Madison Metals CEO Duan Parnham says the company’s uranium discovery at the Khan Project showcases a grade on par with renowned deposits in Niger and the Athabasca Basin.
The Khan Project at Madison West consists of Mining Licence 86A and EPL 8905 in the Erongo region.
The highest reported individual chemical assay is 8.47% U3O8, and the average of the first 10 chemical assays is 1.33% U3O8.
In a statement on Wednesday, Madison said these remarkable findings, which include a surface sample of 8.47% U3O8, represent a significant expansion of new uranium mineralisation, extending the company’s footprint and project pipeline.
Parnham said, “The Khan discovery is surface sampled, within trucking distance to an existing processing facility, on a licensed mining site, and requires minimal capital to expedite production.”
According to Parnham, this strategic combination accelerates our path to generating immediate cash flow, reinforcing the company’s commitment to shareholder value.
“The robust internal economic analysis, grounded in local expertise, positions Madison on a direct trajectory to becoming the next key player in the uranium market,” Parnha added.
In December 2023, Madison deployed field personnel to perform channel sampling and chemical analysis across favourable high-grade uranium rocks and expand the ground survey to other targets at ML86A before a 2024 drilling program at Anomaly 5.
