Haranga Resources’ (ASX:HAR/FRA:65E0) 1H update: New uranium targets and progress to Saraya MRE

Highlights

• Haranga Resources progressed exploration work with major focus on Saraya uranium project during the first half.
• The period saw maiden diamond drill program on the project, uncovering 45 uranium intercepts and intersecting uranium mineralisation in every hole.
• The company is advancing towards the completion of a maiden mineral resource estimate.
• The termite mound infill sampling program on the Ibel South Gold project indicated that 185 termite mound samples contained over 30 ppb gold.
• The company appointed Peter Batten, a highly experienced Managing Director with a track record in uranium.

Australian mineral explorer Haranga Resources Limited (ASX: HAR, FRA: 65E0) has released half-yearly performance report for the period ended 30 June 2023. The period saw major developments across the Saraya uranium and Ibel South gold projects.

After the first half, the company appointed Peter Batten as Managing Director. To know more, read here. 

Developments at Saraya uranium project

During the half year, the company completed maiden diamond drill program on the Saraya uranium project, comprising 22 holes for 3,021 metres. Downhole radiometric logging indicated substantial uranium mineralisation in all the drilled holes.

Preliminary processing of the survey results reported encouraging results - at a cut-off of 300 ppm eU₃O₈, the program indicated 45 uranium intercepts, totalling 524 metres of mineralisation at a weighted average grade of 775 ppm eU₃O₈. Worth mentioning here is that the average grade was at the higher end of the target grade range from the exploration target.

After completing the maiden drill program, HAR is advancing towards maiden mineral resource estimate (MRE) completion. Significant progress has been made, such as assaying of drill core samples and discussion with resource and database consultants.  

The period saw re-assaying of termite mound samples collected from the Saraya prospect. The results suggested a significant improvement in the detection limit to 2.5 ppm from the earlier 7.5 ppm.

Based on the permit-wide termite mound sampling program results, the technical team highlighted four prime areas for follow-up infill sampling -- Saraya NNE, Saraya South, Mandankoli and Sanela. The sampling of the Saraya NNE grid covered the Diobi prospect.

Throughout the period, the termite mound infill sampling continued, and 9,272 samples were collected. In-house XRF analyses are underway. All programmed infill sampling comprising 12,324 samples is expected to be concluded shortly.

Ibel South Gold Project

The Ibel South gold permit is located near the Sabodala-Massawa gold mine, which has 8.7 Moz of gold. The company informed that the structural setting of the project shows high prospectivity for gold mineralisation.

The company conducted a termite mound infill sampling program over the area where highly anomalous gold values were found during the historical termite mound and soil sampling.

Under the campaign, 2,026 samples were assessed by employing the fire assay method. The results indicated that 185 termite mound samples contained over 30 ppb gold and also defined an NE trending anomaly over 2.5 km long. The most significant results detected in the samples were 545 ppb and 643 ppb.

HAR shares last traded at AU$0.14 apiece on 5 September 2023.