Hook Lake Project Yields Gold Assays up to 16.75 g/t and $2.2M Raised for Exploration
Manhattan Corporation has reported promising high-grade gold and polymetallic assay results from its Hook Lake Project in Nunavut, Canada, alongside a $2.2 million capital raise to fund upcoming exploration activities.
- Commencement of maiden fieldwork at Hook Lake with significant assay results
- High-grade gold assays up to 16.75 g/t Au and strong polymetallic indicators
- Expansion of project tenure to over 580 km2 in Nunavut’s Rankin-Ennadai Greenstone Belt
- Completion of a $2.2 million placement to support exploration
- Board strengthened with new appointments and planned April 2026 drilling campaign
Exploration Breakthrough at Hook Lake
Manhattan Corporation Limited (ASX, MHC) has made significant strides in advancing its Hook Lake Project in Nunavut, Canada, with maiden fieldwork revealing high-grade gold and polymetallic mineralisation across multiple prospects. The company’s recent activities included geological mapping, prospecting, and rock chip sampling targeting the Jaws Lake High Grade Gold deposit and several volcanogenic massive sulphide (VMS) prospects.
Notably, assay results from the Jaws Deposit confirmed gold grades exceeding 14 grams per tonne over a 194-metre strike length, with standout samples reaching 14.55 g/t and 14.35 g/t Au. Additional sampling at nearby prospects Quantum and Lotus returned exceptional precious metal values, including up to 16.75 g/t gold and 2,660 g/t silver, highlighting the untapped potential beyond the known Jaws deposit.
Strategic Expansion and Survey Initiatives
Following encouraging field observations, Manhattan expanded its mineral claims by 70.7 square kilometres, bringing the total project area to over 580 square kilometres within the highly prospective Rankin Inlet-Ennadai Greenstone Belt. This expansion secures the company’s position along a key shear zone known for hosting significant gold and polymetallic mineralisation.
Complementing ground activities, Manhattan contracted Terraquest Ltd to conduct an 11,500 line-kilometre high-resolution aeromagnetic survey, the first of its kind over the expanded tenure. This survey aims to refine targeting for both gold and polymetallic systems, including underexplored banded iron formation (BIF)-hosted gold deposits, which have proven productive in similar Archean greenstone terrains.
Financial and Corporate Developments
Financially, Manhattan bolstered its balance sheet by raising $2.2 million through a placement to sophisticated and professional investors, underpinning its exploration ambitions. The company ended the quarter with $3.1 million in cash and capitalised $554,000 in exploration costs, predominantly at Hook Lake.
Corporate governance was also enhanced with the appointment of Gavin Rezos as a Non-Executive Director, bringing expertise in capital management and corporate strategy, and Eric Sondergaard as Technical Adviser. Meanwhile, John Seton stepped down from the board following the Hook Lake acquisition.
Looking Ahead, Drilling and Development Plans
Manhattan is preparing for a maiden drilling campaign scheduled for April 2026, which will be informed by the aeromagnetic survey results and the extensive sampling data gathered during the initial fieldwork. The company is also engaging with local communities to leverage regional expertise and support logistics for upcoming operations.
Beyond Hook Lake, Manhattan continues to advance its L3 Lithium Project in Nova Scotia and maintains its interest in the Tibooburra Gold Project in Australia through its partner Novo Resources, which recently completed a maiden drilling program with encouraging high-grade gold intercepts.
Bottom Line?
Manhattan’s robust exploration progress and strategic capital raise set the stage for a pivotal drilling campaign that could redefine its Hook Lake prospects.
Questions in the middle?
- Will the upcoming April 2026 drilling confirm and expand the high-grade gold zones identified at Hook Lake?
- How will the aeromagnetic survey data influence targeting and exploration strategy across the expanded tenure?
- What are the implications of the non-JORC compliant historical resource estimates for future resource classification and investor confidence?
