Madison Uranium Initiatives Awarded Namibian Environmental

TORONTO, Nov. 11, 2022 (GLOBE NEWSWIRE) — Madison Metals Inc. (“Madison” or the “Firm”) (CSE: GREN) (OTCQB: MMTLF) is happy to announce that it has been awarded an Environmental Clearance Certificates (“ECC”) by the Namibian Ministry of Setting, Fisheries and Tourism (“MEFT”) for Unique Prospecting Licences 8531 (“EPL-8531”) and 8115 (“EPL-8115”) (collectively referred to hereafter because the “Properties”). The issuance of the ECC is underpinned by the submitted and permitted Environmental Influence Assessments (“EIA”) and Environmental Administration Plans (“EMP”). The ECC is legitimate for a interval of three years, ending on October 18, 2025.

The ECC authorizes Madison to begin exploration actions together with in depth reverse circulation (RC) and Core drilling within the new yr on the Properties, marking the beginning of an thrilling part of exploration and discovery for the Firm. EPL-8531 and EPL-8115 are positioned within the famend Erongo Uranium Province of Namibia, Africa and are inside trucking distance of the Rössing (ML28) and Husab (ML171) mines (Determine 1). The properties host beneficial geology for granite-hosted uranium deposits.

EPL-8531 highlights

• Situated 50 km west of the Rössing Uranium Mine
• Characterised by quite a few faults, synforms and antiforms, in addition to models of the Chuos, Arandis and Karibib Formations, leading to a beneficial structural and geological setting for granite-hosted uranium deposits
• Historic drilling over two targets totalled 3,720 metres of RC drilling from 50 drill holes
• Historic Inferred Mineral Useful resource Estimate by SRK Consulting (UK) Restricted of 15.6 Mt grading at 260 ppm U₃O₈ for a contained steel whole of 9.0 Mlbs U₃O₈*
• Drill-ready targets with a considerable drill program deliberate for 2023

EPL-8115 highlights

• Situated 18 km southwest of the Rössing Uranium Mine
• Comparatively under-explored
• Beneficial geology (basement rocks intruded by leucogranites), which coincides with airborne radiometric anomalies

Determine 1: Location of EPL-8531, EPL-8115 and different Madison licences within the Erongo Uranium Province.

* As reported within the Madison information launch dated September 19, 2022:

“In 2015, drilling over two of the targets totalled 3,720 metres of reverse circulation (RC) drilling from 50 drill holes. Based mostly on this drilling, SRK Consulting (UK) Restricted (“SRK”) ready an preliminary Mineral Useful resource Estimate for the intersected uranium mineralization, in accordance with the disclosure requirements of JORC. The estimate, dated November 2015, was entitled “MINERAL RESOURCE ESTIMATE, EPLS3524 AND 3624, NAMIBIA.”

SRK derived an Inferred Mineral Useful resource Estimate of 15.6 Mt grading at 260 ppm U₃O₈ for a contained steel whole of 9.0 Mlbs U₃O₈. Madison’s attributable possession of the useful resource will quantity to 7.65 million kilos (Mlbs) U₃O₈.

The SRK estimate is taken into account to be a “historic estimate” underneath Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”). It isn’t thought-about by the Firm to be present and the Firm will not be treating it as such. A Certified Particular person has not achieved ample work to categorise the historic estimate as present mineral sources. Madison would want to evaluation and confirm the earlier drill-hole information and conduct an exploration program to confirm the historic estimate as a present mineral useful resource.”

Certified Particular person

Mary Barton, a Skilled Pure Scientist (SACNASP) and a Certified Particular person for the needs of Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives for EPL-8115 and EPL-8531, has reviewed, verified and permitted the technical info contained on this information launch.

About Madison Metals Inc.

Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration firm centered on sustainable uranium manufacturing in Namibia and Canada. Utilizing cutting-edge applied sciences and trendy methods, Madison Metals Inc. is positioned to maneuver superior uranium belongings to market shortly.

With over 50 years of mining expertise, together with 22 years in Namibia, its administration workforce has geological and monetary experience and a monitor report of making shareholder worth.

Extra details about Madison Metals Inc. could be discovered at madisonmetals.ca and on the Firm’s SEDAR profile at www.sedar.com.

For additional info, please contact:

Duane Parnham
Govt Chairman & CEO
Madison Metals Inc.
+1 (416) 489-0092
ir@madisonmetals.ca

Neither the Canadian Securities Change nor the Funding Trade Regulatory Group of Canada accepts accountability for the adequacy or accuracy of this launch.

Ahead-looking Statements

This press launch accommodates forward-looking statements. Ahead-looking statements contain identified and unknown dangers, uncertainties and assumptions and accordingly, precise outcomes and future occasions may differ materially from these expressed or implied in such statements. You’re therefore cautioned to not place undue reliance on forward-looking statements. All statements aside from statements of current or historic truth are forward-looking statements. Ahead-looking statements embrace phrases or expressions resembling “proposed”, “will”, “topic to”, “close to future”, “within the occasion”, “would”, “count on”, “ready to” and different related phrases or expressions.

The place the Firm expresses or implies an expectation or perception as to future occasions or outcomes, such expectation or perception is predicated on assumptions made in good religion and believed to have an affordable foundation. Such assumptions embrace, with out limitation, that ample capital and different sources will likely be out there to the Firm to hold out its operations as presently deliberate.

Elements that would trigger future outcomes or occasions to vary materially from present expectations expressed or implied by the forward-looking statements embrace normal enterprise, financial, aggressive, political and social uncertainties; there being no assurances that the proposed exploration program will yield beneficial outcomes; the state of capital markets; the chance that the Firm is not going to obtain all crucial approvals required in an effort to conduct its operations as presently anticipated; accidents, labour disputes and shortages; environmental and different dangers of the mining business; different unexpected occasions and developments; components inflicting any of the aforesaid expectations, assumptions, and different components finally being inaccurate or irrelevant; and dangers related to the continued COVID-19 pandemic.

Yow will discover additional info with respect to those and different dangers in filings made with the Canadian securities regulatory authorities which are out there on the Firm’s SEDAR profile web page at www.sedar.com. The Firm disclaims any obligation to replace or revise these forward-looking statements, besides as required by relevant legislation.    

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