11:38 AM EDT, 05/27/2024 (MT Newswires) -- Madison Metals ( MMTLF ) said Monday it intersected strong uranium mineralization over minable widths at the Khan uranium project in Namibia.

Results from "discovery hole" KM5RC003 include 1.36% uranium at 45 meters and 1.54% uranium at 148 meters vertical depth.

Mineralization remains open in all directions, requiring additional drilling to determine its size and geometry, according to Madison.

Madison said the drill hole will be geo-probed and chemical assays will be performed to confirm uranium concentrations.

The company said drilling will continue at the project following the discovery.

Madison's share price climbed 9.7% to $0.34 per share at last look early Monday.

Price: 0.34, Change: +0.03, Percent Change: +9.68