Madison to Acquire Additional Mining and Exclusive Prospective Licences in Namibia’s Renowned Uranium Province
Madison to Acquire Additional Mining and Exclusive Prospective Licences in
Namibia’s Renowned Uranium Province
TORONTO, ON – November 14, 2022 – Madison Metals Inc. (“Madison” or the “Company”)
(CSE: GREN) (OTCQB: MMTLF) is pleased to announce that it has entered into a binding
agreement with an arm’s length vendor to acquire a 90% direct interest in Mining Licence 86A
(“ML86A”) and Exclusive Prospecting Licence 8905 (“EPL-8905”) with 10% free carry in favour
of the vendor (the “Transaction”). ML86A and EPL-8905 are in the renowned Erongo Uranium
Province of Namibia , Africa (Figure 1) . Namibia is the world’s second -largest uranium-
producing country and holds the world’s fifth-largest uranium total resource.
“With this Transaction, Madison is continuing to expand its land holdings around producing
uranium mines in Erongo,” says Duane Parnham, Executive Chairman and CEO of Madison
Metals. “The acquisition of these licences is a core part of our strategy to build a regional-
scale portfolio focused on the highly prospective uranium province. It also increases exposure
to uranium for the Company and its shareholders.”
Madison already holds significant land holding within trucking distance of the Rössing (ML28)
and Husab (ML171) mines (Figure 1). Earlier this year, Madison consolidated its various land
holdings in the area under the property names Madison North and Madison West (see news
release dated September 19, 2022) with the goal of building upon minable uranium resources
by expanding currently known uranium zones and making new discoveries.
The acquisition of ML86A and EPL -8905 connects the Madison North and Madison West
projects together, resulting in a 427 km2 contiguous land package that is highly prospective
for leucogranite-hosted uranium mineralization.
Figure 1: Location of ML86A, EPL-8905, other Madison properties and producing mines in the
Erongo Uranium Province.
ML86A and EPL-8905
ML86A and EPL -8905 together form a contiguous land package of 7.86 km2 located
approximately 51 km east-northeast of the city of Swakopmund and immediately southwest
of the producing Rössing Mine (Figure 1). The two properties cover anomalous prospective
radiometric signatures that can be traced from Madison’s EPL -7011 and ML121 (Figure 2).
The geological and structural setting of ML86A and EPL-8905 bears a strong resemblance to
the Rössing deposit, with uranium -anomalous granites concentrated at the Khan -Rössing
and/or Khan-Arandis boundary within the north-northeast trending deformation corridor of
the Welwitschia magnetic lineament (Figure 3). ML86A and EPL-8905 thus have significant
potential for leucogranite-hosted uranium mineralization.
Figure 2: Airborne radiometric signature and targets (blue outline) over ML86A and EPL-8905.
Figure 3: Geological and structural setting of ML86A and EPL-8905.
Madison is conducting due diligence and expects to complete the Transaction early next year,
at which stage more details will be provided.
Qualified Person
Mary Barton, a Professional Natural Scientist (SACNASP) and a Qualified Person for the
purposes of National Instrument 43 -101 Standards of Disclosure for Mineral Projects for
ML121, has reviewed, verified, and approved the technical information contained in this news
release.
About Madison Metals Inc.
Madison Metals Inc . (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration
company focused on sustainable uranium production in Namibia and Canada. Using cutting -
edge technologies and modern strategies, Madison Metals Inc. is positioned to move
advanced uranium assets to market quickly.
With over 50 years of mining experience, including 22 years in Namibia, its management team
has geological and financial expertise and a track record of creating shareholder value.
Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on
the Company’s SEDAR profile at www.sedar.com.
For further information, please contact:
Duane Parnham
Executive Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
Investor/shareholder inquiries:
Neil Simon
Chairman & CEO
Investor Cubed Inc.
+1 (647) 258-3310
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This press release contains forward -looking statements. Forward -looking statements involve known and
unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ
materially from those expressed or implied in s uch statements. You are hence cautioned not to place undue
reliance on forward-looking statements. All statements other than statements of present or historical fact are
forward-looking statements. Forward -looking statements include words or expressions su ch as “proposed”,
“will”, “subject to”, “near future”, “in the event”, “would”, “expect”, “prepared to” and other similar words or
expressions.
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation
or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions
include, without limitation, that sufficient capital and other resources will be available to the Company to carry
out its operations as currently planned.
Factors that could cause future results or events to differ materially from current expectations expressed or
implied by the forward-looking statements include general business, economic, competitive, political and social
uncertainties; there being no assurances that the proposed exploration program will yield favourable results; the
state of capital markets; the risk that the Company will not receive all necessary approvals required in order to
conduct its operations as currently anticipated; accidents, labour disputes and shortages; environmental and
other risks of the mining industry; other unforeseen events and developments; factors causing any of the
aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant; and risks
associated with the ongoing COVID-19 pandemic.
You can find further information with respect to these and other risks in filings made with the Canadian securities
regulatory authorities that are available on the Company’s SEDAR profile page at www.sedar.com. The Company
disclaims any obligation to update or revise these forward-looking statements, except as required by applicable
law.