Manhattan Corporation’s maiden fieldwork at Nunavut’s Hook Lake Project reveals high-grade gold assays up to 14.55g/t and a mineralised corridor stretching 4.7km, highlighting significant expansion potential.
- High-grade rock chip assays up to 14.55g/t gold at Jaws deposit
- Large 4.7km mineralised structural corridor confirmed
- Historical non-JORC resource estimate of ~285,000 oz gold remains open
- Polymetallic potential with silver, copper, and antimony detected
- Planned airborne magnetic surveys and diamond drilling pending permits
A Promising Start at Hook Lake
Manhattan Corporation Limited (ASX – MHC) has announced encouraging initial assay results from its maiden fieldwork program at the Hook Lake Project in Nunavut, Canada. The sampling campaign has confirmed the presence of a large and highly prospective gold system, with rock chip samples from the Jaws deposit returning impressive gold grades up to 14.55 grams per tonne. This discovery not only validates historical exploration but also reveals a mineralised structural corridor extending at least 4.7 kilometres along strike.
Revisiting Historical Estimates with New Momentum
The Jaws deposit hosts a historical, non-JORC compliant resource estimate of approximately 3.4 million tonnes at 2.38 g/t gold, equating to around 285,000 ounces. While this estimate requires verification under modern standards, Manhattan’s recent fieldwork has identified high-grade gold-bearing veins beyond previously tested zones, particularly at the northeastern edge of the deposit. The presence of gold grades exceeding 14 g/t in rock chip samples suggests significant potential to extend mineralisation into untested ground.
Polymetallic Upside and Regional Scale
Beyond gold, assays indicate notable polymetallic potential, with samples returning elevated silver, copper, and antimony values. For instance, one sample near the southwestern extension of Jaws contained 3.25 g/t gold alongside 15.3 g/t silver, 1.185% copper, and 0.89% antimony. This polymetallic signature could enhance the economic prospects of the project. Additionally, the Vesper target, located over 3 kilometres southwest of the last Jaws drill hole, exhibits similar vein styles and alteration, reinforcing the continuity of the mineralised shear zone.
Strategic Timing and Next Steps
Manhattan’s Technical Manager, Eric Sondergaard, highlighted that the results exceeded expectations and underscored the scale and continuity of gold mineralisation along the Hook Lake corridor. With gold prices at record highs, the company is well-positioned to accelerate exploration efforts. Planned activities include a high-resolution airborne magnetic survey to better define structural targets and diamond drilling to verify and expand the resource. These steps are contingent on securing necessary land use permits and water licenses.
Context Within Nunavut’s Gold Belt
The Hook Lake Project lies within the Rankin-Ennadai greenstone belt, a region known for hosting significant gold deposits such as Agnico Eagle’s Meliadine Mine and the developing Back River Gold District. Manhattan’s landholding covers multiple prospects across 580 square kilometres, offering a rare opportunity to explore a largely underexplored but highly prospective Archean greenstone terrain. The project’s proximity to infrastructure projects like the Kivalliq Hydro-Fibre Link further enhances its strategic value.
Balancing Potential with Caution
While the initial results are promising, it is important to note that the historical resource estimate is not compliant with current JORC standards and requires modern verification. The assay results reported are from surface rock chip samples rather than drilling, limiting immediate confidence in resource estimation. Manhattan’s forthcoming exploration programs will be critical in confirming the scale and grade continuity of the mineralisation.
Bottom Line?
Manhattan’s Hook Lake results set the stage for a pivotal exploration phase that could redefine the project’s value amid soaring gold prices.
Questions in the middle?
- How will Manhattan’s upcoming drilling programs validate and potentially upgrade the historical resource?
- What is the full extent of polymetallic mineralisation beyond gold, and how might it impact project economics?
- How quickly can Manhattan secure permits and funding to accelerate exploration in this remote region?