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Highlights
- Haranga Resources acquires an advanced gold project in a historically rich California region.
- The Lincoln project showcases significant existing infrastructure with vast potential for resource expansion.
- No deep drilling has been conducted, presenting an open depth exploration opportunity.
Haranga Resources (ASX:HAR) has made a strategic acquisition of the Lincoln gold project located in the heart of California's renowned Mother Lode gold belt, known for its historic gold rush. This move places Haranga in control of one of the most prospective segments of this famed region, stretching 190 kilometers along the western foothills of the Sierra Nevada.
The Lincoln project includes substantial indicated and inferred gold resources, totaling 286,000 ounces with high grades averaging 9.3 grams per tonne. This encompasses 189,000 ounces at 9.9 g/t in the Lincoln and Comet deposits, situated just 200 meters apart, and an additional 97,000 ounces at 8.3 g/t in the Medean deposit.
Historic Production and Untapped Potential
Historically, the Lincoln project has been part of an area that produced roughly 3.4 million ounces of gold, with about half derived from the Jackson-Plymouth segment where Lincoln is located. Despite this rich production history, Haranga has identified that no exploration has exceeded 150 vertical meters below the surface, suggesting that the mineralization could extend much deeper.
The company believes that the connection between the Lincoln and Comet deposits and the surrounding 38 individual gold-bearing quartz-ankerite veins represents an underexplored area with significant potential for further definition and expansion.
Advanced Infrastructure and Regulatory Green Light
Over $90 million has already been invested in the Lincoln project, establishing an extensive suite of operational assets including an 880-meter underground decline, a fully equipped processing plant, and necessary administrative offices and workshops. This pre-existing infrastructure, coupled with all major regulatory approvals already in place, provides Haranga with a fast track to commencing production, aiming for a minimum annual output of 315,000 tonnes of ore.
Exploration and Expansion Prospects
Peter Batten, Managing Director of Haranga, expressed enthusiasm about the acquisition, noting the project's advanced status and the high-grade historical context of the Mother Lode. Preparations are underway to initiate drilling operations soon after the acquisition's finalization, focusing on extending known deposits along strike and down dip, and exploring the possibility of finding new repetitions at depth.
Furthermore, Haranga holds a granted conditional use permit, which is expected to facilitate future exploration and expansion efforts in the Mother Lode region, particularly in areas with little to no modern exploration. This strategic permit enhances the company's ability to broaden its operational footprint, potentially unlocking significant value from this historically gold-rich territory.
