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Gold/Mining/Energy : Manhattan Minerals (MAN.T) -- Ignore unavailable to you. Want to Upgrade?

To: Jeff Dickson who wrote (3190)	7/20/1999 10:13:00 AM
From: Andrew Cook	Read Replies (2) \| Respond to of 4504

Here's the news: Manhattan Minerals Announces Increased Resource at the Tambo Grande TG-1 Deposit VANCOUVER, BRITISH COLUMBIA--Manhattan is pleased to report the results of diamond drilling on the TG-1 deposit at the Tambo Grande Project in northern Peru. This drilling has confirmed extensions to the oxide gold and sulphide portions of the deposit, and provided further information regarding a potential new gold system to the north of the main deposit. The results reported are from 41 holes drilled between May 27, 1999 and June 30, 1999. In total, 4,620 metres of drilling and 4,824 samples were completed, covering both oxide and sulphide zones. The drilling was carried out on a hole spacing ranging from 35 metres to 70 metres. The samples were taken at one metre intervals from NQ (48mm) size whole core. This drilling by Manhattan is in addition to 21 holes drilled by BRGM in 1979-1980. The assay results from the BRGM drilling were reported on June 18 and July 6, 1999. Oxide Zone The table below summarizes the new Manhattan drilling. The overall weighted average of the intervals from both the Manhattan and BRGM drilling is 4.75 grams gold per tonne and 113.1 grams silver per tonne, over 14.0 meters true width. The deposit remains open to the east. Hole No. Interval Gold Silver (metres) (g/t) (g/t) From To True Width uncut uncut TG-1-22 12.8 26.5 13.7 8.37 193.1 TG-1-23 12.2 26.5 14.3 3.88 71.8 TG-1-24 15.9 30.0 14.1 2.52 38.6 TG-1-25 19.0 40.1 21.1 5.20 102.1 TG-1-26 11.3 27.8 16.5 2.14 12.0 TG-1-27 15.9 31.1 15.2 3.71 135.0 TG-1-28 18.3 33.7 15.4 0.87 15.3 TG-1-29 9.1 26.3 17.2 3.38 137.7 TG-1-31 12.2 26.8 14.6 2.85 26.1 TG-1-33 10.4 25.4 15.0 7.74 15.3 TG-1-36 12.5 26.0 13.5 5.30 29.8 TG-1-39 15.2 34.0 18.8 2.76 14.1 TG-1-42 12.4 26.8 14.4 10.19 19.0 TG-1-43 18.4 40.8 22.4 1.89 104.2 TG-1-45 14.2 24.7 10.5 11.52 80.7 TG-1-47 12.2 28.0 15.8 6.38 54.2 TG-1-52 20.0 29.6 9.6 8.10 Pending TG-1-59 18.3 32.6 14.3 6.75 40.3 TG-1-61 18.9 28.0 9.1 4.23 48.5 TG-1-62 13.1 24.6 11.5 8.13 Pending Out of a total of 289 samples in the intervals reported above, eight samples were greater than 30 grams gold per tonne, the highest being 51.4 grams per tonne over 1.2 metres. The oxide cap is overlain by approximately 14.1 metres of sandy overburden. The unreported holes are located outside the resource area and are not economically significant. The oxide zone is composed of a stratified gossanous sequence overlying the sulphide zone. The base of the sequence is typically a ferruginous baritic sandstone, grading upward into oxidized and altered rhyolite, a silicified and locally barite bearing goethite-cemented breccia and, finally, upward into a clay rich gossan. Of particular interest is the presence of the barite sandstone unit that contains the significant gold concentrations. This unit is interpreted to be a late stage exhalative phase that caps the underlying sulphide event. The barite is transitional within an epithermal, silica-dominated sequence. The auriferous zone is especially well developed along the margins of the sulphide deposit where it is proximal to the host sub-basin graben structures. The zone remains open to the north where it appears to be widening. The one hole (TG-1-6) drilled in this area lies outside the sulphide deposit and contains a gold intercept of 4.54 g/t gold and 54 g/t silver! over 19.0 metres. This area is viewed as a prime exploration target for expansion of the oxide gold deposit. Sulphide Zone The Manhattan drilling program was designed to confirm the geological model, test for extensions to the zone outside the limits of the BRGM drilling, and to begin infill drilling within the limits of the existing inferred resource. The TG-1 deposit is a volcanogenic massive sulphide deposit hosting an inferred resource in the sulphide zone, prior to this drill program, of 42 million tonnes grading 2.0 percent copper, 1.5 percent zinc, 38 grams silver per tonne and 0.4 percent lead. The sulphides contain gold values that have only recently been reported and are not yet incorporated into the resource model. The new drilling results will increase the resource tonnage and have confirmed the grade distribution within the deposit. The deposit has been extended to the south (holes marked "E" on the following table) covering an area approximately 200 metres x 250 metres. HOLE No. Interval Cu Zn Pb Au Ag (metres) percent (g/t) From To True Width uncut TG-1-22 41.8 57.0 15.2 2.1 0.1 0.1 0.79 33.3 TG-1-23 30.0 69.2 39.2 1.5 0.1 0.1 0.68 23.2 TG-1-24 30.0 96.0 66.0 2.8 0.1 0.2 0.92 95.1 TG-1-25E 40.1 50.9 10.8 0.4 0.1 0.1 1.25 208.3 TG-1-26 33.3 44.8 11.5 3.4 0.1 0.1 0.87 31.7 44.8 93.0 48.2 1.3 1.8 0.3 0.97 48.4 TG-1-27 31.1 47.0 15.9 2.5 0.4 0.1 0.80 97.7 47.0 69.2 22.2 1.9 3.4 0.4 0.91 61.8 84.4 117.0 32.7 0.6 2.5 0.2 0.62 39.1 TG-1-28 33.7 37.8 4.1 0.6 0.0 0.1 3.21 212.8 37.8 55.1 17.3 3.5 0.7 0.2 1.06 64.6 82.6 96.2 13.6 0.6 2.5 0.2 0.66 36.1 TG-1-29 26.3 29.7 3.4 0.0 0.1 0.0 3.12 813.9 29.7 78.3 48.6 1.2 0.1 0.1 0.80 20.3 TG-1-30E 28.0 37.0 9.0 2.4 0.3 0.1 0.78 50.5 37.0 92.1 55.1 0.7 2.0 0.2 0.82 38.7 TG-1-31 26.8 31.0 4.2 0.1 0.0 0.0 1.12 54.3 31.0 91.4 60.4 2.5 0.0 0.0 0.32 14.2 91.4 117.1 25.7 5.4 0.0 0.0 0.26 35.3 TG-1-32E 36.8 55.9 19.1 2.8 0.2 0.1 1.20 65.5 TG-1-33 39.0 97.7 58.7 1.5 0.0 0.0 0.33 5.1 TG-1-35E 79.5 95.5 16.0 0.6 2.5 0.2 0.82 41.1 TG-1-37E 55.2 109.5 54.3 0.7 2.3 0.2 0.85 40.9 TG-1-39E 34.0 35.6 1.6 0.2 0.0 0.0 1.01 52.1 35.6 50.9 15.3 3.3 0.1 0.2 1.12 80.1 67.2 80.5 13.3 0.6 2.7 0.1 0.85 48.1 TG-1-42 53.0 55.3 2.3 1.7 0.0 0.0 0.17 2.5 71.0 76.0 5.0 1.1 0.0 0.0 0.30 3.9 TG-1-43E 78.7 96.4 17.7 0.6 2.5 0.2 0.86 44.2 TG-1-44E 74.0 86.0 12.0 0.8 4.1 0.2 0.80 51.5 TG-1-46E 56.9 71.6 14.7 2.1 3.0 0.1 1.18 58.9 103.7 110.9 7.2 0.4 2.4 0.2 0.62 32.9 TG-1-48E 85.2 86.0 0.8 1.1 6.1 0.3 0.91 81.0 TG-1-50 53.2 57.0 3.8 2.3 1.9 0.3 1.26 87.0 95.0 97.9 2.9 0.5 2.4 0.3 0.39 31.7 TG-1-51 43.0 46.7 3.7 1.7 1.9 0.2 0.83 53.2 105.4 108.5 3.1 0.3 1.3 0.2 0.21 14.3 TG-1-52 Pending TG-1-53E 43.6 45.3 1.7 2.1 2.4 0.3 0.78 35.5 TG-1-54E 64.8 68.5 3.7 1.0 5.0 0.5 0.86 66.3 TG-1-61 37.0 82.0 45.0 1.7 0.1 0.0 0.56 11.8 119.0 125.0 6.0 0.2 1.2 0.1 0.37 11.3 125.0 145.7 20.7 0.4 1.3 0.1 0.63 15.2 TG-1-62 Pending The unreported holes are located outside the resource area and are not economically significant. The sulphides lie within a general north-south trending graben. Internally within the graben, cross-faults influence the deposit thickness. The sulphide accumulation is typical of a volcanically hosted massive sulphide sequence consisting of a dominant pyrite core surrounded by zoned copper-zinc mineralization. The upper portions of the sulphides contain abundant barite and the lower portions host a copper replacement zone. On the southeast margin of the deposit, significant volumes of andesitic volcanic rocks flowed into the basin during the sulphide-generating hydrothermal event. The southeastern boundary of the sulphide system is defined where the sulphides became dominated by andesite flows. The TG-1 sulphide system remains open to further exploration to the southwest along an anomalous gravity trend that connects with the TG-3 anomaly, 700 metres to the south. Quality Control Sampling methods, preparation and analytical procedures were carried out under a quality control program designed by MRDI Canada, a division of H.A. Simons Ltd. and ITS-Bondar Clegg Ltd. The samples were prepared by ITS-Bondar Clegg at Manhattan's core logging facility and then transported by ITS-Bondar Clegg for analysis in Canada. Gold concentration was determined by standard fire assay methodology. Base metal and silver concentrations were determined using total acid digestion with AA finish. The quality control program included the insertion of duplicates, standards, and blanks in addition to ITS-Bondar Clegg's standard quality control program. ITS-Bondar Clegg is registered to ISO 9002 standard and all assays are certified by B.C. Certified Assayers. The core was halved and the remaining portion kept for future analysis, if required. Future Work MRDI has commenced work on modeling and resource estimation of TG-1 oxides and sulphides. In addition, preliminary metallurgical testwork on the oxide zone will begin shortly. Other drilling work required on TG-1 includes exploration of the oxide zone to the east, the sulphide zone to the southwest, the epithermal system to the north, and infill drilling for feasibility level reserve definition. There are presently three drills working on the Project, all on the TG-3 deposit. Updated results from the drilling on TG-3 will be released shortly. Preparations are being made to drill the TG-6 and TG-7 anomalies within the next two weeks. Drilling will continue on TG-3 for the foreseeable future. NOTE: Location maps available from the company at the numbers listed below. Contact: Manhattan Minerals Corp. Graham G. Clow President & CEO (604) 669-3397 Website: www.manhattan-min.com or Manhattan Minerals Corp. Michael Mallard Shareholder Communications (604) 669-3397