Madison Metals Identifies Follow-Up Drill Targets at Kenora Uranium Project

TORONTO, June 21, 2022 - Madison Metals Inc. (“Madison” or the “Company”) (CSE: GREN) is pleased to announce that the 2021 field exploration season identified follow-up drill targets to further confirm and expand on the Rössing geological model for uranium deposits thought to exist on the Kenora project.

The highest uranium values from the channel samples were collected from the Bee Lake Area with the highest being:

Channel   From (m)    To (m)   Width (m)    U ppm    U3O8 ppm
BL-L18E       5.3       9.2         3.9       975        1150

The highest uranium values on file from the drill samples were collected from the Richard Lake Area with the highest being:

Hole ID   From (m)    To (m)   Width (m)    U ppm	 
RL007-12    68.65     70.70        2.05       808

As a follow-up to the airborne geophysical survey conducted across most of the property in 2006, and ground radiometric sampling and diamond drilling by others, Madison hired Emerald Geological Services (“Emerald”) to prospect on the land package and investigate a selection of uranium anomalies. Madison’s land package includes 1,947 units covering an area of 12.6 kilometres (km) wide (North to South) and 49.3 km long (West to East).

The Emerald geological team conducted channel sampling across prospective high radiometric anomalies at Bee Lake, close to Highway 17 and Cobble Lake. A total of 91 samples were collected from this program (86 channel samples and five grab samples). These samples were bagged, labelled and delivered by the crew to Activation Laboratories in Dryden, Ontario, Canada for processing and then shipped to Ancaster, Ontario, Canada to be analyzed by Activation Laboratories using Instrument Nuclear Activation Analysis (INAA) and whole-rock analysis. In addition to this work, some prospecting was undertaken in the Richard Lake, Ely Lake and Peterson Lake areas with anomalous radiometric readings observed. The highest being 3,500 cps (counts per second) in a trench at Richard Lake and an outcrop reading 400 cps at Patterson Lake.

At Bee Lake a total of nine channels were cut varying from 2 to 17 metres (m) in length for a total of 87.5 metres cut. From these cuts, 58 rock channel samples averaging roughly a metre long and five centimetres (cm) wide by five to seven cm deep were collected. In addition to this, two grab samples were collected.

The Bee Lake area channels cover an area of 300 metres wide, trending East-West, on the west side of Highway 17 and confirm the results from the 2008 drilling below surface. The assays from the channel sampling were checked and entered into a database; then mineralized intervals were calculated. Resulting intervals are presented in the Kenora Channel GT summary table below.

At the Cobble Lake area, one of the most noteworthy radiometric anomalies, five channels were cut and 28 channel samples were collected in four areas using the same technique as for Bee Lake. In addition, three grab samples were collected over Cobble Lake cliff.

The Cobble Lake area is a long linear airborne radiometric anomaly (High U, high U/Th) with no road access. Prospecting was done from the lakeshore by boat landing at four different areas along the shore. Anomalous radiometric readings of 300-500 cps were encountered over a 3.5-km length. Leucogranite outcrops were also examined and checked with values ranging from 600-750 cps with two readings of 1,560 cps being recorded.

Significant results of the channel samples from Bee Lake (BL) and Cobble Lake (CBL) are as follows:


KENORA CHANNEL GT SUMMARY

Major Sample Intervals Internal Sample Intervals

Channel	From (m)	To (m)	Width (m)	U ppm	U3O8 ppm	From (m)	To (m)	Width (m)	U ppm	U3O8 ppm
BL-L1W	0.0	5.0	5.0	237	279	0.0	1.0	1.0	861	1015
BL-BL00	0.0	5.5	5.5	336	396	1.0	2.0	1.0	562	663
BL-L1E	0.0	2.0	2.0	568	670	0.0	1.0	1.0	846	998
BL-L9E	0.0	4.0	4.0	29	34	 
BL-L13E	9.0	12.0	3.0	333	393	10.0	11.0	1.0	607	716
BL-L18E	0.0	3.0	3.0	435	513	 
BL-L18E	5.3	9.2	3.9	975	1150	6.2	9.2	3.0	1119	1320
BL-L24E	5.0	6.8	1.8	381	449	 	 	 	 	 
BL-L24E	8.0	9.0	1.0	166	196	 	 	 	 	 
BL-L29E+4m	0.0	8.0	8.0	22	26	 
BL-L29E+4m	12.0	14.0	2.0	103	121
BL-L31E	0.0	6.0	6.0	40	47
CBL-001	0.0	5.0	5.0	29	34
CBL-002	0.0	5.0	5.0	32	38	U to U3O8 conversion factor = 1.1792
CBL-003	0.0	4.0	4.0	21	25	 
CBL-004	1.0	6.0	5.0	87	103
CBL-004	0.0	10.0	10.0	66	78
CBL-005	0.0	4.0	4.0	31	37
Cobble Lake Grab Sample 415343	 	32	37
Cobble Lake Grab Sample 415344	 	32	38
Cobble Lake Grab Sample 415345	 	20	23
BL Grab Sample 415346	 	216	255
BL Grab Sample 415347	 	616	726

In the last few months, Madison contracted Oryx Geological Services to finish the compilation and produce maps for the drilling done by Delta Uranium after homogenizing the lithologies reported in the drill holes. A review of recorded core scintillometer data and correlation of readings with assays will be undertaken. Recently missing core assay data with certificates has been retrieved from Activation Labs. The assay portion of the database was updated and corrected to then produce drill hole sections and plan views. With this new data, Dr. Roger Laine calculated the grades of the numerous mineralized intervals in a systematic way highlighting the best intervals as shown in the attached table of significant diamond drill results. Dr. Laine is a director of Madison who provides scientific support to the Company.

Emerald had also taken GPS coordinates of the adits that were mined back in 1958. This and the adit map from OGS report 130 (1975) were digitized to the best of our GIS ability and were included in the plan view of the drilling at Richard Lake. The plan view and cross-sections confirm that there are indeed at least two mineralized dykes at Richard Lake, as reported in OGS Report 130 by Pryslak. As no surface mapping was done to locate precisely where those dykes are, Madison cannot at this stage see which one was mined. The area cross-sections in combination with the plan view seem to indicate more than two dykes. Some assays are still missing from the Richard Lake drill holes; as there were no sample tags on the logs, we have to assume that drill holes RL08-21, -22, -24 and -25 were not sampled. Attempts to locate the historic core are ongoing.

Significant results of the diamond drilling samples are shown on the following drill hole tables.


Drill Hole GT Table by Dr. Roger Laine

Major Sample Intervals	Internal Sample Intervals
Hole ID	From (m)  To (m)  Width (m)  U ppm  From (m)  To (m)  Width (m)  U ppm
BEE LAKE	 	 	 	 	 	 	 	 
BL08-01	5.80	8.55	2.75	38	 	 	 	 
BL08-01	21.28	30.50	9.22	218	23.30	24.95	1.65	1052
BL08-02	6.00	10.70	4.70	47	 	 	 	 
BL08-02	23.00	40.35	17.35	70	24.10	27.00	2.90	354
BL08-02	37.10	40.35	3.25	34	 	 	 	 
BL08-03	12.10	14.75	2.65	109	 	 	 	 
BL08-04a	4.64	17.74	13.10	77	14.20	17.74	3.54	149
BL08-04a	53.87	58.35	4.48	53	 	 	 	 
BL08-005	45.00	47.00	2.00	73	 	 	 	 
BL08-006	64.60	66.00	1.40	61	 	 	 	 
BL08-007	55.00	80.50	25.50	26	 	 	 	 
BL08-015	6.50	7.50	1.00	120	 	 	 	 
BL08-015	15.10	16.60	1.50	240	 	 	 	 
BL08-015	29.00	31.80	2.80	45	 	 	 	 
BL08-016	 	 	 	 	4.00	14.00	10.00	164
BL08-016	4.00	37.00	33.00	93	21.00	27.00	6.00	122
BL08-016	 	 	 	 	32.00	34.00	2.10	117
 	 	 	 	 	 	 	 	 
ELY LAKE	 	 	 	 	 	 	 	 
EL08-001	53.65	69.15	15.50	266	53.64	64.00	10.35	350
EL08-001	89.50	93.50	4.00	81	 	 	 	 
EL08-003	68.00	71.00	3.00	60	 	 	 	 
EL08-003	150.00	151.00	1.00	229	 	 	 	 
EL08-004	17.00	28.00	11.00	99	20.00	22.00	2.00	164
EL08-004	34.00	44.00	10.00	93	38.00	43.00	5.00	137
EL08-004	48.00	69.00	21.00	73	48.00	56.00	8.00	136
EL08-004	 	 	 	 	68.00	69.00	1.00	138
EL08-005	58.00	69.00	11.00	82	58.00	60.00	2.00	119
EL08-005	58.00	73.00	15.00	69	67.00	69.00	2.00	226
EL08-005	91.00	92.00	1.00	108	 	 	 	 
 	 	 	 	 	 	 	 	 
FEIST LAKE	 	 	 	 	 	 	 	 
FL08-001	36.50	38.50	2.00	122	 	 	 	 
FL08-003	11.00	14.00	3.00	100	 	 	 	 
FL08-003	26.71	34.11	7.40	49	 	 	 	 
 	 	 	 	 	 	 	 	 
NIXON LAKE	 	 	 	 	 	 	 	 
NL08-001	13.00	16.00	3.00	59	 	 	 	 
NL08-001	28.00	29.00	1.00	135	 	 	 	 
NL08-001	41.75	44.75	3.00	189	 	 	 	 
NL08-001	56.00	56.50	5.00	163	 	 	 	 
NL08-001	63.00	64.00	1.00	119	 	 	 	 
NL08-002	29.00	38.84	9.84	117	 	 	 	 
NL08-002	41.75	44.75	3.00	189	 	 	 	 
NL08-002	55.50	67.00	11.50	82	62.00	65.00	3.00	130
NL08-003	 	 	 	 	27.46	29.45	1.99	125
NL08-003	99.55	126.00	25.58	109	99.55	103.00	3.45	234
NL08-003	 	 	 	 	106.30	109.11	2.81	204
NL08-003	 	 	 	 	111.83	112.83	1.00	295
NL08-003	 	 	 	 	117.00	121.01	4.01	166
 	Grade from INAA otherwise indicated in italics when from ICP

Major Sample Intervals	Internal Sample Intervals
Hole ID	From (m)  To (m)  Width (m)  U ppm  From (m)  To (m)  Width (m)  U ppm
RICHARD LAKE	 	 	 	 	 	 	 
RL007-01	83.15	86.00	2.85	134	 	 	 	 
RL007-02	30.00	32.35	2.35	194	 	 	 	 
RL007-03	38.40	41.30	2.90	131	37.40	39.40	1.00	249
RL007-04	53.00	59.35	6.35	129	53.00	54.00	1.00	474
RL007-05	39.95	49.10	19.05	425	44.35	49.10	4.75	765
RL007-05	51.30	53.00	1.70	272	44.35	53.00	6.00	499
RL007-05	55.65	59.00	3.35	319	 	 	 	 
RL007-05	90.70	91.75	1.00	418	 	 	 	 
RL007-06	31.00	43.00	12.00	360	31.00	34.00	3.00	561
RL007-06	 	 	 	 	35.00	39.00	4.00	584
RL007-06	47.00	53.00	6.00	84	 	 	 	 
RL007-06	64.00	74.50	10.50	59	72.50	74.50	2.00	160
RL007-07	13.90	18.20	4.30	91	13.90	15.00	1.00	224
RL07-008	17.50	20.20	2.70	65	 	 	 	 
RL007-10	12.50	13.85	1.35	139	 	 	 	 
RL007-10	59.40	60.25	0.85	284	 	 	 	 
RL007-11	48.00	56.40	8.40	467	48.00	51.00	3.00	1003
RL007-11	72.00	75.00	3.00	86	 	 	 	 
RL007-11	84.00	91.00	7.00	179	89.00	91.00	2.00	438
RL007-11	96.00	97.20	1.20	95	 	 	 	 
 	 	 	 	 	 	 	 	 
RL007-12	46.70	48.25	1.55	395	46.70	48.25	1.55	612
RL007-12	68.65	70.70	2.05	808	 	 	 	 
RL007-13	18.00	22.40	4.40	110	20.00	22.40	2.40	151
RL007-14	15.40	18.40	3.00	72	 	 	 	 
RL007-15	9.55	14.00	4.45	136	 	 	 	 
RL007-16	10.90	19.00	8.10	71	11.50	13.00	1.50	193
RL007-16	25.00	32.00	7.00	75	29.15	32.00	2.85	99
RL007-16	33.00	33.50	0.50	172	 	 	 	 
RL007-17	33.00	33.50	0.50	172	 	 	 	 
RL007-17	35.90	36.45	0.55	371	 	 	 	 
RL007-18	28.50	29.50	1.00	177	 	 	 	 
RL007-19	85.40	86.50	1.10	365	 	 	 	 
RL007-19	92.60	93.40	0.80	535	 	 	 	 
RL007-19	147.00	151.00	4.00	50	 	 	 	 
RL07-020	207.00	217.00	9.00	42	 	 	 	 
RL07-020	221.00	237.00	16.00	121	 	 	 	 
RL007-23	115.00	119.00	4.00	460	 	 	 	 
 	 	 	 	 	 	 	 	 
WILSON LAKE	 	 	 	 	 	 	 	 
WL08-001	71.00	84.00	13.00	55	76.00	77.00	2.00	117
WL08-002	65.15	75.10	9.95	43	 	 	 	 
WL08-002	39.00	40.00	1.00	114	 	 	 	 
WL08-002	89.00	94.00	5.00	42	 	 	 	 
WL08-003	30.00	52.55	22.55	47	39.00	40.00	1.00	114
WL08-004	67.00	70.10	3.10	99	68.00	70.00	2.00	115
WL08-004	79.00	108.00	29.00	31	 	 	 	 
WL08-005	14.00	27.40	13.40	45	 	 	 	 
WL08-006	41.00	45.00	5.00	50	 	 	 	 
WL08-007	50.00	55.07	5.07	50	 	 	 	 
WL08-010	41.00	44.03	3.03	69	41.00	43.03	203.00	89
 	Grade from INAA otherwise indicated in italics when from ICP

The Kenora property is extensive with over a dozen selected target areas identified requiring field mapping, pegmatite leucogranite rock sampling and drilling. For the 2022 season and beyond, Madison is pleased to announce it has hired Oryx Geological Services to help with the prospecting, finalize the database and establish positive community relations. Oryx was chosen for its expertise in Ontario regarding exploration-drilling permit applications and extensive exploration as well as database management. They have offices in the Canadian cities of Toronto, Sudbury (Ontario) and Winnipeg (Manitoba). Upon completion of the database and cross-section mapping of all historical drill holes and channel sampling, Madison is planning a 60-hole, 2,000-metre drilling program at the Kenora project.


Qualified Person

Bob Komarechka, P.Geo. is a Qualified Person as that term is defined by Canadian Regulatory guidelines under NI 43-101, and has read and approved the technical information contained in this press release.


About Madison Metals Inc.

Madison Metals Inc is green energy resource company with experienced management having particular expertise in the uranium mining industry. Madison’s corporate objective is to build value by advancing Rossing-type deposits identified in Canada and Namibia by utilizing cutting-edge technology and modern strategies.

Additional information about Madison Metals Inc. can be found at madisonmetals.ca and on the Company’s SEDAR profile at www.sedar.com.



For further information, please contact:

Duane Parnham, Executive Chairman & CEO
Madison Metals Inc.
+1 416.489.0092
ir@madisonmetals.ca

Media:
Adam Bello, Primoris Group Inc.
+1 416.489.0092
media@primorisgroup.com



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