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Thursday, Jul 25, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Madison Metals finds high-grade uranium in Namibia

Uranium exploration has never been done in the area because it interfered with copper mining activities

Madison Metals finds high-grade uranium in Namibia
The project is situated southwest of the Rössing Uranium Mine and includes Mining Licence 86A (ML86A) and Exclusive Prospecting Licence 8905 (EPL-8905). Photo by Ikiwaner via Wikimedia Commons.

The Canadian miner Madison Metals Inc. (CSE: GREN) (OTCQB: MMTLF) said it identified potential sources of high-grade uranium at its Khan project in Namibia’s Erongo province.

No uranium exploration happened in the area previously because it interfered with copper mining activities. The recent exploration activities aim to validate untested airborne radiometric anomalies and understand the geological setting. The exploration also will determine the continuity of mineralized alaskites.

Alaskites are a type of rock that contains significant amounts of uranium. Its presence is of interest in uranium exploration because its presence is crucial for assessing the economic potential of a given area.

The latest analysis of the airborne survey identified several anomalies next to the Khan mine. The anomalies showed up in the area of operations of the mine as well as in the horizontal entrances.

The follow-up fieldwork determined that these anomalies were primarily composed of non-fertile Sheeted Leucogranite (SLG), categorized as C type. Non-fertile indicates that these rocks are not expected to contain economically valuable minerals in significant quantities.

However, additional anomalies were discovered, leading the exploration team to concentrate their efforts on Anomaly 5, specifically in the southeastern (SE) direction. Within Anomaly 5, a type of Sheeted Leucogranite known as D type was identified. This type was found to contain uranium.

The project is situated southwest of the Rössing Uranium Mine and includes Mining Licence 86A (ML86A) and Exclusive Prospecting Licence 8905 (EPL-8905). The mine is owned by China’s National Uranium Corp. and is one of the largest open-pit uranium mines in the world.

Madison Metals finds high-grade uranium in Namibia

Plan map showing the location of ML86A, other Madison properties and current producing uranium mines in Namibia’s Erongo uranium province. Photo via Madison Metals.

“The Khan Project is quickly becoming an extremely valuable asset to Madison, having huge potential for making new high-grade uranium discoveries sitting right next to two operating uranium mines,” Duane Parnham, Executive Chairman and CEO of Madison Metals Duane Parnham said.

Parnham also said Madison deployed field personnel to perform channel sampling and chemical analysis across favourable high-grade uranium rocks. He added that the ground survey will expand to other targets at ML86A in advance of a planned 2024 drilling program at Anomaly 5.

Namibia is the world’s second-largest uranium-producing country, holding the world’s fifth-largest uranium total resource.

The company’s infrastructure includes a seaport, an airport and a well-established road network.

Read more: New uranium-backed token provides innovative way to own commodity

Read more: Leading nations pledge to triple nuclear generation capacity by 2050

Madison plays role in uranium-backed token

In September, Madison collaborated with Bahamas-based Sanmiguel Capital Investment Ltd. to create a real-world asset (RWA) token called Uranium308 ($U), which is backed by physical uranium. The  RWA token represents ownership of one pound of uranium. The move is designed to make uranium, a traditionally difficult-to-acquire commodity, more accessible to investors.

The mining company secures the uranium through a forward sales arrangement with Sanmiguel Capital Investment. To receive physical delivery of the uranium, a person must possess a minimum number of $U tokens and comply with local laws and regulations. Madison Metals handles the actual delivery.

The price of the U3O8 token tracks the uranium market, eliminating the complexities of custody and related requirements. It can be traded on decentralized exchanges like Sushiswap on the Binance Smart Chain.

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