- Madison Metals (GREN) has signed a binding agreement with an arm’s length vendor over two licences
- The agreement is for the acquisition of a 90-per-cent direct interest in Mining Licence 86A (ML86A) and Exclusive Prospecting Licence 8905 (EPL-8905)
- ML86A and EPL-8905 have significant potential for leucogranite-hosted uranium mineralization
- Madison is conducting due diligence and expects to complete the transaction early next year
- Madison Metals Inc. is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada
- Madison Metals Inc. (GREN) was up 8.22 per cent trading at $0.79 per share
Madison Metals (GREN) has signed a binding agreement with an arm’s length vendor over two licences.
The agreement is for the acquisition of a 90-per-cent direct interest in Mining Licence 86A (ML86A) and Exclusive Prospecting Licence 8905 (EPL-8905) with 10-per-cent 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 resource.
“With this transaction, Madison is continuing to expand its land holdings around producing uranium mines in Erongo,” stated Duane Parnham, Executive Chairman and CEO of Madison Metals.
“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, and it also increases exposure to uranium for the company and its shareholders,” he added.
Madison already holds significant land holdings within trucking distance of the Rössing (ML28) and Husab (ML171) mines.
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.
The two properties cover anomalous prospective radiometric signatures that can be traced from Madison’s EPL-7011 and ML121.
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.
Madison Metals Inc. is an upstream mining and exploration company focused on sustainable uranium production in Namibia and Canada.
Madison Metals Inc. (GREN) was up 8.22 per cent, trading at $0.79 at 1:20 pm ET.