Canadian Mining Firm Acquires Interest in Mining and Prospecting Licences

By: Staff writer
Canadian-based mining firm Madison Metals has acquired 90% direct interest in Mining Licence 86A (ML86A) and Exclusive Prospecting Licence 8905 (EPL-8905) with 10% free carry in favour of the vendor (the “Transaction”).
ML86A and EPL-8905 together share a land package of 7.86 square kilometres located approximately 51 km east-northeast of Swakopmund and southwest of the Rössing Mine.
According to the company, the acquisition will connect its Madison North and Madison West projects together, resulting in a 427 km2 contiguous land package that is highly prospective for leucogranite-hosted uranium mineralisation.
“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.
The company already holds significant land holding within trucking distance of the Rössing (ML28) and Husab (ML171) mines. Earlier this year, Madison consolidated its various land holdings in the area under the property names Madison North and Madison West to build upon minable uranium resources by expanding currently known uranium zones and making new discoveries.
This comes as the uranium developer has been awarded an environmental clearance certificate (ECC) by the environment ministry for exclusive prospecting licences 8531 (EPL-8531) and 8115 (EPL-8115).
The ECC is valid for a period of three years to 18 October 2025.
The ECC authorises Madison to begin exploration activities on the properties, including extensive reverse circulation (RC) and core drilling in the new year.
EPL-8531 and EPL-8115 are located in the renowned Erongo uranium province of Namibia and are within trucking distance of the Rössing and Husab mines. The properties host favourable geology for granite-hosted uranium deposits.
EPL-8531 is located 50 km west of Rössing and is characterised by numerous faults, synforms and antiforms, as well as units of the Chuos, Arandis and Karibib formations, resulting in a favourable structural and geological setting for granite-hosted uranium deposits.
Historical drilling over two targets totalled 3 720 m of RC drilling from 50 drill holes.
The historical inferred mineral resource estimate by consulting engineers SRK Consulting UK of 15.6-million tonnes grading at 260 ppm triuranium octoxide (U3O8) for a contained metal total of nine-million pounds of U3O8.
Drill-ready targets have been identified, with a substantial drill programme planned for next year, the company has said.
EPL-8115, on the other hand, is located 18 km southwest of Rössing and remains relatively underexplored. However, favourable geology has been identified, including basement rocks intruded by leucogranites, which coincides with airborne radiometric anomalies.
Additional reporting, Mining Weekly