Madison Metals Inc. has announced promising results from its maiden drill program at the Khan Uranium Project, located in the Erongo Uranium Province, Namibia. The program confirmed subsurface uranium zones linked to high-grade surface results, prompting plans for an extensive Phase II drilling program to further define and expand the uranium resource.
Key findings:
- Area Tested: Uranium confirmed over 590 meters of a 1,000-meter mapped area.
- Comparison with Other Mines: Grades are comparable to average U3O8 grades at notable Namibian mines, such as Rossing (330 ppm), Husab (500 ppm), and other development deposits like Forsys Metals’ Valencia Main (136 ppm) and Bannerman’s Etango (220 ppm).
Drillhole results:
- KM5RC001: 21 meters with an average of 386 ppm uranium, including 2 meters with 1,982 ppm.
- KM5RC003: 12 meters with 520 ppm uranium, including 1 meter with 2,062 ppm, a 5-meter section of 663 ppm, and another 5 meters of 1,675 ppm.
- KM5RC005: 29 meters with 332 ppm uranium, including two 2-meter sections with 1,259 ppm and 1,384 ppm.
- KM5RC007: Multiple sections with elevated radioactivity, including 11 meters with 604 ppm and 3 meters with 1,319 ppm.
- KM5RC008 and KM5RC009: Confirmed extension of mineralized area to the south.
Program summary:
The maiden drill program involved nine Reverse Circulation (RC) drill holes totaling 997 meters, targeting the subsurface continuation of surface radiometric anomalies and trench sampling assays. While all but one drill hole (KM5RC002) intersected elevated radioactivity, KM5RC004 deviated excessively and did not reach its target. The Company plans to redrill this hole in the next phase. Seven of the nine holes were gamma probed, but results were not obtained from KM5RC003 and KM5RC006 due to technical issues.
Exploration insights:
Drilling data suggests that alaskites are hosted within the Khan formation and are associated with high-strain zones. The observed geology is consistent with other significant uranium deposits in the region, reinforcing the exploration model at Anomaly 5. The results support the potential for a significant alaskite-hosted uranium deposit.
Correction of data errors:
Madison has identified errors in the hand-held spectrometer U3O8 percentage values reported on June 24, 2024, due to a decimal point shift. The Company has addressed these errors and implemented measures to prevent future inaccuracies.
The success of the maiden drill program marks a significant step towards discovering a major uranium deposit at the Khan project, with the Phase II program set to further refine exploration targets and expand the resource base.
