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Investment Highlights

Uranium Mining in Canada

The New Campbell Mines (Richard Lake Property) (K0211) were the only occurrences with drifting and a resource model estimated at 590,000 tonnes of 0.10% U3O8 over a width of 3 m, and 210 m length, down to 300 m (internal report from the company by A.S. Bayne, 1976).

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madison_metals_uranium_mine_richard_lake_kenora_ontario

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Site access showing claim fabric, lakes, and access. Note the purple-blue areas within the bounds of the claim block perimeter are held by other parties.
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Richard Lake Mine Workings occurring on Madison’s Claim 570145
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Airborne radiometric imagery of Uranium Concentration.
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Plotted results of the lake sediment study for uranium.  Information from: Felix, V. E. 2005, Eagle Lake Area High Density Regional Lake Sediment and Water GeochemicalSurvey, North-Western Ontario, Ontario Geological Survey Open File Report 6104.

Results – Previous Operator

  • “To date, 43 diamond drill holes totalling 5,262 metres have been put down on the Kenora Property. Drilling has been restricted to four of the smaller prospects on the 45 kilometer long property” (Delta Uranium Annual Report June 21, 2010)
  • Results of greater than 2,000 ppm found with no additional follow-up
  • Some of the highlights of the drilling were: 
  • 15.75 m of 129 ppm U3O8 at Nixon Lake in hole NL08-02 
  • 29.40 m of 135 ppm U3O8 at Nixon Lake in hole NL08-03 
  • 10.50 m of 146 ppm U3O8 at Bee Lake in hole BL08-16 
  • 16.00 m of 135 ppm U3O8 at Richard Lake in hole RL08-20 
  • 15.50 m of 264 ppm U3O8 at Ely Lake in hole EL08-01 (delta annual report 2009)

Rossing Leucogranitic Deposit Comp

madison_metals_uranium_mine_richard_lake_kenora_ontario

Deposit Comparable in Namibia

madison_metals_uranium_mine_richard_lake_kenora_ontario

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Location – Former Past Producing Uranium Mine

Cautionary Disclaimer: The resource estimate cited predates and therefore does not conform to the more stringent reporting requirements of National Instrument 43-101 and should not be relied upon according to those standards. The author is not treating the historical estimate as a current mineral reserve or resource, and a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or reserves. Although drill and assay data used in the original estimate have not been subsequently verified, the author believes the historic resource estimate provides a realistic indication of the potential of the deposit and is relevant to this report.

Based on surface workings visited by the author, the inclusion of this historical resource estimate appears reasonable. The historical resource estimate is considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. The resource has not been confirmed, and were based on the following information:two adits excavated at the flank of the hill into the ore zone at the –50-and –100-foot levels; approximately 5,000 feet of core drilling; 525 feet of crosscutting; 430 feet of drifting and a 78 foot inclined drift (raise) from the lower to upper adit level; analyses of 95 closely spaced samples across drift backs and walls in a 100-foot length (averaged 1.8lb/ton U3O8); a mill-scale analysis of 2,000 pounds of muck-car samples taken from the same drift section while mining (averaged 2.6lbs/ton U3O8) and; trenching (10 trenches in total). The historical estimate was taken from a report by A.S. Bayne, B.Sc., P.Eng., dated December 30, 1976, entitled “Report on Richard Lake Uranium Property, MacNicol Township, Kenora Mining Division, Ontario Canada –for Golden Standard Mines Limited”. The tunnel entrances were seen during the ground check in July of this year; no attempt was made to enter the workings.