Manhattan Corporation Ltd (ASX: MHC) has announced significant progress at its Hook Lake Project in Nunavut, Canada, and the sale of its L3 Lithium Project in Nova Scotia. Manhattan Corporation is focused on the exploration and development of resource projects. The company is currently undertaking a high-resolution magnetic survey at Hook Lake to identify structurally hosted mineralisation along strike from the Jaws deposit. The survey, conducted by Terraquest Ltd, covers all priority greenstone gold and volcanogenic massive sulphide targets, with 18.5% of the survey completed to date. The aim is to map the continuity of key structures and unlock exploration upside at the Omega target banded iron formation. Assays from 70 rock samples taken during the maiden field program are expected imminently.
According to Manhattan Corporation’s Technical Manager, Mr. Eric Sondergaard, the magnetic survey will improve the understanding of the deposit-scale signature at Jaws and refine targeting within the banded iron formation at Omega. It will also integrate surface sampling data from the Vesper–Jaws–Omega corridor and highlight new prospects at Lotus and Quantum. The company emphasizes the timing for exploration is ideal, with gold and silver prices at all-time highs within this underexplored greenstone belt.
In a separate announcement, Manhattan Corporation has agreed to sell its 100% interest in the L3 Project (formerly known as the Chebogue Lithium Project) in Nova Scotia, Canada. The sale will be executed through the sale of 100% of the shares of the company’s Canadian subsidiary, Continental Lithium Ltd, to a Canadian private company, 1554770 B.C. LTD. The company will receive cash consideration of up to $1,342,000, comprising upfront and milestone conditional payments.
The sale of the L3 Lithium Project is expected to close in late November 2025, subject to customary conditions precedent, including regulatory and third-party approvals. The Hook Lake Project comprises nine separate prospects covering 580 sq km within the Rankin-Ennadai greenstone belt.
