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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.
Madison Metals has commenced its 2024 drill program at the Khan Uranium Project in Namibia, located in the Erongo uranium province.
The program will focus on specific areas identified in a prior release dated April 18, 2024. Results will be published as they become available and after thorough analysis.
Mary Barton, a Professional Natural Scientist and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information in the announcement.
Madison Metals Inc. provided an update on the Kenora Uranium Project, extending the first-year expenditure commitments for Great Northern Energy Inc. The agreement requires an investment of CDN $600,000 by May 3, 2025, and an additional CDN $300,000 by May 3, 2026, enabling Great Northern Energy to earn a 60% interest in the project. Madison Metals will retain a 40% carried interest once the earn-in terms are met. Additionally, the Company issued stock options for 1,200,000 common shares to its board of directors, management, and consultants at a price of CDN $0.29 per share.
Madison Metals Inc. engages Market One Media Group for marketing services to enhance investor engagement and communication regarding high-grade uranium discoveries at the Khan Project. The collaboration aims to drive shareholder value and visibility in the capital markets.
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