West Perth, Australia – October 28, 2024 – C29 Metals Limited (ASX: C29) has announced the signing of a Memorandum of Understanding (MOU) with Volkov Geology, a wholly-owned subsidiary of Kazatomprom, Kazakhstan’s national uranium producer. This strategic partnership marks a significant milestone for C29 Metals as it aims to become a globally significant uranium development company.
Key Highlights:
- Strategic Partnership: Volkov Geology, with its extensive 75-year history in uranium exploration and mining, will provide geological services for C29 Metals’ upcoming drill program, set to commence in November 2024.
- Expertise and Capabilities: Volkov Geology, the largest driller in Kazakhstan by annual drill meters, will offer its technical expertise and certified laboratory services to ensure compliance with all regulatory requirements during the drilling program.
- Future Expansion: The scope of Volkov Geology’s work is expected to expand in 2025 to include studies, geological modeling, and resource estimation.
Project Location and Community Support: The Ulytau Uranium Project, located in the Almaty Region of Southern Kazakhstan, has a rich history of uranium exploration dating back to 1953. The local community of Aksuyek, with a population of approximately 700 people, has shown strong support for the project. C29 Metals has signed a social support agreement with the district government to assist with community development projects.
Comments from C29 Metals: Shannon Green, Managing Director of C29 Metals, expressed enthusiasm about the partnership, stating, “This is a significant milestone for the company. Having Volkov Geology join us as our geological partner is an incredible step forward as we rapidly advance towards our goal of becoming a globally significant uranium development company.”
Next Steps: C29 Metals anticipates finalizing a commercial agreement with Volkov Geology in the coming weeks. The initial drill program will be conducted by an independent drilling contractor, with Volkov Geology providing oversight and technical services.
