Metal Hawk finds a second high-grade gold style at Numbat

Numbat delivers Metal Hawk’s strongest Leinster South result

Metal Hawk Limited (ASX:MHK) has produced its best drilling result yet at the 100%-owned Leinster South Project, with hole 26LSRC077 returning 9 metres at 12.3g/t gold from 70 metres, including 5 metres at 20.7g/t. The intercept came from the newly named Numbat lode within the Thylacine south zone in Western Australia’s Agnew-Wiluna Greenstone Belt.

“Cross-section of the Numbat lode looking north.”

“Long section looking west, showing Numbat drill intersections. Numbat shear zone intersection result labelled yellow.”

Caption and image © Metal Hawk Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 27 Oct 2026.

The result is more than a high-grade headline. A resplit from nearby hole 26LSRC075 returned 4 metres at 12.5g/t gold from 43 metres, including 2 metres at 23.0g/t, after the original 4-metre composite sampling reported 8 metres at 3.6g/t. Metal Hawk said the resplit mineralisation sits in sheared, foliated mafic rocks without quartz veining, and interpreted it as a new style of shear-hosted gold at Leinster South.

A second mineralisation style broadens the Numbat target

The combination of gold in the quartz-hosted lode and the separate shear zone has led Metal Hawk to interpret Numbat as potentially part of a larger mineralised system. That remains an exploration interpretation rather than a resource estimate, and the company has not reported a mineral resource or economic assessment for the project.

“Thylacine south zone drilling (max Au g/t). Holes intersecting the Numbat lode labelled white; 26LSRC075 resplit result (reported 8 October 2026) labelled orange.”

“Leinster South drilling (max Au g/t)”

Caption and image © Metal Hawk Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 27 Oct 2026.

The latest campaign builds on the earlier Numbat drilling campaign, which was funded by a $1.2 million placement and designed to test whether the strongest Leinster South intercept extended along strike and at depth. Metal Hawk completed 20 RC holes for 2,795 metres during the quarter, including 10 holes drilled around Numbat that were completed in early October.

Placement gives the next drilling phase room to run

The September placement raised $1.2 million before costs through the issue of 12.63 million shares at 9.5 cents each. After $8,000 of transaction costs and other quarterly movements, cash stood at $2.02 million at 30 September, alongside listed investments valued at about $1 million.

Quarterly cash use was relatively contained by exploration standards: the company spent about $287,000 on exploration and evaluation in the cash-flow statement, while project and exploration expenditure reported in the activities report was approximately $428,000. The Appendix 5B records total relevant outgoings of $455,000 and estimates 4.4 quarters of funding on the quarter-end cash balance, assuming the reported spending rate continues.

November assays and diamond drilling are the next tests

Assays from holes 26LSRC084 to 26LSRC093 are expected in mid-November. Those holes tested the Numbat quartz lode and associated shear zone along strike and down dip, so their results should provide the next indication of how consistently the mineralisation continues beyond the standout intercepts.

Diamond drilling is scheduled to start in November, with three holes covering about 1,000 metres. The programme is eligible for up to $150,000 in direct-cost support through the Western Australian Government’s Exploration Incentive Scheme and is intended to provide oriented core, clarify the lode geometry and test below the RC drilling. The more difficult question is whether the high grades can be connected into a coherent system of sufficient scale, rather than simply adding another isolated set of attractive intersections.