Upstream mining and exploration company Madison Metals and an arm’s length vendor have mutually agreed to extend the closing of the Khan project agreement covering mining licence (ML) 86A and exclusive prospecting licence (EPL) 8905 in Namibia.
ML 86A and EPL 8905 are said to be key strategic licences to expand Madison’s land holdings around producing uranium mines in the Namibian province of Erongo.
Together, they form a contiguous land package of 7.86 km2 immediately southwest of the Rössing mine.
“Results from our initial ground prospecting survey are extremely encouraging and will be released once all the data has been fully analysed.
“We look forward to continuing to advance our regional-scale portfolio in Namibia’s highly prospective Erongo province,” says Madison CEO and executive chairperson Duane Parnham.
Madison has made advanced payments of $125 000 towards the final closing price of the Khan project transaction.
Namibia is the world’s second-largest uranium-producing country and holds the world’s fifth-largest uranium total resource.
A mining-friendly jurisdiction, Madison’s mining activities in Namibia are supported by excellent infrastructure including a seaport, airport, a well-established road network, water and power, the company highlights.