Star to earn into Madison project in Namibia
Australia-listed Star Minerals has teamed up with Canada-listed Madison Metals on a uranium project in the Erongo region of Namibia, close to the Rossing uranium mine.
Under the agreement, Star can spend $2.425-million over three years on exploration to advance the Cobra project, in addition to staged progress payments to Madison.
“We are delighted to add such a significant foreign uranium estimate to the company and look forward to working with Madison to confirm and upgrade the estimate and test the exciting exploration potential in the area,” commented chairperson Ian Stuart.
He noted that Star had in-house expertise in uranium, and specifically Namibian exploration experience, with Ashley Jones managing the project from Australia.
“Ashley has considerable experience working in Africa and has previously resided in Namibia for three years and more recently worked on the Letlahakane uranium project in Botswana for five years from 2014 to 2019,” said Stuart.
Jones, who is currently a director, will assume all day-to-day responsibilities as MD of Star upon completion of the agreement with Madison.
Star has entered into an earn-in and exploration rights agreement with Madison under which the company is granted the right to acquire up to a 51% equity interest in Pennywort, which is the registered holder of exploration permit EPL 8531 comprising the Cobra project and associated mining information.
Madison currently holds an 85% equity interest in Pennywort through its wholly owned Namibian subsidiary, Jenipapo. The remaining 15% interest in Pennywort is privately held by a Namibian local resident.
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