Manhattan Corporation reports strong exploration progress at its Tibooburra Gold and Chebogue Lithium projects, backed by a solid cash position and no debt.
- Novo Resources completes initial exploration at Clone Prospect, Tibooburra Gold Project
- High-grade gold assays up to 89.6 g/t Au from surface sampling
- Manhattan secures surface access and plans geophysical survey at Chebogue Lithium Project, Canada
- Significant lithium assays up to 3.40% Li2O from spodumene-bearing pegmatite boulders
- Company ends quarter with $2.39 million cash, zero debt, and $182,000 exploration expenditure
Exploration Momentum at Tibooburra Gold Project
Manhattan Corporation Limited (ASX: MHC) has reported encouraging progress in its March 2025 quarterly activities report, highlighting significant exploration advances at the Tibooburra Gold Project in New South Wales. Partner Novo Resources Corporation (TSX: NVO, ASX: NVO) completed initial fieldwork at the Clone Prospect, identifying high-grade gold mineralisation through rock chip and soil sampling. Peak surface assays reached 89.6 g/t Au from mullock dumps and 1,585 ppb Au in soil samples, confirming a robust gold anomaly extending over 700 metres of strike.
Building on these promising results, Novo is poised to commence a ~2,000 metre Reverse Circulation (RC) drilling program from late April 2025, targeting the main zone of historical workings at Clone. This drilling campaign aims to expand on previous 2023 drill intersections that included notable hits such as 31 metres at 1.29 g/t Au and 7 metres at 7.23 g/t Au, underscoring the potential for a significant high-grade gold resource within the Northern Tenements.
Advancing Lithium Exploration in Nova Scotia
Meanwhile, Manhattan’s wholly owned subsidiary, Continental Lithium Ltd, has made strides at the Chebogue Lithium Project in Nova Scotia, Canada. The company secured surface access approval under the Mineral Resources Act, enabling it to proceed with planned drilling activities. Preparatory work includes a ground-based resistivity geophysical survey scheduled to begin in May, designed to refine drill targets associated with low magnetic anomalies potentially indicative of spodumene-bearing pegmatite bodies.
Surface sampling at the Big Betty Prospect has yielded impressive lithium oxide (Li2O) assays, with values up to 3.40%, reinforcing the prospectivity of the project’s extensive 70km strike length of lithium-bearing pegmatites. The project benefits from excellent infrastructure, including proximity to the deep-sea port of Yarmouth, facilitating potential future export logistics.
Financial Position and Corporate Overview
Financially, Manhattan concluded the quarter with a healthy cash balance of $2.39 million and no debt, positioning the company well to fund ongoing exploration activities. Total exploration and evaluation expenditure for the quarter was $182,000, primarily directed towards advancing the Chebogue Lithium Project’s field preparations. Administrative and corporate costs amounted to $109,000, reflecting prudent cost management during this phase of exploration.
The company confirmed no mining development or production activities occurred during the quarter, consistent with its focus on resource definition and project advancement. Manhattan’s capital structure remained stable, with 281.77 million equity securities on issue, including ordinary shares, unlisted options, and performance shares.
Looking Ahead
Manhattan’s dual focus on high-grade gold exploration in Australia and lithium exploration in Canada reflects a strategic approach to capitalising on two critical commodities amid evolving market dynamics. The imminent RC drilling at Tibooburra and the planned geophysical survey and drilling at Chebogue are key catalysts that investors will watch closely for indications of resource growth and project viability.
While the company’s current cash position supports near-term activities, the outcomes of these exploration programs will be pivotal in shaping Manhattan’s next phase of development and potential capital raising initiatives.
Bottom Line?
Manhattan’s upcoming drilling campaigns at Tibooburra and Chebogue will be critical tests of its exploration promise and financial resilience.
Questions in the middle?
- Will the upcoming RC drilling at Clone Prospect confirm a substantial high-grade gold resource?
- How will the geophysical survey at Chebogue refine lithium targets and influence drilling success?
- What are Manhattan’s plans for funding beyond current cash reserves if exploration results warrant expansion?