How Metal Hawk (ASX:MHK) Uncovered a High-Grade Gold Discovery at Its Numbat Lode in Western Australia

Sonal Goyal

03 November 2026 11:57 PM AEDT

How Metal Hawk (ASX:MHK) Uncovered a High-Grade Gold Discovery at Its Numbat Lode in Western Australia

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Best result from RC drilling at Numbat lode: 9m at 12.3g/t gold from 70m, including 5m at 20.7g/t gold from 72m (hole 26LSRC077)
Resplit result from hole 26LSRC075 returned 4m at 12.5g/t gold including 2m at 23.0g/t gold, interpreted as a new shear-hosted high-grade style lacking quartz veining
Two RC programs completed during the quarter totalling 20 holes for 2,795m, with a 10-hole follow-up program at Numbat completed early-October (results pending)
Cash position of A$2.0 million at quarter end, supplemented by A$1.2 million Placement at 9.5 cents per share, with listed investments of approximately A$0.9 million

Metal Hawk Limited (ASX:MHK) reported its most significant exploration result to date from its 100%-owned Leinster South Project in Western Australia during the September quarter, with Reverse Circulation Drilling at the newly named Numbat lode returning a series of high-grade gold intersections that have materially increased the company's confidence in the mineralised system.

The best result from the quarter came from hole 26LSRC077 at the Numbat lode, which returned 9 metres at 12.3 grams per tonne gold from 70 metres, including a higher-grade core of 5 metres at 20.7 grams per tonne gold from 72 metres. A companion hole at the nearby Numbat shear, 26LSRC075, returned 4 metres at 12.5 grams per tonne from 43 metres after a resplit of composite samples — the resplit result was reported subsequent to the quarter's end on 8 October 2026.

Resplit Technique Reveals New Mineralisation Style

The resplit result from 26LSRC075 carries geological significance beyond the grade alone. The company's interpretation is that this intersection represents a new style of shear-hosted high-grade gold mineralisation that lacks the quartz veining typically associated with the main Numbat lode. This distinction points to a potentially larger mineralised system around the Numbat lode — one that may not be constrained by the visible quartz vein networks that have historically guided drilling in the broader Leinster district.

Additional results during the quarter included 3 metres at 4.2 grams per tonne from 5 metres in hole 26LSRC074, including 1 metre at 10.8 grams per tonne from 7 metres. The spatial distribution of high-grade intersections across multiple holes and styles is consistent with a structurally controlled mineralised zone that the company is still mapping in detail.

Two Drilling Programs Completed, Third Underway

Metal Hawk completed two RC programs during the September quarter at the Thylacine south zone, totalling 20 holes for 2,795 metres. A separate 10-hole, 1,642-metre follow-up program at Numbat was completed in early October, with assay results expected in mid-November 2026. The follow-up program was designed to test along-strike and down-dip extensions of the Numbat mineralisation identified in the first two programs, and its results will be critical in determining whether the high-grade intersections represent a coherent, sizeable target.

Diamond drilling at the Thylacine south zone is scheduled to commence in November 2026. The shift to diamond drilling from RC reflects a desire to obtain better quality core samples for detailed structural and mineralogical analysis, which will help refine the geological model of the emerging discovery.

Capital Raised to Fund Continued Drilling

The company completed a placement during the quarter to raise A$1.2 million before costs at 9.5 cents per share, described as strongly supported by existing shareholders. The funds are earmarked to finance the RC and follow-up diamond drilling at Numbat. The cash position at 30 September 2026 was A$2.0 million, with listed investments of approximately A$0.9 million, providing the company with resources to execute the near-term exploration program.

Exploration Planning for Broader Leinster Area

Beyond the Numbat focus, Metal Hawk has planned regional exploration activities and follow-up soil geochemical surveys at Leinster South for the December quarter. The Leinster district in the Eastern Goldfields of Western Australia is a well-established nickel and gold province, and the broader regional context provides Metal Hawk with multiple exploration avenues beyond the current Numbat focus area.

Risks

Metal Hawk is a small-cap exploration company with limited cash resources, and continued exploration at Numbat is dependent on ongoing access to capital. The pending assay results from the 10-hole October RC program will be a critical test of whether the high-grade intersections reported to date represent a continuous, economic mineralised system. The company carries two RC programs' worth of results but has yet to define a JORC-compliant mineral resource at Numbat, meaning the discovery remains at an early stage. The Leinster South Project, while located in a proven Mining district, is entirely exploration-stage with inherent geological uncertainties.

What to Watch Next

The most eagerly anticipated data point is the assay results from the 10-hole October RC program at Numbat, expected in mid-November 2026. These results will either confirm or challenge the emerging picture of a high-grade mineralised system around the Numbat lode. The commencement of diamond drilling at Thylacine south in November will also provide near-term newsflow. The company's geological team will be working toward an initial mineral resource estimate for Numbat if the follow-up results support continuity of the high-grade mineralisation.

Sector Context

The Eastern Goldfields of Western Australia remains one of the world's premier gold exploration addresses, anchored by major operating mines in the Kalgoorlie and Leinster districts. High-grade discoveries in structurally controlled settings within established corridors attract consistent attention from investors and larger mining companies. The identification of a new shear-hosted mineralisation style at Numbat — distinct from the quartz-veined variety — potentially broadens the target footprint and may indicate a larger mineralised system than initially modelled. In the current gold price environment, new high-grade discoveries in Western Australia's Goldfields are attracting heightened interest from both retail and institutional investors.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.