Hook Lake Acquisition Uncertain as Manhattan Faces JORC Compliance and Shareholder Hurdles

Hook Lake Acquisition in Focus

Manhattan Corporation Limited (ASX, MHC) has revealed significant developments in its June 2025 quarterly activities, most notably its intention to acquire the Hook Lake Project in Nunavut, Canada. This acquisition, subject to shareholder approval and customary conditions, would add a high-grade gold deposit and several polymetallic volcanogenic massive sulphide prospects to Manhattan’s portfolio. The Turquetil Lake deposit alone is estimated to contain approximately 285,000 ounces of gold, although this figure is based on a foreign resource estimate not compliant with the JORC Code, introducing some uncertainty around its classification and future reporting.

The Hook Lake Project lies within the underexplored Nunavut Archean Greenstone Belt, a region that hosts major gold mines such as Agnico Eagle’s Meladine Mine and the developing Back River Gold District. Manhattan’s planned exploration will initially focus on expanding the Turquetil Lake deposit, which remains open in all directions and has shown promising drill intercepts from historical programs.

Strong Drilling Results at Tibooburra

Meanwhile, Manhattan’s joint venture partner Novo Resources Corporation has completed its maiden reverse circulation drilling program at the Tibooburra Gold Project in Australia. Novo is earning a 70% interest in the northern tenements, which host advanced high-grade gold mineralisation. The recent drilling of 14 holes totaling nearly 2,000 meters returned significant gold intercepts, including 12 meters at 5.90 grams per tonne gold and 17 meters at 2.40 grams per tonne gold, confirming continuity of near-surface high-grade shoots over a 300-meter strike.

These results build on Manhattan’s historical drilling success at Tibooburra, which included intercepts such as 6 meters at 8.39 grams per tonne gold and 9 meters at 6.03 grams per tonne gold. Novo plans further drilling to extend these zones and apply structural analysis techniques to better target mineralisation controls.

Ongoing Lithium Exploration at L3 Project

Manhattan’s lithium exploration efforts continue at the L3 Lithium Project in Nova Scotia, Canada. The project covers a large landholding with over 70 kilometers of prospective lithium-bearing pegmatite strike. Recent work has identified multiple high-grade spodumene-bearing boulder occurrences and aeromagnetic anomalies that suggest extensive pegmatite bodies. The company has secured surface access rights and is advancing detailed prospecting, soil sampling, and screening programs to delineate targets for future drilling.

Financial Position and Outlook

At the end of the June quarter, Manhattan held $1.9 million in cash with no debt, reflecting a conservative financial position. The company spent $199,000 on exploration and evaluation, primarily focused on the Chebogue Lithium Project, alongside corporate and administration costs related to the Hook Lake acquisition. Notably, there were no mining production or development activities during the quarter.

Manhattan’s board remains focused on advancing its lithium and gold projects, aiming to maximise shareholder value through disciplined exploration and strategic acquisitions. The Hook Lake acquisition, if completed, could significantly enhance the company’s resource base and exposure to high-grade gold and polymetallic assets in a prolific Canadian mining jurisdiction.