C29 Metals Limited (ASX: C29) has announced the successful grant of a significant southern tenement surrounding its Ulytau Uranium Project in Kazakhstan.
This expansion marks a crucial development for the company’s uranium exploration efforts in the region.
The newly granted tenement covers approximately 213 square kilometres and is contiguous with the existing Ulytau Uranium project area, extending to the south and east of the current boundaries.
Notably, the application process was completed in just 15 calendar days, highlighting the efficiency of Kazakh government agencies and their support for C29’s activities.
Shannon Green, Managing Director of C29 Metals, expressed enthusiasm about the rapid approval, stating: “It is very exciting to have this highly prospective application granted in such a rapid timeframe. This is further demonstration of the positive operating environment in Kazakhstan and the support the company is enjoying.”
The Ulytau Project is strategically located in the Almaty Region of Southern Kazakhstan, approximately 15 kilometres southwest of the historic Bota-Burum mine, which was one of the largest uranium deposits mined in the former Soviet Union.
The area has a rich history of uranium exploration and production, with the Bota-Burum mine operating from 1956 to 1991.
C29 Metals will immediately commence the exploration approval process for this newly granted southern tenement.
The company’s planned exploration programs for the existing Ulytau Uranium project are already at an advanced stage and remain on track.
The project continues to benefit from strong local support, underpinned by a Social Support Agreement signed with the local community.
This agreement demonstrates C29’s commitment to responsible development and community engagement.
The Ulytau Uranium Project already boasts a non-JORC foreign estimate of 9.85 million pounds of uranium at a concentration of 2,790 parts per million (ppm).
Multiple non-JORC foreign drill intersects have revealed uranium concentrations exceeding 6,000ppm U308 from three metres below the surface, indicating significant potential for high-grade uranium deposits.
With this expansion, C29 Metals is well-positioned to advance its exploration activities and potentially increase its uranium resources in Kazakhstan, a country that currently leads global uranium production with 43 per cent of world output.
