C29 Metals (ASX:C29) has lodged two new licence applications around the Ulytau Uranium Project in southern Kazakhstan, covering a 252km2 area.
The licences are designed to cover 12km of additional prospective strike that the company’s geologists have interpreted as potentially being in the same mineralised trend that hosts Ulytau, and may contain further uranium mineralisation.
C29, which has a market capitalisation of $13.4 million, says the southern application is contiguous with the Ulytau area and sits to the south and east of the project tenement boundaries.
Meanwhile, the northern application sits to the north of the Ulytau tenement, immediately north of the historic Bota Burum Uranium Mine.
Managing Director Shannon Green says the company is moving quickly in accordance with its strategic plan to grow the prospective footprint in Kazakhstan.
“The fact that these applications are interpreted as potentially being in the same mineralised trends that hosts the high-grade Ulytau Uranium Project is extremely exciting for the company’s growth aspirations and our exploration programs moving into 2025,” Green says.
To date, C29 has held two community consultation days in the city of Aksuyek, which lies 20km from the project area, and says locals have shown their support for the planned exploration programs. Aksuyek will become the base of operations for the work programs and can provide many of the required support services.
On 9 July, a social agreement was signed with the district government providing the framework for C29 to assist the village of Aksuyek with projects aligned to the social development of the community.
C29 says the signing was important as it shows the commitment by both parties to work together to ensure mutually beneficial outcomes are sustainably delivered.
Write to Aaliyah Rogan at Mining.com.au
Images: C29 Metals
