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
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 (“U3O8”)
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
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.
four Exploration Targets reported for the Ponton project are:
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;
Ponton of between 15 and 30Mlb U3O8
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.
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
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.
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.
COMPETENT PERSON’S STATEMENT
The information in this report that relates to
reported Exploration Results or Mineral Resources is based on
information compiled by Mr Alan J Eggers, who is a Corporate Member of the
Australasian Institute of Mining and Metallurgy (“AusIMM”). Alan Eggers is a
professional geologist and an executive director of Manhattan Corporation
Limited. Mr Eggers has sufficient experience that is relevant to the style of
mineralisation and type of mineral deposits being reported on in this report
and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2012 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves “JORC Code 2012”. Mr
Eggers consents to the inclusion in this report of the information on the
Exploration Results or Mineral Resources based on his information in the form
and context in which it appears.