Metal Hawk Secures $1.2M to Drill High-Grade Numbat Gold Discovery
Key Takeaways
- RC drilling has commenced at the Numbat lode targeting extensions of the best intercept from Leinster South to date — 9m at 12.3g/t Au, including 5m at 20.7g/t Au — with the system open at depth and along strike.
- Initial assay results are expected within 6–8 weeks and will be released progressively to the market as received, creating a rolling newsflow window rather than a single binary event.
- Metal Hawk has secured $1.2 million via a placement at 9.5 cents per share — a 5% discount to last close — with the raise predominantly backed by existing shareholders and director participation subject to General Meeting approval.
- Placement proceeds fund multiple campaigns of RC and diamond drilling at Numbat and Thylacine, plus regional exploration across the 430km² Leinster South project on the Agnew-Wiluna Greenstone Belt.
- Maiden drilling at Leinster South only began in mid-2025, making the Numbat lode the standout result from an early-stage programme on largely untested ground with significant exploration upside remaining.
Drilling kicks off at high-grade Numbat lode as Metal Hawk secures $1.2M
RC drilling has commenced at the Numbat lode within the Thylacine prospect, and Metal Hawk Limited (ASX: MHK) has received firm commitments to raise $1.2 million (before costs) via a placement backed predominantly by existing shareholders. The drills are already turning, with initial assay results expected within 6–8 weeks.
Quick facts at a glance:
- RC drilling underway, targeting down-plunge and along-strike extensions of the Numbat lode
- Trigger intercept: 9m @ 12.3g/t Au from 70m, including 5m @ 20.7g/t Au from 72m (hole 26LSRC077)
- Placement: $1.2M (before costs) at 9.5 cents per share — a 5% discount to the last traded closing price of 10 cents
- 12,631,579 new fully paid ordinary shares to be issued in total
- Placement completion expected on or around 24 September 2026
- Initial assay results expected within 6–8 weeks, reported to market as received and verified
When big ASX news breaks, our subscribers know first
The Numbat discovery — why this intercept matters
The intercept that triggered this drilling program is the best result returned from drilling at Leinster South to date. It is open at depth and along strike, meaning the mineralised system has not been closed off in multiple directions and remains substantially untested.
What the numbers mean
Gold grade is measured in grams per tonne (g/t), which refers to how many grams of gold are present in each tonne of rock. For context, most large-scale open-pit gold mines operate economically at grades between 0.5g/t and 2g/t. At 12.3g/t, and with a peak grade of 20.7g/t over 5 metres, the Numbat intercept sits firmly in high-grade territory for an Australian gold exploration context.
The fact that this system is open at depth and along strike is significant for investors. It means geologists have not yet found the edges of the mineralisation. Down-plunge testing extends the search vertically, while along-strike testing extends it horizontally. Both directions remain open after this initial discovery hole, which is why follow-up drilling is the logical and warranted next step.
About the Leinster South project
The Leinster South project covers more than 430km², situated between 10km and 40km south of Leinster on the Agnew-Wiluna Greenstone Belt in Western Australia. Limited historical exploration has been conducted across the tenements, giving Metal Hawk a first-mover position across largely untested ground.
Metal Hawk identified high-grade surface gold at the Siberian Tiger prospect in August 2024, with subsequent work uncovering additional prospects including Thylacine and Tysons. Maiden drilling at Leinster South began in mid-2025, confirming high-grade gold mineralisation in bedrock across multiple prospects. The Numbat lode, located within the Thylacine prospect, is now the standout result from that programme.
Metal Hawk identified high-grade gold at Leinster South results confirming mineralisation in bedrock across multiple prospects, setting the foundation for the Numbat lode as the standout intercept from that maiden programme.
Placement structure — capital raised with shareholder alignment
The placement was managed directly by Metal Hawk, with only limited fees payable to brokers who introduced participants. The majority of the raise was completed by the company’s existing shareholders, and directors have agreed to subscribe for placement shares — subject to shareholder approval at a General Meeting. That combination of internal management, existing shareholder support, and director participation signals meaningful alignment between management and the shareholder base.
| Detail | Specifics |
|---|---|
| Total raise | $1.2M (before costs) |
| Issue price | 9.5 cents per share |
| Shares issued (ASX 7.1 capacity) | 12,268,421 new fully paid ordinary shares |
| Director shares (subject to GM approval) | 363,158 new fully paid ordinary shares |
| Expected completion | On or around 24 September 2026 |
Proceeds from the placement are directed at the ongoing RC drilling programme at Numbat, planned diamond drilling at the Thylacine prospect, regional exploration across Leinster South, and general working capital purposes.
Will Belbin, Managing Director, Metal Hawk Limited
“The strong support we’ve received from existing shareholders in this Placement reflects confidence in the Numbat discovery and the broader Leinster South opportunity. The raise is sufficient to fund the Company through multiple campaigns of RC and diamond drilling, which will aim to evaluate the extent of the Numbat lode. Importantly, it maintains Metal Hawk’s tight capital structure and provides shareholders with leverage to further exploration success.”
The next major ASX story will hit our subscribers first
What’s next — catalysts to watch
The near-term newsflow from Metal Hawk is clearly defined. Based on what the announcement discloses, here are the upcoming catalysts in sequence:
- RC drilling programme underway, testing down-plunge and along-strike extensions of the Numbat lode
- Initial assay results expected within 6–8 weeks from commencement
- Results to be reported to market as they are received and verified — rolling newsflow, not a single batch release
- Additional diamond drilling at the Thylacine prospect planned from placement proceeds
- Regional exploration activities to continue across the broader Leinster South project
- General Meeting to be held to approve director participation in the placement
The 6–8 week assay window is the clearest near-term catalyst on the horizon. Because results will be released as they are received and verified rather than in a single announcement, investors should anticipate a series of market updates rather than one definitive result. That rolling newsflow structure means the market will be digesting new information progressively as the drilling programme advances.
Don’t Miss the Next ASX Gold Discovery
Get FREE breaking ASX gold news delivered to your inbox within minutes of release, complete with in-depth analysis already done for you. Over 30,000 subscribers rely on Big News Blast to stay ahead of the market. Click the “Free Alerts” button to start receiving alerts the moment high-grade gold news like this hits the ASX.