Madison Metals Provides Update on Namibian Uranium Licensing, The Canadian Business Journal

TORONTO, September 19, 2022 (GLOBE NEWSWIRE) — Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTC: MMTLF) has issued a binding letter of intent (“LOI”). In agreement with Otjiwa Mining and Prospecting CC (“Otjiwa”), Madison will acquire an 85% interest in exclusive exploration licenses 8531 (“EPL-8531”) and 8115 (“EPL-8115”) (“Transaction”). ). EPL-8531 and EPL-8115 are located in the famous Elongo Uranium region in Namibia, Africa, where Madison already holds exclusive Exploration License 7011 (“EPL-7011”) rights and owns 24% of the mining industry. We have a contract to acquire a direct interest. License 121 (“ML121”) (Fig. 1). Through this transaction, Madison will consolidate ownership of Uranium State land holdings with the goal of building a minable uranium resource by expanding the currently known uranium zone and making new discoveries. We aim to Namibia is the world’s second largest uranium producer and has the world’s fifth largest total uranium resources.

Otjiwa currently holds an “Intent to Grant” letter from the Ministry of Mines and Energy (“MME”) of Namibia for EPL-8531 and EPL-8115. License approvals and grants are subject to an Environmental Clearance Certificate (“ECC”). The environmental impact assessment scoping study and environmental management plan report to obtain the ECC have already been submitted to the relevant authorities and will be answered shortly.

Figure 1: Location of uranium production mines in Madison North (EPL-7011 and EPL-8531), Madison West (EPL-8115 and ML121), and the Erongo uranium region of Namibia.

We are also pleased to announce that we are consolidating our various landholdings as a result of the continued expansion of our uranium fields, coupled with the high potential for common infrastructure. Madison has designated EPL-7011 and EPL-8531 (formerly Rössing North) to be combined under the property name Madison North. Additionally, EPL-8115 and ML121 (formerly Rössing West) will be combined under the property name Madison West.

EPL-8531

EPL-8531 is located 50 km northeast of the city of Swakopmund and surrounds the town of Alandis. The Rössing mine is located approximately 50 km east of the facility. The geology consists of lithofacies of the Dammarin Supergroup wrapped around units of the old Ababis metamorphic rocks. As is common within the Welwitschia magnetic lineament deformation corridor, the overall lithological trend is north-northeast. Structurally, the region is characterized by numerous faults, synforms and antiforms (Fig. 2).

Figure 2: Geological and structural settings of EPL-8531.

Previous operators identified 11 likely targets for further investigation, 5 of which correspond to EPL-8531 (Fig. 3). In 2015, two of the targets were drilled, with a total of 3,720 meters of reverse circulation (RC) drilling from 50 boreholes. Based on this drilling, SRK Consulting (UK) Limited (“SRK”) has produced an Initial Mineral Resource Estimate of intersecting uranium mineralization in accordance with JORC Disclosure Standards. The estimate, dated November 2015, was entitled Estimates of Mineral Resources, EPLS 3524 and 3624, Namibia.

SRK derived an Inferred Mineral Resource estimate of 15.6 Mt grading at 260 ppm U.₃〇₈For a total metal content of 9.0 Mlbs U₃〇₈Madison’s attributive ownership of the resources is 7.65 million pounds (Mlbs) U₃〇₈.

Estimates of SRK are considered “historical estimates” under National Instrument 43-101 – Disclosure Standard for Minerals Projects (“NI 43-101”). We do not consider it current and we do not treat it as such. Qualified personnel have not done enough work to classify historical estimates as current Mineral Resources. Madison must review and validate previous borehole data and conduct exploration programs to validate historical estimates as a current mineral resource.

Figure 3: Airborne radiometric signature and target (blue outline) on EPL-8531. White dots represent drill holes on two different targets.

EPL-8115

EPL-8115 is located 42 km east of the city of Swakopmund and spans an area of ​​approximately 61 km.²The facility is located 18 km southwest of the Rossing uranium mine, the world’s longest open pit uranium mine, and 12 km west of the Husab mine (Figure 1). Other nearby properties with NI 43-101 compliant resources include Etango Project to the southwest and Ida Dome to the southeast.

EPL-8115 is unexplored and Madison plans to exploit the potential in this area. Geologically, the project area consists of units of the Ababis metamorphic rocks intruded by white granite. Aircraft radiometric data obtained from the MME show anomalous radiometric features in the northern part of the licensed area (Figure 4). Madison believes that EPL-8115 is very promising for uranium mineralization in chalk granite hosts.

Figure 4: Airborne radiometric signature and target (blue outline) on EPL-8115.

qualified person

Mary Barton, Specialized Natural Scientist (SACNASP), Certified Person for the Purposes of National Instrument 43-101 Mineral Project Disclosure Standards For EPL-8115 and EPL-8531, we have reviewed, verified, and approved the technical information contained in this news release.

About Madison Metals

Madison Metals Inc (CSE: GREN) (OTC: MMTLF) is a Canadian green energy resources company with an experienced management team with particular expertise in the uranium mining industry. Madison’s corporate goal is to build value by utilizing cutting-edge technology and the latest strategies to develop the Rossing-type uranium deposits identified in Kenora, Ontario, Canada and Namibia, Africa.

Additional information about Madison Metals Inc. can be found in the company’s SEDAR profile at madisonmetals.ca and www.sedar.com.

For more information, please contact:

Duane Pernum
Representative Director, Chairman and CEO
Madison Metal Co., Ltd.
+1 (416) 489-0092
[email protected]

Media inquiries:
Adam Bello
Manager, Media & Analyst Relations
Primoris Group Co., Ltd.
+1 (416) 489-0092
[email protected]

Neither the CSE nor the Canadian Investment and Industry Regulatory Authority assumes responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions that may cause actual results and future events to differ materially from those expressed or implied by such statements. There is a possibility. Therefore, you are cautioned not to place undue reliance on forward-looking statements. All statements other than statements of current or historical fact are forward-looking statements. Forward-looking statements include “proposed,” “intended,” “targeted,” “near future,” “event,” “will,” “anticipated,” “prepared.” contains words or expressions such as Or expression.

Where we express or imply expectations or beliefs regarding future events or results, such expectations or beliefs are based on assumptions made in good faith and are believed to have a reasonable basis. Such assumptions include, but are not limited to, that sufficient capital and other resources are available to us to conduct our business as currently planned.

Factors that could cause future results or events to differ materially from current expectations expressed or implied by forward-looking statements include general business, economic, competitive, political and social uncertainties. will be There is no guarantee that the proposed exploration program will produce favorable results. capital market conditions; the risk that we may not receive all necessary approvals to conduct our business as currently expected; Accidents, labor disputes, shortages. Environmental and Other Risks of Mining. other unforeseen events or developments; factors that cause any of the foregoing expectations, assumptions and other factors to be ultimately inaccurate or irrelevant; Risks associated with the ongoing COVID-19 pandemic.

Further information regarding these and other risks can be found in our filings with the Canadian securities regulators available on our SEDAR profile page at www.sedar.com. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.

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