Manhattan Minerals (TSE) will use a portion of the proceeds from a $2-million private placement on two Latin American ventures — one in Mexico, the other in Peru.
The funds will enable the junior to proceed with exploration of its Montosa property in Chihuahua state, where several gold-bearing targets were identified through geological mapping, surface trenching and soil sampling. The 11-sq.-km property was originally staked to cover an extensive porphyry alteration system and associated breccia pipes.
The Main zone of mineralization is traced along a strike length of more than 600 ft. Recovered were 64 channel samples averaging 0.049 oz. gold and 0.3 oz. silver per ton, as well as 0.41% lead and 1.04% zinc, across a width of 66 ft.
A soil anomaly, measuring 2,300 ft. in length and 800 ft. in width, extends from the Main zone and trends towards the south to include the Mesa Montosa area. The higher-grade core of the anomaly, at its southern boundary, averages 0.026 oz. over 330 ft.
Limited rock sampling in three other areas has returned values as high as 0.34 oz. in the Mexicana area, 0.67% copper in the South Porphyry and 2.14 oz. in the Northwest Vent.
Later this month, further trenching and soil sampling will attempt to firm up drill targets at Montosa.
Meanwhile, in Sinaloa state, Manhattan has dropped its options covering the Promontorio property and two concessions within the Guitarra property. It will continue to hold its other concessions at Guitarra, which were acquired through staking.
In Peru, the company is seeking government approval to incorporate a new company which would allow it the right to earn a 52.5% interest in the Tambo Grande property by spending US$5 million on exploration over three years.
Previous drilling and exploration have outlined a massive sulphide deposit with a geological resource estimated at 46.3 million tons grading 2.6% copper, 1.47% zinc and 0.88 oz. silver.