Perth, Australia – 24 July 2024 | C29 Metals Limited (ASX: C29) ("C29" or the "Company") is pleased to announce the lodging of two new licence applications around its high-grade Ulytau Uranium Project in Kazakhstan. The new applications, covering approximately 252km², significantly expand the project’s prospective footprint and reinforce C29’s strategic growth plans in the region.
Key Highlights:
- New Licence Applications: C29 has lodged two new licence applications with the Kazakhstan Ministry of Natural Resources, covering a combined area of approximately 252km². These applications are interpreted to be within the same mineralised trend that hosts the high-grade Ulytau Uranium Project.
- Community Support: The Company held two community consultation days in Aksuyek, receiving strong local support for the exploration programs. A Social Support Agreement has been signed with the district government to assist with community development projects.
- Advanced Approvals: The approval process for the Company’s planned exploration programs is at an advanced stage and on track.
- Resource Estimate: The Ulytau Uranium Project contains a Non-JORC foreign estimate of 9.85 million pounds of uranium at 2,790ppm, with multiple non-JORC foreign drill intersections greater than 6,000ppm U308 from surface.
C29 Metals Managing Director, Mr Shannon Green, commented: “It is very exciting to have these highly prospective applications lodged as the Company has been moving very quickly in accordance with its stated strategic plan to rapidly grow our prospective footprint in Kazakhstan. The fact that these applications are interpreted as potentially being in the same mineralised trend that hosts the high grade Ulytau Uranium Project is extremely exciting for the Company’s growth aspirations and our exploration programs moving into 2025. It is also very pleasing to be receiving such positive support from our local community and key stakeholders”.
The new licence areas include:
- Southern Application: Contiguous with the Ulytau licence area, covering approximately 213km², immediately to the south and east of the Ulytau Uranium project tenement boundaries.
- Northern Application: Situated to the north of the Ulytau Uranium project tenement, covering approximately 39km², and located immediately north of the historic Bota Burum Uranium mine.
Exploration Strategy & Community Engagement:
The mineralised trend outside the ~25km² Ulytau licence area has been identified through analysis of Sentinel 2 satellite imagery combined with historical drilling data. C29 is confident that the new application areas cover approximately 18km of highly prospective uranium mineralisation trend.
The Company has established a positive relationship with the local community of Aksuyek, holding consultation days to discuss exploration plans and signing a Social Support Agreement with the district government. This agreement underscores C29’s commitment to supporting local community projects aligned with social development goals.
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Contact details:
Jane Morgan
Jane Morgan Management
Investor and Media Relations
[email protected]