Manhattan Issues 111M Shares in $2.2M Placement to Fund Hook Lake Work
Manhattan Corporation has successfully raised $2.2 million to fund exploration activities at its Hook Lake Project, initiating fieldwork and commissioning an airborne magnetics survey to unlock new gold and polymetallic targets.
- Completed $2.2 million placement at $0.02 per share
- Issued over 111 million new shares, total shares now 557 million
- Field activities underway including geological mapping and sampling
- Airborne magnetics survey commissioned to refine exploration targets
- Focus on fast-tracking Turquetil deposit to JORC Compliant Resource
Capital Raise to Propel Exploration
Manhattan Corporation Ltd (ASX – MHC) has secured $2.2 million through a placement to sophisticated and professional investors, a critical step in advancing its Hook Lake Project. The placement, priced at two cents per share, resulted in the issuance of over 111 million new shares, increasing the total shares on issue to more than 557 million. This capital injection provides the financial foundation for the company’s upcoming exploration activities.
Fieldwork Commences on Promising Ground
Following the placement, Manhattan has commenced field activities at Hook Lake, focusing on geological mapping, prospecting, and rock chip sampling. These efforts target known orogenic gold and polymetallic volcanic massive sulphide (VMS) occurrences, aiming to better understand the mineralisation and identify new prospects within the project area.
Leveraging Technology – Airborne Magnetics Survey
In a bid to sharpen its exploration focus, Manhattan has commissioned a modern airborne magnetics survey. This survey is designed to refine the structural geology of the area, particularly targeting the under-explored banded iron formation (BIF) which hosts gold potential. The data will also help characterise known mineral occurrences and generate new targets ahead of a maiden drilling campaign.
Strategic Focus on Key Deposits
The company plans to use the initial exploration program to locate historic drillholes and drill core, with the goal of re-assaying and logging core samples. This approach aims to fast-track the Turquetil deposit towards a JORC Compliant Resource, a significant milestone for any exploration company. Additionally, Manhattan will evaluate other mineral occurrences including the Heninga VMS system and the highly prospective Red Flats BIF and Seahorse Lake prospects.
Looking Ahead
Manhattan’s methodical approach combining capital raising, fieldwork, and advanced geophysical surveys positions the Hook Lake Project for meaningful progress. While the outcomes of these activities remain to be seen, the company’s commitment to advancing its resource base is clear, setting the stage for potential value creation in the near term.
Bottom Line?
Manhattan’s latest funding and exploration push at Hook Lake could soon translate into tangible resource milestones, but investors will watch closely for drilling results and resource updates.
Questions in the middle?
- What initial results will the airborne magnetics survey reveal about the BIF gold potential?
- How soon can Manhattan deliver a JORC Compliant Resource for the Turquetil deposit?
- Will further capital raising be required to fund the upcoming drilling campaign?