Manhattan Corporation (ASX: MHC) has entered a binding agreement to acquire 100% of the Hook Lake project, a high-grade Canadian gold asset located in eastern Nunavut. The acquisition adds to Manhattan’s growing portfolio, which includes the Chebogue lithium project in Nova Scotia, the Tibooburra gold project in New South Wales, and the Ponton uranium project in Western Australia. Hook Lake hosts the Turquetil Lake high-grade gold deposit and several additional gold and polymetallic volcanogenic massive sulphide prospects.
Manhattan plans to rapidly verify historical work at Turquetil, which has been largely dormant since 1988. Drilling activities at that time defined an estimate of 3.4 million tonnes at 2.38 grams per tonne gold for approximately 285,000 ounces of gold. The target remains open in all directions, and Manhattan aims to release an inferred mineral resource within 24 months through data verification via drilling and validation work. The company will also assess geophysical techniques, such as magnetics and induced polarization/resistivity surveys, to assist in target generation and drill hole planning for strike/depth extensions to known mineralization. The Hook Lake project comprises nine separate prospects within three mineral claims and exploration agreements, covering a total of 423 square kilometers.
