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Madison Metals Returns 8.47% U3O8 in High-Grade Uranium Discovery at Khan Project in Namibia

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Madison Metals Returns 8.47% U3O8 in High-Grade Uranium Discovery at Khan Project in Namibia

 

 

 

 

 

Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce a momentous breakthrough with the discovery of high-grade uranium mineralization at Anomaly 5, located within the Company’s Khan Project at Madison West in Namibia’s highly prospective Erongo uranium province. These remarkable findings, which include a surface sample of 8.47% U3O8, represent a significant expansion of new uranium mineralization, 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 distinct advantages: The Khan discovery is surface sampled, within trucking distance to an existing processing facility, on a licensed mining site, and requires minimal capital to expedite production,” said Duane Parnham, Executive Chairman & CEO, Madison Metals. “This strategic combination accelerates our path to generating immediate cash flow, reinforcing our commitment to shareholder value. The robust internal economic analysis, grounded in local expertise, positions Madison on a direct trajectory to becoming the next key player in the uranium market.”

 

Madison’s current exploration work follows the initial fieldwork to ground-truth airborne radiometric anomalies (see Company news release on December 12, 2023). The follow-up exploration activities consisted of seven (7) surface rock-saw trenches accompanied by leucogranite mapping, sampling, and handheld scintillometer and spectrometer readings at Anomaly 5. The initial 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 scintillometer 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 – Partial 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 radiation in outcrop locations reported in this news release was measured in counts per second using a handheld Ludlum 19-10 Scintillometer. Readers are cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.

 

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. 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.

 

Posted February 8, 2024

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