Manhattan Corporation (ASX:MHC) plans to seek ministerial consent to launch further drilling within its Ponton Uranium Project in Western Australia, following the recent shift in sentiment towards uranium.
The $14.68 million market capitalisation company aims to test the defined resource, extensions to the known mineralisation, and evaluate the exploration targets of its Stallion South, Highway South, and Ponton deposit areas.
To date, Manhattan has drill tested and defined relatively shallow palaeochannel sand hosted uranium mineralisation amenable to in-situ metal recovery (ISR).
According to Manhattan, the Ponton project gives the company exposure to ‘significant, accretive’ value potential with any future potential change of Australian and Western Australian government policy, as a result of a policy focus on global energy decarbonisation, cleaner energy sources and the net-zero policy targets.
The company notes that there has been an increased interest in the uranium market and a recent lift in both spot and long-term uranium prices.
As this news service previously reported, the uranium spot price surged just over US$100 per pound (/lb), less than 2 weeks into the start of 2024. This is the first the commodity has seen in more than 16 years.
The Ponton project lies 200km northeast of Kalgoorlie in Western Australia and only 40km from the Mulga Rock Project — which is one of four projects in Western Australia to receive State Ministerial approvals to progress with mining uranium.
Manhattan Corporation is an emerging explorer focused on exploring in Canada, New South Wales, and Western Australia. The company’s assets are prospective for lithium, gold, and uranium.
As of 30 September 2023, the company had $3.419 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Manhattan Corporation
