- Subsidiary to acquire 100% of surface and mineral rights to two properties
- Properties immediately adjacent to Haranga’s wholly-owned Lincoln gold project
- Acquisition forms part of Haranga’s broader growth strategy for Lincoln
- Further consolidating opportunities across highly-regarded “Mother Lode” region
Haranga Resources (ASX:HAR) has expanded its handholding in the golden “Mother Lode” region in the US by entering into a purchase and sale agreement (PSA) to the key rights to two properties immediately adjacent to its Lincoln gold project.
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Indirect wholly-owned subsidiary, Seduli Sutter Operations Corp (SSOC), is acquiring 100% of the surface and mineral rights to the two Californian properties totalling 60 acres.
Chairman, Michael Davy, told shareholders the acquisition forms part of Haranga’s broader growth strategy for Lincoln, as it assesses further consolidation opportunities across the “Mother Lode”.
“After several months of planning and negotiation, we are very pleased to have executed this agreement to acquire these strategically located properties,” he said.
“Lincoln is already a compelling gold opportunity, hosting a JORC mineral resource of around 400,000 ounces and an exploration target, within a project that has produced over three million ounces historically and where mineralisation is known to repeat to depths up to 2,000m below surface.
“Haranga is in a commanding position within the ‘Mother Lode ‘gold belt, supported by extensive existing infrastructure, underground decline and key permits, including a Conditional Use Permit to mine.”
The strategic acquisitions provide encumbered exploration access and improved tailings transport and management options, improving access and development efficiency, while providing greater optionality for future mine planning.
“In parallel, we remain focused efficiently advancing our resource and development growth objectives at Lincoln. This acquisition represents another considered step in that process, and I look forward to providing shareholders with further updates as our work at Lincoln continues to progress,” Mr Davy said.
The company is currently considering processing designs to enable benign waste classification of planned tailings, potentially to provide re- purposing of filter-pressed (dry stack) product for commercial use, and the construction of a paste facility to return mined volumes underground where possible.
However the likelihood of a portion of more conventional disposal of tailings remains, and the new properties allow possible disposal by pipeline slurry and decant return or dry stack via trucks on private access road to the proposed surface fill unit.
HAR is steady at 8.3¢ with a Mkt cap of $37.56M.
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