Manhattan Corporation Limited
Publicly Listed Uranium exploration and
resource development company.

PONTON URANIUM PROJECT
WESTERN AUSTRALIA

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.

Tetra 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.

Whilst 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 mineralised palaeochannels.

The 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. 

The 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.