C29 Metals Expands Ulytau Uranium Project with New Southern Tenement
C29 (C29) Share Update July 2024 Wednesday 31st
C29 Metals Expands Ulytau Uranium Project with New Tenement
C29 Metals Limited (ASX: C29) has announced the successful granting of a new tenement for its Ulytau Uranium Project in Kazakhstan, marking a significant step forward in its exploration activities.
Instant Summary:
- C29 Metals has been granted a new southern tenement for its Ulytau Uranium Project.
- The tenement covers an area of approximately 213 km² and is contiguous with the existing project area.
- The granting process was completed in just 15 days, showcasing government efficiency and support.
- Exploration approvals for the new tenement are advancing rapidly.
- The Ulytau Uranium Project is located near the historic Bota-Burum mine.
Tenement Grant and Exploration Plans
C29 Metals Limited (C29) has received official notification that its application for a new southern tenement, covering approximately 213 km², has been granted. This new tenement is contiguous with the existing Ulytau Uranium Project area, further expanding the company's exploration footprint.
The tenement granting process was remarkably swift, taking only 15 calendar days to complete. This efficiency highlights the strong support and positive operating environment provided by the government agencies in Kazakhstan.
Project Location and Historical Context
The Ulytau Uranium Project is situated in the Almaty Region of Southern Kazakhstan, approximately 15 km southwest of the Bota-Burum mine. The Bota-Burum mine is one of the largest uranium deposits mined during the Soviet era, with exploration activities in the area dating back to 1953.
Production at the Bota-Burum mine began in 1956 and continued until 1991, with total mined reserves estimated at 20,000 tonnes of uranium (44 million pounds). The new tenement is believed to have a similar mineralized trend to the existing Ulytau Project area, potentially increasing the project's overall resource base.
Future Exploration and Development
With the new tenement granted, C29 Metals will immediately commence the exploration approval process. The company has already made significant progress in obtaining approvals for its planned exploration programs at the Ulytau Uranium Project, and these efforts are on track.
C29 Metals Managing Director, Mr. Shannon Green, expressed his excitement about the rapid approval of the tenement, stating, 'This is further demonstration of the positive operating environment in Kazakhstan and the support the company is enjoying.'
The granting of the new tenement is a positive development for C29 Metals, potentially increasing the resource base of the Ulytau Uranium Project. This expansion could enhance the company's long-term growth prospects and attract investor interest. The swift approval process also reflects well on the regulatory environment in Kazakhstan, which could further boost investor confidence.
Investor Reaction:
Analysts are likely to view this development favorably, as it strengthens C29 Metals' position in the uranium market. The rapid approval process and the potential for increased resources may lead to a positive market reaction, although investors will be keen to see the results of the upcoming exploration activities.
Conclusion:
Investors should keep a close eye on C29 Metals' progress with the exploration approvals and subsequent activities at the Ulytau Uranium Project. The successful expansion of the project area and the efficient regulatory support are promising signs for the company's future growth.