Manhattan Corporation Limited
Publicly Listed Uranium exploration and
resource development company.
PONTON URANIUM PROJECT
Tenement Holdings and Access Approvals
To reduce costs and exploration expenditures Manhattan has rationalised its exploration tenement holdings to 1,250km2 at Ponton whilst it seeks on ground access approval by the WA government to the key granted exploration licence, E28/1898, located within the Queen Victoria Spring Nature Reserve.
Gaining access approval to Double 8, Stallion, Highway and Ponton uranium deposits and its advanced exploration targets at Ponton will see resource definition drilling underway along the 55km of defined palaeochannels where previous broad spaced drilling has intersected uranium mineralisation amenable to in-situ metal recovery (ISR).
Reported Resource Estimates
Manhattan has 100% control of WA’s 8th largest reported uranium resource with Inferred Resources for Double 8 of 17.2Mlb uranium oxide with four additional drilled Exploration Targets totalling 33 to 67Mlb uranium, at 200ppm U3O8 cutoff, for the Double 8, Stallion South, Highway South and Ponton prospects.
Resource definition drilling will likely deliver resource upgrades and, initially, form the basis of mine development plans at Ponton.
Project Potential and Future Development
The sand hosted uranium mineralisation at Ponton is located in shallow, 40 to 70 metres deep, palaeochannels. Tetra Tech’s 2011 desktop scoping study confirmed the uranium deposits have potential to be viable, sustainable low cost ISR producers with modest capital requirements to develop and lower quartile operational cost profile.
Along with resource drilling at Ponton work will also commence on an environmental impact statement and a bankable feasibility study in preparation for the uranium mine development approval process.
In March 2011 Manhattan reported
Inferred Resource for Double 8 of 17.2Mlb of uranium oxide and in February 2014
the Company reported an additional four drilled Exploration Targets with
uranium mineralisation potential totalling 33 to 67Mlb U3O8,
at the 200ppm U3O8 cutoff, for the Double 8, Stallion
South, Highway South and Ponton prospects.
The sand hosted uranium
mineralisation is located in shallow, 40 to 70 metres deep, contiguous
palaeochannels along 55km of strike at Ponton. Manhattan’s three granted
Exploration Licences and two EL applications over the prospective
palaeochannels at Ponton cover an area of 1,250km2.
Tech’s 2011 desktop scoping study confirms Manhattan’s shallow near surface
sand hosted palaeochannel uranium deposits at Ponton have potential to be
viable, sustainable low cost ISR uranium producers with modest capital
requirements to develop.
Manhattan awaits the turnaround in the uranium sector, and gaining its
exploration access approvals, the Company has rationalised the Ponton project
tenements to reduce ongoing holding and compliance costs whilst maintaining the
integrity of the project and control of the reported uranium resources and
Company has now cut operations, corporate overheads, management and staff to
minimise the drain on its cash resources to ensure Manhattan will, in the
future when the sector turnaround occurs, be positioned to advance the
exploration and assessment of its flagship Ponton uranium project.
Western Australian State government’s commitment to support and develop the
emerging WA uranium mining sector is positive and Manhattan remains focussed on
gaining government approval of ground access to E28/1898 and commencing
resource definition drilling on its Double 8, Stallion, Highway and Ponton
uranium deposits and advanced prospects in WA.
The Company continues to review a number of M&A
proposals and advanced uranium project acquisition opportunities to grow the
Company and generate additional shareholder value.