Kraken Energy (UUSA.C) has released the downhole gamma probe results from the two holes it completed at the Harts Point uranium project in Utah. The bullet points below explain the results.
While it is encouraging to have elevated radioactivity, we were hoping for higher results as the historical radioactivity readings when the two (dry) oil wells were drilled were off-scale. That being said, the Lisbon Valley uranium district was originally discovered based on seven holes of which only three intersected radioactivity. And of course, the gamma probe results only tell a part of the story and the actual assay results from the drill program will be more important to Kraken. The maiden drill program, which consisted of two holes, has been completed, and hopefully we will see the results later in April, or early May.
Disclosure: The author currently has no position in Kraken Energy but will likely initiate a long position soon. Kraken Energy is a sponsor of the website. Please read the disclaimer.
