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Highlights
- Haranga completed the acquisition of the Lincoln Gold Project (100% interest) following comprehensive due diligence.
- Received encouraging gold intercepts at Lincoln, including grades up to 304.5 g/t Au.
- Delivered positive maiden drill results at Ibel South, with grades reaching 32.09 g/t Au.
- Secured approvals for a 3,000m second-phase Aircore drill program at Ibel South.
- Raised AUD 14 million in an oversubscribed placement to advance exploration and development.
- Renewed the Saraya Uranium permit in Senegal, extending tenure through to 2027.
Haranga Resources Limited (ASX:HAR) has delivered a milestone September 2025 quarter, marked by the transformational acquisition of the Lincoln Gold Project in the USA and high-grade drill results from its Ibel South Gold Project in Senegal. The company completed due diligence and secured all operational approvals at Lincoln while launching preparations for maiden underground drilling.
Lincoln Gold Project Acquisition Completed
Haranga Resources completed the transformational acquisition of the Lincoln Gold Project following comprehensive technical, legal, and financial due diligence.
Lincoln benefits from approximately AUD 90 million of prior capital investment, which includes:
- A processing plant with a 315,000 tonnes per annum capacity,
- An 880-metre underground decline and a 900-metre development drive,
- Established workshops and offices,
- Key foundational permits such as a Conditional Use Permit, and
- An existing NI 43-101 (non-compliant) Mineral Resource Estimate of 958,910 tonnes at 9.29 g/t Au, equating to approximately 286,000 ounces of gold.
High-Grade Gold Intercepts at Lincoln
Due diligence sampling results from historic drill core and pulps returned significant gold intercepts, including:
As per the company, all safety and compliance requirements have been met, granting access to the Stringbean Alley Decline, allowing dewatering to commence. Haranga has awarded the maiden drill contract to Swick Mining Services, one of the world’s largest mineral drilling contractors. Swick will mobilise a Gen II underground diamond rig from Nevada, with drilling preparation underway for commencement in November 2025.
Ibel South Drill Program Success
A 41-hole, 2,000-metre maiden Aircore (AC) drill program was completed at Ibel South, returning encouraging gold results, including:
Individual single-metre grades reached up to 32.09 g/t Au, with 13 results exceeding 10 g/t Au. Drilling results suggest that high-grade mineralisation could extend laterally for more than 700 metres, with potential for a greater strike length if zones connect.
Second-Phase Drilling Approved at Ibel South
Post-quarter, the company secured all approvals for a second-phase 3,000m AC drill program, with logistics underway. Drilling is scheduled to begin in early November to confirm and extend the broad, shallow, high-grade zones identified earlier.
Corporate & Funding Advances
During the quarter, Haranga’s board was realigned to focus on advancing the Lincoln Gold Project, with two new directors appointed. Both were directly involved in the project’s acquisition and due diligence, ensuring continuity as the company progresses toward JORC conversion, resource expansion, and near-term production.
Post-quarter, the company raised AUD 14 million through an oversubscribed, two-tranche placement cornered by Collins St Gold Fund. The funds are expected to accelerate the maiden JORC resource estimation at Lincoln and advance the project toward production readiness.
Saraya Uranium Permit Renewed
In addition, the Saraya Uranium exploration permit was renewed for a further three years to 2027. Saraya holds a JORC uranium mineral resource of 14.5Mt @ 550ppm for 17.6Mlbs of contained eU₃O₈ (Indicated and Inferred).
Next Steps
Haranga is advancing toward its maiden underground drill campaign at Lincoln, with Swick Mining Services mobilising equipment from Nevada. The upcoming program would include up to 2,500 metres of HQ-size diamond drilling from the Stringbean Alley Decline, operating continuously. The objective is to convert the existing historical resource at Lincoln-Comet into a JORC-compliant mineral resource estimate by January 2026.
Following this, Haranga plans to extend the resource with step-out drilling at Lincoln and Comet, and to test additional high-priority exploration targets such as South Spring Hill and Medean (Keystone) veins.
At Ibel South, the company has completed assay integration for both composite and single-metre samples, confirming previously reported high-grade results. The second-phase aircore program (~3,000m) will target infill and step-out drilling to refine grade continuity and extend mineralised trends.
Shares of HAR traded at AUD 0.135 at the time of writing on 04 November 2025.
