Manhattan Corporation Limited (ASX: MHC) – $0.030

01 Sep 2016

Manhattan Corporation Limited (ASX: MHC) has commenced drilling at its Ponton Uranium Project located in southern Western Australia (Figure 1).


MHC Ponton U

Figure 1. Location of the Ponton Uranium Project (Source: company)



The drilling program comprises 40 aircore drillholes at approximately 2,500 metres and will target lignite hosted uranium immediately to the west and north of the Emperor Uranium Deposit owned by Vimy Resources Limited (ASX: VMY).


The application of new high resolution down hole gamma probe data will be applied to the conversion of existing gamma drill logs to establish confident disequilibrium conversion factors for 515 drillholes at the Stallion and Highway deposits. If successful, the new conversions will be used to report maiden JORC resource estimates for the two deposits.


The company expects to receive drilling results by October 2016.



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