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Metal Hawk (ASX:MHK) share price rises 6% on high-grade gold results

The company’s shares ended the day on a high note.
The post Metal Hawk (ASX:MHK) share price rises 6% on high-grade gold results appeared first on The Motley Fool Australia. –

The Metal Hawk Ltd (ASX: MHK) share price finished Wednesday higher following the company’s assay results at the Kanowna East project. The site is located about eight kilometres northeast of Northern Star Resources Ltd‘s (ASX: NST) Kanowna Belle gold mine in the West Australian goldfields.

At the closing bell, the mineral exploration company’s shares leapt 6.56% to 32.5 cents. It’s worth noting that despite today’s rise, its shares are still down around 40% in a month.

Gold assays returned from maiden RC program

Investors were buying up the Metal Hawk share price after the company provided a positive release to the ASX today.

According to the update, Metals Hawk advised that its reverse circulation (RC) drilling program has achieved gold assays results.

A number of holes were drilled to test a number of broad gold anomalies discovered at the Little Lake and Western Tiger prospects. The company undertook a recent aircore (AC) drilling program at the sites.

At Little Lake, six RC holes were completed resulting in significant new gold intercepts. This included:

4 metres at 17.8 grams per tonne (g/t) of gold (Au) from 75 metres (drill hole KERC012); and
1 metre at 2.9 g/t Au from 66 metres (drill hole KERC010).

Furthermore, five RC holes were drilled at the Western Tiger prospect, highlighting the following results:

2 metres at 1.45 g/t Au from 73 metres (drill hole KERC003);
1 metre at 1.42 g/t Au from 80 metres (drill hole KERC004);
5 metres at 1.95 g/t Au from 70 metres (drill hole KERC005); and
5 metres at 1.09 g/t Au from 69 metres (drill hole KERC006);

Metal Hawk managing director, Will Belbin commented:

Our first RC drilling program at Kanowna East has further highlighted the potential of this gold project. Following the Company’s nickel sulphide discovery at Berehaven and the successful capital raising in October, the Company is very well positioned to continue delivering exploration success across its highly prospective gold and nickel projects.

Metal Hawk noted that the next stage of RC drilling will follow up the new gold intercepts at the Little Lake and Western Tiger prospects.

Metal Hawk share price summary

Over the past 12 months, the Metal Hawk share price has jumped almost 40%, with year-to-date registering the same gains.

Metal Hawk commands a market capitalisation of about $15.14 million, with approximately 47.32 million shares on its books.

The post Metal Hawk (ASX:MHK) share price rises 6% on high-grade gold results appeared first on The Motley Fool Australia.

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More reading

Here’s why the Metal Hawk (ASX:MHK) share price crashed 23% today

Motley Fool contributor Aaron Teboneras owns shares of Northern Star Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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