Projects Overview
Manhattan Corporation Limited (“Manhattan”) has an interest in three Australian uranium projects; Ponton and Gardner Range in Western Australia and Siccus in South Australia.
Manhattan’s flagship project is the Ponton Project in WA where the Company is drill testing and developing palaeochannel sand hosted uranium mineralisation amenable to in-situ leach (“ISL”) metal recovery.
Drilling has established extensive continuity of the carbonaceous sand hosted anomalous uranium mineralisation for over 55km within the palaeochannels at Ponton.
In March 2011 Manhattan reported a JORC Inferred Resource estimate for the Double 8 uranium deposit at Ponton of 17.2Mlb uranium oxide (“U3O8”) at a 200ppm cutoff.
In addition, Exploration Results reported by Manhattan in March 2011 identified Mineralisation Potential totalling 33 to 67Mlb U3O8 at the 200ppm U3O8 cutoff in four prospects at:
• Double 8 of between 2.5 and 5.5Mlb U3O8;
• Stallion South of between 8 and 16Mlb U3O8;
• Highway South of between 8 and 16Mlb U3O8; and
• Ponton of between 15 and 30Mlb U3O8
Manhattan’s priority is now to obtain the grant of, and Ministerial consent to explore on, E28/1898 located mostly within the Queen Victoria Spring Nature Reserve (“QVSNR”) in WA. This access will enable Manhattan to recommence drill testing and evaluation of the Double 8 uranium deposit and the Mineralisation Potential identified at Double 8, Stallion South, Highway South and Ponton Prospects.
Manhattan also retains a 40% interest in the Gardner Range uranium project where Northern Minerals Limited, and its strategic partner Areva, are operators and earning up to an 80% interest and the Company holds a 90% interest in the Siccus Project in the Frome Basin of South Australia.
Manhattan's strategy for growth is to drill and develop a number of palaeochannel hosted uranium oxide resources including the Double 8, Stallion, Highway and Ponton uranium deposits, to ISL mine development stage at Ponton.
Manhattan retained, on 31 March 2011, $0.59 million in cash plus liquid investments in three ASX listed uranium companies valued at $2.78 million.