Aircore drilling at the Tibooburra gold project. Source: Manhattan Corporation/Twitter
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Manhattan Corporation (MHC) shares spike on new gold assays from reverse circulation (RC) drilling at Main Zone from within the Tibooburra Gold Project in NSW
  • The company is roughly halfway through the 5000-metre drilling series with results for each of the first 20 holes showing significant mineralisation
  • According to the announcement, mineralisation was found along the south and north of the strike, down dip as well as the down plunge of the high-grade mineralisation shoots
  • Executive Director Kell Nielsen says these are the best gold drill intersections reported from the Koonenberry Region so far
  • Manhattan shares spiked by 30 per cent and were selling at 1.3 cents a share

Manhattan Corporation’s (MHC) shares spiked after releasing gold assays from reverse circulation (RC) drilling at Main Zone from within the Tibooburra Gold Project.

The company is roughly halfway through the 5000-metre drilling series with results for each of the first 20 holes showing significant mineralisation.

Best results from the New South Wales-based project include eight metres at 40.5 grams per tonne (g/t) of gold from 70 metres, including three metres at 105.34g/t of gold. As well as 16 metres a 13.89g/t of gold from one metre, including three metres at 69.20g/t of gold.

The drill series was conducted over five kilometres where historical work records 1.5 kilometres of the space being explored previously.

According to the announcement, mineralisation was found along the south and north of the strike, down dip as well as the down plunge of the high-grade mineralisation shoots.

The Main Zone’s future drilling will extend to the north plunging shoots at depth and will continue to test the size of the zone.

“These are the best gold drill intersections reported from the Koonenberry Region to
date,” Executive Director Kell Nielsen said.

“We are extremely pleased with their significance and feel that they prove the potential of the Tibooburra Project to host multi-million-ounce gold discoveries.

“MHC is better placed to target future drilling, specifically the high-grade lenses that traditionally can be up to 15 to 20 metres thick and 50 to 150 meters wide and plunge or extend over several hundred metres in length.

Manhattan shares spiked 25 per cent and were selling at 1.3 cents a share at 12:30 pm AEDT.

MHC by the numbers
More From The Market Herald

" PTB Group (ASX:PTB) set to be acquired by PAG Holding Corp

PTB Group (ASX:PTB) is set to be acquired by PAG Holding Corp, after the company entered…
The Market Herald Video

" X2M Connect (ASX:X2M) completes $3.97m entitlement offer

Internet-of-Things technology company X2M Connect (ASX:X2M) has completed its $3.97 million entitlement offer.
The Market Herald Video

" Cleanaway Waste Management (ASX:CWY) to raise $400m to acquire Global Renewables

Cleanaway Waste Management (ASX:CWY) has launched $400 million capital raise program to fund its BluePrint 2030…
The Market Herald Video

" APA Group (ASX:APA) identifies payroll payment errors

APA Group (ASX:APA) has identified payment errors to employees, following an independent review of its of…