Madison Metals is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada
Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) is pleased to announce that it has been awarded an Environmental Clearance Certificate (“ECC”) by the Namibian Ministry of Environment, Fisheries and Tourism (“MEFT”) for Exclusive Prospecting Licences 8531 (“EPL-8531”) and 8115 (“EPL-8115”) (collectively referred to hereafter as the “Properties”). The issuance of the ECC is underpinned by the submitted and approved Environmental Impact Assessments (“EIA”) and Environmental Management Plans (“EMP”). The ECC is valid for a period of three years, ending on October 18, 2025.
The ECC authorizes Madison to commence exploration activities including extensive reverse circulation (RC) and Core drilling in the new year on the Properties, marking the start of an exciting phase of exploration and discovery for the Company. EPL-8531 and EPL-8115 are located in the renowned Erongo Uranium Province of Namibia, Africa and are within trucking distance of the Rössing (ML28) and Husab (ML171) mines (Figure 1). The properties host favourable geology for granite-hosted uranium deposits.
“In 2015, drilling over two of the targets totalled 3,720 metres of reverse circulation (RC) drilling from 50 drill holes. Based on this drilling, SRK Consulting (UK) Limited (“SRK”) prepared an initial Mineral Resource Estimate for the intersected uranium mineralization, in accordance with the disclosure standards of JORC. The estimate, dated November 2015, was entitled “MINERAL RESOURCE ESTIMATE, EPLS3524 AND 3624, NAMIBIA.”
SRK derived an Inferred Mineral Resource Estimate of 15.6 Mt grading at 260 ppm U3O8 for a contained metal total of 9.0 Mlbs U3O8. Madison’s attributable ownership of the resource will amount to 7.65 million pounds (Mlbs) U3O8.
The SRK estimate is considered to be a “historical estimate” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). It is not considered by the Company to be current and the Company is not treating it as such. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. Madison would need to review and verify the previous drill-hole data and conduct an exploration program to verify the historical estimate as a current mineral resource.”
Source: Company Press Release