Haranga Resources (ASX:HAR; FRA:65E0) Advances Lincoln Gold Project with Positive Technical Due Diligence

3 min read | July 07, 2025 11:15 AM AEST | By Sonal Goyal

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Highlights

Haranga Resources confirmed consistent high-grade gold mineralisation through targeted sampling at the Lincoln Gold Project.

New assay results reported a positive correlation with historical data, validating previous exploration work.

Individual sample grades varied due to coarse gold; averaged intervals remained within acceptable limits.

Standout assays from individual samples included grades as high as 304.5 g/t Au.

Acquisition of the Lincoln Gold Project is expected to be finalised by the end of this week.

Haranga Resources Limited (ASX:HAR; FRA:65E0) has reported encouraging results from its technical due diligence sampling program at the Lincoln Gold Project in California.

As part of its assessment process, the company conducted targeted sampling of selected historical drill core and pulp samples from mineralised zones across the project. The assay results confirmed the presence and consistency of high-grade gold mineralisation, supporting the reliability of historical data and enhancing confidence in the project's drill database for future resource estimation.

A comparison between new and historic assay results revealed a positive correlation, indicating the ‘robustness’ of the earlier exploration work and no bias. Despite the presence of high-grade mineralisation, the comparison showed grade stability.

The analysis further highlighted that while individual sample grades may vary due to coarse gold, the average grades over intervals remained consistent and within acceptable limits.

Most significant gold intercepts include-

Sampling Program Details

As part of its due diligence for the Lincoln Gold Project, the company conducted a resampling and re-assaying program to validate historical gold data and support potential conversion of a JORC-compliant resource where applicable.

A total of 250 samples, including 204 assay samples and 46 certified reference materials (CRMs), were sent to ALS Laboratory in Reno, Nevada, across various sample streams. The multi-element tests detected expected associations with arsenic (up to 1%) and sulphides (up to 2%). No additional mineralisation of significance was identified.

Detailed Outcomes of the Sampling Program

The individual gold assay results confirmed the high-grade nature of the project, displaying the expected variability in total metal content without any anomalies. Notably, there were no instances of high-grade samples being misreported as subgrade, or vice versa.

The program has added confidence to the historical database and support its use in future resource estimation. Results indicate that fire assay using a 50-gram charge (FA50) is an appropriate method for this deposit type, though larger sample sizes are recommended. The correlation between original and repeat assays behaved as expected for a high-grade gold deposit, with large variations mostly at higher grades.

Haranga plans to increase sample size to further improve assay variability, by using HQ diamond drilling with metric tooling and submitting half-core samples for analysis.

Project Acquisition Nearing Completion

The company also announced that it expects to finalise the acquisition of the Lincoln Gold Project by end of this week. Haranga is currently completing administrative formalities, including share transfers, execution of various agreements such as deeds of assignment and assumption, and the fulfilment of other remaining conditions precedent.

Plans ahead

Haranga Resources has already mobilised staff and commenced site preparations at Sutter Creek, California, ahead of the planned Phase 1 diamond drilling program scheduled for August 2025. Applications for underground access have been submitted, and the company is currently awaiting official approval.

The planned 2,000 to 2,500m of HQ diamond drilling will begin once dewatering efforts have successfully lowered the mine water level below the 500 level and the underground backs and infrastructure are confirmed to be safe for entry sand drilling activities.

HAR Shares Rally

Following the update, HAR shares were trading 6.17% higher at AUD 0.086 per share at the time of writing on 7 July 2025.

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