- Manhattan (MHC) announces extension of term for its fully owned exploration license covering its Ponton Uranium Project
- The company has reportedly drill tested shallow uranium mineralisation approximately 50-70 m deep
- Manhattan says they have received increased interest from external entities since the September ‘AUKUS’ deal
- Shares in MHC are up 10 per cent to 1.1 cents at 11:15 am AEDT
Manhattan Corporation (MHC) has announced the extension of term for its fully owned exploration license covering its Ponton Uranium Project.
Located 200 kilometres northeast of Kalgoorlie, the project’s exploration license has been extended to August 2023.
The exploration license allows the company to explore tenements underlain by tertiary palaeochannels. The company has reportedly drill tested and defined shallow uranium mineralisation approximately 50-70 metres deep.
In January 2017, Manhattan claims the Double 8 deposit at Ponton reported an inferred resource uranium deposit.
The deposit reportedly consisted of 26 million tonnes for 17.2 million pounds, grading 300 ppm uranium oxide at a 200 ppm cutoff.
The company believes there has been increased interest in the uranium market and prices since September due to the AUKUS deal. A trilateral security pact between the U.S, U.K and Australia the deal will see Australia acquiring nuclear-powered submarines.
Manhattan says they have received increased interest and inbound approaches regarding commercial opportunities. The board will reportedly undertake a strategic review to assess any inbound interest and value.
Shares in MHC are up 10 per cent to 1.1 cents at 11:15 am AEDT.