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Haranga Resources (ASX:HAR) has made a company-defining move, adding the Lincoln Gold Project – in the “richest section of the legendary Mother Lode” – to its portfolio after several years hunting uranium in Senegal.
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This content has been prepared as part of a partnership with Haranga Resources Ltd and is intended for informational purposes only.
The Lincoln deal wrapped up late last week, now giving Haranga a new avenue with which to dig for gold. To discuss the assertive move in more detail, Haranga managing director Peter Batten joined HotCopper.
“Initially, Haranga was [working on] two avenues: Uranium in Senegal and gold [in the same place],” Mr Batten said in this Capital Compass interview.
“Senegal is in the tropics and suffers from wet seasons, meaning there’s three or four months where we can’t operate. Haranga has been looking for another project, so we could have news flow during that blank period.”
Well, mission accomplished: Lincoln in the U.S. did just that. And, the timing ended up just right – former owners Seduli Holdings were chasing a sale. “They got to the point where they had to,” Mr Batten explained.
Seduli’s loss turned into Haranga’s gain, and even more so once the Oz explorer started looking into what they’d be working on at the Californian dig site.
“We were left stunned when we worked through due diligence and discovered that this area has been mined since the middle of the 19th century, and it was the “go west” gold rush in California, but it hasn’t been explored greatly since pre-World War II,” Mr Batten told HotCopper today.
“What we have is 5.8 kilometres of permitting along the Mother Lode, and within that 5.8km is a historic production of 3.4 million ounces,” he added.
In that area now coming onto Haranga’s portfolio lies several interesting targets, including the Lincoln Comet project – a blind project not discovered in the 19th century that’s recorded less than 20,000 tonnes of production.
“We inherit 286,000 ounces, non-compliant NI 43-101, at 9.3 grams per tonne… that sits there as an unmined portion of it,” Haranga’s managing director said. “And, we’re only 10% of the depth potential for that deposit.”
To hear about HAR‘s other Lincoln plans, you can watch the video above.
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