Manhattan gets $5.4 million

Vancouver The sale of six million special warrants, priced at 90 each, has added $5.4 million to the coffers of Manhattan Minerals (MAN-T).

The financing was fully subscribed and is expected to close by Sept. 18. A syndicate, consisting of National Bank Financial and Dundee Securities, acted as agent for the private placement.

The funds will be used to complete a draft environmental impact statement and for community relations activities around the company’s Tambo Grande massive-sulphide property in Peru.

The company ran into local problems earlier this year when a politically motivated group vandalised its project facilities near the town of Tambo Grande. The junior blamed a group whose aim is to disrupt government and industrial activities heading into the Peruvian election.

The disruption forced a delay in Manhattan’s completion of a feasibility study, originally expected by June, on the TG-1 deposit.

At last count, Manhattan has spent US$13.9 million exploring Tambo Grande.

The company continues to work on the prefeasibility study for the TG-1 oxide gold deposit and the TG-1 and TG-3 sulphide deposits. It is also exploring the B-5 zone and other geophysical anomalies.

The TG-1 oxide cap contains an inferred resource of 8 million tonnes grading 5.2 grams gold and 48 grams silver. This is equivalent to 1.3 million oz. gold and 12.4 million oz. silver. Further drilling on the underlying TG-1 sulphides expanded the resource to an inferred 64.2 million tonnes grading 1.7% copper and 1.4% zinc, plus 0.7 gram gold and 31 grams silver, based on a cutoff grade of 1% copper-equivalent.

TG-3 lies 500 metres south of TG-1 and consists of two distinct mounds, or lobes, of mineralization.

The northern lobe is richer in zinc and contains 20 million tonnes grading 0.9% copper, 2.7% zinc, 0.8 gram gold and 35 grams silver, based on a cutoff grade of 1% copper-equivalent.

The copper-enriched southern lobe hosts 48 million tonnes grading 1.1% copper, 1.1% zinc, 0.9 gram gold and 25 grams silver at a cutoff grade of 1% copper-equivalent.

Manhattan is earning a 75% stake in Tambo Grande, which consists of 10 concessions measuring 100 sq. km.

The company also has a 100% interest in the 737-sq.-km Lancones concessions and an option to earn up to a 100% interest in the 32-sq.-km Papayo joint-venture lands.

The Lancones land package adjoins Tambo Grande mainly to the south and partially to the east and north.

The Papayo concessions, which include the B-5 anomaly, are to the south. Manhattan can earn an initial 51% interest in Papayo by spending $5 million on exploration over five years and paying $250,000.

Print


 

Republish this article

Be the first to comment on "Manhattan gets $5.4 million"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close