Madison Metals executive chairperson and CEO Duane Parnham
Upstream uranium mining and exploration company Madison Metals has discovered high-grade uranium mineralisation at Anomaly 5, located within the company’s Khan project at Madison West in Namibia’s Erongo uranium province.
These findings, which include a surface sample of 8.47% triuranium octoxide (U3O8), signal an expansion of new uranium mineralisation, extending Madison’s footprint and project pipeline.
"Madison’s uranium discovery at Khan showcases a grade on par with renowned deposits in Niger and the Athabasca basin [in Canada], with distinct advantages: The Khan discovery is surface sampled, within trucking distance to an existing processing facility, on a licensed mining site and requires minimal capital to expedite production,” Madison executive chairperson and CEO Duane Parnham said on February 7.
He added that the strategically advantageous combination of factors would accelerate the company’s path to generating cash flow.
“The robust internal economic analysis, grounded in local expertise, positions Madison on a direct trajectory to becoming the next key player in the uranium market,” Parnham said.
Madison’s current exploration work follows the initial fieldwork to ground-truth airborne radiometric. The follow-up exploration activities consisted of seven surface rock-saw trenches accompanied by leucogranite mapping, sampling, and handheld scintillometer and spectrometer readings at Anomaly 5.
The initial batch of assay results of ten samples returned high uranium grades.
Among these, the highest reported individual chemical assay showed 8.47% U3O8, while the average of the first ten chemical assays was 1.33% U3O8.
Seven trenches were cut into D-type sheeted leucogranite alaskite, which is the same rock type of all Namibian economic uranium deposits.
The highest hand-held scintillometer reading was 15 000 counts per second (cps) with an average of 9 600 cps.
Madison said further details would be provided as the remaining 45 chemical assay results are received and interpreted.