Gold explorer Metal Hawk is stepping up its drilling program for its Kanowna East project in WA after hitting new gold mineralisation at its Little Lake prospect.
Results from recent drilling samples at Metal Hawk’s (ASX:MHK) Little Lake prospect reveal significant gold intercepts including 5m at 4.76 grams per tonne (g/t) gold from 65m.
“This latest campaign of lake aircore drilling has intersected more strong gold mineralisation at Little Lake,” said managing director, Will Belbin.
Promising intercepts at Little Lake include 5m at 4.76g/t gold and 5m at 2.87 g/t gold and are in addition to previously announced hits in November and January such as 4m at 7.11 g/t gold from 55m and 6m at 3.37 g/t gold from 24m.
“Importantly we have seen associated favourable sericite-silica alteration and abundant sulphides near end-of-hole depths,” said Belbin.
Stage-one drilling program now complete
The company has drilled 28 holes for 2,085m at its flagship Kanowna East project 8km northeast of Northern Star Resources’ Kanowna Belle gold mine (+5 million ounces of gold).
Stage one of Metal Hawk’s maiden exploration program for Kanowna East is now complete with a total of 268 drill holes for a total of 17,602m.
“Stage-two aircore drilling is now underway and the company is making plans for deeper reverse circulation drilling in order to identify the bedrock-source of this broad gold anomalism,” said Belbin.
This second stage of drilling will consist of more than 100 drill holes to test the extensive structural target zone north of Little Lake.
At the same time the company is planning to RC drill-test bedrock targets from the stage one program.
Joint ventures
Metal Hawk has an earn-in and joint venture with Western Areas (ASX:WSA) on three of its projects, Kanowna East, Emu Lake and Fraser South.
Western Areas can earn an interest of up to 75 per cent by spending $7m on exploration over five years. Metal Hawk is free-carried to decision-to-mine and retains the gold rights at the Kanowna East and Emu Lake projects.
In addition, Chalice Mining (ASX:CHN) can earn a 70 per cent interest in Metal Hawk’s Viking project for gold by spending $2.75m over a period of four and a half years.
This article was developed in collaboration with Metal Hawk, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.