Kraken Energy (UUSA.C) confirmed the company has received the permits to drill its past-producing Apex uranium project in central Nevada. The company is now allowed to drill up to 2,200 meters in 24 holes from eight drill pads. The inaugural drill program will focus on the high priority drill targets immediately northwest and along trend of the historic Apex uranium mine.
That area is of specific interest to Kraken as its recently completed VTEM and UAV magnetic surveys confirmed the presence of a geophysical signature associated with uranium mineralization at the Apex Mine towards the northwest. This geophysical signature coincides with recently detected radon anomalies as well.
As you notice, the drill permit for 2,200 meters in 24 holes indicates the average hole depth will be less than 100 meters. And that’s fine, as Kraken disclosed the target depth of the mineralization ranges from 50 to 200 meters below surface so we will likely see a combination of shallower and deeper holes.
Kraken Energy initially planned to start drilling before the end of the year and earlier this week, the company announced its inaugural drill program on Apex has started.
Disclosure: The author has no position in Kraken Energy. Please read the disclaimer.
