Haranga Resources (ASX: HAR; FRA: 65E0) Plans July Drilling at Lincoln Gold Project Amid Acquisition Progress

Highlights

• Haranga has executed a binding agreement for acquiring 100% of the Lincoln Gold Project in California.
• The Lincoln Gold Project spans 322 hectares along 5.8 km of California’s historically rich Mother Lode gold belt.
• Drilling is planned in July 2025, targeting strike and depth extensions.
• Existing permits allow 315,000 tonnes of ore processing annually, with room to expand.
• On track for phased development toward a near-term gold production decision.

Haranga Resources Limited (ASX: HAR; FRA: 65E0) has entered a new phase of its growth strategy, notably enhancing its global gold portfolio. The company has executed a binding agreement with Seduli Holdings (Australia) Ltd to acquire 100% of the equity in Seduli Sutter Operations Corporation, the owner of the highly prospective Lincoln Gold Project in California, the USA.

Located in the heart of Amador County, approximately 60 km southeast of Sacramento, the Lincoln Gold Project encompasses 322 hectares across 47 property parcels. Strategically positioned along a 5.8 km stretch of California’s famed Mother Lode, this region is historically known for its exceptionally rich gold mineralisation, having produced approximately 3.4 million ounces at grades over 8 g/t Au.

Drilling planned for July

As per the company, the Lincoln Project offers significant exploration upside, with clear potential for strike extensions and deeper repetitions of high-grade gold mineralisation. A historical NI 43-101 resource was defined in 2015, providing a foundation for further resource growth. Haranga plans to fast-track the conversion of this resource to JORC-compliant standards, with drilling expected to commence in July 2025.

The project benefits from extensive infrastructure, including a surface processing plant, workshops, offices, and established underground workings, including an 880 m decline and 900 m of ore drives.

Haranga is also undertaking a capital raising program, and shareholder approval for the acquisition and second tranche of the AUD6mn capital raise will be sought in a general meeting planned for 11 June.

Permits in Place: Lincoln Gold Project  

The Lincoln Gold Mine is a near production project, backed by key approvals including perpetual Conditional Use Permits granted in 2007 by Amador County. These permits allow processing of up to 315,000 tonnes of ore annually, with flexibility to expand as gold resources grow, ensuring scalability alongside exploration success.

Haranga plans to progress development through a phased strategy:

• Phase 1: Finalise financial and legal due diligence, ahead of shareholder approval expected on 11 June 2025.
• Phase 2: Commence resource growth drilling in July, targeting extensions and conversions to JORC, while pursuing lease expansions and historical tailings.
• Phase 3: Restart planning and feasibility updates to align with current market conditions and gold prices.
• Phase 4: Move toward a production decision, targeting near-term gold output.

The proposed acquisition of the Lincoln Gold Project provides Haranga with a defined opportunity to advance toward gold production in a well-known mineralised region. With established infrastructure, existing permits, and a planned drilling program, the project is expected to delivere resource growth and support future development.

HAR shares were trading at AU$0.049 at the time of writing on 15 May 2025.