Delayed Survey and Funding Needs Pose Challenges for Manhattan’s Hook Lake Ambitions

Exploration Breakthroughs at Hook Lake

Manhattan Gold Corporation Limited (ASX, MHC) has delivered a compelling update on its December 2025 quarter activities, highlighting significant progress at its Hook Lake Gold Project in Nunavut, Canada. The company’s initial fieldwork, comprising geological mapping, prospecting, and rock chip sampling, has yielded high-grade gold and polymetallic assay results across several key prospects, setting the stage for an eagerly anticipated maiden drilling campaign in April 2026.

The Hook Lake Project, situated within the underexplored Archean Greenstone Belt, hosts the Jaws High Grade Gold deposit alongside multiple volcanogenic massive sulphide (VMS) targets. Assay results from the Jaws Deposit confirmed gold grades up to 14.55 g/t over a 194-metre strike length, with mineralisation extending beyond historic drilling footprints. Nearby, the Vesper prospect returned encouraging gold grades of 1.61 g/t and 1.15 g/t, suggesting continuity along the same shear zone.

Polymetallic Potential Across Multiple Targets

Beyond Jaws and Vesper, Manhattan reported outstanding precious metal results from the Quantum and Lotus prospects, which have yet to be drill tested. Rock chip samples returned up to 16.75 g/t gold and an exceptional 2,660 g/t silver, indicating a rich pipeline of high-grade targets. Similarly, the Defender prospect yielded a standout gold assay of 173.5 g/t, pointing to a robust hydrothermal system, while the Moonraker prospect demonstrated strong precious and base metal mineralisation, including zinc, copper, lead, and antimony.

The polymetallic VMS potential was further reinforced by results from the Spectre, Skyfall, and Silva prospects. Spectre’s historic drilling had already indicated significant copper, zinc, silver, and gold grades, and recent sampling at Skyfall revealed zinc concentrations as high as 29.97%, alongside appreciable copper, silver, and gold. Silva’s assays confirmed robust polymetallic mineralisation with zinc grades exceeding 11% and notable silver and copper values.

Strategic Survey and Upcoming Drilling

To support targeted exploration, Manhattan contracted Terraquest Ltd to conduct an 11,500 line kilometre high-resolution aeromagnetic survey covering the expanded Hook Lake portfolio. Although delayed from its original 2025 completion, the survey is now expected to finish in early 2026, with data delivery planned ahead of the April drilling program. This geophysical work is critical for refining drill targets, especially for banded iron formation (BIF)-hosted gold, a historically underexplored mineralisation style in the region.

Corporate and Financial Position

On the corporate front, Manhattan divested its L3 Lithium Project in Nova Scotia during the quarter, receiving upfront cash proceeds of $278,000 and retaining contingent consideration rights of up to $1 million, contingent on future resource milestones. The company ended the quarter with a cash balance of $2.46 million, having spent $614,000 on exploration predominantly at Hook Lake, and continues to manage its finances prudently while reviewing strategic and funding options.

Additionally, Manhattan’s Annual General Meeting approved a company name change to Manhattan Gold Corporation Limited, reflecting its focused strategy on gold exploration and development.

Broader Exploration Context

Meanwhile, Novo Resources Corporation is advancing its Tibooburra Gold Project in New South Wales, Australia, earning a 70% interest and conducting detailed structural analysis and drilling assessments. This complements Manhattan’s portfolio, underscoring the company’s diversified approach to gold exploration across promising jurisdictions.

With a strong foundation of assay results and a clear exploration roadmap, Manhattan Gold is poised to unlock further value from its Nunavut assets in the coming months.