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 ASX; MHC
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Company Statement
Manhattan is a well funded uranium company with a significant uranium oxide resource of 10.9Mlb and a further drilled potential of 6.6Mlb to 15.4Mlb already reported for the Double 8 deposit in Western Australia. There remains substantial exploration upside yet to be drill tested at Double 8 that will expand this resource base.
Manhattan's strategy for growth is to expand the resource and advance the Double 8 uranium deposit to mine development stage and by merger and acquisitions to acquire additional quality uranium resources that can be developed into producing mines in the near term.
Manhattan has an experienced management team, headed by Alan Eggers, that has previously built one of Australia’s premier uranium companies, Summit Resources Limited, to an ASX Top 200 company.
Company Diagram
Current Operations
PONTON PROJECT
The Ponton project lies 200km northeast of Kalgoorlie in Western Australia next to the Mulga Rock uranium deposits (54Mlb U3O8). The area is highly prospective for uranium within underlying Tertiary palaeochannels. The Company has 100% control of 1,650km2 of exploration tenements in the area.
The project includes the Double 8 uranium deposit and advanced drill targets at Stallion and Stallion South.
DOUBLE 8 URANIUM DEPOSIT
The Double 8 uranium deposit is located in the south western corner of Manhattan's Ponton Project.
Manhattan has reported a maiden Inferred Resource Estimate for the Double 8 uranium deposit at Ponton of 16Mt at 310ppm uranium oxide (U3O8) containing 10.9Mlb U3O8 at a 200ppm cutoff. In addition, the Exploration Results reported identified further Mineralisation Potential at Double 8 of between 6.6 and 15.4Mlb of U3O8 at the 200ppm cutoff.
The Double 8 uranium deposit of 10.9Mlb U3O8 is a significant resource and already places the deposit as the twenty second largest reported uranium resource in Australia and the ninth largest in Western Australia.
The mineralisation is currently drilled over 9km of strike with an average width of 500m. At a depth of 30 to 70 metres, the deposit is a shallow, sand hosted tabular deposit and should be amenable to to in situ leach (“ISL”) recovery, the lowest environmental impact uranium mining method.
The reported resource and mineralisation potential, based on PNC’s drilling in the 1980’s are summarised in the tables below:
The fact that the uranium mineralisation at Double 8 remains open and is yet to be closed off by drilling along with the additional Mineralisation Potential reported of between 10 and 20 million tonnes with a grade range between 300 to 350ppm eU3O8 indicates that there is considerable exploration upside for the Double 8 deposit.
The Company considers that with further exploration, drilling and sampling at Double 8, and along the Ponton palaeochannel, the resource estimates will expand and the confidence levels of these estimates will improve and report to higher categories under the JORC (2004) Code.
Our priority is to obtain the grant of E28/1898 at Ponton and gain exploration access to the area to enable the recommencement of drill testing and evaluation of the uranium resources identified at Double 8.
STALLION TARGET
The Stallion target is in the Ponton Tertiary palaeochannel system to the northwest of the Double 8 deposit in E28/1523, north of the Nature Reserve. Here, wide spaced reconnaissance drilling on 4km centres by PNC intersected significant uranium mineralisation in drill holes on each drill traverse over 10km of strike with similar intersections and grades to the Double 8 drilling.
A drill program has been designed, and the approvals and clearances are now being finalised, to commence drilling the Stallion target in late 2009.
STALLION SOUTH
Immediately to the south of Stallion along the Ponton palaeochannel, within the Nature Reserve, wide spaced reconnaissance drilling on 4km centres by PNC also intersected significant uranium mineralisation, with similar grades to the Double 8 drilling, in drill holes on each drill traverse over a further 6km of strike extending down to the Double 8 deposit.
On regaining exploration access to the area the Stallion South target will be drill tested along with the resource definition drilling at Double 8.
SICCUS PROJECT SA
The Siccus project covers part of the Tertiary palaeochannel system in the Frome Basin of SA. The target is sandstone hosted uranium mineralisation, similar to the nearby deposits at Beverley, Four Mile and Honeymoon.
Drilling by the Company in 2008 intersected both the Namba and Eyre Formations, the sediments that host the Frome Basin uranium mines and deposits. Historic radiometric anomalies of 14 times background were recorded in the Namba clays. Planned drilling will test for uranium mineralisation within the prospective sediments of the Siccus palaeochannel.
GARDNER RANGE PROJECT WA
The Gardner Range project is located in the Tanami region of WA. The target is Athabasca Basin style unconformity related uranium mineralisation. Historic drilling at the Don uranium prospect, in Manhattan’s tenement, intersected 0.44m of 1.5% U3O8 and 1.7g/t gold at a depth of 40m.
Recent airborne geophysical surveys have identified significant uranium channel anomalies (including at the Don) that are coincident with zones associated with hydrothermal mineralising events. In addition, a VTEM survey located a conductive unit directly below the Don prospect, further supporting Manhattan’s model for the area and delineating a number of new drill targets.
COMPETENT PERSONS STATEMENT
The information in this report that relates to the Technical Database, reported Exploration Results and Mineral Resources is based on information compiled by Mr Alan J Eggers, who is a Member of the AusIMM. Mr Eggers is a professional geologist and a director of Manhattan Corporation Limited. Mr Eggers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Eggers consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
Geographical Spread
Western and South Australia
Board of Directors and Key Management
| Alan J Eggers | Executive Chairman |
| Robert Wrixon | Director Development & Commercial/Managing Director |
| John A G Seton | Non-Executive Director |
| Marcello Cardaci | Non-Executive Director |
| Sam Middlemas | Company Secretary |
| Sue Rowles | Manager Corporate Services |
Company AddressGround Floor, 15 Rheola Street,
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Additional Address/Key ContactPostal Address |
Capital83.48 million ordinary shares on issue |
Annual General Meeting1630 (4:30pm) WST 20 November 2009 Celtic Club 48 Ord Street West Perth WA 6005 | Year End30 June |
Nominated AdvisorsLEGAL ADVISERS |
Major Shareholders
| Shareholder | % |
| Minvest Securities (New Zealand) Limited | 22.91% |
| Nicholas P S Olissoff | 9.18% |
| Alan J Eggers | 8.29% |
| Thomas Allright | 5.37% |
| Bikini Trust | 4.79% |
| Claymore Trustees Limited | 4.08% |
Related News
22/07/09 - After His Success With Summit Resources Alan Eggers Bounces Back Into The Uranium Game With Manhattan CorporationMost Recent Statement
12/02/10 - Senior Management Appointment Director Development Comm11/02/10 - Stallion Drill Results, EM Survey and Tenement Applications
01/02/10 - Quarterly Activities Report - December 2009
26/10/09 - Quarterly Activities and Cash Flow Report
19/10/09 - Manhattan 2009 Annual Report
19/10/09 - Manhattan 2009 Notice of Meeting