Hook Lake Gold Discovery Shines in Manhattan's Maiden Field Programme
Manhattan Corporation (ASX: MHC) has announced promising results from its first-ever field programme at the Hook Lake project, confirming the substantial upside potential of its recently acquired high-grade gold and copper project in Nunavut, Canada.
Extensive New Mineralisation Discovered Beyond Known Zones
The company's maiden fieldwork campaign has uncovered significant mineralised outcrops external to previously known occurrences, with rock chip assay results expected in September. The exploration team discovered multiple new zones of gold and polymetallic mineralisation, including:
- Extensive mineralised quartz veining spanning 4.7 kilometers along a prospective shear zone
- Previously untested gold-bearing vein systems (Quantum & Lotus targets) with visible mineralisation extending over 67m and 66m of strike length, respectively
- Promising VMS (volcanogenic massive sulphide) showings at the Skyfall prospect, located just 10km north of the primary Jaws gold deposit
"This initial field programme at Hook Lake confirmed the outstanding potential of the Project for both significant gold and polymetallic VMS discoveries. The Company is excited by the identification of mineralisation hosted within significant shear structures external to and within the known Jaws Deposit," commented Manhattan CEO Kell Nielsen.
Historical Resource with Modern Exploration Upside
The Hook Lake project by Manhattan Corporation hosts the Jaws (formerly Turquetil Lake) gold deposit, which contains a historical non-JORC compliant resource estimate of 3.4Mt @ 2.38g/t Au (~285,000 oz Au). Importantly, this deposit remains open in all directions, presenting significant exploration upside.
During the field programme, the team successfully:
- Located and accurately recorded historic drill collar positions using GPS
- Accessed well-preserved historical diamond drill core
- Identified new gold-bearing structures potentially perpendicular to the main mineralised trend
- Discovered multiple zones of massive to semi-massive sulphides with copper and zinc mineralisation
First-Ever High-Resolution Geophysical Survey Commencing
Manhattan is now preparing to conduct the first-ever high-resolution fixed-wing magnetic survey over the Hook Lake area. This comprehensive programme will cover more than 11,500 line kilometers across the project area, with tighter 50-meter line spacing over zones of known gold mineralisation.
This modern geophysical data will provide a strong foundation for Manhattan's maiden drilling campaign at the Hook Lake project, targeted to commence in April 2026.
Understanding VMS Deposits in Archean Greenstone Belts
Volcanogenic Massive Sulphide (VMS) deposits are important sources of copper, zinc, lead, silver, and gold. These deposits form when hot, metal-rich fluids are discharged near the seafloor and interact with cold seawater, causing sulphide minerals to precipitate.
VMS deposits are particularly significant in Archean greenstone belts like those at the Hook Lake project by Manhattan Corporation, which can host substantial polymetallic ore bodies. These deposits typically occur as lens-shaped accumulations of sulphide minerals and are often found in clusters along specific horizons.
The identification of multiple VMS showings at Hook Lake, including the Spectre and Skyfall prospects, highlights the project's potential to host significant base and precious metal deposits beyond the known gold resource.
Strategic Regional Position Near Major Mines
The Hook Lake project is situated within the same highly prospective Archean greenstone belts that host Agnico Eagle's 6.7Moz Meliadine Mine (34.3Mt @ 6.12 g/t Au) and B2Gold's 9.2Moz Back River Gold Project (averaging 6.04 g/t Au).
The project's location in southeastern Nunavut, near Hudson Bay and the proposed Kivalliq Hydro-Fibre Link, provides strategic infrastructure advantages. This transboundary transmission project will connect Manitoba's grid to Nunavut's Kivalliq region, potentially lowering future operating costs.
Metallurgical Advantages Already Demonstrated
Previous metallurgical test work conducted by Lakefield Research in 1989 demonstrated excellent gold recovery rates of 94.6% using a three-step process:
- Preparation of a flotation concentrate
- Pressure oxidation
- Cyanidation
This historical metallurgical work provides early confidence in the processing potential of the Hook Lake project by Manhattan Corporation.
Why Investors Should Follow Manhattan Corporation
Manhattan Corporation represents a compelling investment opportunity for several key reasons:
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Significant Resource Potential: The company has acquired a project with a historical estimate of 285,000 oz of gold that remains open in all directions, with strong potential for resource growth.
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High-Grade Discovery Potential: The maiden field programme has already identified extensive new mineralised zones beyond the known resource areas.
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District-Scale Opportunity: With 423 km² of claims in a highly prospective greenstone belt, Manhattan controls a significant land position in an underexplored region that hosts multi-million-ounce gold deposits.
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Modern Exploration Approach: The company is employing modern exploration techniques, including the first-ever high-resolution magnetic survey, to efficiently target high-priority drilling locations.
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Dual Commodity Exposure: The project offers exposure to both gold and base metals (copper, zinc) through the VMS systems identified across the property.
With a planned maiden drilling campaign targeted for April 2026 following comprehensive geophysical surveys, Manhattan is methodically building toward potential resource definition and discovery success at Hook Lake.
"Manhattan Corporation has positioned itself as an emerging player in Canadian gold exploration, with significant upside potential due to the high-grade nature of the Jaws deposit and multiple untested targets across the Hook Lake Project. With a strategic exploration plan in place and work already underway, investors should keep a close eye on developments, particularly the upcoming assay results expected in September."
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