{"id":7371,"date":"2024-03-19T23:29:57","date_gmt":"2024-03-19T23:29:57","guid":{"rendered":"https:\/\/economicherald.net\/?p=7371"},"modified":"2024-03-19T23:29:57","modified_gmt":"2024-03-19T23:29:57","slug":"barry-fitzgerald-your-chance-to-get-in-on-the-uranium-renaissance-kakazh-style-just-opened-on-the-asx","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=7371","title":{"rendered":"Barry FitzGerald: Your chance to get in on the uranium renaissance, Kakazh-style, just opened on the ASX"},"content":{"rendered":"

The renaissance of the ASX uranium sector in response to the surge in prices for the nuclear fuel has been missing one key element for local investors.<\/p>\n

The missing element has been exposure to the Kazakhstan uranium industry, the world\u2019s biggest by a factor of three, and one based on the low-impact and low-cost in-situ recovery (ISR) method of extraction.<\/p>\n

But fear not, the exposure void for local investors is being filled by ASX-listed explorer C29 Metals (ASX:C29)<\/a>.<\/p>\n

The company has struck a deal to acquire the Ulytau uranium project near the historic Bota-Burum, one of the biggest Soviet era mines \u2013 Kazakhstan gained independence in 1991 \u2013 in the south of the country.<\/p>\n

The project comes with a historic high-grade estimate (it is not a JORC compliant resource estimate) of 9.85 million pounds grading 2,790ppm in what incoming managing director Shannon Green said is a \u201chighly prospective region.\u2019\u2019<\/p>\n

In his 25 year career Green has got up close to two Australian uranium projects \u2013 the stalled Ben Lomond project near Townsville, and the Wiluna project in Western Australia.<\/p>\n

He said it was the grade at Ulytau that \u201creally sets the project apart.\u2019\u2019<\/p>\n

\u201cThe grade stands head and shoulders above most other uranium projects around the world,\u2019\u2019 Green said.<\/p>\n

\u2018To see that kind a grade running at just under 3,000ppm is significant itself.\u2019\u2019<\/p>\n

\u201cBut then you look at some of the historic drill intersection that we came across in the due diligence process, there are grades running 6,500-7,000ppm.\u2019\u2019<\/p>\n

\u201cMy history of uranium projects tells me that you really need to be dealing with (at least) 700ppm,\u2019\u2019 Green said.<\/p>\n

\u201cIt is what really excites me about this project \u2013 it\u2019s the grade, you just don\u2019t see that in the uranium space.\u2019\u2019<\/p>\n

\u201cWith initial round exploration and first drilling planned in the September quarter, we aim to rapidly advance and grow the historic resource.\u2019\u2019<\/p>\n

Green said the company would work towards declaring a maiden JORC compliant resource estimate and a compliant \u201cexploration target\u2019\u2019 within 12 months of completing the acquisition.<\/p>\n

While C29\u2019s uranium adventure in Kazakhstan is a first for the ASX sector, ASX-listed Sarytogan (ASX:SGA) has been advancing one of the world\u2019s biggest and highest grade graphite projects in the country, with a pre-feasibility study expected in the September quarter.<\/p>\n

And despite its former Soviet republic history, Kazakhstan has long history of involving foreign investors in mining ventures. Canadian giant Cameco has held a 40% interest in the large-scale Inkai ISR mine since 2008, with majority state-owned uranium company state Kazatomprom the 60% partner.<\/p>\n

Mining in the country is subject to a mining code introduced in 2018 based on WA\u2019s mining code.<\/p>\n

\u201cThe country has been westernising at a fast rate of knots and our assessment is that any problems or issues will be no different than encountered elsewhere,\u2019\u2019 Green said.<\/p>\n

That was somewhat of an understatement given uranium mining is effectively banned in most Australian states. <\/p>\n

\u201cGiven its status as the world\u2019s biggest producer, support for uranium exploration and mining in Kazakhstan is a given,\u2019\u2019 Green said.<\/p>\n

An equity raising in association with the push in to Kazakhstan will result in C29 sporting $3.93 million to get cracking at Ulytau.<\/p>\n

At the 7c issue price, C29 will have a market cap of $9.8 million (undiluted), making it one of the lowest cap uranium explorers on the ASX, initially at least.<\/p>\n

Before the Kazakhstan push the group\u2019s market cap was covered by copper-gold projects in NSW\u2019s Lachlan Fold belt \u2013 Reedy Creek and Sampson Tank \u2013 and in Queensland \u2013 Mayfield.<\/p>\n

Mayfield sits in an exploration hotspot following the exploration success of neighbours Carnaby Resources and Hammer Metals which have been toying with a possible consolidation.
\n\u00a0
\nThe views, information, or opinions expressed in the interviews in this article are solely those of the interviewees and do not represent the views of Stockhead. Stockhead does not provide, endorse or otherwise assume responsibility for any financial product advice contained in this article.<\/em><\/p>\n

<\/span><\/p>\n

The post Barry FitzGerald: Your chance to get in on the uranium renaissance, Kakazh-style, just opened on the ASX<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

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