Haranga Resources (ASX: HAR) Resumes Drilling at Saraya Project, Targeting MRE Boost

Highlights

• Haranga Resources’ shares gained over 9% and traded at AU$0.180 apiece in the early hours on 19 February 2024.
• HAR has restarted reverse circulation drill campaign at its uranium resource, Saraya.
• Drilling contractor FTE Drilling has been hired for drilling at Saraya.
• HAR aims to increase the existing inferred JORC resource of 16.1Mlb U₃O₈ @ 587ppm at Saraya.
• Initial drill assays along with metallurgical results are expected in March.

Shares of Haranga Resources Limited (ASX:HAR; FRA:65E0) saw sharp gains on Monday, after the company announced that it has restarted its reverse circulation drill campaign at Saraya uranium project in Senegal. HAR shares jumped by over 9% and traded at AU$0.180 apiece on the ASX at the early trading hours on 19 February 2024. 

The Africa-focused multi-commodity company had initially started the RC drill campaign at Saraya in December 2023. It has appointed services of drilling contractor FTE Forage (FTE) for conducting drilling at its Saraya Project. FTE will complete drilling for the remaining 4,000-5,000m of reverse circulation drilling.

Also, extension drilling using the rig is underway at the Saraya uranium resource, where a JORC Inferred Resource of 16.1 Mlbs of U₃O₈ @ 587ppm has been defined by HAR. The rig is expected to complete around 1,000m of drilling at Saraya before it is shifted to the Mandankoly prospect.

More details

Post completion of the initial 1,000m at Saraya, the reverse circulation rig will be sent to Mandankoly for testing the previously unveiled auger drilling anomaly. Further, the rig will be mobilised to Sanela after completing drilling at Mandankoly, for testing the auger drilling anomaly at a geological contact between granite and sediments of the Birimian Formation.

Haranga expects to wrap up drilling in early March. Simultaneously, samples are being prepared at the Senegal’s field camp that will be sent to an independent lab in Canada for analysis. It is likely that the first results will be announced in late-March.

The company has received pXRF results determining the U content in the sample as well as anomalism.

Metallurgical testwork

Results from the metallurgical sample which was acquired from the previous Saraya diamond drill campaign conducted in 2023 are expected in March 2024. HAR is expecting the first results of the ore characterisation testwork in March, while the ASX-listed company is likely to announce a revised JORC resource in the second quarter of the year 2024.