US-based company Kraken Energy has secured a permit to resume the Phase I drilling programme at the Harts Point Uranium Property in southern Utah.

The company has obtained approvals to proceed with drilling over a 5km strike length targeting the uranium-rich Chinle Formation host rock where three historical oil and gas wells returned “off-scale” radioactivity. 

The exploration permit revision allows for drilling from two pad locations, aiming to confirm the presence of uranium within the host rock.

Historical data from three oil and gas wells in the area indicated “off-scale” radioactivity, suggesting a significant potential for uranium deposits.

Once the company achieves favourable results, Kraken Energy intends to continue the drill programme to further evaluate the mineralised trend.

The Harts Point property is strategically located in the Colorado Plateau, which has historically produced more than 328m pounds of U₃O₈.

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By GlobalData

The property is spread over 2,622 hectares, includes 324 lode mining claims and is situated near past-producing mines with similar geological characteristics.

Kraken Energy’s management also plans to shift resources from the Apex Uranium Property to Harts Point due to the latter’s promising geological features.

The Harts Point Anticline is analogous to the Lisbon Valley Anticline, known for its uranium production.

Its proximity to the White Mesa uranium processing facility, around 64km away, provides Kraken Energy with infrastructure support for its operations.

White Mesa is the US’ only completely licensed as well as operating conventional uranium mill.

Kraken Energy CEO Matthew Schwab said: “We are excited to be resuming our Phase I drilling programme at Harts Point in Utah and we believe the site to be extremely promising in the short term.

“Regarding Apex, we anticipate resuming drilling there once the property is fully permitted, including the US Forest Service portions.

“While we are encouraged by the continued exploration at Apex, we believe that we can run our drill programme more effectively and efficiently once we have the property fully permitted. As such, Harts Point will be our immediate focus moving into 2024.”