Saraya maiden uranium resource lights up Haranga (ASX: HAR, FRA: 65EO) September quarter report

Highlights

• Haranga Resources continued ongoing field exploration and termite mound sampling over the Saraya Permit during the September quarter.
• The period saw release of maiden Uranium Mineral Resource Estimation (MRE) for the Saraya deposit.
• The company identified new uranium anomalies, demonstrating extension potential.
• HAR concluded preparations of auger samples in Q3, which will be assayed in Q4.
• At Ibel South, HAR defined drilling targets.

Haranga Resources Limited (ASX: HAR, FRA: 65EO) marked a super busy September quarter, registering developments across its Saraya Uranium Project and Ibel South gold project.

During the period, the company also unveiled a placement to raise AU$2.86 million. The period also saw the appointment of experienced company director and uranium geologist, Mr Peter Batten, as Managing Director.

The recently released report for the three-month period ended 30 September 2023 states details of key activities and progress made during the quarter.

Developments across Saraya Uranium Project

The company continued the ongoing field exploration and termite mound sampling over the Saraya Permit during the September quarter. More than 12,823 termite mound samples were gathered by quarter end.

Over 70% of the permit is now spread over a 1000m by 100m grid pattern. While Blocks 1-4 were sampled in 2022, Blocks 5 and 6 were partially sampled in 2022 and completely in Q1-Q2 2023. Block 7 was completed in Q2 2023, while Block 8 is in process. Block 9 and 10 was completed in the third quarter of 2023.

The company is planning to acquire a more modern, powerful, and faster XRF device in the fourth quarter.

Targeted Geochemistry - HAR advanced regional geochemistry surveys as well as infill targeted geochemistry surveys to better define targets within regional anomalous zones.

In the Saraya NNE grid, key uranium anomalies were detected in Q2, including the Diobi anomaly, where uranium mineralisation was intercepted during historical drilling.

Acquisition of new datasets - The firm discovered datasets which were previously unavailable, such as unscanned paper logs from the Cogema 1980s programs, new probe LAS files from the Areva 2009 drilling programs, monthly reports from the 1980s, old maps of geology, hydrogeochemistry, outcrop mapping, radiometrics, Magneto Telluric (VLF) survey, and structural lineaments. The data provides insights into historical work conducted in the area and contributes to the ongoing analysis.

Auger Campaign - In the second quarter, an 80-hole auger program was done north of the Saraya prospect to analyse whether such drilling was apt for the terrain. The auger rig penetrated the laterite crust successfully in two third of the holes. HAR concluded preparations of auger samples in Q3, which are planned for assaying in Q4.

Maiden Mineral Resource Estimate at Saraya Prospect - Haranga completed maiden Mineral Resource Estimate for the Saraya deposit in the third quarter and reported Inferred mineral resources of 12.5 Mt at a grade of 587 ppm eU₃O₈ for a contained 16.1Mlbs of eU₃O₈at a cutoff grade of 250 ppm.

The majority of this resource is of high grade, potentially apt for shallow open-pit mining within 160m of the surface.

Image source: Company update

Going forth, HAR intends to upgrade the resource on the basis of metallurgical testwork and enhanced assay confidence, which is likely to complete in the fourth quarter.

Drilling targets defined at Ibel South Gold Project

In Q3, a supplementary geochemical grid was executed on termite mounds at Ibel South's primary gold anomaly at intervals of 200m x 50m. Also, the period saw infill gochemistry analysis in Bamako's SGS laboratory that validated and detailed the previously identified gold anomalies.

A total of 185 termite mound samples contained over 30 ppb of gold, defining a NE trending anomaly over 2.5 km long.

The assays validated drilling targets at the project, detailing a NE trending gold anomaly extending more than 2.5km, with gold concentrations peaking at 545 and 643 ppb.

HAR executed a new sampling grid south of Ibel’s initial grid during the quarter. Over 1,500 samples from termite mounds on laterite are being prepared for submission in the laboratory in the fourth quarter.

HAR shares traded at AU$0.16 midday on 27 October 2023.