C29 Metals (ASX:C29) acquires full heaping of high-grade Kazakhstani uranium

C29 Metals has acquired a full interest in a high-grade Ulytau Uranium Project in southern Kazakhstan, the Central Asian uranium power which remains the globe’s largest and lowest cost producer.

The project already holds a non-JORC foreign estimate of 9.85 million pounds of uranium at 2790 parts per million alongside multiple intercepts greater than 40 metres and 6000ppm from just three metres below surface.

Independent geology has confirmed the estimate appears to lie open in most directions, offering significant upside as C29 gets cashed up under new management.

Well-heeled mining executive Shannon Green has joined C29 as its new managing director, and the company has already received firm commitments for a $3 million placement to advance the asset.

C29 Non-Executive Chairman David Lees said the project and its high-grade non-JORC foreign estimate represents a substantial opportunity.

“We are very excited to have secured a high-grade Uranium project of this quality at a time where the Uranium industry is experiencing unprecedented supply pressure, with spot prices at a 16-year high,” Lees said.

“Over 2024, we aim to create shareholder value as we execute on a systematic exploration program with drilling expected to commence in Q3 CY2023, dependent on approvals.”

Lees also thanked outgoing Executive Director Jeremy King for his significant contributions and services to the company while welcoming C29’s new Managing Director.

“I would like to welcome Shannon to the board, with his corporate and project development experience and in particular his Uranium project development experience, will be invaluable to the company moving forward”.

“I would also like to thank shareholders for their ongoing support to date and we look forward to an exciting 2024 and beyond.”

Newly appointed Managing Director Shannon Green added he looked forward to working with the team to drive shareholder value in the long term and getting to near-term work on its new project.

“After completing the due diligence process for the acquisition, recognising the quality of the Ulytau Uranium Project, the potential upside opportunity it offers, as well as the quality of the Company’s existing projects, the opportunity to join C29 was a very exciting prospect,” Green said.

Green brings more than a quarter of a century’s experience in corporate, resource development, and mining operations to the board, and has dealt with a large range of commodities, including uranium.

The Ulytau discovery is a part of a larger uranium district and sits just 15 kilometres away from the Bota Burum mine, one of the largest deposits mined in the Soviet Union when nuclear tensions had uranium prices soaring.

Those tensions have faded, but nuclear is now firmly back on the global agenda, this time as a low-carbon intensive energy source with a spot price and profits to match.

C29 has already established a Kazakhstani network, through which it will immediately begin ground geological works, including identifying historic drill collars, field mapping and translations to establish a new geological database.

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