Significant Expansion Of Project Size At Apex Uranium Property

VANCOUVER - Kraken Energy Corp. has expanded its Apex Uranium Property in Central Nevada by 117 contiguous claims located on Bureau of Land Management (BLM) ground along strike with a property-wide mineralized trend.

The newly staked claims consist of 2,401 total acres, bringing the Property to a combined 14,892 acres of contiguous claims, and cover a continuous geophysical trend west of the Apex Uranium Mine at a shallow interpreted overburden depth.

"As we continue to progress drill permitting at Apex, we are excited to explore the newly outlined targets on BLM ground immediately west of the historic Apex Uranium Mine," said, Matthew Schwab, CEO. "As we build on the work we've already completed, our team is very keen to be moving ahead with continued exploration plans at Apex."

Kraken plans to conduct passive seismic testing in Q4 2023 to accurately determine target depths and also plans to complete additional airborne magnetic surveys which will tie into the existing property wide coverage. Ongoing additional prospecting and radon surveying will continue through the summer and fall of 2023, ground truthing airborne radiometric anomalies and geophysical signatures across the Property.

The Company has also received a response from the United States Forest Service (USFS) for drill permits on the USFS portion of the Property. The USFS has requested that Kraken complete three additional baseline surveys in order to proceed with the planned inaugural drilling program. The first, a botany survey, was completed as of July 2023. The Company currently plans to commence the required archaeological / cultural study that is scheduled to begin in Q4 2023 and will schedule a wildlife survey based on raptor nesting dates.