Manhattan Uranium Compiles 336 Historical Holes at October Project, Uravan Mineral Belt; Identifies Priority Drill Targets Including 1.16% eU3O8 over 4.8 ft

Manhattan Uranium advances October Project with robust historical data and prioritized drill targets.

What the company is saying

Manhattan Uranium Discovery Corp. is highlighting the technical progress at its October uranium project in Colorado, emphasizing the consolidation of 336 historical drill holes into a modern database and the identification of 18 high-priority intercepts for follow-up. The company frames the October Project as part of a broader strategy to leverage past-producing, infrastructure-connected districts as the foundation for future U.S. uranium supply. Chairman William Sheriff and CEO Galen McNamara both stress the significance of historical production in the Uravan Mineral Belt and the value of modern data compilation for exploration targeting. The announcement is explicit about the historical nature of its resource estimates, stating that the 140,000 lb U₃O₈ and 383,000 lb V₂O₅ figures from Atlas Corporation are not NI 43-101 compliant and have not been independently verified. The tone is confident but measured, with clear caveats about the limitations of historical gamma-probe data and the need for further validation. The company also underscores its expanded portfolio, now comprising 15 past-producing mines across 25 underexplored properties covering 25,099 acres in the United States, and additional potential in Canada's Athabasca Basin.

What the data suggests

The October Project consists of 11 claims over 220 acres in the Uravan Mineral Belt, which historically produced 14.6 million tons of ore at 0.24% U₃O₈ and 14.5 million tons at 1.24% V₂O₅. Manhattan's database includes 336 historical drill holes, with 61% (about 205) returning intervals above 0.15% eU₃O₈, indicating widespread mineralization in the Salt Wash host. The highest-grade intercept of meaningful thickness is 1.16% eU₃O₈ over 4.8 ft in hole O-217, about five times the district's historical average. Eighteen intercepts have been prioritized for follow-up, after filtering out mined-out ground and intervals within 15 feet of known workings. Atlas Corporation's 1984 historical estimate for the project was 21,788 short tons grading 0.32% U₃O₈ and 0.88% V₂O₅, containing approximately 140,000 lb U₃O₈ and 383,000 lb V₂O₅, but this is not a current resource and has not been verified. The company has completed a modern digital database, built an initial lithology model, and generated preliminary 3D uranium target domains, but no new drilling or assay results are reported. The technical disclosure is detailed and transparent, but all resource and grade figures remain historical and unverified.

Analysis

The announcement provides a detailed technical update on the October uranium project, with specific historical drilling and resource data, and outlines the company's progress in compiling and digitizing legacy records. The tone is positive, emphasizing the potential of the project and the company's large portfolio, but all resource figures are historical and explicitly stated as non-compliant and unverified. The majority of realised claims relate to the completion of a modern database and the identification of high-priority targets for future work, not to new discoveries or resource upgrades. Forward-looking statements focus on ongoing data validation, model refinement, and future exploration, with no immediate operational or financial impact. There is no disclosure of current capital outlays, cash position, or profitability, and no indication that drilling or resource verification is imminent. The gap between narrative and evidence is moderate: while the technical work is real and well-documented, the benefits are long-term and contingent on future exploration success.

Risk flags

• ●Reliance on historical data and gamma-probe logging introduces significant uncertainty, as these values have not been independently verified and may not accurately reflect true uranium grades. This limits the reliability of current exploration targets and resource potential.
• ●The historical resource estimate from Atlas Corporation is not NI 43-101 compliant, and the company explicitly states that verification would require substantial additional work, including twinning holes and chemical assays. Until this is done, there is no compliant resource base.
• ●Execution risk is high, as the project is still at the data compilation and target identification phase. Advancing to drilling, resource verification, and eventual development will require further capital, permitting, and technical success.
• ●The announcement mentions requirements for additional capital but provides no details on funding plans, raising the possibility of future dilution or financing challenges if exploration advances.
• ●There is no disclosure of current financial position, cash balance, or burn rate, making it difficult to assess the company's ability to sustain ongoing technical work and future drilling.

Bottom line

Manhattan Uranium Discovery Corp. has made tangible progress in consolidating and digitizing historical drill data at the October Project, producing a prioritized list of 18 high-grade intercepts for future drilling. The technical work is robust, with 336 historical holes compiled and 61% showing intervals above 0.15% eU₃O₈, but all resource and grade figures are historical, unverified, and not NI 43-101 compliant. The company is transparent about these limitations and outlines clear next steps focused on further data validation and model refinement. No new drilling, assay results, or resource upgrades are reported, so the investment case remains speculative and long-term. The most important takeaway is that while the groundwork for future exploration is solid, any near-term value realization depends on successful verification and expansion of historical results through new exploration. Investors should watch for updates on drilling, resource verification, and capital plans as the next critical milestones.

Announcement summary

(TSXV:MANU) (OTCQB:MAUUF) (FSE:J5B0) Manhattan Uranium Discovery Corp. provided an update on technical work at its October uranium project located in the Gateway uranium district in Colorado. The October Project consists of 11 claims covering 220 acres along the Uravan Mineral Belt, which historically produced 14.6 million tons of ore grading 0.24% U₃O₈ and 14.5 million tons grading 1.24% V₂O₅ between 1947 and 1979. The property is adjacent to Energy Fuels' historic Whirlwind Mine, where the U.S. Atomic Energy Commission reported production of 1.2 million tons of ore through 1971, and is within trucking distance of Energy Fuels' White Mesa Mill. Manhattan compiled 336 historical drill holes into a modern database, forming the basis for a 3D targeting model, with additional legacy records still being recovered. The highest-grade intercept of meaningful thickness in the compiled database is 1.16% eU₃O₈ over 4.8 ft in hole O-217, which is about five times the 0.24% average grade produced by the Uravan Mineral Belt between 1947 and 1979. Approximately 61% of historical holes (about 205 of 336) returned intervals above 0.15% eU₃O₈, indicating widespread mineralization in the Salt Wash host at the October Project. Eighteen high-priority historical intercepts have been ranked for follow-up, filtered to exclude mined-out ground and intervals within 15 feet of known workings. A historical estimate prepared for Atlas Corporation reported 21,788 short tons grading 0.32% U₃O₈ and 0.88% V₂O₅, containing approximately 140,000 pounds of U₃O₈ and 383,000 pounds of V₂O₅, effective June 30, 1984. The historical estimate is not a current mineral resource or reserve and has not been verified by the company. Manhattan's technical work included consolidating historical drillhole collar, survey, and gamma records into a digital database, compiling 336 drill collar locations, correcting data gaps, and building an initial lithology model focused on the Salt Wash Member of the Morrison Formation. Preliminary 3D uranium target domains have been generated to guide follow-up drilling. Next steps include continued validation and reconciliation of historical gamma data, refinement of the lithology model and 3D uranium target domains, and ongoing recovery of historical records. The technical and scientific information in the release was reviewed and approved by Galen McNamara, P.Geo., CEO and Director of Manhattan. Manhattan now holds a portfolio of 15 past-producing uranium mines across 25 underexplored properties covering 25,099 acres in the United States, with additional exploration potential in Canada's Athabasca Basin.

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