Haranga Resources (ASX:HAR FRA:65E0) reports shallow widespread high-grade uranium mineralisation at Saraya

Highlights:

• Haranga Resources has completed its initial diamond drill campaign at the Saraya uranium prospect in Senegal.
• As per the results from initial downhole gamma logging, there is shallow widespread high-grade uranium mineralisation within the Exploration Target envelope.
• At a cut-off of 300 ppm eU₃O₈, the drilling program revealed 45 uranium intercepts, totalling 524 m of mineralisation at a weighted average grade of 775 ppm eU₃O₈.
• This average grade lies at the upper end of the eU₃O₈ grade range of the Saraya Prospect Exploration Target.
• The company aims to convert the Exploration Target to an initial Mineral Resource.

Multi-commodity focused company Haranga Resources Limited (ASX:HAR; FRA:65E0) has concluded its initial diamond drill campaign at the Saraya uranium prospect in Senegal.

As per the results of preliminary processing of the survey done using the standard calibration factors given in certificates of the gamma probes used, the program uncovered 45 uranium intercepts, totalling 524 m of mineralisation at a weighted average grade of 775 ppm eU3O8, at a cut-off of 300 ppm eU₃O₈.

It is important to note that this average grade is at the upper end of the exploration target grade-range.

Data source: Company update

Total 22 diamond drill holes were drilled for approximately 3,021 metres by International Drilling Company (IDC, Africa) with downhole radiometric logging by Terratec Geophysical Services (Germany).

Haranga carried out the drill campaign with the purpose of validating the geological model used to analyse the Exploration Target of 5 to 20 MT at a grade range of 350 to 750 ppm eU₃O₈ (4-35 Mlb contained eU₃O₈). The drill program was also undertaken to confirm the historical drill data and identify extensions to the known uranium mineralisation.

Location of the Saraya Uranium permit (1,650km²) and Ibel South Gold permit (182.25km²), including major gold resources of SE Senegal

First planned uranium MRE expected in Q2

“With some of these anomalies coinciding with historical uranium mineralisation from drilling, these anomalies point to the potential for further discoveries to be made across the 1,650 km² permit. With Haranga’s first planned uranium Mineral Resource expected in Q2, 2023, further results pending from the regional termite mound sampling program over the entire Saraya permit, infill sampling starting over the newly defined uranium anomalies, infill sampling across the Company’s 100% owned Ibel South gold project and the Company being on the lookout for additional projects, this quarter should be a strong news flow period,” Mr Davy added.

A look at HAR plans for the reported Uranium mineralisation

The latest drill results follow the recent discovery of a number of additional uranium anomalies outside of the Saraya Prospect.

Haranga plans to announce the final eU₃O₈ results after processing the results of the uranium ICP-MS analyses. The company will take forward the process of creating a geological domain model to support a future mineral resource classification as per the JORC Code (2012). This work is likely to be concluded during the second quarter of the year 2023. However, it remains subject to the essential approvals and permits as required for export of the radioactive samples.

Stock price up 81% on YTD basis

HAR shares traded at AU$0.200 midday on 1 March 2023, up more than 11% from the last close. The stock has appreciated by over 81% on a year-to-date basis.