Madison Metals Advances Khan Project with Successful Geological Mapping in Namibia

Madison Metals Inc. (“Madison”) is pleased to announce the successful completion of a detailed geological mapping program at the Company’s Khan Project in the highly prospective Erongo uranium province of Namibia.

Geological Mapping

Geologic mapping at Madison’s Khan Project identifies promising drill targets and expands surface expression of mineralized leucogranites.

Mapping Campaign Enhances Exploration Efforts

Madison Metals Inc. (“Madison”) is pleased to announce the successful completion of a detailed geological mapping program at the Company’s Khan Project in the highly prospective Erongo uranium province of Namibia. The mapping, which was conducted ahead of a maiden 2024 drill program, has provided crucial insights and added new dimensions to the exploration efforts at Anomaly 5.

Enhanced Surveying Techniques

The mapping program included infill geological mapping along with ground scintillometer and spectrometer surveys. These surveys were conducted over previously identified drill targets at Anomaly 5, originally surveyed at 40-meter (m) line spacing with 10 m station spacing. To refine the data, Madison employed a more intensive survey at 20 m line spacing, which has led to the identification of new drill targets.

The results of the recent mapping and surveying program have increased the surface expression of radiometric D-type leucogranites, a favorable rock type known for its uranium potential, as evidenced by the successful mining at Rossing. Specifically, the surface expression of mineralized leucogranites around Trenches 4 and 5, and north of Trench 3, has expanded to thicknesses of up to 40 m.

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Key Accomplishments of the Mapping Campaign

The mapping campaign achieved several important objectives:

  • Outlining Priority Drill Targets: The campaign successfully delineated priority drill targets, providing a clear focus for the upcoming drilling program.
  • Creating a Base Map of Surface Features: A detailed base map of surface features was developed to guide drill targeting and ensure precision in the forthcoming exploration activities.
  • Identifying Mineralized Surface Lithologies: The campaign identified and delineated mineralized surface lithologies, enhancing the understanding of the geological context.
  • Highlighting Surface Continuity of Mineralized Leucogranites: The mapping highlighted the surface continuity of mineralized D-type leucogranites, which is crucial for determining the extent and potential of the uranium deposits.

Promising Surface Sample Assays

As previously reported, surface sample assays at Anomaly 5 have yielded encouraging results. Notable findings include:

  • Trench 4 (KM5TR004): 9.0 m grading 0.25% U3O8, including 1.0 m grading 1.28% U3O8.
  • Trench 5 (KM5TR005): 9.0 m grading 0.39% U3O8.
  • Trench 3 (KM5TR003): 5.0 m grading 0.12% U3O8.

These assays confirm the surface continuity of mineralized alaskites at Anomaly 5, with uranium grades consistently above 0.1% U3O8. This continuity is crucial for establishing the economic viability of the uranium deposits and planning the next stages of exploration and development.

Qualified Person Verification

The technical information contained in this news release has been reviewed, verified, and approved by 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. Barton’s expertise ensures that the data and conclusions presented are reliable and in accordance with industry standards.

Looking Ahead: The Maiden 2024 Drill Program

The successful completion of the geological mapping and the positive assay results set the stage for Madison’s maiden 2024 drill program at the Khan Project. The detailed base map and identified drill targets will guide the drilling efforts, aiming to further delineate and quantify the uranium resources at Anomaly 5.

The drilling program will focus on testing the newly identified drill targets and verifying the continuity and grade of the mineralized zones. The insights gained from this program will be instrumental in advancing the Khan Project and assessing its potential to become a significant uranium producer in the Erongo province.

Commitment to Sustainable Exploration

Madison Metals is committed to conducting its exploration activities with the highest standards of environmental stewardship and community engagement. The Company acknowledges the importance of sustainable practices in all its operations and aims to minimize its environmental footprint while maximizing the benefits to local communities.

A Promising Future for the Khan Project

The advancements at the Khan Project reflect Madison Metals’ strategic approach to exploration and its commitment to unlocking the potential of Namibia’s Erongo uranium province. With the successful geological mapping, positive surface assays, and a well-planned maiden drill program, the future looks promising for the Khan Project.

As Madison prepares for the upcoming drill program, the Company remains focused on delivering value to its shareholders and contributing to the sustainable development of the mining sector in Namibia. The next few months will be critical as the results of the drilling program unfold, providing further insights into the potential of this exciting uranium project.

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