Double 8 Uranium Deposit

Interest: Manhattan 100%
Operator: Manhattan Corporation Limited

The Double 8 uranium deposit is located in tenement application E28/1898 in the southwest of the project area within the QVSNR.

DOUBLE 8 INFERRED RESOURCE ESTIMATES

An Inferred Resource of 26 million tonnes grading 300ppm U₃O₈ containing 7,800 tonnes (17.2Mlb) of uranium oxide at a 200ppm U₃O₈ cutoff for the Double 8 uranium deposit is reported. The reported Resources are based on RC drilling by PNC Exploration (“PNC”) in the mid 1980’s and are classified as Inferred in accordance with the JORC Code (2004).

Where U₃O₈ is reported it relates to grade values calculated from down hole radiometric gamma logs. Double 8 drill holes were logged by PNC using Austral L300 Middiloggers for natural gamma radiation. Four Austral L300 loggers were used by PNC in the area, calibrated against each other on a regular basis, and gamma responses compared to chemical assays from a number of core holes. Conversion factors for gamma response to U assays assuming secular equilibrium were then established. eU₃O₈ grades are then estimated by converting down hole radiometric gamma logs to equivalent uranium eU and multiplied by 1.179 to convert to equivalent uranium grades eU₃O₈. A further disequilibrium factor is applied by multiplying eU₃O₈ by 1.2 to establish U₃O₈. Down hole radiometric gamma logging in sand hosted uranium deposits, similar to Double 8, is a common and well established method of estimating uranium grades. All U₃O₈ grade results reported are subject to possible disequilibrium factors that should be taken into account when assessing the reported grades.

Double 8 Inferred Resource Blocks Plus Mineralisation Potential

DOUBLE 8 MINERALISATION POTENTIAL

Manhattan’s Exploration Results, based on Manhattan’s reported resource estimates for Double 8, PNC’s early 1980’s reconnaissance RC drilling, Manhattan’s 2009 and 2010 aircore and sonic drilling results and Manhattan’s airborne EM and magnetic surveys, have identified further uranium Mineralisation Potential at Double 8.

At a 200ppm U₃O₈ cutoff reported Mineralisation Potential at Double 8 includes 4 to 8Mt grading 250 to 450ppm U₃O₈ containing 1,100 to 2,500 tonnes or 2.5 to 5.5Mlb of contained U₃O₈. 

In accordance with clause 18 of the JORC Code (2004), tonnage and grade ranges reported as Mineralisation Potential 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 reportable resource.

The mineralisation is approximately 500m wide on average with down hole thicknesses of 3 to 25 metres.

The uranium mineralisation at Double 8 remains open and is yet to be closed off by drilling. Manhattan considers that further drilling of the Double 8 deposit will expand on the reported resource and the confidence levels of resources will improve and report to higher confidence categories under the JORC Code (2004).

Schematic Representation of Mineralisation

At a depth of 30 to 70 metres deep the Double 8 deposit is a shallow reduced sand hosted tabular uranium deposit in a confined palaeochannel potentially amenable to ISL metal recovery, the lowest cost method of producing yellowcake with the least environmental impact. 

In-Situ Recovery Schematic

COMPETENT PERSON’S STATEMENT

The information in this WEBSITE that relates to reported Exploration Results, Mineral Resources or Ore Reserves 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 WEBSITE and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code 2004”). Mr Eggers consents to the inclusion in this WEBSITE of the information on the Exploration Results, Mineral Resources or Ore Reserves based on his information in the form and context in which it appears.