Shallow Uranium Mineralization In Exploration Holes At Garfield Hills Uranium Property

VANCOUVER - Kraken Energy Corp. reported maiden drilling program at the Garfield Hills Uranium Property, in west-central Nevada.

A total of 1,697.2 meters ("m") were drilled in the 2022 and early 2023 Phase I exploration program. The 11 completed holes over a surface area of 400 m by 900 m confirmed historical drilling and extended the mineralization at the Garfield Hills property. Of the 11 completed holes, 7 holes encountered shallow, flat lying uranium mineralization, highlighted by hole GH22-01 which intersected a broad 12.5 m interval of 0.036% U3O8 starting from a depth of 23.0 m, and hole GH23-04 which returned 7.0 m of 0.029% U3O8 from 17.5 m.

Additionally, the Company announces that regional exploration and new soil sampling continues to encounter high grade surface and soil samples of up to 1.007% U3O8 along strike to the east of Phase I drilling and up to 0.320% U3O8 to the west of Phase I drilling, identifying a mineralized trend of over 4 kilometers (km).

Matthew Schwab, CEO , said, "We are pleased with the initial results showing continuity of shallow, flat lying uranium mineralization over a large 400 m by 900 m area. These results confirm our geological model, and coupled with recent surface sampling over a 4 km strike length it furthers our confidence in Garfield Hills as the project continues to provide an exceptional exploration opportunity for our shareholders. We are eager to plan and execute a Phase II drilling program on the property in the coming year."