Metal Hawk (ASX:MHK) share price jumps following investor update

It’s been another good day on the ASX so far for the mining exploration company

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The Metal Hawk Ltd (ASX: MHK) share price has soared into the green today.

In early trade, the mining company’s shares shot up by more than 20% to 94 cents. However, at the time of writing, they are changing hands for 78.5 cents, a 3.3% gain on the previous close.

The moves come after the company released an investor presentation regarding its Berehaven Nickel project.

Let’s dive in to investigate further.

What did Metal Hawk announce in its investor update?

In what’s been deemed a positive for the Metal Hawk share price today, the company gave a more comprehensive overview of its “massive” nickel sulphide discovery at the Berehaven site.

Metal Hawk stated there is “tremendous further discovery upside” with little to no previous exploration at the tenure.

In fact, the Western Australia site was “predominantly held previously by gold companies”, as per the release.

Labelled the “Commodore Nickel Discovery”, Metal Hawk intersected a “massive nickel sulphide” discovery in its maiden reverse circulation (RC) drilling program at the site, at 144 metres in its 2nd hole.

The Metal Hawk share price has soared by more than 300% since the company announced this discovery. This makes sense too, given the recent price nickel has been fetching in the commodity markets.

Nickel is currently trading in line with 5-year highs achieved earlier this year in February, at more than US$19,600/tonne.

Metal Hawk also highlighted that it has “up to $9.75 million in joint venture (JV) expenditure across multiple projects”. It also has earn-in projects with Chalice Mining Ltd and Western Areas Mining Ltd to “fund aggressive exploration”.

Next up for the company is its diamond drilling program to commence on 21 October, with additional assay results also expected in “early October”. It appears to be a busy couple of months ahead for the company.

Metal Hawk share price snapshot

The Metal Hawk share price has exploded over the past few days, after the announcement of a key nickel discovery earlier in the week.

Prior to this, it was trading sideways, without much excitement either way.

Nonetheless, the Metal Hawk share price is up more than 300% over the past week. It is also up more than 200% this year to date.

Should you invest $1,000 in Metal Hawk right now?

Before you consider Metal Hawk, you'll want to hear this.

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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