C29s Acquisition of High-Grade Uranium Project in Kazakhstan

C29 Metals Limited (ASX: C29) has finalized the acquisition of the Ulytau Uranium Project, located in Kazakhstan. The project boasts a Non-JORC foreign estimate of 9.85M/lbs Uranium @ 2,790ppm, with promising drill intersects. Independent reports suggest significant future potential for upgrades in estimates. Kazakhstan's prominence as a major Uranium producer adds to the project's appeal. Shannon Green, an experienced mining executive, has joined as Managing Director.

C29 has secured firm commitments for a $3m placement. The project's location, near Lake Balkhash and adjacent to a historically significant uranium deposit, underscores its strategic value. However, caution is advised regarding the foreign estimates, which are not in line with JORC code standards. Despite this, the acquisition marks a significant step for C29 in the energy sector transition.

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