Quarterly Report For The Period Ended 31 December 2011
Perth, Jan 30, 2012 AEST (ABN Newswire) - Manhattan Corporation Limited (
ASX:MHC) Quarterly Report for the period ending 31 December 2011. The Introduction and Highlights for the period are as follows:
Manhattan Corporation'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 within the palaeochannels at Ponton has established extensive continuity of the carbonaceous sand hosted anomalous uranium mineralisation for over 55km of strike.
In 2011 Manhattan reported a JORC Inferred Resource estimate for the Double 8 uranium deposit at Ponton of 17.2 million pounds ("Mlb") uranium oxide ("U3O8") at a 200ppm cutoff. In addition, Exploration Results reported by Manhattan in 2011 identified further Mineralisation Potential totalling 33 to 67Mlb U3O8 for Double 8, Stallion South, Highway South and Ponton prospects at the 200ppm U3O8 cutoff.
Manhattan's priority is now to gain exploration access to its granted key Exploration Licence, E28/1898 located mostly within the Queen Victoria Spring Nature Reserve ("QVSNR"), by having the licence excised from the Reserve. On gaining exploration access to E28/1898 Manhattan will 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 that will underpin the future development of the project.
Manhattan also retains a 40% interest in the Gardner Range uranium and gold project in WA where Northern Minerals Limited are operators and earning up to an 80% interest by sole funding and completing a mining prefeasibility study.
Manhattan's strategy for growth is to expand and upgrade its reported sand hosted uranium resources and define new uranium deposits at its flagship Ponton uranium project in Western Australia. The Company plans to continue 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 24 January 2012, $0.42 million in cash plus liquid investments in three ASX listed uranium companies valued at $1.25 million.
DECEMBER 2011 QUARTER HIGHLIGHTS
- Ponton project has 17.2Mlb uranium oxide Inferred Resource with an additional 33 to 67Mlbs U3O8 Mineralisation Potential reported
- Shallow permeable sand hosted resource and targets in palaeochannel deposits confirm potential for a world class ISL uranium development project at Ponton
- Tetra Tech's desktop scoping study is positive indicating the project has potential to be a viable, sustainable ISL uranium producer with low operating costs and modest capital requirements to develop
- All exploration licences at Ponton now granted
- Manhattan now seeks to have the key licence, E28/1898 that covers most of the resources and targets within QVSNR, excised from the reserve
- On gaining exploration access to E28/1898 Manhattan will immediately commence a major drill out of the deposits and mine development studies
- Double 8 deposit ranks as number 20 in Australia and 7th largest reported resource in Western Australia with potential to expand on this resource base during the drill out
- Outlook for uranium and nuclear power is positive with nuclear industry expansion underway worldwide with 61 new reactors under construction
- Uranium price set to rise in 2012 as nuclear fuel supply shortfall of 85Mlbs a year by 2014 and up to 165Mlbs a year by 2022 unfolds
- Uranium stocks improve and investor sentiment returns to sector early in 2012 as investors seek uranium companies with advanced resources, near term production or production
- Gold exploration underway on Gardner Range JV in the world class Tanami Arunta gold province
- Manhattan retains cash and investments in ASX listed uranium companies of $1.67 million
- SPOT MARKET URANIUM OXIDE AT US$52.50 POUND
To view the complete Manhattan Corporation Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/71468-ASX-MHC-Quarterly.pdf
Contact
Alan J Eggers
Executive Chairman
Manhattan Corporation
T: +618-9322-6677
E: info@manhattancorp.com.au
http://www.manhattancorp.com.au
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