Madison Metals Returns 8.47% U3O8 in High-Grade Uranium Discovery at Khan Project in Namibia
Madison Metals Returns 8.47% U3O8 in High-Grade Uranium
Discovery at Khan Project in Namibia
TORONTO, ON – February 7, 2024 – Madison Metals Inc . (“Madison” or the “Company”)
(CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce a momentous breakthrough
with the discovery of high- grade uranium mineraliza�on at Anomaly 5, located within the
Company’s Khan Project at Madison West in Namibia’s highly prospec�ve Erongo uranium
province. These remarkable findings, which include a surface sample of 8.47% U3O8, represent
a significant expansion of new uranium mineraliza�on, extending Madison’s footprint and
project pipeline.
"Madison’s uranium discovery at Khan showcases a grade on par with renowned deposits in
Niger and the Athabasca Basin, with dis�nct advantages: The Khan discovery is surface
sampled, within trucking distance to an exis�ng processing facility, on a licensed mining site,
and requires minimal capital to expedite produc�on,” said Duane Parnham, Execu�ve
Chairman & CEO, Madison Metals. “This strategic combina�on accelerates our path to
genera�ng immediate cash flow, reinforcing our commitment to shareholder value. The
robust internal economic analysis, grounded in local exper�se, posi�ons Madison on a direct
trajectory to becoming the next key player in the uranium market."
Madison’s current explora�on work follows the ini�al fieldwork to ground -truth airborne
radiometric anomalies (see Company news release on December 12, 2023 ). The follow-up
explora�on ac�vi�es consisted of seven ( 7) surface rock -saw trenches accompanied by
leucogranite mapping, sampling , and handheld scin�llometer and spectrometer readings at
Anomaly 5. The ini�al batch of assay results of 10 samples (Table 1) returned encouraging high
uranium grades.
Discovery Highlights:
- Highest reported individual chemical assay of 8.47% U3O8
- The average of the first 10 chemical assays is 1.33% U3O8
- Seven (7) trenches (KM5STR001-KM5STR007) cut into D type SLG alaskite (same rock
type of all Namibia economic uranium deposits) (Refer to Figure 1)
- Highest hand- held scin�llometer reading of 15,000 counts per second ( cps) and
average of 9,600 cps
- More details will be provided as the remaining 45 chemical assay results are received
and interpreted.
Figure 1: Location of Anomaly 5 trenches and mapped alaskites. The average cps along the trench are recorded
with a handheld scintillometer.
Khan Project – Par�al Surface Sample Results:
Trench_ID Sample_ID From To U3O8 % ThO2 % CPS
KM5TR006 F5046 2 3 8.47 0.63 15,000
KM5TR006 F5044 0 1 2.21 0.19 15,000
KM5TR004 F5030 6 7 1.28 0.09 9,600
KM5TR005 F5040 5 6 0.46 0.03 15,000
KM5TR001 F5005 4 5 0.27 0.01 4,925
KM5TR004 F5026 2 3 0.25 0.02 9,600
KM5TR004 F5024 0 1 0.18 0.02 11,550
KM5TR002 F5015 4 5 0.10 0.01 7,000
KM5TR003 F5020 2 3 0.08 0.01 5,600
KM5TR007 F5056 5 6 0.04 0.02 2,950
Table 1: Assay sample results from Anomaly 5 prospect.
The Company looks forward to providing an update on the remaining sample results as they
become available.
Quality Assurance and Quality Control
Natural gamma radia�on in outcrop loca�ons reported in this news release was measured in
counts per second using a handheld Ludlum 19-10 Scin�llometer. Readers are cau�oned that
scin�llometer readings are not directly or uniformly related to uranium grades of the rock
sample measured and should be used only as a preliminary indica�on of the presence of
radioac�ve materials.
Sampling was completed following industry best prac�ces, conducted under the supervision
of the Company’s project geologists. Samples were collected and forwarded to Ac�va�on
Laboratories (ACTLABS), Ancaster, Ontario for analysis. ACTLABS is an independent
commercial, accredited ISO Cer�fied Laboratory.
Qualified Person
Mary Barton, a Professional Natural Scien�st (SACNASP) and a Qualified Person for the
purposes of Na�onal Instrument 43 -101 (NI 43- 101) Standards of Disclosure for Mineral
Projects for ML86A, has reviewed, verified, and approved the technical informa�on 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 the Investment Industry Regulatory
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 fulfillment of
terms of the forward -sales agreement; the is suance of common shares of Madison; and 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
statements. 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 i n
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, economic, 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.