Critical One Energy Inc.
Cobra (North) Project
The project is set in Namibia's renowned Erongo uranium province, adjacent to the esteemed Rössing Uranium Mine.
About
Madison North represents a significant development in uranium exploration in the Erongo uranium province of Namibia.
The project includes EPL-8531 and EPL-7011, strategically located near the Rössing Uranium Mine, offering both geological potential and a strategic advantage.
An Inferred Mineral Resource Estimate reveals 15.6 million tonnes at 260 ppm U3O8, equating to 9.0 million pounds of contained U3O8.
In addition, a joint venture with Star Minerals (ASX: SMS) allows them to earn up to 51% interest in EPL-8531 through US$4.2 million in staged payments, shares, and exploration expenditures over three years. Upon completion, Critical One Energy and Star Minerals will jointly explore and develop the project.
SRK Consulting has recommended expanded exploration to extend known mineralized areas and investigate unexplored sections, further solidifying Madison North’s potential in uranium development.
Statistical Insights
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Exploration Prospects
Madison Metals Inc CSE - GREN OTCQB - MMTLF SRK
Geological and structural setting of EPL-8531.
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Airborne radiometric signature and targets (blue outline) over EPL-8531. The white dots represent drillholes over the two different targets.
Location of ML86A, EPL-8905, other Madison properties and producing mines in the Erongo Uranium Province.
EPL-8531
- Proximity to Rössing Mine: Located 50 km west of the renowned Rössing Uranium Mine.
- Geological Composition: Characterized by a diverse geological landscape, including faults, synforms, antiforms, and elements of the Chuos, Arandis, and Karibib Formations, providing an ideal environment for granite-hosted uranium deposits.
- Historical Drilling Achievements: Consists of 3,720 metres of RC drilling across 50 drill holes.
- Inferred Mineral Resource Estimate: Updated estimation by SRK Consulting outlines a total of 15.6 Mt grading at 260 ppm U3O8, equating to 9.0 M lbs U3O8.
- Future Drilling Plans: Plans for a comprehensive drilling program are in place, with necessary permits and ECC already obtained.
- Strategic Drilling Focus: The upcoming RC drilling campaign aim to uncover additional mineralization and extend known mineralized zones, in line with SRK's recommendation for expanded exploration to fully assess the prospect potential.
EPL-7011
- Adjacent to Rössing Mine: Directly west of the 3.5-kilometre-long Rössing Uranium Mine.
- Renewal and Ownership: Recently renewed, with Critical One Energy holding an 85% interest.
- Geological Potential: The area contains units of the Damara Supergroup, including the Khan, Rössing, Chuos, Arandis, and Karibib Formations.
- Anomalies and Surveys: Recent delineation of two new uranium anomalies, with ongoing exploration progress.
- Uranium-rich Geological Features: Sheeted alaskites intrude into the Khan Formation, indicating a favourable setting for Rössing-type deposits.
Location of ML86A, EPL-8905, other Madison properties and producing mines in the Erongo Uranium Province.
Strategic Development & Market Positioning
The 2015 technical report by SRK Consulting is currently being updated to provide the most up-to-date data and revised economic parameters, reflecting the current uranium market dynamics.
This update is critical in light of the significant increase in uranium spot prices, enhancing the economic viability of the Madison North project.
The project is strategically positioned to capitalize on favourable uranium market conditions, with a focus on increasing shareholder value.
Critical One Energy continues to prioritize sustainable exploration and mining practices, aligning development activities with environmental responsibility.
Key Milestones
Critical One Energy announced the discovery of two new uranium anomalies at its Rössing North Uranium Project on EPL-7011, indicating significant progress in exploration efforts in Namibia's Erongo uranium province.
read moreCritical One Energy received the Environmental Clearance Certificate (ECC) for EPL-8531 from the Namibian Ministry of Environment, Fisheries, and Tourism, allowing the commencement of exploration activities in the region.
read moreCritical One Energy successfully renewed Exclusive Prospecting License 7011 (EPL-7011) in the Madison North project area. The renewal, alongside a NI 43-101 technical report, underscored Critical One Energy's commitment to responsible exploration and development in this uranium-rich region.
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