Discovery Hole Drilled by Madison Metals at Khan Uranium Project in Namibia, Africa
Discovery Hole Drilled by Madison Metals
at Khan Uranium Project in Namibia, Africa
TORONTO, ON – May 27, 2024 – Madison Metals Inc. (“Madison” or the “Company”) (CSE:
GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that Reverse Circulation (“RC”)
drill hole KM5RC003 has intersected strong uranium mineralization over minable widths
under trench area TR003 (refer to press releases dated March 4, 2024 and April 18, 2024).
The RC hole was positioned at 55-degree azimuth facing northeast intersecting four distinct
uranium mineralized radiometric D-type leucogranites (favourable rock type mined at Rossing)
over 157 metres (m). Spectrometer readings from chip sample bags return ed values as high
as 1.36% U3O8 at 45m and 1.54% at 148m vertical depth from surface. Mineralization is open
in all directions and requires additional drilling to determine size and geometry.
The RC hole will be geo-probed and chemical assays will be performed as per the Company’s
QA/QC protocol to confirm uranium concentrations. Further details will be provided as results
are received and reviewed by Madison management.
Drilling continues in the TR004 and TR005 trenching area where strong uranium mineralization
was encountered at surface. Additional drilling is also planned at TR003 due to this discovery.
Qualified Person
Mary Barton, a Professional Natural Scientist (SACNASP) and a Qualified Person for the
purposes of National Instrument 43 -101 (NI 43 -101) Standards of Disclosure for Mineral
Projects for ML86A, has reviewed, verified, and approved the technical information contained
in this news release.
About Madison Metals Inc.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is an upstream mining and
exploration company focused on sustainable uranium production in Namibia and Canada.
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.sedarplus.ca.
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
European investor inquiries:
Florian Munsch
Euroswiss Equity Group
+49 1575 5821793
Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking Statements
This release contains “forward -looking statements” within the meaning of applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to statements regarding the proposed future exploration and drilling
by Madison.
Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”
or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or
results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are
made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance
or achievements of the Company to be materially different from future results, performances or achievements expressed or
implied by such statemen ts. Such statements and information are based on numerous assumptions regarding present and
future business strategies and the environment in which the Company will operate in the future.
Certain important factors that could cause actual results, performances or achievements to differ materially from those in
the forward-looking statements include, amongst others: the global economic climate; competition; labour shortages, and
unanticipated expenses of the Company. Forward-looking statements are subject to known and unknown risks, uncertainties
and other important factors that may cause the actual results, level of activity, performance or achievements of the Company
to be materially different from those expressed or implied by such forward -looking statements, including but not limited to:
failure of the Company or its contractual partners to fulfil their respective obligations under agreements; unanticipated delays
in drilling as described in this press release; the impact the COVID 19 pandemic may have on the Company’s activities and the
economy in general; the impact of the recovery post COVID 19 pandemic and its impact on precious metals; receipt of
necessary approvals; general business, e conomic, competitive, political and social uncertainties; accidents, labour disputes
and shortages; environmental risks; and other risks of the mining industry.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from
those contained in forward -looking statements, there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements.
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.sedarplus.ca. The Company disclaims any
obligation to update or revise these forward-looking statements, except as required by applicable law.