Madison Uranium Project Awarded Namibia Environmental Clearance Certificate, Drilling Program Preparations Underway, Canadian Business Journal

TORONTO, November 11, 2022 (GLOBE NEWSWIRE) — Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) announces that it has been awarded an Environmental Clearance Certificate. (“ECC” by the Ministry of Environment, Fisheries and Tourism of Namibia (“MEFT”) for Exclusive Exploration Licenses 8531 (“EPL-8531”) and 8115 (“EPL-8115”)) (collectively the “Property”) call) ). Issuance of an ECC is supported by a submitted and approved Environmental Impact Assessment (“EIA”) and Environmental Management Plan (“EMP”). The ECC is valid for three years ending October 18, 2025.

ECC has authorized Madison to commence exploration activities on the property, including extensive reverse circulation (RC) and core drilling, in the new year, marking the start of an exciting phase of exploration and discovery for the company. EPL-8531 and EPL-8115 are located in the famous Elongo uranium region of Namibia, Africa, within trucking distance of the Rössing (ML28) and Husab (ML171) mines (Figure 1). The property hosts geology favorable to granite-hosted uranium deposits.

EPL-8531 Highlights

• Located 50 km west of the Rossing uranium mine
• Characterized by numerous faults, synforms, antiforms, and units of the Chuos, Alandis and Caribib formations, they provide a favorable structural and geological setting for granite-hosted uranium deposits.
• Historical drilling beyond two targets has resulted in a total of 3,720 meters of RC drilling from 50 drill holes.
• Historical Inferred Mineral Resource Estimates by SRK Consulting (UK) Limited to 15.6 Mt grade at 260 ppm U₃〇₈ For a total metal content of 9.0 Mlbs U₃〇₈*
• Drill-ready target with substantial drilling program planned for 2023

EPL-8115 Highlights

• Located 18 km southwest of the Rossing uranium mine
• relatively unexplored
• Favorable geology (basement rock intruded by leuco granite), consistent with an airborne radiation anomaly.

Figure 1: Location of EPL-8531, EPL-8115, and other Madison licenses in Erongo Uranium Province.

* As reported in Madison news release September 19, 2022:

“Drilling the two targets in 2015 resulted in a total of 3,720 meters of reverse circulation (RC) drilling from 50 boreholes. Based on this drilling, SRK Consulting (UK) Limited (“SRK”) , produced initial Mineral Resource estimates of intersecting uranium mineralization according to JORC disclosure standards. The quote dated November 2015 is:Mineral Resource Estimates, EPLS3524 and 3624, Namibia”

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

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. ”

qualified person

Mary Barton, Specialist Natural Scientist (SACNASP) and Qualified 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) (OTCQB: MMTLF) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. Madison Metals Inc. is well positioned to bring advanced uranium assets to market quickly using cutting-edge technology and modern strategies.

With more than 50 years of mining experience, including 22 years in Namibia, the company’s management team has geological and financial expertise and a track record of creating shareholder value.

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]

Inquiries for investors and shareholders: Neil Simon Chairman and CEO Investor CUBE Co., Ltd. +1 (647) 258-3310 [email protected]

Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Authority of Canada make any representations as to 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4194a697-da18-40c1-9d0a-75ce3994222c.

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