Madison Metals Provides Update on Namibia Uranium Licences
Madison Metals Provides Update on Namibia Uranium Licences
TORONTO, ON – September 19, 2022 – Madison Metals Inc. (“Madison” or the “Company”) (CSE:
GREN) (OTC: MMTLF) is pleased to provide an update to the binding letter of intent ("LOI") with
Otjiwa Mining and Prospecting CC (“Otjiwa”) pursuant to which Madison would acquire a n 85%
interest in Exclusive Prospecting Licences 8 531 (“EPL-8531”) and 8 115 (“EPL-8115”) (the
“Transaction”). EPL-8531 and EPL-8115 are located in the renowned Erongo Uranium Province of
Namibia, Africa, where Madison already holds rights to Exclusive Prospect ing License 7011 ( “EPL-
7011”) and has an agreement to acquire a 24% direct interest in Mining Licence 121 (“ML121”)
(Figure 1). Through the Transaction, Madison is looking to consolidate ownership of land holdings in
the uranium province with the goal to build upon minable uranium resources by expanding currently
known uranium zones and making new discoveries. Namibia is the world’s second-highest uranium-
producing country and holds the fifth-largest total uranium resources in the world.
Otjiwa currently holds an “intention to grant” letter from Namibia’s Ministry of Mines and Energy
(“MME”) for EPL -8531 and EPL-8115. The approval and granting of the licences are subject to an
Environmental Clearance Certificate (“ECC”). The Environmental Impact Assessment scoping study
and Environmental Management Plan Report to obtain an ECC have already been submitted to the
relevant authorities and is expecting a response shortly.
Figure 1: Location of Madison North (EPL-7011 and EPL-8531), Madison West (EPL-8115 and
ML121), and uranium-producing mines in Namibia’s Erongo Uranium Province.
The Company is also pleased to announce that it is consolidating its various land holdings as a result
of the continued expansion in the u ranium province combined with the high likelihood of common
infrastructure. Madison has designated that EPL -7011 and EPL-8531 (previously Rössing North) will
be consolidated under the property name Madison North. Additionally, EPL -8115 and ML121
(previously Rössing West) will be consolidated under the property name Madison West.
EPL-8531
EPL-8531 is located 50 km northeast of the city of Swakopmund and surrounds the Arandis
townlands. The Rössing Mine lies approximately 50 km east of the property. The geology is made up
of Damaran Super Group lithologies wrap ped around units of the older Abbabis Metamorphic
Complex. The overall lithological trend is north -northeast, as is common within the Welwitschia
magnetic lineament deformation corridor. Structurally, the area is characterized by numerous faults,
synforms and antiforms (Figure 2).
Figure 2: Geological and structural setting of EPL-8531.
Previous operators identified eleven prospective targets for further exploration, five of which fall
within EPL-8531 (Figure 3). In 2015, drilling over two of the targets totalled 3,720 metres of reverse
circulation (RC) drilling from 50 drill holes. Based on this drilling, SRK Consulting (UK) Limited (“SRK”)
prepared an in itial Mineral Resource Estimate for the intersected uranium mineralization, in
accordance with the disclosure standards of JORC. The estimate, dated November 2015, was entitled
“MINERAL RESOURCE ESTIMATE, EPLS3524 AND 3624, NAMIBIA.”
SRK derived an Infer red Mineral Resource Estimate of 15.6 Mt grading at 260 ppm U 3O8 for a
contained metal total of 9.0 Mlbs U 3O8. Madison’s attributable ownership of the resource will
amount to 7.65 million pounds (Mlbs) U3O8.
The SRK estimate is considered to be a “historical estimate” under National Instrument 43 -101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”). It is not considered by the Company to be
current and the Company is not treating it as such. A Qualified P erson has not done sufficient work
to classify the historical estimate as current mineral resources. Madison would need to review and
verify the previous drill -hole data and conduct an exploration program to verify the historical
estimate as a current mineral resource.
Figure 3: Airborne radiometric signature and targets (blue outline) over EPL-8531. The white dots
represent drillholes over the two different targets.
EPL-8115
EPL-8115 is located 42 km east of the city of Swakopmund and spans an area of approximately 61
km2. The property is located 18 km southwest of the Rössing Uranium Mine – the world’s longest-
running open-pit uranium mine – and 12 km west of the Husab Mine (Figure 1). Other properties in
the vicinity that have NI 43-101-compliant resources include the Etango project to the southwest and
Ida Dome to the southeast.
EPL-8115 is underexplored and Madison plans to capitalize on the potential of this area. Geologically,
the project area is comprised of units of the Abbabis Metamorphic Complex , intruded by
leucogranites. Airborne radiometric data acquired from MME shows anomalous radiometric
signatures on the northern portions of the licence area (Figure 4). Madison considers EPL-8115 to be
highly prospective for leucogranite-hosted uranium mineralization.
Figure 4: Airborne radiometric signature and targets (blue outline) over EPL-8115.
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 EPL-8115 and EPL-8531,
has reviewed, verified and approved the technical information contained in this news release.
About Madison Metals Inc.
Madison Metals Inc (CSE: GREN) (OTC: MMTLF) is a Canadian green energy resource company with
experienced management having particular expertise in the uranium mining industry. Madison ’s
corporate objective is to build value by advancing Rössing-type uranium deposits identified in Kenora,
Ontario, Canada and Namibia, Africa by utilizing cutting-edge technology and modern strategies.
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
Neither the CSE 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 such s tatements. 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 such 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 assurance s 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 bein g 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.