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Kraken Energy Commences UAV Magnetic and Radiometric Survey at Apex Uranium Mine and Surrounding Land Package

July 5, 2022

Vancouver, British Columbia – July 5, 2022 – Kraken Energy Corp. (CSE: UUSA; OTCQB: UUSAF) (the “Company” or “Kraken“) is pleased to announce that it has commenced an Unmanned Aerial Vehicle (“UAV”) magnetic and radiometric survey at its 3,580 hectare (8,846 acre) land package, which includes the past-producing Apex Uranium Mine and multiple historic uranium showings, in Lander County, Nevada.

The UAV survey, which uses leading-edge drone technology that produces high-resolution data critical for identifying the geophysical signature of known uranium mineralization and for discovering new zones of uranium mineralization, is being conducted by MWH Geo-Surveys.  The magnetic and radiometric data, which should be completed within three weeks, will be acquired concurrently.  Leveling and interpretation of the data is anticipated to take and additional two weeks’ time.

“This UAV survey is a critical next step towards refining priority targets ahead of a first drill program at the property, planned for later this year,” stated Kraken Chairman, Garrett Ainsworth.  “The magnetic data is expected to help identify the granite-metasediment contact, aplite dykes, and structural zones that often control uranium mineralization along the 13 kilometre (8.2 mile) northwest-southeast trend from the Apex Mine to the Lowboy Mine.  This will be the first airborne radiometric survey ever flown over the Apex Property to our knowledge, which is surprising given that radiometric data is often the first layer of data used to vector towards surficial uranium mineralization.”

Figure 1: Kraken Energy’s 3,580 hectare land package, including the original Apex mine claims. Historic uranium showings noted in yellow.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, Chairman for the Company. Mr. Ainsworth is a Qualified Person for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

On Behalf of the Board of Kraken Energy Corp.

David Forest,
CEO & Director

Corporate Office: #717 – 1030 West Georgia Street, Vancouver, BC, Canada V6E 2Y3
T: 604.417.2960

For investor relations inquiries, contact: Kristina Pillon, High Tide Consulting Corp.
T: 604.908.1695 / E: info@krakenergycorp.com

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This press release includes “forward-looking information” that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Such statements are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management’s best judgment based on information currently available.

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