Haranga Resources (ASX:HAR) Expands Uranium Potential with Updated Saraya MRE and Sanela Discoveries

Highlights

• Classified MRE at Saraya includes a total of 17.6Mlbs of eU₃O₈, with an average grade of 550 ppm eU₃O₈ at a 250ppm cut-off.
• At the Sanela prospect, auger drilling highlighted significant uranium anomalism over a 2km stretch.
• After the quarter, Haranga submitted applications for drilling permits to conduct 2,000m aircore drilling targeting known gold anomalism at Ibel South.
• HAR secured AU$500,000 in funding for continued exploration.

Haranga Resources Limited (ASX:HAR; FRA:65E0) advanced uranium exploration with significant developments in the latest quarter ended 30 September 2024. Notable developments during the quarter included an upgrade to the Saraya Mineral Resource Estimate (MRE) and new uranium discoveries at the Sanela prospect through auger drilling.

Updated Saraya Mineral Resource Estimate

The company has updated the classified MRE for the Saraya Uranium Project, which now contains a total of 17.6 million pounds (Mlbs) of eU₃O₈, with an average grade of 550 ppm eU₃O₈ at a 250ppm cut-off. This estimate comprises an indicated mineral resource of 6.7Mlbs of eU₃O₈ at a grade of 740 ppm eU₃O₈ and an inferred mineral resource of 10.9Mlbs of eU₃O₈ at a grade of 475 ppm eU₃O₈.

Saraya Classified Mineral Resource Estimate – 250 ppm eU₃O₈ cut-off
Data source: Company update

The entire permit area has been extensively covered by termite mound sampling, conducted on a grid scale of 1000m by 100m, and a total of 15,845 samples collected. This sampling program marked the completion of Stage 1 of a four Stage exploration process. The permit-scale grid pXRF results have identified 15 infill targets along a mineralised corridor approximately 30km in length.

At the Saraya Uranium Project, the current goal is to design a drilling program to explore potential extensions to the existing mineralisation. Positive results from this program will be used in preparing subsequent studies to support future development decisions.

Positive Results from Sanela Auger Drilling

At the Sanela prospect, continued success from auger drilling highlighted significant uranium anomalism over a 2km stretch, with 234 out of 337 holes showing uranium concentrations 5 to 45 times background levels.

Aircore drilling Permit Applications for Ibel South

Post quarter, Haranga submitted applications for drilling permits to conduct a 2,000m aircore drilling program targeting known gold anomalism at Ibel South.

Funding secured for exploration

Recently, in November, the company updated on securing AU$500,000 of funding through a convertible unsecured non-recourse loan facility. Funding will go towards advancing the Company’s 100% owned Ibel South Gold Project to “drill ready”, continued auger drilling at the Saraya Uranium Project, review of new complimentary opportunities (Gold and Clean Energy) and working capital

As of 30 September 2024, Haranga and its subsidiaries had AU$32k in cash reserves.

HAR shares traded at AU$0.056 each on 11 November 2024 with a market cap exceeding AU$5 million.