Metal Hawk shares sink -50% as gold drill results disappoint
Spare a thought for Metal Hawk (ASX:MHK) shareholders on Thursday: the company’s latest RC gold drilling results at its Thylacine project have been dismissed as a duster by the market.
Shares in MHK were down an eye-watering -50% in the first hour of trades as investors and traders alike seemingly took their money elsewhere.
To be fair, the company sunk that much on a somewhat low volume of trades (around $340K of trades as at 8.45am AWST) and one year returns still remain resilient at +302%.
But, as ever, grade is king. Or not so much in this case. Metal Hawk reported on Thursday:
- 01m @ 1.6g/t gold from 11m depth
- 01m @ 1.0g/t gold from 30m depth
- 01m @ 3.5g/t gold from 57m depth
- 01m @ 2.6g/t gold from 85m depth
The problem with these results is fairly obvious: the company is relying on drill intersections only one metre on length. That typically isn’t enough to excite investors – especially not when the small end of the materials sector is currently looking healthier than it was at the start of the year.
MHK last traded at 18.5cps.
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Last
13.5¢ |
Change
-0.005(3.57%) |
Mkt cap ! $16.65M | |||
| Open | High | Low | Value | Volume |
| 14.0¢ | 14.0¢ | 13.5¢ | $18.73K | 134.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 73779 | 13.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 16.0¢ | 18527 | 2 |
View Market Depth
| Last trade - 15.52pm 12/09/2025 (20 minute delay) ? |
| MHK (ASX) Chart |