C29 Metals signs MoU with Kazakh geological experts Volkov Geology

C29 Metals closer to securing Volkov Geology’s geological expertise in Kazakhstan for its uranium drilling
Volkov will provide oversight and technical geological services for drilling to start in November
Scope of work anticipated to increase to include studies, geological modelling and resource estimation

Special Report: C29 Metals has signed a memorandum of understanding with Volkov Geology for the provision of oversight and technical geological services for the upcoming uranium drilling program in Kazakhstan.

Volkov Geology is a wholly owned subsidiary of Kazatomprom, Kazakhstan’s national (and only) uranium producer.

Volkov, the largest volume drilling company in Kazakhstan, by annualised drill metres, undertakes all geological, study and drilling service for Kazataprom.

With approximately 4,500 employees, 75 years in uranium exploration and mining and certified laboratories Volkov Geology has the historical knowledge and technical capability to support the company’s drilling programs at its Ulytau uranium project.

While Volkov Geology will not be responsible for in-ground activities on the company’s drilling programs, the first scheduled to commence November 2024, C29 Metals (ASX:C29) anticipates that Volkov’s scope of works will expand from oversight and technical geological services to include studies, geological modelling and resource estimation.

Managing Director, Shannon Green said: “This is a significant milestone for the Company to have Volkov Geology join us as our geological partner. It is quite simply an incredible step forward as we rapidly advance towards our stated goal of becoming a globally significant uranium development company.”.

Uranium potential

C29’s Ulytau project sits in the Almaty Region of southern Kazakhstan, about 15km south-west of the Bota-Burum mine, one of the largest uranium deposits mined by the former Soviet Union with total output estimated at 20,000t (44Mlb).

Uranium exploration has been carried out in this area since 1953.

The company has already cleared all regulatory requirements for the issue of a drill permit and raised $2.45m to fund its initial diamond drilling program.

This article was developed in collaboration with C29 Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.