- Manhattan Corporation (MHC) has discovered a new high-grade gold lode at New Bendigo, which is part of the Tibooburra Gold Project in New South Wales
- The ASX lister recently completed a maiden reverse circulation (RC) drilling program at Tibooburra which included 32 holes for 3020 metres
- A further two holes were drilled 250 metres west of the main zone and it was here that the miner made the discovery
- Drilling also confirmed the continuity of high-grade gold mineralisation at the New Bendigo main zone
- Manhattan is planning further drilling as well as screen fire assays to better analyse historical assays
- Company shares have soared 42.9 per cent after these results, with shares trading for two cents each
Manhattan Corporation (MHC) has discovered a new, shallow, high-grade gold lode at New Bendigo which is part of the Tibooburra Gold Project in New South Wales.
The ASX lister recently completed a maiden reverse circulation (RC) drilling program at Tibooburra which included 32 holes for 3020 metres.
In addition to this, a further two RC holes were drilling roughly 250 metres west of the main zone to test shallow anomalism in historic rotary air blast (RAB) drilling.
It was these two holes that returned intense and extensive quartz veined silica, sericite and pyrite alteration zones of much greater thickness to that encountered at the main zone.
Results include; seven metres at 18.16g/t gold from 87 metres and five metres at 1.12g/t gold from 50 metres.
Drilling targeted, and confirmed, the down-plunge extension of the interpreted north-plunging, high-grade shoot, and the potential for at least three parallel shoots within the north and southern areas.
Drilling from the main zone returned significant results including two metres at 17.30g/t gold from 87 metres, two metres at 13.71g/t gold from 89 metres, two metres at 9.28g/t gold from 73 metres, two metres at 3.14g/t gold from 14 metres and one metre at 6.24g/t gold from 20 metres.
“These initial results, particularly the new shallow western zone at New Bendigo, confirm our belief that the prospect area is growing and holds great potential for further high-grade gold discoveries requiring immediate follow up drilling,” CEO Kell Nielsen said.
Due to the coarse, “nuggety” nature of historical and previously intersected mineralisation, the company is undertaking confirmation of anomalous and mineralised zones using a screen fire assay technique.
Manhattan is planning the next phase of RC drilling at New Bendigo. This drilling will target the newly discovered western lode and extensions to the New Bendigo system.
Additionally, an RAB and aircore drilling program is planned between the New Bendigo main zone and new western lode, as well as to the north and south of the main zone.
Company shares have soared 42.9 per cent after these results, with shares trading for two cents each at 11:48 am AEST.