property in west-central Nevada. Downhole Gamma Probe Results: Drillhole GH22-02 intersected 12.0 meters ("m") of continuous elevated radioactivity with downhole probe readings from 288 counts per second ("cps") up to 3478 cps (from 39.0 to 51.0 m); Drillhole GH22-03 intersected 35.4 m of continuous elevated radioactivity with downhole probe readings from 283 cps up to 5147 cps (from 0.0 to 35.4 m); Drillhole GH22-05 intersected a total of 45.0 m of elevated radioactivity with downhole probe readings from 252 cps up to 1727 cps (between 19.7 to 70.3 m), including a 16.8 m continuous zone of 252 cps to 983 cps from 27.6 m depth, and a 16.6 m continuous zone of 252 cps to 1727 cps from 53.7 m depth; and Drillhole GH22-06 intersected a total of 32.3 m of elevated radioactivity with downhole probe readings from 264 cps to 977 cps (between 58.8 to 92.9 m).

As previously reported, drillhole GH22-01 returned a total 19.5 m (between 20.0 m to 42.0 m) of elevated radioactivity with scintillometer readings ranging from 250 cps to 1500 cps, however it was not subject to the downhole gamma probe analysis. For the previously announced scintillometer counts on holes GH22-02, GH22-03.

Matthew Schwab, President, and CEO, said, “The downhole gamma probe results not only confirm the previously announced scintillometer readings but demonstrate much stronger downhole radioactivity and even wider zones of mineralization than previously identified. We are highly encouraged with these results and are looking forward to reporting the full assays as they are received as we believe these results are an early indicator of a potential new high-grade uranium system."

A total of 1,600 meters of the planned 2,500 m drill program has been completed to date and is expected to continue through March where the Company will pause drilling to evaluate and plan a phase 2 drilling program. All the completed holes to date, which were analyzed by a handheld scintillometer returned elevated radioactivity, and the Company will compile the downhole gamma probe results to carry out a thorough analysis on all the drill holes.