MHC manhattan corporation limited

Heads up Gal's & Guy's. In the day to day nothingness of MHC an...

  1. 311 Posts.
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    Heads up Gal's & Guy's. In the day to day nothingness of MHC an event seemed to go largely unnoticed.
    For my part I had internet troubles leading up to Xmas 2024 combined with the Xmas rush with work, therefore I didn't bother catching up with what I missed at MHC while I was offline. (As one would)
    Anyway, here is an edited version of a story in the West Australian 16/12/2024

    Novo Resources has options to buy two exceptionally high-grade, drill-ready gold projects in New South Wales, It says the acquisitions align with its strategy to identify standalone gold projects with a minimum resource potential of more than one million ounces of gold.
    The Tibooburra gold project is positioned in northwestern NSW’s historic Albert Goldfields and encompasses six exploration licences spanning 630 square kilometres.
    Key exploration indicators include more than 200 historic workings and 34km of mineralised trends especially at the advanced prospects of New Bendigo and Clone.
    Several drill programs, including one by vendor, Manhattan, in 2022 have tested more than 530m of strike, hitting multiple laminated quartz veins with extremely high grades.
    At New Bendigo, evidence of extensive old timer workings extend more than 2km. Some of the best intercepts include 5m grading 20.86g/t gold as part of a bigger section of 30m grading 4.03g/t gold, from 11m depth, and 16m running 13.89g/t gold from surface in addition to a 3m slice running at an eye-popping 69.2g/t gold.
    Other deeper hits of 8m at 40.5g/t gold from 70m, including a 3m section grading 105.34g/t gold, and 24m at 3.55g/t gold from 82m with a 4m slice grading 20.11g/t gold mean the prospect provides huge upside for high-grade development after the company pinpoints the geological controls.
    Clone has delivered equally strong results with intersections including 7m at 7.23g/t gold from 81m, 6m grading 4.22g/t gold from 66m and 9m at 6.03 g/t gold starting at 16m depth.
    Novo is gearing up for detailed mapping, geotechnical sampling and 2000m of drilling to advance these targets. To take majority ownership of Tibooburra, Novo and Manhattan have agreed to a joint venture agreement (JV) that loosely follows Novo’s agreement with TechGen for the John Bull project.
    In the Tibooburra deal, Novo can earn 70 per cent of the project across a two-year period of payments and exploration spend, leaving Manhattan free carried until a positive feasibility is completed.
    Novo will also reimburse Manhattan with 500,000 Novo shares to cover its previous expenses followed up with a $500,000 exploration spend in the first 12 months.
    If Novo elects to continue into year two, it will have to pay Manhattan one million Novo shares at the market value together and commit to spend $1 million on exploration. At the successful conclusion of year two, Novo can then elect to take up a 70 per cent right to the project.
    Novo is well-funded to focus on a strong domestic exploration push next year, following the recent sale of its partial investment in San Cristobal Mining for $11.5
    m.

    My Question is - "What is going to be the Benefit for Shareholders"?

    NTV

 
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