Madison Metals will start drilling at the Khan Project after raising about N$15 million (C$1 million) from selling more than 3 million shares in the first private placement tranche.
The N$15 million is part of the N$48.3 million (C$3.5 million), which Madison Metals wants to raise in three tranches to start working on the Khan project.
Madison Metals says the proceeds from the private placement will be used primarily to commence drilling activities at the Khan high-grade uranium discovery, acquisition costs and general working capital.
The Khan project comprises mining licence 86A and EPL 8905. It is southwest of the Rössing Uranium Mine. Historically, detailed exploration for uranium has never been conducted at ML86A due to copper mining activities within the licence.
Madison Metals acquired a 90% direct interest in the Khan project in November 2022.
On March 7, 2024, Madison Metals announced a momentous breakthrough by discovering high-grade uranium mineralization at Anomaly 5 within the Khan Project.
The company said the remarkable findings, which include a surface sample of 8.47% U3O8, represent a significant expansion of new uranium mineralization, extending its footprint and project pipeline.
On March 4, 2024, Madison Metals said the new results from Trench 6 at the Khan Project had expanded the anomalous width to 4.0 m, grading at an average of 2.78% U3O8.
