Madison Metals Drill Program Confirms Subsurface Uranium at Khan Project in Namibia, Africa

TORONTO, Aug. 01, 2024 – Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) (OTCQB: MMTLF) (FSE: 4EF0) is pleased to announce that the downhole probe and chemical results from the maiden drill program confirmed subsurface zones of uranium connected to high-grade surface results at the Khan Uranium Project at Madison West, located in the Erongo Uranium Province, Namibia. The Company is planning a new and extensive Phase II drilling program to better define and expand the uranium resource.

Key Findings:

• Area Tested: Uranium confirmed by drill testing along 590 metres (m) of a 1,000m mapped area.
• Comparison with Other Mines: Intersected grades are comparable to the average U₃O₈ grades of notable Namibia leucogranite uranium mines: Rossing (330 parts per million) (ppm), Husab (500 ppm), and development deposits including Forsys Metals’ Valencia Main (136ppm), Deep Yellow’s Omahola (190 ppm) and Bannerman’s Etango (220 ppm).

Drillhole Results Summarized:

• KM5RC001: Found a continuous 21m section with an average of 386 ppm uranium, including a 2m section with 1,982 ppm uranium.
• KM5RC003: Lab tests showed a 12m section with 520 ppm uranium, including a 1m section with 2,062 ppm uranium, a 5m section of 663 ppm, including 1m of 1,646 ppm and 5m of 1,675ppm.
• KM5RC005: Found a 29m section with 332 ppm uranium, including two 2m sections with 1,259 ppm and 1,384 ppm uranium, respectively.
• KM5RC007: Found multiple sections of elevated radioactivity, including 604 ppm uranium over 11m and 1,319 ppm uranium over 3m.
• KM5RC008 and KM5RC009: Confirmed that the elevated radioactivity continues south, extending the mineralized area.

As previously reported, nine Reverse Circulation (RC) drill holes were completed totalling 997m under the Company’s maiden drill program. The drilling aimed to confirm the subsurface continuation of the anomalous surface radiometric readings and trench sampling assays. Only the southern portion of Anomaly 5 was covered by this drilling. The northern portion, which returned a 1m interval of 84,700 ppm from KM5TR006, remains undrilled due to accessibility challenges.

Figure 1: Map of Anomaly 5 showing the drilled southern portion and the undrilled northern portion.

All the drill holes intersected elevated radioactivity with the exception of KM5RC002. KM5RC004, however, deviated excessively and did not reach the intended target under trench KM5TR004. The Company plans to redrill this hole in the next phase. Seven of the nine drill holes were gamma probed using the Gramma Ray Spectrometer 1128. KM5RC003 collapsed at 22m, while KM5RC006 collapsed from the top and could not be probed. Assay*** results for intervals from these two holes have been received.

Interpretation of the drilling data indicates that target alaskites are hosted within the Khan formation, which is made up of calc-silicates, quartzites and schists. The alaskites appear to be near vertical and parallel to the Khan formation but may also occur as stringers. Alaskites also exhibit pinch and swell structures, which is characteristic of a high-strain zone. The overall observed geometry of the sheeted leucogranites at Anomaly 5 is en-echelon, indicating emplacement in a pressure shadow at a brittle-ductile transition. The exploration results to date continue to validate the Company’s exploration model at Anomaly 5, where uranium-bearing alaskites are emplaced in a pressure shadow similar to other significant uranium deposits in the region, including Rossing, Husab, Valencia, and Etango.

Figure 2: Map of Anomaly 5 highlighting the nine drill holes and significant intersections.

Figure 3. Cross-section A-A’ looking north showing the interpreted near vertical dip of the alaskites, alaskite stringers and key intercepts in KM5RC003. See Figure 2 for the location of the section line.

Table 1 below summarizes the downhole depths and downhole gamma probe readings (using an 80 ppm U₃O₈ cut-off) for the nine drill holes.

Madison’s maiden drill program was a big step towards a discovery hole for the company. The Khan project exhibits all the key characteristics to host an alaskite-hosted uranium deposit, and the results of the drill program have reinforced the validity of the exploration model. The Company now knows the location of the targeted leucogranites, and that the surface anomalies extend to the subsurface. Madison’s geology team is using the probing and geological data to define the geometry of our targets so that they can know where to target next.

Following a comprehensive review of the exploration data from its maiden drill program, Madison has identified inadvertent errors in the hand-held spectrometer U₃O₈ percentage (%) values reported in the news release dated June 24, 2024. The errors were associated with the conversion of portable spectrometer readings from ppm to percentage, resulting in a decimal point shift to the right. Madison regrets any confusion caused by these errors and assures stakeholders that steps have been taken to prevent such issues in the future.

*The Company considers greater than 80 ppm U₃O₈ on the borehole probe to be elevated radioactivity.

** The reader is cautioned that borehole probe readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication for the presence of radioactive materials. The downhole logging was carried out by Terratec Geophysical Service Namibia (“Terratec”), a Namibian geophysical contractor, using calibrated total count and spectrometer probes. The uranium values presented in this news release are based on downhole gamma data, which were converted into uranium values (U₃O₈) by Terratec. All depth measurements reported are down-hole and true thickness is yet to be determined.

*** Geochemical analyses on RC chip samples described in this news release were carried out by Trace Elements Analysis Laboratories (Pty) Ltd (“TEA Labs”) at Swakopmund, Namibia, using inductively coupled plasma optical emission spectrometry (“ICP-OES”) method. QAQC on analytical results has included insertion of sample blanks, duplicates and certified reference standards by Madison. Additional QAQC included repeat analyses.

Qualified Person

Mary Barton, a Professional Natural Scientist (SACNASP) and a Qualified Person for the purposes of National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects for ML86A, has reviewed, verified, and approved the technical information contained in this news release.