Manhattan adds to Mexican portfolio

Toronto-listed Manhattan Minerals has staked an 11-sq.-km gold property in Chihuahua state, Mexico.

The land package comprises several large breccia zones hosted in andesite volcanics. One of the zones was recently sampled by a series of channel and chip samples over a 600×100-ft. area and returned average assay results of 0.102 oz. gold per ton. The gold-bearing zones consist primarily of extensive surface exposures of oxidized quartz breccia.

Mapping, sampling and geophysics are under way in order to define drill targets.

Manhattan has several other wholly owned projects in Mexico, including the Guiatarra gold property and El Promotorio, a copper-gold-silver project. Both are being readied for drilling.

Its most advanced project is the Moris property, also in Chihuahua state, which hosts geological reserves of 6.6 million tons grading 0.058 oz. gold. Of this amount, 4.8 million tons grading 0.062 oz. are considered proven, probable and minable. Exploration potential is considered “excellent.” A production decision was recently approved for an open-pit, heap-leach mine on the property and project financing and mining permits are being sought for an operation that would produce 27,400 oz. annually over eight years. Production costs are estimated at US$192 per oz.