Madison enters into binding agreement for additional mining licences

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Madison enters into binding agreement for additional mining licences

Madison Metals Inc. has entered into a binding agreement to acquire additional mining and exclusive prospective licences in Namibia’s Renowned Uranium Province.

The binding deal will see Madison acquire a 90% direct interest in Mining Licence 86A (“ML86A”) and Exclusive Prospecting Licence 8905 (“EPL-8905”) with 10% free carry in favour of the vendor

ML86A and EPL-8905 are in the renowned Erongo Uranium Province of Namibia, Africa Namibia is the world’s second-largest uranium-producing country and holds the world’s fifth-largest uranium total resource.

“With this Transaction, Madison is continuing to expand its land holdings around producing uranium mines in Erongo. The acquisition of these licences is a core part of our strategy to build a regional-scale portfolio focused on the highly prospective uranium province. It also increases exposure to uranium for the Company and its shareholders,” says Duane Parnham, Executive Chairman and CEO of Madison Metals.

Madison already holds significant land holding within trucking distance of the Rössing (ML28) and Husab (ML171) mines. Earlier this year, Madison consolidated its various land holdings in the area under the property names Madison North and Madison West (see news release dated September 19, 2022) with the goal of building upon minable uranium resources by expanding currently known uranium zones and making new discoveries.

The acquisition of ML86A and EPL-8905 connects the Madison North and Madison West projects together, resulting in a 427 km2 contiguous land package that is highly prospective for leucogranite-hosted uranium mineralization.

ML86A and EPL-8905

ML86A and EPL-8905 together form a contiguous land package of 7.86 km2 located approximately 51 km east-northeast of the city of Swakopmund and immediately southwest of the producing Rössing Mine. The two properties cover anomalous prospective radiometric signatures that can be traced from Madison’s EPL-7011 and ML121.

The geological and structural setting of ML86A and EPL-8905 bears a strong resemblance to the Rössing deposit, with uranium-anomalous granites concentrated at the Khan-Rössing and/or Khan-Arandis boundary within the north-northeast trending deformation corridor of the Welwitschia magnetic lineament. ML86A and EPL-8905 thus have significant potential for leucogranite-hosted uranium mineralization. Madison is conducting due diligence and expects to complete the Transaction early next year, at which stage more details will be provided.

About Madison Metals Inc.

Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada. Using cutting-edge technologies and modern strategies, Madison Metals Inc. is positioned to move advanced uranium assets to market quickly. With over 50 years of mining experience, including 22 years in Namibia, its management team has geological and financial expertise and a track record of creating shareholder value.

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