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- Strong result from first hole of underground phase 2 diamond drilling
- Highlight interval of 32m at 10.4 g/t Au from 143m
- Interval returned 13 assays exceeding 10 g/t Au, with a peak of 1m at 51.4 g/t
- 16-hole phase 2 program targets the southern portion of the Lincoln resource
Haranga Resources (ASX: HAR) has hit a high-grade gold intersection in the first hole of its phase 2 underground diamond drilling program at the Lincoln gold project in the “Mother Lode” Gold Belt in California.
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“The phase 2 drilling program is off to a strong start with the first hole returning a substantial high-grade intersection in the southern part of the Lincoln resource,” MD and CEO, Patrick Mutz, said.
“Our priority with this program is to improve resource confidence needed for mine planning and potential Ore Reserve estimation as part of a planned pre-feasibility study.
“This drilling program is an important prerequisite to the technical work which we continue to advance while also working to finalise our broader re-development strategy for Lincoln.”
Mr Mutz said the de-watering and restoration of services along the Stringbean Alley decline have made the drilling program possible.
“Having this underground access restored provides a significant exploration and development advantage as we continue to work towards improving the confidence level of the Lincoln mineral resources and the feasibility studies that will support the sustainable re-development of the Lincoln project,” he said.
“While our principal strategy will be to focus on existing Mineral Resources for the transition to sustainable production, we are also evaluating low risk and relatively lower cost options to grow our overall Mineral Resources base.
“These options include the potential to convert the South Spring Hill exploration target to Inferred mineral resources and investigating opportunities to establish additional exploration targets at Old Lincoln, Wildman-Mahoney and Keystone Deeps.
“Such options continue to stoke our ambition to unlock a high-grade, multi-million-ounce gold resource at the Lincoln Gold Project and across the Mother Lode Gold belt, for the benefit of shareholders.”
Mr Muntz said the primary objective of the phase 2 drilling program is to improve geological confidence and knowledge of Lincoln’s JORC mineral resources.
This is anticipated to enable, in time, the reclassification of portions of the JORC Inferred Resources to Indicated Resources. Presently, 77% of Lincoln’s total mineral resource estimate falls within the Inferred resources category, while the remaining 23% of contained metal is classified as Indicated resources.
HAR was up 32.1% to 7.0¢. Mkt cap $24.01M.
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