- Initial underground hole longest of the program at 230m
- Access for phase 2 drilling follows mine dewatering program
- Primary objective of program to improve geological confidence and knowledge
- Additional detail to support potential reclassification to Indicated resources
Haranga Resources (ASX: HAR) has kicked off phase 2 underground drilling at the Lincoln gold project located in California’s legendary “Mother Lode” gold belt.
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MD snd CEO, Patrick Mutz, said the primary objective of Phase 2 drilling program is to improve geological confidence and knowledge of Lincoln’s JORC mineral resources.
He said this is expected to enable, in time, the reclassification of portions of the JORC Inferred resources to Indicated resources. Presently, 77% of contained gold ounces in Lincoln’s mineral resource estimate falls within the Inferred resources category.
“A general requirement for a development project such as the Lincoln gold redevelopment, is to conduct additional drilling to enable, in time, the potential reclassification of mineral resources to ore reserves,” Mr Mutz said.
“This important work is anticipated to support the assessment of full project economics in a PFS, to be conducted by an independent mining services group, and given the scoping work completed by previous project owners the current scoping study work will be folded into a PFS in an effort to reduce the overall study time for Lincoln.”
Mr Mutz said the company is currently assessing its overall redevelopment strategy, with a focus on ensuring a successful restart of sustainable, long-term and profitable operations at Lincoln.”
Per the JORC code 2012, Indicated resources are the minimum classification of mineral resources that can be converted to ore reserves with the completion of a minimum of a PFS. This PFS is anticipated to commence as an extension of the scoping study work which is currently underway.
The secondary objective of the drilling program is to incrementally expand total mineral resources and support potential future ore reserve growth, with the aim of establishing sufficient mine life to justify and attract project capital funding.
The drilling program consists of 16 HQ diamond holes for 1500m total and focuses on the southern portion of the Lincoln resource and addresses an under-drilled area between the Lincoln and Comet zones.
Access to XC11 level at Lincoln has only become available for underground drilling following the completion of successful dewatering of the underground workings, which commenced during September 2025 and was completed in September 2026.
HAR was up 4.84% to 6.5¢.Mkt cap $28.08M.
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