Manhattan Corporation

Published : April 29th, 2016

Manhattan Quarterly Report 31 March 2016

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Keywords :   Evaluation | India | Lead | Recovery | Ukraine | Uranium |

Manhattan Quarterly Report 31 March 2016

265df2bc-9a47-451c-b7ed-c732b66713fc.pdf

MARCH QUARTER 2016 HIGHLIGHTS‌

  • Manhattan announced capital raisings via a private equity placement ("Placement Issue") to investors and a Share Purchase Plan ("SPP") offer to eligible shareholders on 1 April 2016

  • Both the Placement Issue and the SPP offer were priced at 2.5 cents ($0.025) a share with no further brokerage or fees payable by the applicants or Manhattan‌‌‌‌

  • On 21 April 2016 the Company announced the Placement Issue successfully closed raising

    $172,500

  • The SPP offer, closed on 28 April 2016. Subject to application monies being cleared and reconciled, Holding Statements will be sent and shares listed on ASX on Friday 6 May 2016‌

  • Manhattan Board is pleased to confirm over $420,000 has already been received and cleared from the SPP offer

  • On 4 April 2016 Manhattan announced the appointment of Mr William (Chub) Witham as Chief Operating Officer to focus on finalising our project access approvals and development proposals at Ponton

  • The Company is fortunate to secure Chub's experience, strong background and record in our industry, government, the political and commercial sectors to lead our approvals process‌

  • The current uranium price is not conducive to building new hard rock uranium mines and further mine closures, including ERA's Ranger mine in NT and Cameco's Rabbit Lake mine in Canada, have been announced

  • Manhattan's Ponton project, however, is a potential lower quartile cost ISR uranium producer with modest capital requirements that could be developed at current uranium prices

  • Mine closures and continued low uranium price are difficult to reconcile with a record expansion underway (65 new plants under construction worldwide with another 173 at advanced planning or approval stage) and the Australian government entering into new agreements to supply uranium to India and Ukraine, among others‌

  • Manhattan's 100% owned Ponton project in WA has reported 17.2Mlb uranium oxide Inferred Resource with additional drilled Exploration Targets reported of 33 to 67Mlbs U3O8

  • Uranium price falls to lowest since May 2005

  • SPOT MARKET URANIUM OXIDE RETREATS TO US$27.50 POUND

    REVIEW OF OPERATIONS

    INTRODUCTION

    Manhattan Corporation Limited's ("Manhattan") flagship Ponton uranium project is located approximately 200km northeast of Kalgoorlie on the edge of the Great Victoria Desert in WA. The Company has 100% control of around 1,250km2 of exploration tenements underlain by Tertiary palaeochannels within the Gunbarrel Basin. These palaeochannels are known to host a number of uranium deposits and drilled uranium prospects (Figures 1 & 2).

    The Company is drill testing and developing palaeochannel sand hosted uranium mineralisation amenable to in-situ metal recovery ("ISR").

    FIGURE 1: MANHATTAN'S PONTON URANIUM PROJECT

    In March 2011 Manhattan reported an Inferred Resource for the Double 8 uranium deposit at Ponton in WA of 17.2 million pounds ("Mlb") of uranium oxide ("U3 O8") at a 200ppm cutoff. This information was prepared and first disclosed under JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

    Exploration Results at Ponton, reported on 7 February 2014, have also identified four wide spaced drilled Exploration Targets with tonnage ranges of 4 to 45 million tonnes ("Mt"), grade ranges of 250 to 450ppm U3O8 totalling 33 to 67Mlb U3O8 at the 200ppm U3O8 cutoff. In accordance with clause 17 of the JORC Code 2012, the potential quantity and grade reported as Exploration Targets in this report must be considered conceptual in nature as there has been insufficient exploration and drilling to define a Mineral Resource and it is uncertain if further exploration and drilling will result in the determination of a Mineral Resource.

    The four Exploration Targets reported for the Ponton project are:

  • Double 8 of between 2.5 and 5.5Mlb U3 O8;

  • Stallion South of between 8 and 16Mlb U3O8 ;

  • Highway South of between 8 and 16Mlb U3O8; and

  • Ponton of between 15 and 30Mlb U3O8

The Double 8 Resource Estimate and the Double 8, Stallion South, Highway South and Ponton Exploration Targets reported here were prepared by the Company's independent resource consultants Hellman & Schofield.

The Double 8 uranium deposit and the four Exploration Targets at Double 8, Stallion South, Highway South and Ponton are all located on granted exploration licence, E28/1898, located mostly within the Queen Victoria Spring Nature Reserve ("QVSNR") (Figures 2 & 3).

FIGURE 2: MANHATTAN'S PONTON TENEMENTS

The four Exploration Targets reported are based on actual exploration results including Manhattan's aircore and sonic drilling of over 760 holes and 52,700 metres of drilling along the palaeochannels immediately to the north of QVSNR, over 50km of conductive palaeochannels defined by the Company's airborne EM and magnetic surveys within QVSNR (Figure

3) and uranium mineralised sands discovered in previous drilling of 114 holes and 6,900 metres of drilling and down hole gamma logging by PNC Exploration ("PNC") and Uranerz Limited ("Uranerz") in the area.

Manhattan is now seeking exploration access approval to exploration licence E28/1898 located mostly within the QVSNR. The licence was granted in August 2011. On gaining exploration access to E28/1898 Manhattan will recommence drill testing and evaluation of the Double 8 uranium deposit and the four Exploration Targets identified at Double 8, Stallion South, Highway South and Ponton prospects where resource definition drilling will underpin the future development of the project.

REVIEW OF PROJECTS

1. PONTON PROJECT (WA) Interest: Manhattan 100%

Operator: Manhattan Corporation Limited

The Ponton project area is underlain by Tertiary palaeochannels within the Gunbarrel Basin. Carbonaceous sand hosted uranium mineralisation, below 40 to 70 metres of cover, has now been defined by drilling along 55 kilometres of the palaeochannels at Stallion, Stallion South, Double 8, Ponton, Highway and Highway South prospects (Figure 3). At a depth of 40 to 70 metres the uranium mineralisation is in shallow reduced sand hosted tabular uranium deposits in a confined palaeochannel that is potentially amenable to ISR metal recovery, the lowest cost method of producing yellowcake with the least environmental impact.

Within E28/1898 approximately 6,900 metres of drilling, in 114 drill holes, was drilled and down hole gamma logged by PNC and Uranerz in 1983 to 1986. This drilling discovered the palaeochannel sand hosted uranium mineralisation at Double 8, Stallion South, Highway South and Ponton (Figure 3). Manhattan has obtained and compiled all the PNC and Uranerz exploration results including the geological drill logs, assay results, down hole gamma logs, logging tool calibrations and estimated disequilibrium factors. These drill logs and gamma logs have been digitised and verified by Manhattan's independent consultants 3D Exploration Pty Ltd.

Forty four (44) of these drill holes were drilled into the Double 8 deposit. Double 8 was found to host roll-front or tabular type uranium mineralisation in the lower parts of the palaeochannel (40 to 70 metres depth) in reduced sands. The uranium mineralisation was drill intersected in an area along approximately nine kilometres of the palaeochannel, at widths of approximately 500m on average and down hole thicknesses of 3 to 25 metres.

From December 2009 to December 2010 Manhattan drilled over 52,700 metres of aircore and sonic drilling in 767 holes along the palaeochannels at Ponton to the north of the QVSNR. Manhattan's exploration and drilling results and the historic PNC and Uranerz data have been reviewed and the Inferred Resource estimated for Double 8 and Exploration Targets reported for Double 8, Stallion South, Highway South and Ponton prospects.

FIGURE 3: DOUBLE 8 RESOURCE, STALLION SOUTH, HIGHWAY SOUTH & PONTON EXPLORATION TARGETS

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Data and Statistics for these countries : India | Ukraine | All
Gold and Silver Prices for these countries : India | Ukraine | All

Manhattan Corporation

EXPLORATION STAGE
CODE : MHC.AX
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Manhattan Corp is a exploration company based in Australia.

Its main exploration properties are DOUBLE 8, SICCUS PROJECT, GARDNER RANGE and PONTON in Australia.

Manhattan Corp is listed in Australia. Its market capitalisation is AU$ 952 280 as of today (US$ 687 269, € 602 048).

Its stock quote reached its highest recent level on January 14, 2011 at AU$ 1.44, and its lowest recent point on August 23, 2019 at AU$ 0.00.

Manhattan Corp has 136 040 000 shares outstanding.

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Corporate news of Manhattan Corporation
4/29/2016Manhattan Quarterly Report 31 March 2016
4/21/2016Manhattan Successfully Completes $172,500 Share Placement
4/18/2016Manhattan SPP Closing Date Extension & Revised Timetable
4/17/2016Manhattan Appoints Chub Witham COO 4Apr16
4/17/2016Reported Mineral Resorces and Exploration Targets 7Apr16
4/17/2016Manhattan SPP Offer Documents 4Apr16
4/1/2016Manhattan Share Purchase Plan & Equity Raising
1/29/2016Manhattan Quarterly Report 31 December 2015
10/7/2015Manhattan AGM Notice of Meeting 2015
9/29/2015Manhattan 2015 Annual Report & Financial Statements
9/29/2015Manhattan Corporate Governance Statement & Appendix 4G
7/30/2015Manhattan Quarterly Report 30 June 2015
3/12/2015Manhattan Lapse of Unlisted Options
12/2/2014Manhattan Appendix 3Ys AJE JAGS MC 2Dec14
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