Manhattan Corporation Launches Exploration at Hook Lake, Eyes High-Grade Gold Upside

Exploration Greenlight in Nunavut

Manhattan Corporation Ltd (ASX – MHC) has announced the commencement of field activities at its Hook Lake Project, located in the underexplored Rankin-Ennadai greenstone belt of Nunavut, Canada. This milestone follows approvals from the Nunavut Land Planning Commission and the Kivalliq Inuit Association, clearing the way for a comprehensive exploration program targeting high-grade gold and polymetallic volcanogenic massive sulphide (VMS) deposits.

The Hook Lake Project hosts the Turquetil Lake gold deposit, historically estimated at approximately 3.4 million tonnes grading 2.38 grams per tonne gold, equating to around 285,000 ounces. While this estimate is classified as a “foreign” resource and not compliant with the JORC Code, it provides a compelling exploration target. Manhattan’s initial fieldwork will focus on geological mapping, rock chip sampling, and an airborne magnetics survey designed to refine structural understanding and identify new drill targets.

Unlocking Polymetallic Potential

Beyond gold, the project includes several polymetallic VMS prospects, notably the Heninga Lake prospect, where historic drilling returned significant copper, zinc, silver, gold, and lead mineralisation. These polymetallic zones add a valuable dimension to the project’s exploration upside, with Manhattan aiming to better define these targets ahead of a maiden drilling campaign.

Additional prospects such as Red Flats and Seahorse Lake, featuring banded iron formations (BIF) and promising surface sampling results, further enhance the project’s potential. The airborne magnetics survey will be critical in delineating these underexplored targets, particularly the BIF-hosted gold potential, which has yet to be tested by drilling.

Strategic Path to JORC Compliance

Manhattan’s CEO, Kell Nielsen, emphasised the rapid progress in securing landowner agreements and regulatory approvals, highlighting the team’s capability to operate in the challenging Arctic environment. The company plans to verify historical data and advance the Turquetil deposit to a JORC-compliant inferred resource within the next 12 to 24 months. This process will involve drilling to confirm and expand known mineralisation, as well as re-assaying historic drill core where available.

The company is also compiling extensive historic data and integrating it with new geophysical surveys to generate high-priority drill targets. This methodical approach aims to fast-track the project’s development and unlock its potential as a Tier One resource, positioning Manhattan well within a region that already hosts world-class gold mines such as Agnico Eagle’s Meliadine and B2Gold’s Back River projects.

Exploration Outlook

With field activities now underway, Manhattan is poised to deliver meaningful exploration results that could reshape the valuation of the Hook Lake Project. The combination of high-grade gold, polymetallic mineralisation, and underexplored greenstone belt geology presents a compelling opportunity. However, the company remains cautious, noting that historical estimates require validation and that the success of drilling campaigns will be pivotal in confirming the project’s economic potential.