Madison Metals Receives Environmental Clearance Certificate from the Namibian Ministry

Madison Metals Inc. notified that the Namibian Ministry of Environment, Fisheries and Tourism (MEFT) has granted them an Environmental Clearance Certificate (ECC) for Exclusive Prospecting Licences 8531 (EPL-8531) and 8115 (EPL-8115) (together referred to as the “Properties”).

Environmental Impact Assessments (EIA) and Environmental Management Plans (EMP) are used as the foundation for issuing the ECC. The ECC’s three-year tenure will end on October 18^th, 2025.

A fascinating stage of exploration and discovery for the Company is about to commence thanks to the ECC, which enables Madison to start exploring activities on the Properties in the coming year, including significant reverse circulation (RC) and core drilling.

In Namibia’s renowned Erongo Uranium Province, EPL-8531 and EPL-8115 are close to the Rössing (ML28) and Husab (ML171) mines and accessible by truck. The properties’ geology is ideal for granite-hosted uranium resources.

EPL-8531 Highlights

• Situated 50 km west of the Rössing Uranium Mine
• Characterized by many faults, synforms, and antiforms, along with units of the Chuos, Arandis, and Karibib Formations, resulting in an advantageous structural and geological environment for granite-hosted uranium deposits
• Historical drilling over two targets totaled 3,720 m of RC drilling from 50 drill holes
• Historical Inferred Mineral Resource Estimate by SRK Consulting (UK) Limited of 15.6 Mt grading at 260 ppm U₃O₈ for a contained metal total of 9.0 Mlbs U₃O₈
• Drill-ready targets with a drill program planned for 2023

EPL-8115 Highlights

• Positioned 18 km southwest of the Rössing Uranium Mine
• Largely unexplored
• Favorable geology (basement rocks intruded by leucogranites), which corresponds with airborne radiometric anomalies