Haranga Resources (ASX: HAR FRA:65E0) identifies new drill targets at Ibel South gold permit

Highlights

• Haranga Resources identifies 5km long anomaly from termite mound sampling at the Ibel South gold permit and outlines immediate drill targets.
• The anomaly contains up to 643 ppb Au.
• The company will continue to infill sample the permit, so as to define more drill targets.

In the latest announcement, Haranga Resources Limited (ASX: HAR FRA:65E0) has shared an update on ongoing exploration activities at the Senegal-based gold permit, Ibel South. The company has concluded a termite mound infill sampling program on an area which saw highly anomalous gold values of <180 ppb from historical termite mound and soil sampling.

Post the announcement, HAR shares were spotted trading at AU$0.130, approximately 8.3% higher from the last closing price. The company has a market cap of AU$7.21 million.

Key details of the program

Total 2,026 termite mound samples were collected and analysed during the infill sampling program in Q1 2023. The previously known gold anomaly was confirmed in the results to be present over volcano-sedimentary units of the Birimian Formation. Around 185 termite mound samples had over 30 ppb gold and defined a >2.5 km-long anomaly trending northeast.

As per the firm’s technical team, this structural setting near the competency contrast between sedimentary sections and granite is highly prospective.

Considering the density of the sampling grid and the quality of the results, follow-up drilling (air core or reverse circulation) will be conducted. The layout for this drill campaign will be designed by the technical team of the firm. In the permit perimeter, there has been no drilling previously.

During the program, the sampling team also found multiple artisanal gold workings south of the sampling grid after completion of the field work. Additional termite mound infill sampling will be carried out for assessing the prospectivity of the area where the workings were detected.

Data source: Company update

More about Ibel South Gold Permit

The Ibel South gold permit is based in the Kenieba inlier of Birimian Formation in southeastern Senegal, where >40 Moz Au has been discovered. Presently, many mining firms are exploring (for) and mining gold in this region.

The permit is about 80 km SW of the Sabodala-Massawa gold mine, which has 8.7 Moz Au. It is at the southern end of the gold prospective Main Transcurrent Shearzone (MTS), which has the Sabodala-Massawa gold mine.

In the permit area, the MTS is based along a contact between competent granite and highly deformed volcano-sedimentary greenstone units of the Birimian Formation, creating a rheological competency contrast. According to the company, such structural setting is considered to be highly prospective for gold mineralisation.

Furthermore, the permit area is situated within 65km of the Saraya Uranium Project of Haranga Resources. This would allow exploration to be serviced directly from the company’s 40-man exploration camp near Saraya.