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Approval to Mobilise and Commence
C29 Metals receives official notification all regulatory requirements met for the issue of drill permits, strong local community support, and a Social Support Agreement signed.
C29 Metals Limited (‘C29’) is pleased to announce that it has received official notification from the Natural Resources and Environmental Management Department the company has met all regulatory requirements for the issue of the drill permit , enabling the commencement of drilling at its Ulytau Uranium project.
HIGHLIGHTS
- Official notification received from Natural Resources and Environmental Management Department that the company has completed all regulatory requirements for the issue of the drill permit
- This official notification enables the company to mobilise and commence exploration activities.
- The Company’s geology team will shortly mobilise to site to commence pre works ahead of the mobilisation of the diamond drill rig.
- Initial drilling will see several key strategic holes targeting the mineralisation close to surface.
- Obtaining this official notice once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying.
In parallel to the approval process the Company has been actively working to secure a drilling contractor to undertake initial diamond drilling at the Ulytau Uranium project and anticipates mobilising the drill rig to site shortly.
Initial drilling will see several key strategic holes targeting the mineralisation close to surface. it is planned that the initial diamond drill holes will be drilled to a depth of ~200m.
The Company’s geology team has an established base of operations at the nearby village of Aksuyek where C29 enjoys strong community support. The geology team will immediately mobilise to site to commence pre works ahead of the mobilisation of the diamond drill rig.
C29 Metals Managing Director, Mr Shannon Green, commented:
“It is very exciting to have the official notification enabling our team to commence the initial diamond drilling program this season. Obtaining this notification once again demonstrates the positive operating environment in Kazakhstan and the support the company is enjoying”.
Click here for the full ASX Release
This article includes content from C29 Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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C29 Metals
Investor Insight
A high-grade uranium explorer looking to grow its strategic footprint in southern Kazakhstan, C29 Metals is well-positioned to take advantage of a rapidly expanding uranium market and provide significant shareholder value.
Overview
C29 Metals (ASX:C29) is a Perth, Australia-based uranium mineral exploration company with assets in Kazakhstan. The company’s recently acquired flagship asset, the Ulytau uranium project, represents a “transformative acquisition” that places C29 Metals in a strategic position to leverage a rapidly growing global uranium market and Kazakhstan’s rich uranium resource and established mining infrastructure.
The Ulytau project is located near Lake Balkhash in South Kazakhstan and situated 15 km south of the Bota-Burum mine, one of the largest uranium deposits mined in the former Soviet Union.
Kazakhstan is considered a top mining country for the following reasons:
- It has a well-developed transportation infrastructure and abundant energy resources, ensuring a stable power supply for mining operations.
- It was ranked 25th by the World Bank for” ease of doing business.”
- As the world’s top uranium producer, Kazakhstan represents 43 percent of the global market.
- It is the lowest-cost producer, globally.
- It holds 12 percent of the world’s uranium resources.
Kazakhstan’s strategic location in Central Asia also provides easy access to major markets in Europe, China and Russia, and the flagship Ulytau uranium project is located 3.5 hours from the country’s largest city of Almaty.
The local village of Aksuyek has a population of ~700 people and will support C29 Metals’ exploration efforts in the near-to-mid-term, providing a base of operations and support services.
The uranium market is expected to grow over the next 10 years, with the World Nuclear Association projecting a 28 percent increase in uranium demand from 2023 to 2030. As electricity demand potentially increases by about 50 percent by 2040, there is significant opportunity for increasing the global nuclear energy capacity, especially as the world continues to pursue its clean energy agenda and a low-carbon economy.
Company Highlights
- Focused on uranium exploration in the top uranium-producing jurisdiction of Kazakhstan, with a newly granted tenement and new license applications in progress (252 sq km) and strong community support from local neighboring village members.
- Flagship Asset: The Ulytau project, located in southern Kazakhstan, 15 km south of Bota-Burum, one of the largest Soviet-era uranium mines in the heart of one of the world’s most prolific uranium-producing regions.
- Experienced Leadership: Seasoned board and management team led by Shannon Green, an executive with over 25 years of experience.
- Positive Market Outlook: Demand for uranium is expected to increase by 28 percent by 2030, and 51 percent by 2040.
Key Projects
Ulytau Uranium Project
Figure 2 – Ulytau project location in relation to other Kazakhstan Uranium mines.
The Ulytau Project is located in the Almaty Region of Southern Kazakhstan, approximately 15 km southwest of the Bota-Burum mine, which is one of the largest uranium deposits mined in the former Soviet Union.
Exploration for uranium has been carried out in the area since 1953. Uranium production at the Bota-Burum mine, next to the village of Aksuyek, commenced in 1956 and continued until 1991. Total mined reserves of Bota-Burum are quoted at 20,000 tonnes of uranium (44 million pounds).
C29 Metals has lodged two (2) new license applications with the Ministry of Natural Resources. The licenses are designed to cover ~18 km of additional prospective strike.
The Southern application, the largest of the two (2) applications, was granted on the 1 August 2024 and is contiguous with the Ulytau license area and sits immediately to the South and East of the Ulytau Uranium project tenement boundaries. The Southern application area is ~213 km2. The Northen tenements licence was granted on September 3, 2024.
The Southern tenement is interpreted as having a similar mineralised trend to that of the existing Ulytau Project area (refer to ASX announcement “License Applications Lodged around Ulytau Uranium Project” dated 24 July 2024 and the further clarification on 25 July 2024).
The Northern tenements, meanwhile, sits to the north of the Ulytau uranium project tenement and immediately north of the historic Bota Burum uranium mine. The Northern licence application area is ~39 sq km.
C29 Metals is commencing exploration work at Ulytau, following receipt of a category 4 exploration approval on August 7, 2024, which will include geophysical, field mapping and soil sampling programs.
Figure 3 – The interpreted mineralised Uranium trend with the newly granted southern license and northern application
Local Community Support
The company has held two community consultation days at the local community of Aksuyek, with a population of about 700 people, located roughly 20 km from the Ulytau project area. The community of Aksuyek have shown their strong support for the company’s planned exploration programs. Aksuyek will provide a base of operations for the work programs and can provide many of the required support services to the company.
A social support agreement was signed on July 9, 2024, with the district government providing the framework for the company to assist the village of Aksuyek with projects aligned to the social development of the community. This very important agreement demonstrates the commitment by both parties to work together to ensure mutually beneficial outcomes are sustainably delivered into the future.
Board and Management
Shannon Green - Managing Director
Shannon Green is an experienced mining executive and company director with over 25 years of corporate, resource development and mining operations experience. With extensive experience working in Africa and Australia, Green has managed significant projects, from greenfields exploration through feasibility through construction, into operation. He has held senior leadership roles within Australia in uranium development, as well as iron ore and gold mining operations.
David Lees - Non-executive Chairman
David Lees has over 20 years’ experience in the Australian financial services industry. He started as a stockbroker and subsequently moved into investment and funds management, providing him with extensive experience in capital markets with a diverse skill set covering investment management, business development and corporate governance. He holds a Bachelor of Economics from Murdoch University and a post graduate diploma in Applied Finance and Investment.
Jamie Myers - Non-executive Director
Jamie Myers has over 15 years in equities dealing and corporate advisory experience. He is experienced in leading transactions, including pre-IPOs, IPOs and secondary market equity raising across small and mid-cap companies. He is also the founder and managing director of boutique advisory firm Molo Capital.
Ailsa Osborne - CFO and Company Secretary
Ailsa Osborne has more than 20 years of experience as a financial professional, including more than 15 years in the resource industry in Australia and internationally. Ms Osborne has held CFO and company secretary roles with a number of ASX-listed companies. She has held senior finance roles in several listed companies operating in Australia and internationally, including in South America, Indonesia and Africa.
Drilling at Cheechoo Intersects 12.08 g/t Au Over 20.3 Metres
VAL-D’OR, QUÉBEC–(Marketwired – March 29, 2016) – Golden Valley Mines Ltd. (“Golden Valley” or the “Company”) (TSX VENTURE:GZZ) announces partial results of gold assays from diamond drillhole #52 on the Cheechoo gold property (“Cheechoo gold project”). The information that follows has been prepared by partner and program operator Sirios Resources Inc. (TSX VENTURE:SOI) and has not been independently verified by Golden Valley:
“Following observations of visible gold indicating potentially a significant gold zone in this drill hole, Sirios geologists extracted a series of drill core samples for priority assay. It shows, between 120 m and 140.3 m, a section grading 12.08 g/t Au over 20.3 metres including 48.38 g/t over 4.4 metres (uncut grades, true width unknown). The gold mineralization is distributed in both meta-sedimentary rocks and the tonalite, thus overlapping the contact of these two lithologies. Gold is associated with the presence of numerous folded millimetric veinlets of quartz-feldspar. Only the section between 113.5 m and 147 m was assayed to date in this drill hole, results are detailed in the table below.
PARTIAL ASSAYS RESULTS OF DRILL HOLE CH-16-52
NAD 83 UTM Coordinates: 438831E 5830227N; Azimuth: 300°; Dip: -50°
From (m) | To (m) | Interval (m)* | Au (g/t) ms | Au (g/t) Cut *** | ||||||
120.0 | 140.3 | 20.3 | **12.08 | 8.22 | ||||||
incl. | 122.7 | 123.7 | 1.0 | **14.35 | ||||||
and | 133.2 | 137.6 | 4.4 | **48.38 | 30.53 | |||||
incl. | 133.2 | 135.5 | 2.3 | **83.35 | 50.00 | |||||
and | 136.5 | 137.6 | 1.1 | **14.95 | ||||||
* Interval along the hole. True width not known. | ||||||||||
** Visible gold. | ||||||||||
*** Maximum gold grade cut at 50 g/t. | ||||||||||
ms: Gold grade obtained by fire assay with metallic sieve of a 1 kg sample. |
The winter 2016 diamond drilling program, started in mid-January, was finished last week with the completion of drill hole #56. Twenty six drill holes (#31 to 56) were completed for a total of 4,179 metres. Assays are completed for drill holes Ext#22, 32, 33, 34, 36 and 37 while re-assays for quality controls are underway for drill holes #31 and 35. Shallow, less than 80 meters deep, drill holes #34, 36 and 37 yielded only anomalous gold grades. Samples from drill holes #38 to 56 will be assayed in following weeks. Only partial results are known and published to date for drill holes #40 and #52 with this press release and the one of March 7th.
A map showing the locations of drill holes is available at the following link: https://sirios.com/files/CarteZoomin2016-03-24.jpg as well as a photo of drill hole #52 at the following link: https://sirios.com/files/CH52-120-141.jpg
MAIN ASSAYS RESULTS OF DRILL HOLES #22Ext. 32 AND 33
DDH CH-16- | Azimuth ° | Dip ° | NAD83 UTM Coordinates | From (m) | To (m) | Interval (m) * | Au (g/t) | |||||||
22Ext | 254 | -41 | 438500E / 5830171N | 209.0 | 210.0 | 1.0 | 16.32 | |||||||
224.4 | 245.4 | **21.0 | 0.88 | |||||||||||
incl. 240.5 | 245.4 | **4.9 | 1.75 | |||||||||||
32 | 300 | -50 | 438516E / 5830178N | 15.5 | 17.0 | 1.5 | 4.42 | |||||||
52.6 | 53.9 | 1.3 | 2.06 | |||||||||||
86.7 | 87.7 | 1.0 | 2.26 | |||||||||||
122.8 | 123.8 | ms**1.0 | 9.11 | |||||||||||
150.0 | 152.1 | 2.1 | 1.24 | |||||||||||
33 | 300 | -50 | 438429E / 5830333N | 9.3 | 16.8 | 7.5 | 0.68 | |||||||
41.9 | 42.9 | 1.0 | 2.66 | |||||||||||
* Interval along the hole. True width not known. | ||||||||||||||
** Visible gold. | ||||||||||||||
ms: Gold grade obtained by fire assay with metallic sieve of a 1 kg sample. |
Assay quality control
NQ-caliber drill cores of current campaign were sawed in half, with one half sent to a commercial laboratory for analysis and other half retained for future reference. A strict QA/QC program was followed by integrating blanks and certified reference materials to the drill core samples, all of which were prepared by IOS Services Géoscientifiques inc. of Chicoutimi, and assayed for gold by fire assay and atomic absorption finish (AA24) by the ALS Minerals laboratories in Val d’Or, Quebec. Samples grading more than 3 g/t were re-assayed by fire assay with gravimetric finish. (GRA22). Samples with visible gold were assayed by pyro-analysis with metallic sieve (SCR24) from a sample of about 1 kg.
For the section from 113.5 m to 147.0 m of drill hole #52, twenty-seven samples, of approximately 1 kg each, representing 33.5 m of drill core, were assayed via rush priority for gold by fire assay with metallic sieve (SCR24) by ALS Minerals in Val-d’Or, Quebec.”
Mr. Dominique Doucet, P. Eng., President of Sirios Resources Inc., is the Qualified Person pursuant to National Instrument 43-101, who prepared and is responsible for the technical information reported herein and has approved this written disclosure, including verification of the data disclosed, the sampling, and the analytical and QA-QC data underlying the technical information.
Golden Valley currently owns a 55% interest in the Cheechoo gold project, with Sirios owning the remaining 45% interest. Under the terms of a revised JV agreement, Sirios may acquire Golden Valley’s remaining 55% interest subject to the following general conditions:
- Sirios must spend an aggregate $4,200,000 in exploration expenditures prior to June 13, 2016 (of which $3,172,213 has been indicated as spent as of January 31, 2016, leaving approximately $1,027,787 remaining);
- Sirios issued 9.9% of its share capital to Golden Valley as of December 31, 2013 (2,898,374 shares, currently representing approximately 4% of Sirios); and
- Sirios must make a payment to Golden Valley of $500,000 (cash or equivalent in SOI shares) prior to June 13, 2016 (notwithstanding the foregoing, Sirios shall have the obligation to pay in cash that portion of the $500,000 which would result in Golden Valley becoming an insider of Sirios).
As additional consideration for the grant of the Option and in order for Sirios to acquire Golden Valley’s remaining 55% interest in the Cheechoo gold project, Sirios has granted to Golden Valley a royalty (the “Royalty”) equal to 4% of the net returns from all mineral products mined or removed from the Cheechoo gold project. Notwithstanding the foregoing, the royalty relevant to gold mineral products mined or removed from the Cheechoo gold prospect (the “Gold Portion”) may be reduced as follows depending on the market price of Gold at the time of the payment of the Gold Portion:
- If the price of Gold is less than $3,000 per ounce and higher than $2,400 per ounce, a 3.5% royalty on the Gold Portion shall be payable to Golden Valley;
- If the price of Gold is less than $2,400 per ounce and higher than $1,200 per ounce, a 3% royalty on the Gold Portion shall be payable to Golden Valley; and
- If the price of Gold is less than $1,200 per ounce, a 2.5% royalty on the Gold Portion shall be payable to Golden Valley.
About Golden Valley Mines Ltd.: The Company typically tests initial grassroots targets while owning a 100% interest therein and then seeks partners to continue exploration funding. This allows the Company to carry on its generative programs and systematic exploration efforts at other majority-owned grassroots projects. The Company (together with its various subsidiaries) holds property interests in projects in Canada (Saskatchewan, Ontario and Québec).
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Moab Minerals
Investor Insight
With its high-quality uranium assets in Tanzania, as well as a highly experienced corporate and in-country management team, Moab Minerals presents a compelling case for investors evaluating opportunities in the rapidly growing uranium market.
Overview
Moab Minerals (ASX:MOM) is an exploration company with the primary goal of developing its uranium assets in Tanzania. On the 8th July 2024 the company announced the acquisition of a majority stake in Katika Resources, a Tanzanian company, that holds the Manyoni and Octavo uranium projects. The Manyoni project was previously explored by Uranex Ltd from the early 2000’s until 2013. The Octavo uranium project is adjacent to Rosatom’s world class Nyota uranium deposit (Mkuju River project), which was formerly held by ASX listed Mantra Resources before the AU$1.02 billion takeover in 2011.
Tanzania is a global leader in identified uranium resources, which coupled with a supportive government, puts the country in a good position to establish itself as a significant player in the global nuclear energy sector. Significant Tanzanian deposits include Namtumbo (Mkuju), Bahi, Galapo, Minjingu, Mbulu, Simanjiro, Lake Natron, Manyoni, Songea, Tunduru, Madaba and Nachingwea. Of these projects, Mkuju River is the largest, boasting a mineral resource of 8,500 tons U3O8 and, once operational, will be the country’s first operating uranium mine.
With a high-calibre team of highly experienced mining and business leaders with successful track records, and a Tanzanian based team of technical experts, Moab is well positioned and well-funded to deliver on its commitment to expedite the exploration and development of its uranium projects in Tanzania.
Company Highlights
- Moab Minerals is a uranium exploration company developing its primary uranium assets in Tanzania - Manyoni and Octavo.
- Tanzania is a global leader in identified uranium resources and companies operating in the country benefit from a supportive pro-mining government.
- Positive outlook for uranium, with demand expected to increase by 28 percent in 2030, and 51 percent by 2040.
- The Company is looking to start drilling 1,500 metres in August/September to validate historical drill results from Uranex (early 2000’s-2013) and to test extensions of the known mineralization at Manyoni.
- Additional upside exists from Moab’s uranium-vanadium asset (REX project) located in Colorado and within trucking distance of the White Mesa Mill.
Key Projects
Manyoni Uranium Project
The Manyoni Uranium Project is strategically located just outside of the town of Manyoni in the Republic of Tanzania, and benefits from established infrastructure such as a modern railway and highway system, as well as available power and water resources.
Manyoni is located in the central part of the Tanzanian Archaean Shield, a stable platform of granite-gneiss terrane with marginal greenstone belts. The uranium is deposited in a shallow playa lake system as schröckingerite (in the lake sediments) and carnotite in the granitic saprolite below the lake sediments. The mineralization varies from flat-lying to shallowly dipping as it follows the direction of the palaeo-drainage to the south-east. The average depth of the mineralized interval is 10 metres.
The Manyoni uranium project was extensively explored and drilled by its previous owner, Uranex (ASX:UNL), now Magnis Energy Technologies (ASX:MNS).
Moab has executed a binding agreement with AuKing (ASX:AKN) to acquire four highly prospective prospecting licences immediately adjacent to the Manyoni uranium project, representing the consolidation of all of the Manyoni uranium deposits for the first time in over 10 years. Stage one 105-hole core drilling program is underway and will be followed by the stage two program of 100 exploration core holes. Moab intends to release its maiden JORC (2012) mineral resource estimate in 2025 following the completion of preliminary drilling activities. A scoping or preliminary feasibility study is planned to be completed in the same year.
Octavo Uranium Project
The Octavo uranium project is strategically located adjacent to Rosatom’s world-class Nyota uranium deposit (Mkuju River project), formerly owned by ASX-listed Mantra Resources before a AU$1.02 billion takeover deal in 2011.
Uranium mineralization at Octavo consists of Triassic sandstone overlying granite basement rocks.
Exploration Plans
Exploration at the company’s Mayoni project will include: 1) twinning historic drill holes, which involves drilling 60 holes to an average depth of 25 metres, and 2) a bench scale metallurgical test work program. In addition to the 2024 drill program, Moab is planning to undertake an exploration drilling program designed to target extensions to the known mineralization at Manyoni.
At the Octavo uranium project in southern Tanzania, work is focused on the acquisition of high-quality airborne radiometric and magnetic survey data which are expected to deliver uranium targets for ground follow-up.
REX Project
The project is located in Colorado, USA, (60 percent owned by Moab Minerals) within the vicinity of many historic uranium mines, including Blackfoot/Rattlesnake, Wedge, Merry Widow, Sunbeam and Vanadium King. The project boasts 256 contiguous BLM mining claims (~5,000 acres which is 20 sq km) and is located ~130 km east of the town of Moab. The project is within trucking distance of the White Mesa Mill, the only operating conventional uranium-vanadium mill in the US. Recent exploration results from Rex include strongly anomalous uranium and vanadium up to 0.53 percent U3O8and 3.32 percent V2O5.Management Team
Malcolm Day - Managing Director
Malcolm Day has been managing director of Moab Minerals since 1999. He’s a civil engineer and licenced surveyor with eight years of experience in the civil construction industry. Day also spent three years working as a mining and resource exploration surveyor in remote parts of Western Australia. Day has been managing director of Moab Minerals (ASM:MOM) since 1999 and a non-executive director of European Lithium Limited (ASX:EUR) since 2012.
Bryan Hughes - Non-executive Chairman
Bryan Hughes is the past chairman and founding partner of Pitcher Partners, accountants, auditors and advisors, and now a director of 101 Advisory. Hughes has over 30 years of experience in the resource sector, and has developed and overseen commercial, operational and financial strategies which have led to the development and success of numerous companies in many jurisdictions around the world. Hughes sits on several private and public company boards.
David Wheeler - Non-executive Director
David Wheeler has more than 30 years of senior executive management, directorships, and corporate advisory experience. He is a foundation director and partner of Pathways Corporate, a boutique corporate advisory firm that undertakes assignments on behalf of family offices, private clients, and ASX listed companies. He has engaged in business projects in the USA, UK, Europe, NZ, China, Malaysia, Singapore and the Middle East. Wheeler is a fellow of the Australian Institute of Company Directors and has experience on public and private company boards, currently holding a number of directorships and advisory positions in Australian companies.
Tanzania Management
Godluck Sekwao - Exploration Manager
Experienced geologist with 16 years of experience across all aspects of geological projects, with a particular focus on exploration. Sekwao most recently worked with Shanta Gold across its East African projects.
Charles Sayi Mihayo - Senior Geologist
Charles Sayi Mihayo is an experienced geologist with over 18 years of experience across Africa in project discovery, development, and mining production across a range of commodities.
Ryoba Chacha - Consulting Geologist
Ryoba Chacha has over 15 years of experience working on geological projects, particularly in East Africa. He has also previously worked on the Manyoni project as a project geologist with Uranex.
Greenridge to Expand Canadian Uranium Portfolio with ALX Resources Buy
Greenridge Exploration (CSE:GXP) has entered into a binding arrangement agreement to acquire ALX Resources (TSXV:AL,OTC Pink:ALXEF), a move it says will give it stakes in 16 uranium assets in Canada.
The combined entity will also have exposure to critical minerals assets, with interests in 13 further lithium, nickel, copper and gold projects in its portfolio. In total, all 29 projects will cover 435,000 hectares.
Carpenter Lake will be one of the flagship assets in the company’s stable. Greenridge will own 60 percent of the uranium property after the acquisition is complete, with the option to boost its stake to 100 percent.
The purchase of ALX will also bring other key uranium assets to Greenridge, such as the Black Lake, Gibbons Creek, Hook-Carter and McKenzie Lake projects. Together they span approximately 173,000 hectares.
The company's October 11 press release notes that ALX shareholders will benefit from exposure to Greenridge's Nut Lake uranium project in Nunavut's Thelon Basin. Nut Lake has seen about 6,920 feet of diamond drilling activity, and is near Atha Energy’s (TSXV:SASK,OTCQB:SASKF) Angilak project, which hosts the Lac 50 Trend deposit.
The deal between Greenridge and ALX follows a non-binding letter of intent announced on September 5. The acquisition is expected to create a vehicle with a market capitalization of approximately C$35 million.
ALX shareholders will receive 0.045 Greenridge shares for each ALX share held. Upon completion, Greenridge shareholders will hold about 75.2 percent of the merged firm, while ALX shareholders will own around 24.8 percent.
Warren Stanyer, CEO and chairman of ALX, will join Greenridge as president and director, along with an additional nominee to the company's board of directors. Russell Starr will remain as CEO and director.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: ALX Resources is a client of the Investing News Network. This article is not paid-for content.
More High-grade Drill Results at Alta Mesa Uranium Project, Texas
Boss Energy Limited (ASX: BOE|OTCQX: BQSSF) is pleased to report more strong drilling results from its 30 per cent-owned Alta Mesa ISR Uranium Project in South Texas.
The results of the drilling, which was designed to expand the producing wellfield capacity, continue to significantly exceed the cut-off grade thickness requirements for In-Situ Recovery (ISR) of uranium.
The results were reported by Alta Mesa’s 70 per cent owner enCore Energy Corp (NASDAQ:EU|TSXV: EU).
EnCore also reports that production from its first wellfield continues to progress with increases in the number of Alta Mesa production and injection wells on schedule for 2024 and continuing into 2025.
The Alta Mesa wellfield drilling operations, which commenced in March 2023, are advancing rapidly with 80 holes drilled since the previous update announced on March 18, 20241. In total, 749 drill holes have been completed through mid-September 2024. At present there are seven (7) drill rigs in full operation at Alta Mesa, with plans to double that number over the next twelve (12) months.
Please refer to enCore’s announcement dated October 15, 2024 for further information2.Click here for the full ASX Release
This article includes content from Boss Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
C29 Metals Limited (ASX: C29) – Trading Halt
Description
The securities of C29 Metals Limited (‘C29’) will be placed in trading halt at the request of C29, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 18 October 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from C29 Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Results of Entitlement Offer
AuKing Mining Limited (ASX: AKN) advises that it has completed its non-renounceable pro-rata entitlement offer that was intended to raise approximately $1.47 million before costs (Entitlement Offer), with a substantial shortfall.
The Entitlement Offer closed on Thursday, 10 October 2024. The Entitlement Offer was an offer of new fully paid ordinary shares in the Company (New Shares) on a 2 for 3 basis at an issue price of A$0.007 per New Share (Offer Price) plus 1 attaching option exercisable at
$0.03 and expiring 30 April 2027 (New Option) for every 2 New Shares. Summary of the Entitlement Offer Results
Results of the Entitlement Offer are as follows:
- Acceptances were received in the Entitlement Offer for a total of 7,351,541 New Shares (including applications for additional New Shares) from 55 shareholders raising
$51,460.88. An additional 7,142,857 New Shares arising from the shortfall have been placed to a private sophisticated investor, giving rise to total funds raised to
$101,460.88.
- Board members Tighe and Williams contributed their entitlement as committed in the Prospectus dated 12 September 2024.
- All applications from shareholders for additional New Shares will be met in full.
- The net shortfall remaining under the Entitlement Offer is $1,385,747.87 (197,963,982 shares).
The 14,494,398 New Shares and attaching 7,247,200 New Options will be issued on 16 October 2024, with the New Shares expected to commence normal trading on the ASX on 17 October 2024. The Company does not propose to seek quotation of the New Options on ASX at this time.
Funding Options
Due to the substantial shortfall under the Entitlement Offer, the Board is currently in discussions with investors about alternative funding options. Details will be provided to the market as soon as these are finalised.
This announcement is authorised by the Board of the Company.
Paul Marshall Company Secretary
For further information contact: Paul Williams
Managing Director Mobile: 0419 762 487
E-Mail: p.williams@aukingmining.com
Click here for the full ASX Release
This article includes content from Auking Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here
Sale of Remaining Manyoni Licences
AuKing Mining Limited (ASX: AKN) advises that it has entered into a binding agreement with Moab Minerals Limited (ASX:MOM) to sell its remaining non-core Prospecting Licences at Manyoni in central Tanzania.
Summary
Auking announced to ASX on 27 February 2023 that two (2) key Prospecting Licences (“PLs”) at the Manyoni uranium project in Tanzania, had been revoked by the Tanzanian Mining Commission. A significant portion of the historical Manyoni uranium resource estimate was contained within the two PLs that were the subject of revocation.
Since that time AuKing management has taken various actions including several meetings with Tanzanian officials in an effort to re-secure the two revoked PLs. This included a recent high-level meeting in Dodoma attended by senior Ministry officials as well as the Company’s Chairman and Managing Director in late June 2024.
To date, there has been no response received by the Company to these efforts to recover the two revoked PLs and the Board now sees very little prospect of this occurring. As a consequence, without those key PL interests, AuKing has a limited ability to secure any value for its remaining holdings at Manyoni and that this sale is the best available option.
Manyoni Licence Sale
AuKing has reached agreement to sell its remaining non-core Manyoni PLs to ASX-listed Moab Minerals Limited (ASX: MOM) for a total purchase price of A$175,000. The sale is conditional on certain matters including:
- 30 days for due diligence from the date of execution of the sale agreement,
- AuKing to provide access to all pertinent information within its control,
- The tenements being in good standing,
- Ministerial approval for the transfers,
- Fair Competition Council (FCC) of Tanzania approval if required.
In addition, AuKing has provided MOM (and its associated entity in Tanzania, Katika Resources Limited) with a release and waiver in respect of any claims as against MOM,
Katika and the licence interests that Katika currently holds in the Manyoni region. The release and waiver does not include any rights or claims of AuKing to seek compensation as a result of the expropriation of the two key PLs back in February 2023 by the Tanzanian Mining Commission.
Mkuju Project Focus
The proposed sale of PLs to MOM has no impact on AuKing’s keen desire to commence drilling at its highly prospective Mkuju uranium project that is situated in southern Tanzania. These interests at Mkuju have no relationship or connection to what has happened at Manyoni, nor will they be impacted by the proposed sale to MOM.
For more information, please contact:
Paul Williams Managing Director
Mobile +61 419 762 487
p.williams@aukingmining.com
Click here for the full ASX Release
This article includes content from AuKing Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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