Namibia’s mines ministry has renewed Madison Metals’ EPL 7011 near the Rössing Uranium Mine in the Namib Desert.
Madison’s subsidiary, PennyWort Investments (Pty), holds the rights to EPL 7011 in the Madison North project area.
PennyWort Investments is 85% owned by Madison Metals.
The renewal of EPL-7011 follows the successful transfer of EPL 8531 and 8115 to PennyWort Investments in June 2023.
Madison Metals CEO Duane Parnham said the renewal is significant because EPL 7011 is located in a well-known uranium belt.
Parnham also said EPL 7011 bolsters Madison’s strategic land positioning and affirms the license’s potential for uranium deposits.
“This report, alongside the renewal and the previously obtained environmental clearance certificate, underlines Madison’s commitment to responsible exploration and development,” Parnham said.
According to Parnham, the strategic renewal of EPL 7011 aligns with their focused approach in maintaining and expanding presence in the uranium-rich area.
“Our current efforts are centred on strategic exploration and drilling for potential deposit expansions on adjoining concessions,” he said.
Madison also owns an 85% undivided interest in EPLs 8531 and 8115, an agreement to acquire a 90% interest in ML 86A and a 24% direct interest in Mining Licence 121.
ML86A and EPL 8905 form a contiguous land package of 7.86 km2 located approximately 51 km east-northeast of Swakopmund and immediately southwest of the producing Rössing Mine.
