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Double 8 Uranium Deposit

DOUBLE 8 URANIUM DEPOSIT (WA)
Interest:  Manhattan 100%
Operator: Manhattan Corporation Limited

The Double 8 uranium deposit is located in granted tenement E28/1898 in the southwest of the project area within the QVSNR (Figures 2 & 3).

Double 8 Inferred Resource Estimates

An Inferred Resource of 7,800 tonnes (17.2Mlb) of uranium oxide at a 200ppm U3O8 cutoff for the Double 8 uranium deposit was reported in 2011. The reported resources are based on RC drilling by PNC in the mid 1980’s and are classified as Inferred. This information was prepared and first disclosed under the 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 reported.

Double 8 Inferred Resources

Double 8 Inferred Resource Estimates
Cutoff Grade
U3O8 (ppm)
Tonnes (million) Grade U3O8 (ppm)
Tonnes U3O8 (t)
Pounds (Million)
U3O8 (Mlb)
100
110 170 18,700 42.0
150 51 240 12,240 26.0
200
26 300 7,800 17.2
250 14 360 5,040 11.0

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 Exploration Target

The Double 8 Exploration Target, reported in January 2014, is based on 44 drill holes totalling approximately 2,700 metres of drilling and down hole gamma logs in areas of the deposit where drill spacing is considered too wide to define a Mineral Resource to an inferred resource status.

Exploration Results have identified a drilled Exploration Target with uranium mineralisation potential, at a 200ppm U3O8 cutoff, at Double 8 of 4 to 8Mt grading 250 to 450ppm U3O8 containing 1,100 to 2,500 tonnes or 2.5 to 5.5Mlb of contained U3O8.

Double 8 Exploration Target

Double 8 Exploration Target
Cutoff Grade
U3O8 (ppm)
Tonnage Range
(million)
Grade Range
U3O8 (ppm)
Tonnage Range U3O8 (t)
Pounds Range (Million)
U3O8 (Mlb)
         
200
4 - 8
250 - 450
1,100 - 2,500
2.5 - 5.5
         

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.

The uranium mineralisation at Double 8 remains open and is yet to be closed off by drilling. Manhattan considers that further infill drilling, on 100m x 400m centres, 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 2012.

On gaining exploration access to E28/1898, and approval of Manhattan’s Program of Work (“POW”) by the Department of Mines and Petroleum (“DMP”), the Company plans to complete approximately 200 aircore drill holes for 16,000 metres of infill resource definition drilling on 400 x 100m centres along the defined palaeochannel within the reported Inferred Resource area at Double 8. This drilling program, including the resource definition drilling planned for the Stallion South, Highway South and Ponton prospects, will be completed within approximately one year of POW approval (Figure 3).

COMPETENT PERSON’S STATEMENT

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.

 

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PRESENTATIONS

14/12/2012 - Mines & Money London 4-5 December 2012
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24/07/2012 - Australian Uranium Conference 19 July 2012
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26/03/2012 - Presentation - Mines and Money Hong Kong
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31/10/2011 - Mining 2011 Brisbane - 26 October 2011
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2/08/2011 - Australian Uranium Conference 20 July 2011
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