Manhattan Corporation

KELL NEILSEN

EXECUTIVE DIRECTOR

◾ Company Name: Manhattan Corporation ◾ Company ASX code: MHC ◾ Key Commodities: Gold ◾ Key Personnel: Kell Nielsen, Executive Director and CEO | Marcello Cardaci, Non-Executive Chairman | John Seaton, Non-Executive Director ◾ Locations: NSW ◾ Market Cap as of 15/08/22: $15.26M ◾ FY22 Share price range - Low/High: $0.006 / $0.018 ◾ Company Website: manhattcorp.com.au

(ASX:MHC)

COMPANY PROFILE

During the late 1880’s and early 1900’s, Miners extracted around 60,000oz of gold from alluvial and eluvial deposits at the Tibooburra Gold Project in New South Wales’ Koonenberry gold district.

But despite historical mining grades of +20 grams per tonne, the primary ore systems have rarely been tested below the water table (60m) and only sporadic exploration has taken place since the abandonment of the goldfield in the eary 1900’s.

However once Manhattan acquired the project back in December 2019 through the takeover of Awati Resources, the gold explorer hit the ground running and quickly discovered a new, shallow high-grade gold lode called the ‘Western Lode’ outside the known ‘New Bendigo’ mineralisation.

The highlight intersection was 7m at 18.16 g/t gold, about 250m west of the ‘New Bendigo Zone’ and sent shares in the company soaring some 50% to multi year highs at the time.

Manhattan’s CEO Kell Nielsen said the company had only scratched the surface, with its tenement holding covering 160-strike-km of gold anomalous structures similar in age and tectonic features to the Victorian Goldfields with the potential for multimillion-ounce orogenic gold discoveries like Kirkland Gold’s (ASX:KLA) Fosterville Mine.

But the discovery was what Manhattan expects is only the start of its story as it continues to systematically explore prospective ground which runs within easy distance of the Silver City Highway from the outback town of Tibooburra, towards Broken Hill in the south.

These days, Manhattan is continuing to strike high-grade gold with assays in December 2021 returning 8m at 40.5 g/t gold from 70m, including 3m at 105.34 g/t from the ‘Main Zone’ where drilling focused on controls along a small portion of the strike extent of an underexplored elongated >5km long soil anomaly.

These drill intersections were described as some of the best reported from the Koonenberry region to date and from there, the company set out to continue RC drilling on the continuity of the plunging shoots at depth to test the size of the high-grade system.

A program of 5,000m got underway and as well as drilling the ‘main zone’, Manhattan targeted the Western Lode and further high-grade prospect areas such as New Bendigo South, Clone, Silverton, Jeffrey’s Flat, and Pioneer and Phoenix.

The Pioneer-Phoenix trend hosts historical gold workings over ~5km of strike and was home to a historic gold stamping battery and the largest of the historic mines on the Albert Goldfield.

Limited historic drilling in the area has returned significant gold in diamond and RC drilling, with latest hits including 5m at 6.96 g/t gold from 199m, including 1m at 33.90 g/t gold from 199m, 2m at 1.66 g/t gold from 90m, and 3m at 1.28 g/t gold from 67m.

So far, only four RC holes have been completed for 732m, testing the system particularly at depth as well as a parallel lode that had not been previously drill tested.

Drilling intercepted shale, with each hole hosting multiple zones of significant quartz pyrite veining and Manhattan intends to carry out further drilling, pending a current structural study.

KEY INVESTMENT HIGHLIGHTS

JUNE 29, 2022: New drilling results show visible, high-grade gold at Pioneer, which returned up to 5m at 6.96 g/t gold from 199m. MAY 26, 2022: RC drilling resumes at New Bendigo – program is expanded to test a further four targets within the northern Gold Corridor which extends over 25km. MARCH 23, 2022: Diamond drilling intersects significant, shallow gold mineralisation in all holes at the New Bendigo “Main Zone” with hits including 63m at 1.33 g/t gold from 24m at the Tibooburra Gold Project.