Madison Metals issues update on Khan Project in Namibia

Madison Metals Inc. has issued an update on its exploration activities at the Khan Project in Namibia’s Erongo uranium province. The project includes Mining Licence 86A (ML86A) and Exclusive Prospecting Licence 8905 (EPL-8905), located southwest of the Rössing Uranium Mine. Historical exploration at ML86A was limited due to copper mining activities.

The exploration efforts focused on validating airborne radiometric anomalies and understanding the geological setting, particularly the continuity of mineralized alaskites. The area is underlain by favorable geology for Rössing-type uranium deposits.

Airborne surveys revealed anomalies near the Khan mine workings, with follow-up fieldwork identifying mainly non-fertile SLG (Sheeted Leucogranite) anomalies. Anomaly 5, located southeast, showed uranium-bearing D type SLG. Madison’s Executive Chairman and CEO, Duane Parnham, emphasized the project’s potential for high-grade uranium discoveries, highlighting its proximity to two operating uranium mines.

Analysis

Madison deployed field personnel for channel sampling and chemical analysis, expanding the ground survey for other targets at ML86A. The company plans a drilling program at Anomaly 5 in 2024. Anomaly 5 is a significant high-uranium and high-uranium/thorium anomaly situated southwest of the Rössing Mine. Ground surveys confirmed the presence of Damaran units and post-tectonic intrusives, including radiometric anomalous alaskites. Alaskites, occurring as veins or intrusions, exhibit uranium staining and high U/Th ratios.

The ground survey supports Madison’s exploration model within the Erongo uranium province. Uranium staining, high cps, and the proximity to north-northeast structures near the Welwitschia lineament align with the area’s major uranium deposits.

Due to strong uranium anomalies, Madison signed an addendum agreement securing a 10% interest in the Khan Project. Further payments by December next year, will earn the company a total 90% interest. Madison Metals Inc. is an upstream mining and exploration company focusing on sustainable uranium production in Namibia and Canada, with over 50 years of mining experience, including 22 years in Namibia. The management team brings geological and financial expertise and a track record of creating shareholder value.