Madison Metals Inc. has entered into a binding agreement to acquire a 90% direct interest in Mining Licence 86A and Exclusive Prospecting Licence 8905 with 10% free carry in favour of the vendor.
“Madison is conducting due diligence and expects to complete the Transaction early next year, at which stage more details will be provided.”
The acquisition of ML86A and EPL-8905 by the Uranium developer, 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.
“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,” said Duane Parnham, Executive Chairman and CEO of Madison Metals.
Madison North and Madison West, is the property names under which Madison has consolidated its various land holdings in the area.
This comes as the Ministry of Environment and Tourism has awarded Madison an environmental clearance certificate (ECC) for exclusive prospecting licences 8531 (EPL-8531) and 8115 (EPL-8115).
The ECC is valid for a period of three years to October 18, 2025 and authorises Madison to begin exploration activities on the properties, including extensive reverse circulation (RC) and core drilling in the new year.
The issuance of the ECC is underpinned by the submitted and approved environmental-impact assessments (EIAs) and environmental management plans (EMPs).
EPL-8531 and EPL-8115 are located in the renowned Erongo uranium province and are within trucking distance of the Rössing and Husab mines. The properties host favourable geology for granite-hosted uranium deposits.
