Madison Metals Drill Program Confirms Subsurface Uranium at Khan Project in Namibia, Africa
Madison Metals Drill Program Confirms Subsurface Uranium at
Khan Project in Namibia, Africa
TORONTO, ON – August 1, 2024 – Madison Metals Inc. (“Madison” or the “Company”) (CSE:
GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that the downhole probe and
chemical results from the maiden drill program confirmed subsurface zones of uranium
connected to high-grade surface results at the Khan Uranium Project at Madison West, located
in the Erong o Uranium Province, Namibia. The Company is planning a new and extensive
Phase II drilling program to better define and expand the uranium resource.
Key Findings:
• Area Tested: Uranium confirmed by drill testing along 590 metres (m) of a 1 ,000m
mapped area.
• Comparison with Other Mines: Intersected grades are comparable to the average
U3O8 grades of notable Namibia leucogranite uranium mines: Rossing (330 parts per
million) (ppm), Husab (500 ppm), and development deposits including Forsys Metals’
Valencia Main (136ppm), Deep Yellow’s Omahola (190 ppm) and Bannerman’s Etango
(220 ppm).
Drillhole Results Summarized:
• KM5RC001: Found a continuous 21m section with an average of 386 ppm uranium,
including a 2m section with 1,982 ppm uranium.
• KM5RC003: Lab tests showed a 12 m section with 520 ppm uranium, including a 1m
section with 2,062 ppm uranium, a 5m section of 663 ppm, including 1m of 1,646 ppm
and 5m of 1,675ppm.
• KM5RC005: Found a 29m section with 332 ppm uranium, including two 2m sections
with 1,259 ppm and 1,384 ppm uranium, respectively.
• KM5RC007: Found multiple sections of elevated radioactivity, including 604 ppm
uranium over 11m and 1,319 ppm uranium over 3m.
• KM5RC008 and KM5RC009: Confirmed that the elevated radioactivity continues
south, extending the mineralized area.
As previously reported, nine Reverse Circulation (RC) drill holes were completed totalling
997m under the Company’s maiden drill program . The drilling aimed to confirm the
subsurface continuation of the anomalous surface radiometric readings and trench sampling
assays. Only the southern portion of Anomaly 5 was covered by this drilling. The northern
portion, which returned a 1m interval of 84,700 ppm from KM5TR006, remains undrilled due
to accessibility challenges.
Figure 1: Map of Anomaly 5 showing the drilled southern portion and the undrilled northern portion.
All the drill holes intersected elevated radioactivity with the exception of KM5RC002.
KM5RC004, however, deviated excessively and did not reach the intended target under trench
KM5TR004. The Company plans to redrill this hole in the next phase. Seven of the nine drill
holes were gamma probed using the Gramma Ray Spectrometer 1128. KM5RC003 collapsed
at 22m, while KM5RC006 collapsed from the top and could not be probed. Assay*** results
for intervals from these two holes have been received.
Interpretation of the drilling data indicates that target alaskites are hosted within the Khan
formation, which is made up of calc -silicates, quartzites and schists. The alaskites appear to
be near vertical and parallel to the Khan formation but may also occur as stringers. Alaskites
also exhibit pinch and swell structures, which is characteristic of a high-strain zone. The overall
observed geometry of the sheeted leucogranites at Anomaly 5 is en -echelon, indicating
emplacement in a pressure shadow at a brittle -ductile transition. The exploration results to
date continue to validate the Company's exp loration model at Anomaly 5, where uranium -
bearing alaskites are emplaced in a pressure shadow similar to other significant uranium
deposits in the region, including Rossing, Husab, Valencia, and Etango.
Figure 2: Map of Anomaly 5 highlighting the nine drill holes and significant intersections.
Figure 3. Cross-section A-A’ looking north showing the interpreted near vertical dip of the alaskites,
alaskite stringers and key intercepts in KM5RC003. See Figure 2 for the location of the section line.
Table 1 below summarizes the downhole depths and downhole gamma probe readings (using
an 80 ppm U3O8 cut-off) for the nine drill holes.
Target Drillhole EOH
(m)
From
(m)
TO
(m)
Width
(m)
Grade
U3O8
(ppm)
Including
Comment
From
(m)
TO
(m)
Width
(m)
Grade
U3O8
(ppm)
Continuity between trenches
KM5TR001 and
KM5TR002
KM5RC001 39 18 39 21 386 27 29 2 1982
60m NE of and along strike
of KM5RC001 KM5RC002 77 No anomalous radioactivity
Under trench KM5TR003
and surface expression 50m
NE of KM5TR003
KM5RC003 157
0 4 4 172
48 60 12 520 48 49 1 2062 Lab
assays
99 104 5 663 103 104 1 1646 Lab
assays
144 149 5 1675 Lab
assays
Trenches KM5TR004 and
KM5TR005 KM5RC004 185
75 81 6 108
89 92 3 95
Surface anomaly NW of
trenches KM5TR004 and
KM5TR005
KM5RC005 131
59 65 6 565 61 64 3 1025
87 116 29 332
92 94 2 1259
114 116 2 1384
Surface expresion 80m NE
of KM5TR003 KM5RC006 135 119 120 1 563 Lab
assays
Under trench KM5TR003
and surface expressions 80m
NE of KM5TR003
KM5RC007 193
65 76 11 604 71 74 3 1319
97 104 7 122
109 112 3 127
146 149 3 353
157 159 2 121
Orientation of mapped
anomalous alaskite south of
KM5RC002
KM5RC008 40
13 19 6 100
20 26 6 106
29 39 10 381 30 31 1 1930
Orientation of mapped
anomalous alaskite south of
KM5RC002
KM5RC009 40
10 22 12 115
10 39 29 96
Madison’s maiden drill program was a big step towards a discovery hole for the company. The
Khan project exhibits all the key characteristics to host an alaskite-hosted uranium deposit,
and the results of the drill program have reinforced the validity of the exploration model. The
Company now know s the location of the targeted leucogranites, and that the surface
anomalies extend to the subsurface. Madison’s geology team is using the probing and
geological data to define the geometry of our targets so that t hey can know where to target
next.
Following a comprehensive review of the exploration data from its maiden drill program,
Madison has identified inadvertent errors in the hand-held spectrometer U3O8 percentage (%)
values reported in the news release dated June 24, 2024. The errors were associated with the
conversion of portable spectrometer readings from ppm to percentage, resulting in a decimal
point shift to the right. Madison regrets any confusion caused by these errors and assures
stakeholders that steps have been taken to prevent such issues in the future.
*The Company considers greater than 80 ppm U 3O8 on the borehole probe to be elevated
radioactivity.
** The reader is cautioned that borehole probe readings are not directly or uniformly related
to uranium grades of the rock sample measured and should be used only as a preliminary
indication for the presence of radioactive materials. The downhole logging was carried out by
Terratec Geophysical Service Namibia (“Terratec”), a Namibian geophysical contractor, using
calibrated total count and spectrometer probes. The uranium values presented in this news
release are based on downhole gamma data , which were converted into uranium values
(U3O8) by Terratec. All depth measurements reported are down-hole and true thickness is yet
to be determined.
*** Geochemical analyses on RC chip samples described in this news release were carried out
by Trace Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) at Swakopmund, Namibia ,
using inductively coupled plasma optical emission spectrometry ("ICP-OES") method. QAQC on
analytical results has included insertion of sample blanks, duplicates and certified reference
standards by Madison. Additional QAQC included repeat analyses.
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
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accuracy of this release.
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forward-looking statements include, amongst others: the global economic climate; competition; labour shortages, and
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