C29 scores new tenement to bolster Ulytau in Kazakhstan

C29 Metals secures new tenement at its Ulytau uranium project in Kazakhstan
The company lodged two licence applications around the project in July, with both now granted in less than 50 days
C29 MD Shannon Green says the swift granting process is a testament to the efficiency of the Kazakhstan government’s agencies and support for the company’s efforts

Special Report: C29 Metals has strengthened its Ulytau uranium project in Kazakhstan with the addition of 39 km² to its landholding, following the grant of a new tenement.

Wasting no time, the company said it would immediately kick off the exploration approval process for the newly acquired ground.

C29 Metals (ASX:C29) says the new tenement – located to the North of the Ulytau uranium project tenement – could hold the potential to host a similar mineralised trend to that of the rest of Ulytau.

C29 lodged two licence applications around the high-grade project for just over 250km² back in July, with both now granted in less than 50 days, highlighting the swiftness and strong local support in Kazakhstan.

The first of those applications to the south covered 213km² and was granted back at the start of August.

The two tenement applications lodged back in July have now been granted. Pic:C29

Strong support

C29 Managing Director Shannon Green said the swift granting process was a testament to the efficiency of the Kazakhstan government’s agencies and support for the company’s efforts.

“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,” he said.

C29 doesn’t just have the support of Kazakhstan’s government, it recently established a base of operations at a Kazakh village called Aksuyek where the company says, it “enjoys strong community support.”

Next steps

C29 announced that its planned exploration drilling programs are nearing approval and on track.

The company acquired its uranium asset in the world’s top uranium producing country just last quarter.

Ulytau is situated near Lake Balkhash and the renowned historic Bota-Burum Mine, with the newly granted tenement directly north of the mine.

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.