- Manhattan Corporation (MHC) recovered up to 70.2 g/t gold from diamond drilling at the New Bendigo target at its Tibooburra gold project in New South Wales.
- The company received final results from its program completed in July, which returned a wide intercept of 24 meters at 3.55 g/t gold from 82 meters
- After completing a structural survey of the area, Manhattan now plans to undertake 1,500 meters of further drilling at New Bendigo
- In addition, the company is awaiting final approvals for test drilling at the Clone prospect, located just seven kilometers from the New Bendigo area.
- Shares in Manhattan Corporation were up 14.29 per cent at 0.8 cents at 13:01 AEDT
Manhattan Corporation (MHC) has received the remaining results of the diamond drilling program at its Tibooburra gold project in New South Wales.
The company completed diamond drilling in the New Bendigo main zone in July, which included four holes and two reverse circulation (RC) diamond tailings from previous holes.
Drilling was aimed at evaluating high mineralization, which is believed to be related to the deepening of veins and/or shoots.
The final batch of results included 24 meters grading 3.55 grams per tonne (g/t) gold from 82 metres, including four meters grading 20.11 g/t gold from 96 meters and one meter grading 70.2 g/t gold from 96 meters.
Manhattan now plans to complete a further 1,500 meters of RC drilling in the area, which will use the recently completed structural survey to define additional high-grade mineralization.
The survey and completion of diamond drilling at New Bendigo reportedly gave Manhattan greater confidence that the mineralized system consists of two styles of mineralization.
They include a series of high-grade indented veins and/or shoots, as well as an extensive low-level system oriented in the shear system of the area.
In addition to this, the company is in the final stages of gaining access to the Clone prospect so that it can conduct initial drilling with RC.
This drill test is part of a wider RC program to be completed at New Bendigo, which is just seven kilometers from Clone.
Manhattan expects to begin drilling at RC in New Bendigo in November.
Shares in Manhattan Corporation were up 14.29 per cent at 0.8 cents at 1:01pm AEDT.