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    MHC   AU000000MHC9

MANHATTAN CORPORATION LIMITED

(MHC)
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Manhattan : Drilling Intersects 8m at 40.5 g/t Au

12/05/2021 | 05:42pm EST

Level 2

33 Colin Street

West Perth WA 6005

PO Box 1038

West Perth WA 6872

Tel:

+61 8 9322 6677

Fax:

+61 8 9322 1961

06 December 2021

Email:

info@manhattancorp.com.au

Twitter:

https://twitter.com/manhattcorp

Instagram: https://www.instragram.com/manhattcorp/

ASX: MHC & MHCO

8m at 40.5 g/t Au intersected including 3m at 105.34 g/t Au

only

All results have been received from 20 Reverse Circulation (RC) drill holes (~2100m)

completed at "Main Zone" as part of an initial 5,000 metres drill programme at New Bendigo.

Drilling intersected significant mineralisation in all holes, with drilling returning:

use

o 8m at 40.5 g/t Au from 70m, including 3m at 105.34 g/t Au (NB0089)

o 16m at 13.89 g/t Au from 1m, including 3m at 69.20 g/t Au (NB0083)

o 7m at 2.89 g/t Au from 56m, including 1m at 15.45 g/t Au (NB0088)

o 6m at 1.93 g/t Au from 12m, including 2m at 4.29 g/t Au (NB0090)

personal

o 3m at 4.67 g/t Au from 126m, including 2m at 6.74 g/t Au (NB0081)

Drilling completed at Main Zone focused on the high-grade controls along only a small

portion of the strike extent (>650 metres) of an under explored elongated >5km long soil

anomaly where historic workings extend over at least 1.5 km of strike

Results support the interpretation of north plunging high grade shoots within a broader lower

grade NNW trending regional shear "Mineralised Footprint". Drilling to date, has identified the

potential for at least two shoots to exist either side of a cross-cutting fault.

Drilling successfully increased drill coverage within the mineralised footprint with all RC holes

reporting significant mineralisation (Table 1), mineralisation remains open along strike (south

and north), down dip as well as down plunge of the high-grade mineralised shoots.

Previous drilling completed by Manhattan Corporation Limited ("MHC") at Main Zone, returned

significant near surface mineralisation, including:

o 30m at 4.03 g/t Au from 11m, including 5m at 20.86 g/t Au from 11m(NB0033)

o 12m at 2.78 g/t Au from surface, including 4m at 7.63 g/t Au (NBAC0181)

For

o 8m at 1.78 g/t Au from surface, including 4m at 3.29 g/t Au (NBAC0183)

Future drilling will focus on extensions to the interpreted north plunging shoots at

depth and continue to test the size of the "Main Zone" mineralised system which has

the potential to be a significant shallow, high-grade gold resource. The initial planned

5,000 metres of RC will now be significantly increased and will be extended to include diamond

drilling at depth (>100m), drilling is scheduled to recommence after the Christmas Break.

The high-grade New Bendigo "Main Zone" lies within a 25km mineralised strike that includes

"Main Zone", the "Western Lode" (~200m west of Main Zone), where RC drilling completed at

the Western Lode in 2020 returned 7m at 18.16 g/t Au from 87m (NB0023), as well as the high

grade "Clone" and "Pioneer" prospects, all within under explored deep seated gold bearing

structures that occur for over 220 km of strike within MHC's 100% controlled tenure that

is similar in age and tectonic features to the Victorian Goldfields and holds potential for

Multi-Million Ounce Orogenic Gold Discoveries.

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MANHATTAN CORPORATION LIMITED

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Executive Director Kell Nielsen said

"These are the best gold drill intersections reported from the Koonenberry Region to date. We are extremely pleased with their significance and feel that they prove the potential of the Tibooburra Project to host multi-millionounce gold discoveries.

onlyThe next steps and drill planning will be important in understanding the potential of the mineralised system at New Bendigo where numerous individual lenses (or shoots) may exist.

From the recently completed RC drilling, MHC is better placed to target future drilling, specifically the high-gradelensesthat traditionally can be up to 15-20mthick and 50-150mwide and plunge or extend over several hundred metres in length."

New Bendigo RC Drilling

useManhattan Corporation Limited ("MHC" or "Company") is pleased to report results from its recently completed RC Drilling programme at the Tibooburra Gold Project located in northwestern NSW. Twenty (20) Reverse Circulation Drill (RC) Holes (NB0073-0092) were completed for 2,131 metres. Drilling focussed on testing the shallow nature of the mineralisation, including targeting the north plunging shoots within the lower grade NNW trending mineralised corridor that extends for approximately 650 metres of strike.

Drilling successfully intersected high-grade mineralised zones that are thought to form two separate north plunging shoots located to the north and south of a cross-cutting fault, though further drilling is required in this area to confirm the synopsis, specifically in the vicinity of the fault

nd the continuation of the shoots at depth where they remain open.

Drilling returned significant mineralisation in addition to the previously reported near surface high- grade central zone (Figures 1 & 2), including:

personal

8m at 40.5 g/t Au from 70m, including 3m at 105.34 g/t Au (NB0089)

16m at 13.89 g/t Au from 1m, including 3m at 69.20 g/t Au (NB0083)

7m at 2.89 g/t Au from 56m, including 1m at 15.45 g/t Au (NB0088)

6m at 1.93 g/t Au from 12m, including 2m at 4.29 g/t Au (NB0090)

3m at 4.67 g/t Au from 126m, including 2m at 6.74 g/t Au (NB0081)

8m at 1.08 g/t Au from 18m, historically mined stope from 10.5 to 14m

(NB0079)

Further to the high-grade central zone and the interpreted plunging shoots, drilling successfully

For

increased the mineralised footprint within the broader lower grade halo of the NNW trending regional shear with all RC holes reporting significant mineralisation (Table 1) that remains open along strike to the south, the north and down-dip.

Drilling returned significant results, including:

  • 5m at 1.03 g/t Au from 31m (NB0076)
  • 4m at 2.16 g/t Au from 24m (NB0082)

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MANHATTAN CORPORATION LIMITED

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Drilling completed on the "Main Zone" has still only tested a small portion of an elongated >5km long soil anomaly (Figure 1 & 4), where historic workings extend over at least 1.5 km of strike along the interpreted Main Zone.

On recommencement of RC drilling at New Bendigo planned for mid-January 2022, MHC plans to focus drilling on the continuity of the plunging shoots at depth and continue to test the size of this high-grade system at New Bendigo. This will see the programme significantly expanded from

onlythe initially planned 5,000m of RC.

Further to the planned drilling at "Main Zone", MHC will also target the "Western Lode" where RC drilling completed in 2020 returned 7m at 18.16 g/t Au from 87m (NB0023) and further high-grade prospect areas including New Bendigo South, Clone and Pioneer. MHC anticipates drilling to span multiple campaigns until mid-2022.

MHC also plans to complete further diamond drilling in consultation with Dr John Beeson (Structural Geologist) to aid the planning and targeting of deeper mineralisation down the plunge useof the system. This is to complement the initial diamond drilling that was completed by MHC in 2020, where the shallow nature of the drilling lead to poor core quality limited structural data being

obtained.

The Company has undertaken to engage the services of a Consultant Geostatician / Resource Geologist to review the coarse nature of the mineralisation intersected to date.

personalFor

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MANHATTAN CORPORATION LIMITED

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For personal use only

Figure 1: Tibooburra Project - Northern Target Areas (TMI RTP 1VD Grey Scale Aeromagnetic Image Background)

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onlyuse

personalFigure 2: New Bendigo Drill Hole Collar Plan showing recent RC drill holes in relation to previous drilling. Drill traces are projected to surface. Note the fault is inferred and further drilling is required to delineate mineralisation proximal to the fault

New Bendigo. Location of Long Section (Figure 3) shown. Recent highlighted intersections are shown as yellow callouts. For

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This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Manhatten Corporation Limited published this content on 05 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 December 2021 22:41:02 UTC.


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Sales 2021 - - -
Net income 2021 -0,60 M -0,44 M -0,44 M
Net cash 2021 4,22 M 3,07 M 3,07 M
P/E ratio 2021 -27,6x
Yield 2021 -
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EV / Sales 2021 -
Nbr of Employees -
Free-Float 77,4%
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Kell Ivar Nielsen Chief Executive Officer & Executive Director
Eryn Kestel Chief Financial Officer & Secretary
Marcello Davide Cardaci Non-Executive Chairman
William John Andrew Witham Chief Operating Officer
John A. G. Seton Non-Executive Director
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