Metal Hawk Ltd
Shallow High-Grade Gold Strikes Signal Growing System at Metal Hawk's Leinster South Project
Metal Hawk Limited (ASX: MHK) has released assay results from its latest reverse circulation (RC) drilling campaign at the 100% owned Leinster South Project in Western Australia's Agnew-Lawlers region. The Metal Hawk Leinster South high grade gold drilling results confirm high-grade gold at shallow depths, open up entirely new mineralised zones, and set the stage for an accelerated follow-up drilling program expected to commence in June.
With headline intersections including 3m @ 9.8g/t Au from just 32m depth and 8m @ 3.2g/t Au from 26m, these results have materially advanced the company's understanding of the Thylacine system and reinforced its potential as a significant gold discovery.
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What Was Drilled and What Was Found
The 18-hole, 2,734-metre RC drilling program was conducted across the Thylacine and Tysons prospects, targeting a range of regional gold structures. The campaign followed up on encouraging results from 2025 RC and diamond drilling programs. Assays have been received for 13 of the 18 holes, with results from holes 26LSRC069 to 26LSRC073 still pending — expected within two weeks.
Thylacine South Zone: High-Grade Continuity Confirmed
Three RC holes (26LSRC065 to 26LSRC067) were drilled at the Thylacine south zone, designed to test down-dip extensions from diamond hole LSD005, which had previously returned 2.3m @ 15.3g/t Au from 28.1m depth.
The standout results from the Thylacine south zone are summarised below:
| Hole ID | From (m) | Interval (m) | Grade (g/t Au) | Notes |
|---|---|---|---|---|
| 26LSRC066 | 32 | 3m | 9.82 g/t Au | Including 2m @ 14.1 g/t Au from 32m |
| 26LSRC065 | 32 | 6m | 2.83 g/t Au | Including 3m @ 4.2 g/t Au from 33m |
| 26LSRC067 | 52 | 4m | 0.27 g/t Au | Mineralisation in mafic rocks |
Both holes 26LSRC065 and 26LSRC066 confirmed mineralisation at shallower depths than originally interpreted, indicating a gentler dip on the quartz vein structure than modelled. Furthermore, a third hole drilled further south (26LSRC067) missed the primary target structure but returned gold in mafic host rocks, consistent with an interpreted steep plunge on the high-grade shoot — which remains open at depth.
The logged mineralised intervals of between 3m and 4m of quartz veining are interpreted to approximate true thickness, reinforcing the structural integrity of the Thylacine south zone and supporting continuity with the earlier diamond hole result.
Thylacine East: A New Mineralised Corridor Opens Up
Perhaps the most strategically significant development in this program is the discovery of gold mineralisation in the Thylacine east area. This part of the Thylacine prospect had previously only been tested by a single deep diamond hole (LSD003) at 338.6m depth, which returned 1.7m @ 7.7g/t Au.
Four new RC holes (26LSRC068 to 26LSRC071) were drilled in this eastern corridor. Results are available for hole 26LSRC068, which delivered two distinct zones of mineralised veining:
| Hole ID | From (m) | Interval (m) | Grade (g/t Au) | Notes |
|---|---|---|---|---|
| 26LSRC068 | 26 | 8m | 3.24 g/t Au | Including 3m @ 6.71 g/t Au from 27m |
| 26LSRC068 | 148 | 8m | 3.0 g/t Au | Composite — 1m re-sampling underway |
The shallower zone — 8m @ 3.24g/t Au from just 26m — is particularly noteworthy given the depth and grade combination. The deeper intersection at 148m is being re-sampled at 1m intervals to better define grade continuity. Results from holes 26LSRC069 to 26LSRC071 in this zone are still pending, meaning the full picture of Thylacine east is yet to be revealed.
Managing Director Will Belbin commented: "Drilling at Thylacine continues to demonstrate the scale of this mineralised system, with further shallow, high-grade gold results reinforcing our confidence in the project. The intersections of thicker gold mineralisation are particularly encouraging, and we look forward to following up these results with additional targeted drilling."
Understanding Orogenic Gold Systems: Why Shallow High-Grade Matters
To understand the significance of the Metal Hawk Leinster South high grade gold drilling results, it is essential to appreciate the geological context and what makes these intersections compelling for investors.
What Is an Orogenic Gold System?
Orogenic gold deposits form during ancient mountain-building events, where hot, gold-bearing fluids travel through fault and shear zones in the Earth's crust and deposit gold in quartz veins. These systems are the dominant style of gold mineralisation across Western Australia's Yilgarn Craton — the same geological province that hosts world-class producing mines at Kalgoorlie, Agnew, and Granny Smith.
The Leinster South Project sits at the southeastern tip of the Lawlers Anticline on the Agnew Greenstone Belt — a proven gold-bearing address. Significant operations are currently in production at Agnew-Lawlers (15 to 25km to the northwest) and Thunderbox (25km to the east).
Why Does Shallow Depth Matter to Investors?
Shallow gold mineralisation — typically above 200m — is generally more economically attractive because it costs less to access during early-stage resource development. It can also be considered in both open pit and underground mining scenarios.
Intersections like 3m @ 9.8g/t Au from 32m and 8m @ 3.2g/t Au from 26m represent grades and depths that, if connected across the Thylacine system, form the building blocks of a potentially economic gold deposit.
Glossary of Key Terms
- RC Drilling (Reverse Circulation): A fast and cost-effective drilling method where crushed rock chips are returned to surface through the drill rods using air pressure. Ideal for initial resource definition.
- g/t Au: Grams of gold per tonne of rock — the standard measure of gold grade. Above 2g/t is generally considered high-grade in modern exploration.
- True Width: The actual width of a mineralised zone perpendicular to its orientation. Intercept lengths may be longer if drilled at an angle.
- Quartz Vein: A crack in the host rock filled with quartz and, in gold systems, often carrying gold mineralisation.
- Plunge: The direction and angle at which a mineralised shoot extends into the earth. A steeply plunging shoot may remain open at depth — as interpreted here.
The Tysons Prospect: Structural Potential Maintained
Alongside Thylacine, the Tysons prospect also featured in this program. Results from composite sampling in hole 26LSRC060 returned 12m @ 0.42g/t Au from 40m, including 4m @ 0.83g/t Au — a broad zone of gold mineralisation located within granite, just metres from the targeted greenstone contact.
Two holes at the northern end of Tysons tested a conductive geophysical anomaly identified from the Sub-Audio Magnetics (SAM) survey completed in late 2025. However, no significant gold results were returned from this specific target. Managing Director Will Belbin noted: "While the SAM target north of Tysons has not returned results that justify immediate follow-up, the extensive north-south granite-greenstone contact and structural corridor at Tysons remains a high-priority exploration target."
The granite-greenstone contact — a structurally significant boundary where different rock types meet and fluids can be channelled — continues to be regarded as a compelling target for further work.
What Comes Next: The Path Forward
Metal Hawk has laid out a clear sequence of near-term activities across Leinster South:
- Assay results pending for holes 26LSRC069 to 26LSRC073 — expected within approximately two weeks of the announcement date.
- 1m re-sampling being conducted on several composite-sampled intervals in 26LSRC068 and other anomalous zones, to refine grade continuity.
- Final drill plans to be confirmed once remaining assay results are received.
- Follow-up RC drilling scheduled to recommence in June 2026, targeting depth and strike extensions at Thylacine south and the newly defined Thylacine east corridor.
- New drill sites being prepared to test the high-grade Thylacine south vein at depth and along strike.
| Near-Term Catalyst | Expected Timing |
|---|---|
| Assays from 26LSRC069–26LSRC073 | Within ~2 weeks of 11 May announcement |
| 1m re-sampling results (26LSRC068 and others) | Concurrent with above |
| Final follow-up drill plan confirmed | Following receipt of all assays |
| RC follow-up drilling commences | June 2026 |
The Investment Thesis: Why Leinster South Is Building Momentum
The Leinster South Project is demonstrating the hallmarks of a growing orogenic gold system: shallow, high-grade intersections across multiple zones, open-ended mineralisation at depth, and a geological address with a proven track record of hosting significant deposits. Several elements of the Metal Hawk Leinster South high grade gold drilling results are particularly compelling for investors:
- High grades at shallow depth. Results like 3m @ 9.82g/t Au from 32m and 8m @ 3.24g/t Au from 26m reflect a mineralised system with genuine grade intensity close to surface.
- Thylacine east is genuinely new ground. This part of the Thylacine prospect had only ever been tested by one deep diamond hole, meaningfully expanding the footprint of the system.
- The high-grade shoot remains open. Both the Thylacine south zone and the deeper intersection in 26LSRC068 remain open at depth and along strike, leaving room for the mineralised envelope to grow.
- Multiple active fronts. With Thylacine south, Thylacine east, and Tysons all returning results or being re-sampled, the company is working across a genuinely broad exploration front.
- Strong geological pedigree. Operating mines at Agnew-Lawlers and Thunderbox sit within 15 to 25km of Metal Hawk's tenements.
- 100% ownership. Metal Hawk holds the Leinster South Project outright, with no joint venture dilution or royalty overhangs on the tenements being drilled.
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Why Investors Should Keep Watching Metal Hawk
The combination of high-grade shallow intersections, a freshly opened eastern corridor at Thylacine, and the near-term arrival of results from five additional holes creates a concentrated window of potential news flow. In addition, the June drilling program — targeting depth and strike extensions at the most prospective zones — represents the next material step in defining whether the Thylacine system can develop into something of genuine scale.
The Metal Hawk Leinster South high grade gold drilling results demonstrate consistent grade intensity across an expanding footprint. This positions the project as a potential discovery in one of Western Australia's most proven gold regions, with further catalysts expected in the weeks ahead.
Key Takeaway: Metal Hawk Limited has positioned itself as an active explorer in one of Western Australia's most proven gold regions, with drilling at the Thylacine system consistently returning shallow, high-grade results across an expanding footprint. With follow-up drilling scheduled for June and assays from five additional holes imminent, the coming weeks represent a high-activity period for investors tracking the Leinster South story.
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