C29 Metals Limited (ASX: C29) (“C29” or “the Company”) is pleased to announce the signing of a Memorandum of Understanding (MOU) with Volkov Geology, a wholly-owned subsidiary of Kazatomprom, the national and sole uranium producer in Kazakhstan. This partnership marks a significant step forward for C29 as it aims to advance exploration and development efforts at its Ulytau Uranium Project, located in Kazakhstan's Almaty Region.
The MOU outlines a collaborative framework between C29 and Volkov Geology, with a formal commercial agreement expected to be finalized in the coming weeks. Under this arrangement, Volkov Geology will provide specialized geological services, offering valuable technical oversight in coordination with C29's Exploration Manager.
Commenting on the signing of the MOU, Mr Shannon Green, said:
“This is a significant milestone for the company to have Volkov Geology join us as our geological partner is quite simply an incredible step forward as we rapidly advance towards our stated goal of becoming a globally significant Uranium development company.”
About Volkov Geology and Kazatomprom
Volkov Geology, with over 4,500 employees, is the largest drilling service provider in Kazakhstan, managing all geological, study, and drilling operations for Kazatomprom. With a 75-year legacy in uranium exploration and mining, Volkov Geology brings extensive in-house technical expertise, certified laboratory facilities, and all required uranium permits to support C29’s exploration program. This collaboration will reinforce C29’s commitment to adhering to the highest standards of regulatory compliance and operational excellence.
Commencement of Drill Program and Expanded Future Role
The first phase of drilling at the Ulytau Project is slated to begin in November 2024, with Volkov Geology overseeing geological services and ensuring regulatory compliance. While an independent contractor will manage drilling and geophysical surveys for the initial program, Volkov Geology’s role is expected to expand in 2025 to include comprehensive geological studies, resource estimation, and modeling.
Project Location and Historical Context
The Ulytau Uranium Project, located approximately 15 kilometers southwest of the historic Bota-Burum uranium mine, taps into an area with a rich uranium production history dating back to 1953. This region, one of the largest uranium deposits mined during the Soviet era, offers C29 a strategic advantage as it explores and assesses the resource potential of the area.
Local Community Engagement
C29 Metals has received enthusiastic support from the nearby community of Aksuyek, a town of around 700 residents, located just 20 kilometers from the project site. In preparation for the exploration program, C29 has held two community consultation days, ensuring open dialogue and partnership with the local population. Aksuyek will serve as the operations base, providing essential support services for the project.
As part of C29’s commitment to sustainable, community-centered development, the Company has also signed a social support agreement with the district government. This agreement underscores C29’s dedication to contributing to Aksuyek’s social infrastructure, ensuring that local residents benefit directly from the economic activity generated by the project.
About us:
C29 Metals (ASX:C29) is a company focused on powering the clean energy transition through the systematic exploration and development of its portfolio of uranium and copper assets.
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Jane Morgan
