Madison Metals Returns 2.78% U3O8 Over 4 Metres From Trench Sampling at Khan Project in Namibia, Africa
Madison Metals Returns 2.78% U3O8 Over 4 Metres
From Trench Sampling at Khan Project in Namibia, Africa
TORONTO, ON – March 4, 2024 – Madison Metals Inc. (“Madison” or the “Company”) (CSE:
GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce additional assay results from the
2024 surface trench sampling program at the Company’s Khan Project in Namibia’s highly
prospective Erongo uranium province. The first 10 results released on Feb. 7, 2024 included
8.47% U3O8 over one (1) metre (m) in Trench 6 (KM5TR006). The new results from Trench 6
have expanded the anomalous width to 4.0 m grading an average of 2.78% U3O8. The assays
confirm the surface continuity of mineralized alaskites at Anomaly 5 , with uranium grades
above 0.1% U3O8 identified across six of the seven sampled trenches (Table 1 and Figure 1).
The results span over 600 m from Trench 1 (KM5TR001) northeast to Trench 6, with average
grades over the six trenches of 0.47% U3O8. The two longest anomalous sections are from
Trenches 4 and 5 (KM5TR004 and KM5TR005), with 9.0 m over 0.25% U3O8 and 0.39% U3O8,
respectively. Throughout the prospecting and trench sampling, numerous showings of beta-
uranophane (yellow staining) were found (Pictures 1 and 2). Beta-uranophane is common in
uranium deposits located close to the Welwitschia lineament and is evidence of alteration
that has mobilized and deposited secondary uranium.
The uranium mineralization at the Khan Project is hosted in alaskites, similar to the Rössing
deposit, six kilometres to the northeast, which has been in operation since 1976. Alteration
was instrumental in upgrading the nearby Rössing deposit and Madison believes similar
processes have occurred at the Khan Project. Interestingly, roughly 40% of the ore at the
Rössing Mine is this secondary mineralization. It is worth noting that the Rössing Mine has an
average grade of 0.033% U3O8 and has produced a total of 145,567 tonnes of uranium oxide
through to the end of 2022.
Pictures 1 and 2: Yellow-stained mineralization in Trenches 5 and 6 at Madison’s Khan Project in Namibia.
including
Trench_ID Width U3O8 % Width U3O8 %
KM5TR001 7.8 0.13 3.0 0.26
KM5TR002 7.0 0.16 2.0 0.31
KM5TR003 5.0 0.12 - -
KM5TR004 9.0 0.25 1.0 1.28
KM5TR005 9.0 0.39 - -
KM5TR006 4.0 2.78 1.0 8.47
1.0 2.21
KM5TR007 7.0 0.07 - -
Table 1: Average Grades from seven trenches at Madison’s Khan Project in Namibia.
Figure 1: Location of Anomaly 5 trenches and mapped alaskites. The chemical assays shown are % U3O8.
“We are extremely encouraged by this discovery and the high-grade uranium assays this area
is generating,” said Duane Parnham, Executive Chairman and CEO, Madison Metals. “To date,
we have traced extremely high -grade uranium mineralized alaskites at surface for over 800
metres, and believe that a maiden drilling program will identify similar type mineralization at
depth. Madison is directing its attention towards transforming that mineralized zone from
possibility to reality.”
The Company’s structural interpretation of the geology suggests proximity to a dilation zone
in which mineralized alaskites were preferentially emplaced in an en -echelon pattern as
shown in the 300 m wide cross-section (Figure 2). Should these alaskites meet at depth, there
could potentially be very significant mineralization below what Madison knows to be
anomalously high-grade U3O8 results at surface. The elevation across this NE-SW cross section
drops by roughly 30 m as you go southwest and the whole extent of the 800 m strike of the
potentially mineralized zone is approximately 50 m above ground level, which would make it
easier to access.
Figure 2: Schematic cross-section of the mapped mineralized alaskites at Anomaly 5.
Quality Assurance and Quality Control
Sampling was completed following industry best practices, conducted under the supervision
of the Company’s project geologists. Samples were collected and forwarded to Activation
Laboratories (ACTLABS), Ancaster, Ontario for analysis. ACTLABS is an independent
commercial, accredited ISO Certified Laboratory.
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
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Organization 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 securities legislation.
Forward-looking statements include, but are not limited to, statements regarding the proposed future exploration and drilling
by Madison.
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or “does not expect”, “is expected”, “budget”, “schedule”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or
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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.