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Madison Metals has signed binding letters of intent to acquire 100% interest in the Howells Lake Antimony Gold Project, covering 13,990.90 hectares over 697 claims in Ontario, Canada. The project contains a historic resource estimate of 1.7 million tons at 1.70% antimony (approximately 51 million pounds) with associated gold mineralization up to 2.3 ounces per ton. The acquisition involves share issuances and NSR agreements with three vendors. The project is particularly significant as antimony prices have tripled in the past year due to Chinese export restrictions, and the geological setting is similar to the Hemlo gold deposits.
Madison Metals Inc. (CSE: GREN, OTCQB: MMTLF, FSE: 4EF0) announces that Executive Chairman and CEO Duane Parnham has increased his position in the Company by 35% year to date. This increase was achieved through open market purchases and private placements, at an average cost of CDN$0.33 per share. The company highlights its recent granting of a mining licence and its goal to fast-track production, accelerating its path to cash flow while managing dilution.
Madison Metals positions itself as one of the few companies with a mining licence to extract nuclear fuels in a world-class jurisdiction. The company emphasizes its potential for low estimated capital and operating expenses, simplified operations, and a quick path to free cash flow. Mr. Parnham's stock purchases are stated to be for investment purposes only, with the possibility of future position changes based on market conditions.
Madison Metals Inc. (CSE: GREN, OTCQB: MMTLF) has entered into a strategic partnership with Star Minerals (ASX: SMS) for the Cobra Uranium Project in Namibia. Star Minerals can earn up to a 51% interest in the project through staged cash payments, share issuances, and exploration expenditures over three years, potentially valued at US$4.4 million. Upon completion, the companies will form a joint venture for further exploration and development.
The partnership aims to accelerate exploration in one of the world's premier uranium mining jurisdictions. Madison's CEO, Duane Parnham, expressed excitement about the collaboration, highlighting its potential to unlock significant value for both companies and their shareholders. The agreement aligns with Madison's strategy of leveraging partnerships to drive sustainable uranium production and meet global energy demands.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) has been granted permission for nuclear fuels extraction by the Ministry of Mines and Energy of Namibia for its active Mining Licence 86A (ML-86A). This licence covers the Madison West area, which includes the past-producing Khan Copper Mine and recent high-grade uranium intrusions discovery.
CEO Duane Parnham expressed gratitude to the Namibian government for their support and to their Namibian partners for their collaboration in fast-tracking the Khan project back into production. The company remains focused on delivering shareholder value and advancing uranium assets while exploring opportunities in base, precious, and critical metals.
Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) has announced positive results from its maiden drill program at the Khan Uranium Project in Namibia. The program confirmed subsurface uranium zones connected to high-grade surface results along 590 meters of a 1,000m mapped area. Key findings include:
1. Intersected grades comparable to notable Namibian uranium mines
2. Multiple drill holes with significant uranium concentrations
3. Continuous sections of high-grade uranium, including 21m at 386 ppm and 29m at 332 ppm
4. Plans for an extensive Phase II drilling program to expand the resource
The results validate Madison's exploration model, suggesting uranium-bearing alaskites in a pressure shadow similar to other significant deposits in the region.
Madison Metals Inc. (CSE: GREN, OTCQB: MMTLF, FSE: 4EF0) has announced the immediate resignation of Ryan Thompson from his position as Chief Strategy Officer. Mr. Thompson will continue to provide advisory services to the company's management. Duane Parnham, Executive Chairman and CEO, expressed gratitude for Thompson's contributions and highlighted the ongoing benefit of his experience and expertise in an advisory role.
Madison Metals reaffirmed its commitment to fast-tracking uranium production through innovative technologies and modern strategies. The company believes this transition will enhance its ability to deliver value to shareholders and stakeholders.
Madison Metals has received a licence from Namibia's Ministry of Mines and Energy to expand its Khan Mine development, covering base and rare metals, industrial minerals, and nuclear fuels. This licence, EPL-8905, is part of the same area as Mining Licence 86A, which includes the Khan Copper Mine. Madison is earning a 90% interest in these licences through cash payments, with the remaining 10% held by Namibian partners. This move will allow Madison to explore uranium, copper, gold, silver, and other precious metals, aligning with its strategy to advance uranium production and explore high-value metals. The expansion aims to capitalize on global demand for critical metals essential for the energy transition.
Madison Metals has announced the completion of their maiden drill program at the Khan Uranium Project in Namibia, drilling nine holes (997m) with six confirming high-grade uranium deposits. Key findings include uranium mineralization at depth in six holes, a significant 15m mineralized zone averaging pXRF 0.3% U3O8, and a maximum pXRF value of 1.54% U3O8. The drill program targeted subsurface uranium-bearing outcrops along a 12km anomaly. Despite ground access challenges, significant mineralized intersections were achieved. Future follow-up drilling is planned to further define the uranium's lateral and vertical extent.
Madison Metals has terminated its uranium forward sales agreement with Sanmiguel Capital Investment. To date, only 2,130 pounds of U3O8 were sold at $68 per pound. The termination allows Madison to use 100% of its future uranium production for shareholder benefits. CEO Duane Parnham emphasized the company's commitment to operational excellence and expanding uranium resources in Namibia, particularly highlighting the Khan high-grade uranium discovery. Additionally, Madison will cancel 1,500,000 performance shares issued to JJK Holdings.
Madison Metals announced a significant discovery at its Khan Uranium Project in Namibia.
The RC drill hole KM5RC003 intersected strong uranium mineralization over minable widths under trench area TR003.
The drill hole intersected four uranium-mineralized radiometric D-type leucogranites over 157 meters.
Spectrometer readings from chip samples showed high values, with 1.36% U3O8 at 45 meters and 1.54% U3O8 at 148 meters depth.
The mineralization is open in all directions and requires further drilling to determine its size and geometry.
Additional drilling is planned in the TR003, TR004, and TR005 trenching areas.
The technical information in the release was verified by Mary Barton, a Qualified Person under NI 43-101 standards.
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