Manhattan Gold Launches First Modern RC Drilling at Hook Lake, Expands Nunavut Land Holdings and Secures Key Permits and Grant

Exploration Camp Setup and Maiden Modern Drilling at Hook Lake

In May 2026, Manhattan Gold established its exploration camp at the Hook Lake Project, staging equipment through Arviat to support its most extensive exploration effort since 1988. The company began reverse circulation drilling in June 2026, with the 4,000-metre campaign representing a major advancement after more than three decades without modern drilling. The onsite infrastructure underscores Manhattan’s commitment to rapidly testing multiple exploration targets during the 2026 field season.

The RC drilling targets five distinct prospects simultaneously: the Jaws prospect, where confirmation and strike-extension drilling will cover a potential 3.3-kilometre trend including areas below a historical 1988 estimate (not compliant with JORC Code 2012 standards); the Quantum and Lotus gold-silver vein systems, tested for the first time following 2025 rock samples with high-grade values up to 16.75 g/t gold and 2,660 g/t silver; the Spectre polymetallic target hosting copper-zinc-gold-silver massive sulphide lenses last drilled in 1974; and the Omega structural target. This multi-target approach enables efficient evaluation of the most promising areas.

Federal Approvals, Seven-Year Permits, and CA$250,000 Government Grant

Manhattan’s Hook Lake drilling program received formal approval from Canadian federal authorities. The Federal Minister accepted the Nunavut Impact Review Board’s positive screening decision, resulting in seven-year drilling permits issued to Manhattan’s wholly owned subsidiary, 6106 Resources Limited. These permits authorize all anticipated exploration activities, providing operational certainty over multiple field seasons. Additionally, Manhattan secured final approvals from the Kivalliq Inuit Association to build the exploration camp and conduct RC drilling on Inuit Owned Lands, fulfilling all stakeholder requirements.

The Nunavut Department of Economic Development and Transportation granted Manhattan CA$250,000 under the Discover, Invest, Grow Program following a successful Nunavut Exploration Support Program application. This funding will directly support the Hook Lake drilling program and highlights Nunavut’s attractiveness for early-stage mineral exploration. The combination of long-term federal permits and territorial government grants underscores strong regulatory and financial support for Manhattan’s regional exploration ambitions.

Land Expansion Secures Additional Banded Iron Formation Targets

Manhattan expanded its minerals exploration agreement with Nunavut Tunngavik Incorporated after receiving Kivalliq Inuit Association approval. The land parcels AR-16 and AR-25 increased by approximately 15 square kilometres to a total of 338 square kilometres. These additions extend along strike and to the southeast and partly southwest of key orogenic gold and polymetallic prospects such as Jaws, Omega, and Spectre, capturing the remaining Banded Iron Formation with important shear zones and folding structures considered prime targets for further gold mineralisation.

Under the updated agreement managed through Manhattan’s wholly owned Canadian subsidiary 6106 Resources Limited, the company holds 100% mineral interest over the expanded lands for a 20-year term. This extended tenure offers substantial time to explore and develop discoveries on Inuit owned lands. The expansion ensures a more complete geological trend is covered and mitigates the risk of other parties holding significant Banded Iron Formation targets. The Kivalliq Inuit Association’s approval reflects successful community engagement and Manhattan’s capability to navigate Nunavut’s complex stakeholder approval processes.

High-Grade Assays at Vanquish Prospect and Completion of Geophysical Surveys

Following the quarter’s end, Manhattan completed key geophysical and sampling programs enhancing drill targeting. Channel sampling at the newly discovered Vanquish prospect, 80 kilometres west of Hook Lake, returned gold grades up to 20 g/t. This high-grade discovery indicates mineralisation extends across a broader area than previously recognized, suggesting significant exploration upside.

Manhattan also completed a high-resolution LiDAR and orthophoto survey at 10 pulses per square metre and a high-resolution aeromagnetic survey across the project. These datasets, combined with a till sampling survey designed with SLR Consulting expertise to assess mineralisation beneath shallow glacial cover, will refine drill targeting. The till sampling program focuses on gold and polymetallic potential across the Vesper-Jaws-Omega trend, providing critical geophysical and geochemical tools to optimize exploration and identify additional targets.

Historical Resource Estimates and Jaws Prospect Considerations

The Jaws prospect is based on historical data from 1988 and earlier 1974 drilling at the Spectre target. A historical estimate cites roughly 3.4 million tonnes grading 2.38 g/t gold, equating to about 285,000 ounces of gold. However, Manhattan notes this is a "foreign" estimate not compliant with JORC Code 2012 standards, lacking sufficient information on methodology and assumptions. Consequently, no competent person has classified it as an Exploration Result, Mineral Resource, or Ore Reserve under JORC standards.

Manhattan’s RC drilling aims to test and potentially validate mineralisation at Jaws, but the historical estimate cannot be relied upon as current information. Investors should consider this estimate as historical context only and await assay results from the ongoing drilling to evaluate mineralisation potential.

Spectre Polymetallic and Omega Structural Targets

The Spectre prospect is a volcanogenic massive sulphide target with copper-zinc-gold-silver mineralisation in massive sulphide lenses. Limited historical drilling was last conducted in 1974 at about 60.96 metres depth. The RC drilling will assess continuity and deeper potential of these lenses. Spectre represents a distinct exploration style from the orogenic gold targets at Jaws, Quantum, and Lotus, broadening Manhattan’s portfolio.

The Omega prospect features a seven-by-one-kilometre Banded Iron Formation with deformation and structural targets along strike from known gold occurrences. This geological framework suggests gold mineralisation may extend beyond currently known areas. Till sampling and aeromagnetic data will refine structural and mineralisation targets at Omega, potentially identifying further drill sites.

First Drill Testing of Quantum and Lotus High-Grade Gold-Silver Vein Systems

The 2026 RC drilling program is the first to test the Quantum and Lotus gold-silver vein systems. Rock sampling in 2025 returned high-grade assays up to 16.75 g/t gold and 2,660 g/t silver, indicating significant vein mineralisation. Drilling will evaluate vein width, continuity, and economic potential, providing critical data on vertical and lateral extent.

These high-grade veins could represent economically viable targets if drilling confirms substantial widths and strike lengths. Assay results from Quantum and Lotus will be released periodically, enabling investors to assess the translation of surface sampling to drill intercepts.

Nunavut Exploration Grant Highlights Regional Investment Appeal

The CA$250,000 exploration grant awarded under Nunavut’s Discover, Invest, Grow Program underscores territorial government support for early-stage mineral exploration. Awarded through the Nunavut Exploration Support Program, the grant directly funds the Hook Lake drilling program, easing Manhattan’s 2026 exploration costs and affirming Nunavut’s status as an investment-friendly jurisdiction. The program encourages fieldwork and contributes to Nunavut’s mineral development pipeline.

The combination of government grants, streamlined drilling permit approvals, and structured Inuit community engagement through Nunavut Tunngavik Incorporated establishes Nunavut as a jurisdiction with clear regulatory pathways and stakeholder protocols. For Manhattan, this support reduces costs and aligns the Hook Lake Project with territorial economic goals, reinforcing Nunavut’s attractiveness for exploration investment.

Anticipated Assay Results and Till Sampling to Enhance Targeting

Manhattan’s upcoming milestone is receiving assay results from the ongoing 4,000-metre RC drilling. Results will be released periodically over coming months as laboratory analyses conclude. These data will be crucial to determine whether high-grade surface samples at Quantum, Lotus, and Vanquish correspond to drill intercepts and to evaluate the geological validity of the historical Jaws estimate. The staggered assay releases will provide continuous updates for investors monitoring exploration progress.

The project-scale till sampling survey, developed with SLR Consulting’s surficial geology expertise, will evaluate gold and polymetallic mineralisation potential beneath shallow glacial cover along the Vesper-Jaws-Omega trend. Till sampling offers a cost-effective method to detect mineralisation signatures in covered terrain and supports drill targeting refinement based on geochemical anomalies. Combined with completed high-resolution LiDAR and aeromagnetic surveys, the till sampling data will equip Manhattan with integrated geophysical and geochemical tools to optimize exploration strategy and identify new targets beyond current drill plans.