C29 raring to go with uranium drilling at Ulytau in Kazakhstan

C29 Metals will soon begin drilling at its Ulytau Uranium Project in Kazakhstan, having received an official environmental permit
It comes on the heels of inking an MoU with Volkov Geology for its oversight and technical expertise during the upcoming program
The company is in “very advanced stages” of working through finalising a commercial agreement with Volkov, as well as a drilling contract

Special Report: Fresh on the heels of inking an MoU for the geological services of Kazakhstan’s national uranium producer, C29 Metals is now almost ready to drill at its Ulytau Project having received an official environmental permit.

The Category 2 environmental permit was received in “rapid time”, with the company very complimentary of the nation’s ongoing support and the positive operating environment.

C29 Metals (ASX:C29) is hoping to begin an initial diamond drill program this season. It comes after it tapped industry experts Volkov Geology, a subsidiary of the world’s largest uranium producer Kazatomprom, via an MoU to access its oversight and technical expertise.

“It is very exciting to have the official environmental permit enabling our team to commence the initial diamond drilling program this season,” C29 Managing Director Shannon Green said.

“Obtaining this permit so quickly after receiving official notification that all regulatory requirements for the issue of the drill permit had been met once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying”.

Expertise From The Best

C29 only inked the MoU with Volkov last week.

Along with Kazatomprom’s status as the country’s dominant uranium producer, it is also the largest volume drilling company in the country by annualised drill metres, with Volkov undertaking all geological, study and drilling services for Kazataprom.

The company has around 4,500 employees and 75 years’ experience in uranium exploration and mining.

Initial Drilling

C29 says it’s in a “very advanced” stage of finalising the commercial agreement with Volkov and the drilling contract.

Initially, C29 will focus on several key strategic holes targeting the mineralisation with the highest geological confidence.

The geology team will be using a handheld XRF unit in the field in a bid to provide real time info to the team and valuable geological data that will assist in prioritising the samples for assay.

No doubt the services of Volkov will go a long way in helping with studies, geological modelling and resource estimation.

Figure 1 – The interpreted mineralised uranium trend & location for initial Category 2 drilling. Pic: C29

Right Team, Right Location

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

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

The company recently raised $2.45m to fund its initial drilling program and its geology team has established a base of operations at the nearby village of Aksuyek.

More Hands On Deck

Also today, the company has announced the appointment of James Myers, previously a non-exec director, as executive director for a fixed term of 12 months.

Myers has sat on the C29 Metals board for the past 2 years and the company says he will support MD Green through day-to-day management of its on-ground team in Kazakhstan.

“On behalf of the Board and team, I welcome James to this important fixed term executive appointment at a critical time for the Company, which will coincide with our expected imminent ramp up of activities in Kazakhstan over the next 12 months,” Green said.

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.