The Khan project, in Namibia, is becoming a valuable asset to Canadian-headquartered Madison Metals and has potential to contain new high-grade uranium discoveries, says chairperson and CEO Duane Parnham.
The project consists of mining licence 86A (ML86A) and exclusive prospecting licence 8905 (EPL-8905) and is immediately southwest of the producing Rössing uranium mine.
Historically, detailed exploration for uranium has never been conducted at ML86A owing to copper mining activities within the licence.
Madison’s exploration activities focused on the validation of untested airborne radiometric anomalies, as well as understanding the geological setting and determining the continuity of mineralised alaskites.
ML86A is underlain by favourable geology for Rössing-type deposits in the Central Namib where units of the Damara Supergroup are intruded by uranium-mineralised alaskites.
Based on the analysis of the airborne survey, several anomalies were detected adjacent to the Khan mine working and adits on EPL-8905.
Follow-up field work indicated that these anomalies were mainly non-fertile sheeted leucogranite (SLG) commonly known as C type.
Additional anomalies led Madison’s team to focus on the SE on Anomaly 5, where uranium-bearing D type SLG has been identified.
“Madison has 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 in advance of a planned 2024 drilling programme at Anomaly 5,” says Parnham.
The company says the results of the ground survey continue to support its exploration model within the Erongo uranium province.
Owing to the strong presence of uranium anomalies on the Khan project, Madison also announced the signing of an addendum agreement whereby cash payments made to date have secured it an undivided 10% interest in the Khan project.
The balance of payments is due by December 31, 2024, and will earn it an undivided 90% interest.
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