Haranga Resources (ASX: HAR) shares jump on discovery of new uranium anomalies at Saraya’s Mandankoly prospect

Highlights

• Haranga Resources has defined two new significant uranium anomalies at Mandankoly prospect.
• Uranium concentrations in these anomalies have been recorded at up to 15ppm, seven times higher than the 2ppm background levels.
• Auger drilling and regional/infill termite mound sampling is continuing.
• HAR plans to re-commence RC drill targeting across Saraya for a potential resource expansion.

Shares of ASX-listed Haranga Resources Limited (ASX:HAR; FRA:65E0) jumped over 6% to trade at AU$0.260 apiece during the early trading hours on 17 January 2024. The jump in share price followed an encouraging company update, suggesting the discovery of new significant uranium anomalies at Mandankoly prospect within the Saraya uranium permit. 

Saraya, covering an area of 1,650km², is the company’s flagship project in Senegal. 

Infill survey, comprising 4,065 termite mound samples on a 200m x 50m grid, has defined two notable uranium anomalies, bringing the total number of close spaced infilled drilled uranium anomalies to five. Also, these discoveries exclude the Company’s JORC compliant 16.1Mlbs U₃O₈ inferred mineral resource @ 587ppm on the permit.

Haranga is advancing auger drilling along with regional/infill termite mound sampling across the permit.

More

On a 1000m by 100m scale, the company finalised an initial permit wide termite mount sampling campaign. Within this study, elevated grade results were utilised to establish the parameters of a 200m x 50m infill sampling grid.

The Mandankoly sampling followed infill sampling activities at Sanela and Diobi, where previously located anomalies are being followed up by auger drilling. After the finalisation of the sampling program at Mandankoly, the infill campaign was shifted to Saraya South.

The Mandankoly infill sampling identified two uranium anomalies which exceed 600m in length and the uranium concentration returned is 7x higher than background levels. The identified anomalies lie in incised topography and demonstrate potential link to mineralisation in the granite below the lateritic cover. This mirrors the Saraya’s JORC Inferred resource.

The company informed that for drill testing the identified anomalies, all field preparations are underway, and auger drill will be moved to location when it becomes available. The aim of auger drilling will be to reach the saprolitic profile of the underlying rocks and to look for the source of the termite mound anomalies.

Ongoing exploration campaigns

At the Saraya Uranium Project, presently, the company is continuing with the XRF assaying with termite mound samples from Saraya South prospect. At Saraya East, the infill termite mounds sampling has started. After its completion, the company will conduct sampling on two more blocks of the permit scale survey to cover the unsurveyed 28% of its surface.

Meanwhile, metallurgical sample is enroute to Canada for analysis. Following the receipt of results, Haranga plans to upgrade the existing uranium resource from Inferred to Indicated.