Madison Metals Identifies High-Grade Uranium at Khan Project in Namibia
Madison Metals IdenƟfies High-Grade Uranium at Khan Project in Namibia
TORONTO, ON – December 12, 2023 – Madison Metals Inc. (“Madison” or the “Company”) (CSE:
GREN) (OTCQB: MMTLF) is pleased to provide an update on its recent explora Ɵon ac ƟviƟes at the
Company’s Khan Project at Madison West in Namibia’s highly prospec Ɵve Erongo uranium province.
The project consists of Mining Licence 86A (“ML86A”) and Exclusive Prospec Ɵng Licence 8905 (“EPL-
8905”) and is immediately southwest of the producing Rössing Uranium Mine (Figure 1). Historically,
detailed exploraƟon for uranium has never been conducted at ML86A due to copper mining acƟviƟes
within the licence.
Madison exploraƟon acƟviƟes focused on the valida Ɵon of untested airborne radiometric anomalies
as well as understanding the geological seƫng and determining the conƟnuity of mineralized alaskites.
ML86A is underlain by favourable geology for Rössing-type deposits in the Central Namib where units
of the Damara Supergroup are intruded by uranium-mineralized alaskites.
Based on the analysis of the airborne survey, several anomalies were detected adjacent to the Khan
mine working and adits on EPL-8905. Follow-up field work indicated that these anomalies were mainly
non-ferƟle SLG (Sheeted Leucogranite) commonly known as C type. Addi Ɵonal anomalies led
Madison’s team to focus on the SE on Anomaly 5, where uranium-bearing D type SLG have been
idenƟfied.
“The Khan Project is quickly becoming an extremely valuable asset to Madison, having huge potenƟal
for making new high-grade uranium discoveries si ƫng right next to two opera Ɵng uranium mines,”
said Duane Parnham, ExecuƟve Chairman and CEO of Madison Metals. “Madison has deployed field
personnel to perform channel sampling and chemical analysis across favourable high-grade uranium
rocks and expand the ground survey to other targets at ML86A in advance of a planned 2024 drilling
program at Anomaly 5.”
Figure 1: Plan map showing the loca Ɵon of ML86A, other Madison proper Ɵes and current producing
uranium mines in Namibia's Erongo uranium province.
Anomaly 5
Anomaly 5 is a prominent regional high-uranium and high-uranium/thorium (Th) anomaly occurring
within a north-northeast-trending fold closure and located approximately eight kilometres (km)
southwest of the Rössing Mine and seven km southwest of the Husab Mine pits.
Madison conducted a ground radiometric and geological mapping survey across Anomaly 5 at an iniƟal
line spacing of 80 metres (m) and staƟon spacing of 10 m. This was later followed by a 40 m line spacing
survey to determine the surface conƟnuity of the target host units. The ground survey confirmed the
existence of Damaran units of the Khan, Rössing, and Chuos formaƟons which are intruded by a variety
of post-tectonic intrusives including the radiometric anomalous alaskites. The alaskites occur as veins,
dyke-like or anastomosing intrusions (Figure 3) predominantly in the Khan FormaƟon and occasionally
in the Rössing FormaƟon. The alaskites have a surface thickness of up to seven metres and are
characterized by smoky to black quartz and patchy secondary yellow uranium staining. Alaskite
outcrops exhibit high U/Th ra Ɵo readings from the handheld spectrometer and someƟmes carry
intense radioacƟvity with total count values >15,000 counts per second (cps).
Figure 2: Uranium and uranium/thorium regional radiometric signatures over ML86A. Anomaly 5
occurs in the southeastern porƟon of ML86A.
Figure 3: Plan map of the mapped leucogranites and results of the ground radiometric survey across
Anomaly 5.
The results of this ground survey con Ɵnue to support the Company’s explora Ɵon model within the
Erongo uranium province. The uranium staining coincident with excepƟonally high cps together with
the prominent north-northeast structures confirm that the anomaly is close to the Welwitschia
lineament, the proximity of which is responsible for the secondary enrichment of the major uranium
deposits of the area, Husab and Rössing.
Due to the strong presence of uranium anomalies on the Khan Project, Madison is also pleased to
announce the signing of an addendum agreement whereby cash payments made to date have secured
an undivided 10% interest in the Khan Project. The balance aggregate payments due by December 31,
2024 will earn an undivided 90% interest.
Qualified Person
Mary Barton, a Professional Natural Scien Ɵst (SACNASP) and a Qualified Person for the purposes of
NaƟonal Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects for ML86A, has
reviewed, verified, and approved the technical informaƟon contained in this news release.
About Madison Metals Inc.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and explora Ɵon company
focused on sustainable uranium produc Ɵon in Namibia and Canada. With over 50 years of mining
experience, including 22 years in Namibia, its management team has geological and financial experƟse
and a track record of creaƟng shareholder value.
AddiƟonal informa Ɵon about Madison Metals Inc. can be found at madisonmetals.ca and on the
Company’s SEDAR+ profile at www.sedarplus.ca.
For further informaƟon, please contact:
Duane Parnham
ExecuƟve Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
Media inquiries:
Adam Bello
Manager, Media & Analyst RelaƟons
Primoris Group Inc.
+1 (416) 489-0092
Neither the Canadian Securi Ɵes Exchange nor the Investment Industry Regulatory Organiza Ɵon of
Canada 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 securi Ɵes
legislaƟon. Forward-looking statements include, but are not limited to, statements regarding the fulfillment of
terms of the forward-sales agreement; the issuance of common shares of Madison; and the proposed future
exploraƟon and drilling by Madison.
Generally, forward- looking statements can be iden Ɵfied by the use of forward -looking terminology such as
“plans”, “expects” or “does not expect”, “is expected”, “budget”, “schedule”, “es Ɵmates”, “forecasts”, “intends”,
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“occur” or “be achieved”. Forward-looking statements are made based u pon certain assump Ɵons 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
statements. Such statements and informaƟon are based on numerous assumpƟons 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; compe ƟƟon;
labour shortages, and unanƟcipated expenses of the Company. Forward-looking statements are subject to known
and unknown risks, uncertainƟes and other important factors that may cause the actual results, level of ac Ɵvity,
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 respec Ɵve obliga Ɵons under agreements; unan Ɵcipated delays in drilling as described i n this press
release; the impact the COVID 19 pandemic may have on the Company’s ac ƟviƟes 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, economic, compeƟƟve, poliƟcal and social uncertainƟes; accidents, labour disputes
and shortages; environmental risks; and other risks of the mining industry.
Although the Company has a Ʃempted to iden Ɵfy 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 an Ɵcipated, esƟmated or i ntended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those an Ɵcipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking statements.
You can find further informaƟon with respect to these and other risks in filings made with the Canadian securiƟes
regulatory authori Ɵes that are available on the Company’s SEDAR + profile page at www.sedarplus.ca. The
Company disclaims any obliga Ɵon to update or revise these forward -looking statements, except as required by
applicable law.