Madison Metals is pleased to announce the renewal of exclusive Exploration License 7011 (“EPL-7011”) for the Madison North project area, located in the prestigious Erongo Uranium Province of Namibia, Africa, adjacent to the world-famous Rössing uranium mine. The update is significant for Madison’s portfolio as the company holds an 85% interest in EPL-7011, and the project is located within a known uranium belt.
“EPL-7011 strengthens Madison’s strategic land positioning, and the NI 43-101 technical report confirms the uranium deposit potential of the license,” said Duane Parnham, executive chairman and CEO of Madison Metals. “This report, along with the update to the previously obtained Environmental Impact Certificate, underscores Madison’s commitment to responsible exploration and development.”
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Parnham stressed the importance of this update, adding: “The strategic update for EPL-7011, supported by the NI 43-101 technical report, is consistent with our focus on maintaining and expanding our presence in this uranium-rich region. The approach is consistent. Our current efforts are focused on strategic exploration and drilling to enable potential expansion of adjacent concession deposits.”
Madison Metals continues to take a prudent approach to ensuring exploration and development activities are consistent with environmental responsibility and stakeholder values. The company is committed to the strategic development of uranium deposits and places a strong emphasis on creating shareholder value through prudent and environmentally friendly exploration activities.
The renewal of EPL-7011 follows the successful transfer of exclusive exploration licenses 8531 (“EPL-8531”) and 8115 (“EPL-8115”) to PennyWort Investments (Pty) Ltd, a majority-owned company based in Madi Xun (85%) holds. . with the company’s Namibian partner (15%). See Madison’s June 6, 2023, press release announcing license transfers EPL-8531 and EPL-8115.