- Kraken Energy (UUSA), through its wholly-owned subsidiary, NevadoCo, has signed an option agreement to acquire the Garfield Hills Uranium Property
- The Garfield Hills Uranium Property, located in Nevada, comprises 36 mineral claims covering 720 acres
- The company plans to conduct an airborne radiometric and magnetic survey, prospecting, geological mapping, and geochemical sampling on the property
- Kraken Energy Corp, formerly Ivor Exploration Inc, is a resource exploration company that is acquiring and exploring mineral properties
- Kraken Energy Corp. (UUSA) opened trading at C$0.84
Kraken Energy (UUSA), through its wholly-owned subsidiary, NevadoCo, has signed an option agreement to acquire the Garfield Hills Uranium Property.
The Garfield Hills Uranium Property, located in Nevada, comprises 36 mineral claims covering 720 acres (201 hectares) and is road accessible.
The company plans to conduct an airborne radiometric and magnetic survey followed by prospecting, geological mapping, and geochemical sampling, leading to a maiden diamond drill program.
Garrett Ainsworth, Chairman of Kraken, commented on the acquisition.
“We are very pleased with the addition of the Garfield Hills Property, which is an approximate 240 km (149 miles) drive southwest from our Flagship Apex Property in the State of Nevada. Some key geological criteria that led us to the Apex Property have also been used to select the Garfield Hills Property, which exhibits significant uranium mineralization in historical drilling with excellent growth potential.
“We remain on track to diamond drill test the Apex Property in Q3 2022, while our Garfield Hills Property presents numerous additional high potential targets that we will follow up on imminently.”
Under the agreement, Kraken may acquire a 100 per cent interest in the Garfield Hills Property upon the following terms:
- Kraken will spend at least US$50,000 in exploration expenditures on the property within the first year.
- Kraken will make cash payments totalling US$150,000 within the third year (US$20,000 upon signing the option agreement, US$30,000 in the first year, US$50,000 in the second year and US$50,000 in the third year).
- Kraken will issue 250,000 common shares within the third year (50,000 upon signing the Option Agreement, 50,000 in the first year, 75,000 in the second year and 75,000 in the third year).
- Kraken will grant a production royalty equal to 2.0 per cent of the property’s net smelter returns (NSR). The company may repurchase 50 per cent of the NSR Royalty for a one-time payment of US$250,000 by Kraken to the optionor.
Kraken Energy Corp. is a new energy company advancing its Apex Uranium Property, located 280 km east of Reno, Nevada.
Kraken Energy Corp. (UUSA) opened trading at C$0.84.
