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Smallcap explorer Haranga Resources (ASX:HAR) has this week awarded the maiden underground drilling contract for its Lincoln Gold Project to Swick Mining Services, one of the world’s largest mineral drilling contractors.
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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.
With this deal now struck, Haranga has taken a “key step” towards advancing its major Californian gold project’s JORC-compliant resource estimate.
“Swick Mining has earnt [sic] a strong reputation in the industry through the successful delivery of underground drilling services over many years, and Haranga is pleased to engage them to undertake our initial program at Lincoln,” the company’s managing director, Peter Batten, lauded today.
The drill program, which the explorer has inked in for October, will see Swick mobilise a second-generation underground diamond rig from Nevada. Drilling is plotted all through the Stringbean Alley Decline at Lincoln, with up to 2,500 metres of HQ metre core to “operate 24/7” during the program.
There’s one key goal here: Convert Lincoln-Comet’s 10-year-old gold resource – which was originally reported as 286,000 ounces at 9.3 grams per tonne gold – into a JORC-compliant resource by the end of the year.
Right now, Lincoln’s current resource estimate remains a “foreign estimate” under ASX-related explorer rules; Haranga wants to get that updated quickly.
Recent due diligence sampling of historical Lincoln-Comet drill core and pulps highlighted the project’s high-grade potential, with significant intercepts including 3.7 metres at 108.7g/t gold from 24.1m in the DDH-0195 hole.
“We look forward to getting [this] drilling program underway,” Mr Batten declared, “and taking this first important step towards unlocking the considerable value potential remaining in the Mother Lode, both at the Lincoln Gold Project and at other nearby gold deposits within our permitting.”
HAR heads into Week 40 trading at 11cps.
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