Commenting on his appointment, new CEO Kell Nielsen said: 'I am excited to have accepted the opportunity to lead the management and exploration programme for MHC, where I believe the Tibooburra Gold Project encompasses a new and emerging high-grade gold district that holds considerable potential for the discovery of 'Victorian Style' multi-million-ounce orogenic gold deposits within MHC's dominant ground position.

I especially look forward to MHC's initial drill programme at New Bendigo where significant mineralisation has been identified within a much broader geochemical soil anomaly where limited drilling has been completed to date.'

New Bendigo RC Drilling

MHC plans to commence its initial Reverse Circulation (RC) drill programme at New Bendigo by mid- May, with the Company engaging the services of an RC drilling services specialist. Work is currently scheduled to commence midMay subject to movement and work restrictions mandated by Government(s) due to the COVID-19 Pandemic. The drilling program is designed to test: the down-plunge extension of the north-plunging, high-grade shoot potential for a second parallel shoot located beneath the first reflected by a historical RAB drilling result of 22m at 4.94g/t Au from 8m in hole TIBRB-12 potential for a third plunging shoot located to the west of the currently defined mineralisation where RAB drilling has intersected 7m at 3.33 g/t Au from 10m (TIBRB-6) and 4m at 2.47 g/t Au from 7m (TIBRB-10)

Previous drilling at New Bendigo returned highly encouraging gold intersections within a small section of a 5km long soil anomaly that is interpreted to potentially define a series of north-plunging, high-grade gold shoots, which are open down-plunge to the north and have yet to be closed off. In addition to this, historical RAB drilling has identified further potential shoots, predominantly to the west of the current drilling, that have yet to be followed up with either RC or Diamond Drilling.

New Tibooburra Gold Project ELA's Acquisitions

MHC has applied for a further Exploration Licence (EL) in addition to the previously reported Exploration Licence Application (ELA) No. 5912 (ASX: MHC Announcement 'Drilling - Tibooburra Gold Project' on the 11th February 2020). This additional ELA was made to acquire an area that had recently become available and allows MHC to cement its dominant position in the emerging Tibooburra Gold district.

The new ELA (No. 5939) adds a further 83 km2 covering an area strategically located between MHC's existing tenure and ELA No. 5912. In addition to the ELA's strategic location, historic drilling completed by BP Minerals Australia (BP 1984 & BP 1984a) has reported highly encouraging percussion drill intercepts from magnetic sediments and banded iron units, drilling returned up to: 6m at 1.97% Cu from 58m (NM-P2) and 6m at 0.87% Cu from 64m (NM-P3)

Appointment of Chief Executive Officer

MHC is pleased to announce the appointment of Mr Kell Nielsen as Chief Executive Officer, commencing immediately (previously occupying the position of Project Manager with the Company). Mr Nielsen is an Australian Geologist with over 25 years' experience in project generation, exploration and development across a broad range of minerals including gold, copper and base metals. Kell has worked extensively in Australia, Mongolia, West and East Africa and Myanmar covering a diverse range of experiences and roles from grass roots exploration to being at the forefront of discoveries and managing large resource development teams for Placer Dome (Wallaby resource definition >10Moz Au) and consulting to BHP Billiton's iron ore and coal divisions. In more recent years, Kell has been active in generating large resource projects for listed companies that are being mined today or are likely to be developed in the future, such as the large Ngualla Rare Earth Deposit (Tanzania, ASX:PEK), Selenge Iron Project (Mongolia) and the Diamba Sud Gold Project (Senegal, ASX:CHZ). Kell provides extensive experience accrued from management, technical directorships and consulting roles within ASX listed companies and global project acquisitions.

About the Tibooburra Gold Project

The current 1,354 km2 Tibooburra Gold Project comprises a contiguous land package of 10 granted exploration licences and two exploration licence application that is located approximately 200km north of Broken Hill. It stretches 160km south from the historic Tibooburra Goldfields, along the gold-anomalous (soil, rock and drilling geochemistry, gold workings) New Bendigo Fault, to where it merges with the Koonenberry Fault, and then strikes further south on towards the recently discovered Kayrunnera gold nugget field. The area is conveniently accessed via the Silver City Highway, which runs N-S through the project area.

Mining History

Auriferous quartz vein networks and alluvial deposits that shed from them, were mined in shallow pits, shafts and adits by early prospectors between 1881 and 1901. Over 1,700kg of gold was extracted, mostly from alluvial and eluvial deposits. Despite the rich rock-chip gold assays and overall historical mining grades of over 20g/t Au, the primary ore systems have rarely been tested below the water table (approx. 60m). Only sporadic exploration has been conducted since the abandonment of the goldfield in 1901, with undercover exploration utilising the highquality geophysical datasets of the Geological Survey of NSW ('GSNSW') now being possible.

Similarities to the Victorian Goldfields

After a detailed study of the Tibooburra District, GSNSW geoscientists (Greenfield and Reid, 2006) concluded that 'mineralisation styles and structural development in the Tibooburra Goldfields are very similar to the Victorian Goldfields in the Western Lachlan Orogen'. In their detailed assessment and comparison, they highlighted similarities in the style of mineralisation, mineral associations, metal associations, hydrothermal alteration, structural setting, timing of metamorphism and the age of mineralisation, association with I-type magmatism, and the character of the sedimentary host rocks. Mineralisation in the Tibooburra Goldfields is classified as orogenic gold and is typical of turbidite-hosted/slate-belt gold provinces (Greenfield and Reid, 2006).

Forward looking statements

This announcement may contain certain 'forward-looking statements' which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to third party actions, metals price volatility, currency fluctuations and variances in exploration results, ore grade or other factors, as well as political and operational risks, and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any 'forward-looking statement' to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Contact:

Marcello Cardaci

Tel: +61 8 9322 6677

Email: info@manhattcorp.com.au

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