C29 Metals Limited ("C29") is pleased to announce that its application for the new northern tenement at the Ulytau Uranium Project in Kazakhstan has been granted. This is a significant expansion of the Ulytau Project area and demonstrates the supportive regulatory environment in Kazakhstan for the Company’s efforts.
Highlights:
- New Tenement Granted: The northern tenement, covering approximately 39 km2, has been granted 48 days after the application was originally lodged. The new area is located immediately north of the existing Ulytau Project tenement and the Bota Burum Uranium Mine.
- Exploration Potential: The new northern tenement is interpreted to have a similar mineralized trend to the existing Ulytau Project area, which adds to the project’s overall exploration potential.
- Exploration Approvals Developing: The Company is advancing the exploration approval process for this newly-granted northern tenement, with planned drilling at the Ulytau Uranium Project already at an advanced stage.
Shannon Green, Managing Director of C29 Metals, commented: “Another very exciting step in executing our stated strategic plan for rapid growth with this highly prospective application being granted in such a rapid timeframe. Continuing to demonstrate the positive operating environment in Kazakhstan and the support the Company is receiving”.
Project Location and History:
The Ulytau Uranium Project is located in the Almaty Region of Southern Kazakhstan, approximately 15 km southwest of the historic Bota Burum Mine location, one of the largest uranium deposits mined in the former Soviet Union. Exploration for uranium in this area has been ongoing since 1953. The total mined reserves at the Bota Burum Mine are estimated at 20,000 tonnes of uranium.
Next Steps:
C29 Metals will immediately commence the approval process for the new northern tenement, focusing on fast-tracking drilling programs to evaluate the full potential of the expanded Ulytau Project.