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Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) has been granted permission for nuclear fuels extraction by the Ministry of Mines and Energy of Namibia for its active Mining Licence 86A (ML-86A). This licence covers the Madison West area, which includes the past-producing Khan Copper Mine and recent high-grade uranium intrusions discovery.
CEO Duane Parnham expressed gratitude to the Namibian government for their support and to their Namibian partners for their collaboration in fast-tracking the Khan project back into production. The company remains focused on delivering shareholder value and advancing uranium assets while exploring opportunities in base, precious, and critical metals.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) has announced positive results from its maiden drill program at the Khan Uranium Project in Namibia. The program confirmed subsurface uranium zones connected to high-grade surface results along 590 meters of a 1,000m mapped area. Key findings include:
1. Intersected grades comparable to notable Namibian uranium mines
2. Multiple drill holes with significant uranium concentrations
3. Continuous sections of high-grade uranium, including 21m at 386 ppm and 29m at 332 ppm
4. Plans for an extensive Phase II drilling program to expand the resource
The results validate Madison's exploration model, suggesting uranium-bearing alaskites in a pressure shadow similar to other significant deposits in the region.
Madison Metals Inc. (CSE: GREN, OTCQB: MMTLF, FSE: 4EF0) has announced the immediate resignation of Ryan Thompson from his position as Chief Strategy Officer. Mr. Thompson will continue to provide advisory services to the company's management. Duane Parnham, Executive Chairman and CEO, expressed gratitude for Thompson's contributions and highlighted the ongoing benefit of his experience and expertise in an advisory role.
Madison Metals reaffirmed its commitment to fast-tracking uranium production through innovative technologies and modern strategies. The company believes this transition will enhance its ability to deliver value to shareholders and stakeholders.
Madison Metals has received a licence from Namibia's Ministry of Mines and Energy to expand its Khan Mine development, covering base and rare metals, industrial minerals, and nuclear fuels. This licence, EPL-8905, is part of the same area as Mining Licence 86A, which includes the Khan Copper Mine. Madison is earning a 90% interest in these licences through cash payments, with the remaining 10% held by Namibian partners. This move will allow Madison to explore uranium, copper, gold, silver, and other precious metals, aligning with its strategy to advance uranium production and explore high-value metals. The expansion aims to capitalize on global demand for critical metals essential for the energy transition.
Madison Metals has announced the completion of their maiden drill program at the Khan Uranium Project in Namibia, drilling nine holes (997m) with six confirming high-grade uranium deposits. Key findings include uranium mineralization at depth in six holes, a significant 15m mineralized zone averaging pXRF 0.3% U3O8, and a maximum pXRF value of 1.54% U3O8. The drill program targeted subsurface uranium-bearing outcrops along a 12km anomaly. Despite ground access challenges, significant mineralized intersections were achieved. Future follow-up drilling is planned to further define the uranium's lateral and vertical extent.
Madison Metals has terminated its uranium forward sales agreement with Sanmiguel Capital Investment. To date, only 2,130 pounds of U3O8 were sold at $68 per pound. The termination allows Madison to use 100% of its future uranium production for shareholder benefits. CEO Duane Parnham emphasized the company's commitment to operational excellence and expanding uranium resources in Namibia, particularly highlighting the Khan high-grade uranium discovery. Additionally, Madison will cancel 1,500,000 performance shares issued to JJK Holdings.
Madison Metals announced a significant discovery at its Khan Uranium Project in Namibia.
The RC drill hole KM5RC003 intersected strong uranium mineralization over minable widths under trench area TR003.
The drill hole intersected four uranium-mineralized radiometric D-type leucogranites over 157 meters.
Spectrometer readings from chip samples showed high values, with 1.36% U3O8 at 45 meters and 1.54% U3O8 at 148 meters depth.
The mineralization is open in all directions and requires further drilling to determine its size and geometry.
Additional drilling is planned in the TR003, TR004, and TR005 trenching areas.
The technical information in the release was verified by Mary Barton, a Qualified Person under NI 43-101 standards.
Madison Metals has commenced its 2024 drill program at the Khan Uranium Project in Namibia, located in the Erongo uranium province.
The program will focus on specific areas identified in a prior release dated April 18, 2024. Results will be published as they become available and after thorough analysis.
Mary Barton, a Professional Natural Scientist and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information in the announcement.
Madison Metals Inc. provided an update on the Kenora Uranium Project, extending the first-year expenditure commitments for Great Northern Energy Inc. The agreement requires an investment of CDN $600,000 by May 3, 2025, and an additional CDN $300,000 by May 3, 2026, enabling Great Northern Energy to earn a 60% interest in the project. Madison Metals will retain a 40% carried interest once the earn-in terms are met. Additionally, the Company issued stock options for 1,200,000 common shares to its board of directors, management, and consultants at a price of CDN $0.29 per share.
Madison Metals Inc. engages Market One Media Group for marketing services to enhance investor engagement and communication regarding high-grade uranium discoveries at the Khan Project. The collaboration aims to drive shareholder value and visibility in the capital markets.
