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25/04/2024
Mining News

C29 Metals secures high-grade Uranium project in Kazakhstan

C29 Metals Limited has announced a significant milestone with its entry into a binding share sale and purchase agreement. The agreement involves acquiring a 100% legal and beneficial interest in a granted exploration license situated in Kazakhstan, known as the Ulytau Uranium Project, through transactions with CA Metals Pty Ltd and Ulytau Resources Ltd.

Key highlights of the transaction include:

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  1. Transformative Acquisition: The acquisition represents a transformative move for C29 Metals, providing access to the high-grade Jusandalinskoye (Ulytau) Uranium Project located in Kazakhstan. All necessary due diligence processes have been completed in preparation for the acquisition.
  2. Project Details: The Ulytau Uranium Project boasts a Non-JORC foreign estimate indicating 9.85M/lbs uranium at 2790 ppm. Notable drill intersects, with values exceeding 6000 ppm U3O8 and lengths greater than 40 meters from 3 meters below the surface, have been recorded.
  3. Exploration Potential: An independent geological report confirms the potential for further expansion of the foreign estimate, as the project appears open in most directions. This suggests significant opportunities for future upgrades to the resource estimate.
  4. Strategic Significance: Kazakhstan stands out as the largest and most cost-effective uranium producer globally, contributing approximately 43% of the global supply. The acquisition aligns with C29 Metals’ strategic objectives within the uranium industry.
  5. Leadership Addition: Accompanying the acquisition is the appointment of experienced mining executive Shannon Green as the Managing Director of C29 Metals. Green’s expertise in project development, particularly in uranium projects, is expected to drive value for the company.
  6. Capital Raise: C29 Metals has secured firm commitments for a placement to raise US$3 million (before costs) in two tranches. These funds will support the company’s exploration activities and the development of the Ulytau Uranium Project.
  7. Future Plans: The company aims to create shareholder value through a systematic exploration program, with drilling anticipated to commence in the third quarter of 2023, subject to approvals.

In response to the proposed acquisition, C29 Metals’ Non-Executive Chairman, Mr. David Lees, expressed enthusiasm for the project’s potential and highlighted the strategic importance of the Ulytau Uranium Project amidst current market conditions. He also extended gratitude to departing Executive Director Jeremy King and welcomed Shannon Green to the board.

Mr. Shannon Green, the newly appointed Managing Director, shared his excitement about joining C29 Metals and emphasized the project’s quality and growth potential. He pledged to work alongside the existing team to deliver long-term value for shareholders and expressed readiness to commence work on the project in Kazakhstan.

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