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Haranga Resources (ASX:HAR) has a maiden JORC-compliant Mineral Resource Estimate for its Lincoln Gold Project in the Mother Lode Gold Belt in California, delivering a total mineral resource of 2.46 million tonnes (MT) grading 5.1 grams per tonne (g/t) gold, containing 402,000 ounces (koz) of gold.
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The report, which came in at a two-gram per tonne gold cut-off grade, “positions Haranga as one of the highest-grade gold developers on the ASX” — and the market certainly seems to have agreed with the company’s claims.
To lunchtime, HAR has popped some +30% after releasing the news, climbing from 11 cents a share to ~14.5c. It’s now sitting at a +150% yearly return.
“Delivering the maiden JORC Mineral Resource Estimate at Lincoln is a watershed moment for Haranga and marks the successful completion of the first major technical objective we set when first acquiring the project only ten months ago,” said the explorer’s chairman, Michael Davy, in the market update.
The resource is derived from two deposits: Lincoln-Comet and Medean. The Lincoln-Comet deposit has 1.50MT @ 5.7g/t gold for 275koz, while Medean contributes an Inferred resource of 0.96MT @ 4.1g/t gold; 127koz.
Notably, 33% of the project’s total resource is now categorised under the Indicated classification, all within the Lincoln-Comet area, which hosts 429,000 tonnes grading 6.6g/t gold for 91,000 ounces in the Indicated category. The remaining resources across both deposits are classified as Inferred.
The new JORC resource represents a 40.6% increase in ounces compared to historical non-compliant foreign estimates when applying the 2g/t cut-off.
There’s more to come, too, Mr Davy declared. “The maiden resource already positions Lincoln as one of the highest-grade gold exploration and development opportunities in North America and on the ASX. However, we believe we have only just begun to scratch the surface of the project’s true potential.”
“Following the delivery of the maiden MRE, we are now focused on reaching multi-million-ounce scale, for which we have already identified multiple opportunities.”
The company will next commence Rapid Restart studies and a Scoping Study to evaluate mining methods, processing strategies, and life-of-mine tailings solutions. Resource growth initiatives are scheduled to continue, as well, with several additional deep and targeted drilling planned for July.
HAR last sold at 14.3cps today.
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Disclaimer: This content has been prepared as part of a partnership with Haranga Resources Ltd and is intended for informational purposes only.
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