Namibia

The country hosts significant uranium mines and projects at various stages of development and accounts for approximately 8% of the world’s uranium production. In 2021, Namibia produced approximately 9.6 million pounds of U3O8.

Namibia is a mining friendly jurisdiction, and the uranium mining opperators have built excellent infrastructure to support mining activities including a seaport, airport, well-established road network, water and power. In addition, mining accounts for 25% of Namibia’s income.

Madison is committed to top-level mining practices that will surpass country guidelines to minimize environmental impact. Madison’s desert location means the company will not relocate communities, wildlife or destroy large amounts of vegetation.

MINING LICENCE PROPERTY, ML-121

  • Mining license in place
  • Contract signed to earn 24% in ML-121
  • Six (6) diamond drill holes and 59 reverse circulation drill holes completed along a 2.5km radiometric anomaly
  • Madison undertaking an independent review and verification of the data to define an NI 43-101 compliant resource

MINING LICENCE PROPERTY, ML86A and EPL-8905

Location of ML86A, EPL-8905, other Madison properties and producing mines in the Erongo Uranium Province.

On November 14, 2022, Madison announced that it had entered into a binding agreement with an arm’s length vendor to acquire a 90% direct interest in Mining Licence 86A and Exclusive Prospecting Licence 8905 with 10% free carry in favour of the vendor. ML86A and EPL-8905 are in the renowned Erongo Uranium Province of Namibia, Africa.

Madison already holds significant land holding within trucking distance of the Rössing (ML28) and Husab (ML171) mines. Earlier this year, Madison consolidated its various land holdings in the area under the property names Madison North and Madison West with the goal of building upon minable uranium resources by expanding currently known uranium zones and making new discoveries.

The acquisition of ML86A and EPL-8905 connects the Madison North and Madison West projects together, resulting in a 427 km2 contiguous land package that is highly prospective for leucogranite-hosted uranium mineralization.

Airborne radiometric signature and targets (blue outline) over ML86A and EPL-8905.

ML86A and EPL-8905 together form a contiguous land package of 7.86 km2 located approximately 51 km east-northeast of the city of Swakopmund and immediately southwest of the producing Rössing Mine (Figure 1). The two properties cover anomalous prospective radiometric signatures that can be traced from Madison’s EPL-7011 and ML121 (Figure 2). The geological and structural setting of ML86A and EPL-8905 bears a strong resemblance to the Rössing deposit, with uranium-anomalous granites concentrated at the Khan-Rössing and/or Khan-Arandis boundary within the north-northeast trending deformation corridor of the Welwitschia magnetic lineament (Figure 3). ML86A and EPL-8905 thus have significant potential for leucogranite-hosted uranium mineralization.

Geological and structural setting of ML86A and EPL-8905.

ASSETS BACKING SALES CONTRACT

Signed LOI to acquire 90% interest in ML86A and EPL8905 located between ML121 and Madison’s EPL7011 joining a number of very exciting uranium anomalies that will be subject to extensive drilling in 2023.

Geological and structural setting of ML86A and EPL-8905.

MINING LICENCE PROPERTY, EPL-8531 and EPL-8115

On September 19th, 2022, Madison was pleased to provide an update to the binding letter of intent with Otjiwa Mining and Prospecting CC pursuant to which Madison would acquire an 85% interest in Exclusive Prospecting Licences 8531  and 8115 . EPL-8531 and EPL-8115 are located in the renowned Erongo Uranium Province of Namibia, Africa, where Madison already holds rights to Exclusive Prospecting License 7011  and has an agreement to acquire a 24% direct interest in Mining Licence 121. Through the Transaction, Madison is looking to consolidate ownership of land holdings in the uranium province with the goal to build upon minable uranium resources by expanding currently known uranium zones and making new discoveries. Namibia is the world’s second-highest uranium-producing country and holds the fifth-largest total uranium resources in the world.

Otjiwa currently holds an “intention to grant” letter from Namibia’s Ministry of Mines and Energy for EPL-8531 and EPL-8115. The approval and granting of the licences are subject to an Environmental Clearance Certificate . The Environmental Impact Assessment scoping study and Environmental Management Plan Report to obtain an ECC have already been submitted to the relevant authorities and is expecting a response shortly.

Geological and structural setting of EPL-8531.

EPL-8531 is located 50 km northeast of the city of Swakopmund and surrounds the Arandis townlands. The Rössing Mine lies approximately 50 km east of the property. The geology is made up of Damaran Super Group lithologies wrapped around units of the older Abbabis Metamorphic Complex. The overall lithological trend is north-northeast, as is common within the Welwitschia magnetic lineament deformation corridor. Structurally, the area is characterized by numerous faults, synforms and antiforms.

Airborne radiometric signature and targets (blue outline) over EPL-8531. The white dots represent drillholes over the two different targets.

DRILLING PLANNED – EPL 8531 AREA 3

Expanding 9m lbs U3O8 resources by drilling along a 5 km radiometric anomaly

Company maiden drilling program starting Feb 2023

20,000 m initial Program

EPL-8115

EPL-8115 is located 42 km east of the city of Swakopmund and spans an area of approximately 61 km2. The property is located 18 km southwest of the Rössing Uranium Mine – the world’s longest-running open-pit uranium mine – and 12 km west of the Husab Mine (Figure 1). Other properties in the vicinity that have NI 43-101-compliant resources include the Etango project to the southwest and Ida Dome to the southeast.

EPL-8115 is underexplored and Madison plans to capitalize on the potential of this area. Geologically, the project area is comprised of units of the Abbabis Metamorphic Complex, intruded by leucogranites. Airborne radiometric data acquired from MME shows anomalous radiometric signatures on the northern portions of the licence area (Figure 4). Madison considers EPL-8115 to be highly prospective for leucogranite-hosted uranium mineralization.

Airborne radiometric signature and targets (blue outline) over EPL-8115.

Qualified Person

Mary Barton, a Professional Natural Scientist (SACNASP) and a Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects for EPL-8115 and EPL-8531, has reviewed, verified and approved the technical information.

CURRENT MINING IN NAMIBIA

RÖSSING URANIUM MINE

Started commercial production in 1976

46 years operation form open pit mining and acid leach recovery process

World supply of a 140,026t U3O8

Capacity to produce 4,500t U3O8 per year

Pit currently measures 3 km by 1.5km and is 390m deep

Owned by China National Uranium Corporation Limited after sale of Rio Tinto 68.2% interest in 2019

Reserves reported 2018 at 23,810t U3O8 at 0.033% providing mine life to 2025

HUSAB URANIUM MINE

Development started February 2013 and commenced brief commercial production 2016 with 192t U3O8

Estimated 15 year mine life from 2 pits producing 5500t U3O8 per year

Reserves/resource figures reported at 188,000t with average grade 0.035% U3O8

Contiguous to Rössing mine

Currently trucking ore to Rössing for processing and drilling for shallow minable resources

]

Sign Up For Our Email Newsletter

Form Heading

]

Madison Metals Inc.

]

Investor Relations:

]

Media Relations:

Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
416-489-0092
media@primorisgroup.com

]

Follow Us: