Metal Hawk’s Focus on Leinster South Raises Stakes Amid Portfolio Shake-Up

Exploration Breakthroughs at Leinster South

Metal Hawk Limited (ASX – MHK) has delivered a robust quarterly update highlighting significant progress in its gold exploration efforts at the Leinster South Project in Western Australia. The company reported exceptionally high-grade gold assays from rock chip sampling at the newly identified White Tiger prospect, with values reaching nearly 48 grams per tonne. These results, alongside strong assays from the nearby Thylacine prospect, have expanded the known mineralised zone to an impressive 900 meters by 150 meters.

The White Tiger prospect, located just one kilometre east of Thylacine, yielded standout samples including 47.78 g/t and 46.16 g/t gold, underscoring the potential for a high-quality deposit. Meanwhile, Thylacine continues to reveal multiple gold-bearing quartz veins with assays consistently above 10 g/t, reinforcing its status as a key target within the project area.

Drilling Campaign and Government Support

Following site preparation completed during the quarter, Metal Hawk has commenced an extensive reverse circulation (RC) drilling program aimed at systematically testing the Thylacine and Siberian Tiger prospects. The initial phase plans for 40 to 50 drill holes, with early results expected imminently. Complementing this, the company secured a $180,000 co-funding grant from the Western Australian Government’s Exploration Incentive Scheme to support upcoming diamond drilling activities, a critical step towards delineating the project's resource potential.

This drilling initiative is part of a broader strategy to unlock the underexplored 430 square kilometre tenure at Leinster South, where regional geological mapping and geochemical sampling continue to identify new gold targets. The company’s methodical approach reflects a commitment to advancing the project through rigorous exploration techniques.

Corporate and Portfolio Developments

On the corporate front, Metal Hawk maintains a healthy cash balance of $4.94 million as of June 30, 2025, providing a solid financial foundation for ongoing exploration. The company is actively rationalising its portfolio to concentrate resources on Leinster South, evidenced by the sale of a 70% interest in the Kanowna East Project to Accelerate Resources Limited, which has already initiated drilling there.

Other projects, including Berehaven and Viking Gold, saw no activity during the quarter, with the latter under consideration for divestment following expressions of interest from potential buyers. This focused approach aims to streamline operations and maximise value creation from the most promising assets.

Looking Ahead

Metal Hawk’s forward plan includes continuing the RC drilling program through the September quarter, with diamond drilling to follow based on initial results. The company also intends to expand regional exploration efforts to generate additional gold targets within its extensive tenement holdings. These activities position Metal Hawk to potentially unlock significant value as it advances its flagship Leinster South Project.