Summary
Kraken Energy is a junior uranium exploration and development company focused exclusively on U.S. assets. With four promising projects across Nevada and Utah, Kraken is targeting high-grade uranium in mining-friendly jurisdictions—at a time when U.S. uranium demand far exceeds domestic supply. The company is advancing historic past-producing mines and new discoveries, with maiden and follow-up drilling programs underway. With a clean share structure, strong insider ownership, and multiple catalysts in 2024, Kraken offers investors early exposure to America’s uranium revival.
Uranium Supply Crisis in the U.S.
As global demand for nuclear energy accelerates, uranium supply deficits are growing worldwide. But nowhere is the gap more acute than in the United States.
“The U.S. needs between 45 and 65 million pounds of uranium per year to power its 90+ nuclear reactors,” explains CEO Matthew Schwab, “but we’re only producing about 10,000 pounds a year domestically.”
Kraken was formed to capitalize on this imbalance. All of the company’s current projects are located in the U.S., with a focus on Nevada and Utah, and potential expansion into Wyoming and Colorado—each a Tier 1 mining jurisdiction.
Four Projects with High-Grade Potential
Kraken’s U.S. portfolio includes four uranium projects—three in Nevada and one in Utah—with historical production, encouraging surface samples, and easy access to infrastructure like roads, power, and water.
Across its properties, surface sampling has returned grades up to 6% U₃O₈, with historical mining grades of 0.25%, and in some cases, bulk samples up to 0.7%. Several properties also show strong potential for valuable byproduct metals including gold, silver, copper, nickel, molybdenum, and vanadium.
Project Spotlight: Heart’s Point (Utah)
Kraken’s newest project, Heart’s Point, is located on the prolific Colorado Plateau, which Schwab refers to as “the Athabasca Basin of the U.S.” The region has produced over 600 million pounds of uranium since the 1950s, including 81 million pounds from the Lisbon Valley anticline—just 30 km away from Kraken’s claims.
A maiden drill program was completed in early 2024, with both initial holes intersecting elevated radioactivity over 25.6 ft and 36.4 ft within the Moss Back member of the Chinle Formation. A 10-hole follow-up program is planned for later this year.
Apex Mine (Nevada)
Kraken’s original flagship, the Apex Mine, boasts exceptional surface and underground grades. Historic mining averaged 0.25% U₃O₈, with surface samples as high as 6% and bulk samples up to 0.7%. The site also returned silver grades up to 7,300 g/t and gold values up to 15 g/t.
“We’ve confirmed a 17.5 km mineralized strike length,” says Schwab. “This is a project with scale, grade, and near-term drill potential.”
Permitting is in progress, with initial drilling expected to begin as early as August 2024.
Garfield Hills (Nevada)
Located just 12 km east of Hawthorne, Nevada, Garfield Hills is road-accessible and drill-tested. A maiden drill program in 2023 confirmed consistent surface mineralization over a 4.5 km strike length, including zones exceeding 12 meters of continuous uranium mineralization.
Surface grades range from 0.164% to over 1% U₃O₈, with strong correlation between sampling and drill results. A phase-two drill program is expected to begin in 2024.
Huber Hills (Nevada)
The Huber Hills project encompasses the historic Racetrack open-pit mine, which produced uranium at an average grade of 0.24% U₃O₈. Although smaller in size (334 hectares), the project is 100% owned with no royalties and has returned surface samples ranging from 0.102% to 0.237% U₃O₈.
Kraken plans to fly radiometric and magnetic surveys in 2024, ahead of a possible phase-one drill program later this year.
Share Structure & Upcoming Catalysts
Kraken is tightly held, with 58 million shares outstanding, no warrants, and approximately $2 million CAD in treasury. Insiders and management own 22% of the company, and the stock currently trades between $0.10 and $0.15, for a market cap in the $6–8.5 million range.
Multiple exploration programs are planned or underway across the company’s four projects—positioning Kraken for a steady flow of news in the second half of 2024.
Final Word
As one of the few junior uranium companies focused exclusively on U.S. assets, Kraken Energy is well-positioned to benefit from the sector’s renewed momentum and domestic supply urgency.
“We’re operating in proven uranium districts with past production, high-grade surface results, and strong infrastructure,” says Schwab. “It’s the right team, the right time, and the right place to build value.”
Investors looking for early-stage uranium exposure in the U.S. may want to keep Kraken Energy on their radar.
For more information, visit the Kraken Energy website or contact Kin Communications.
WATCH IT HERE: Uranium Exploration & Development in the United States – Kraken Energy
CSE: UUSA | OTCQB: UUSAF | FSE: F2C
HEAD OFFICE
Suite 907 – 1030 West Georgia Street
Vancouver, British Columbia
V6E 2Y3
T: (604) 684-6730, (604) 628-2669
E: info@krakenenergycorp.com
W: krakenenergycorp.com
For more information, contact:
Matthew Schwab, President and CEO
$uusa #uranium #energy #nevada #utah
