Haranga Resources reports progress in its uranium and gold projects in Senegal, securing $500,000 in convertible loan funding to support upcoming drilling programs and exploration activities.
- Secured $500,000 via convertible unsecured non-recourse loan facility
- Auger drilling to resume at Sanela uranium prospect in Q1 2025
- Completed regional termite mound sampling over 97% of Saraya uranium permit
- Access approval nearing for 2,000m aircore drilling at Ibel South gold project
- Cash reserves at $10,000 with ongoing funding management to support exploration
Exploration Momentum in Senegal
Haranga Resources Limited (ASX: HAR) has provided its quarterly update for the period ending 31 December 2024, highlighting steady progress across its uranium and gold exploration projects in Senegal. The company is advancing its Saraya Uranium Project and the Ibel South Gold Project, both situated in prolific mineral provinces with significant exploration potential.
During the quarter, Haranga finalised plans to resume auger drilling at the Sanela prospect, a key target within the Saraya permit area. This drilling program, initially commenced in April 2024 but paused due to equipment availability, is set to continue in the first quarter of 2025. The program aims to follow up on promising reverse circulation (RC) drilling results and explore extensions of mineralisation along a sheared contact zone between sedimentary rocks and granite.
Comprehensive Sampling and Target Identification
Haranga completed an extensive regional termite mound sampling (TMS) campaign covering approximately 97% of the 1,650 square kilometre Saraya uranium permit. This systematic sampling, conducted on a 1000m by 100m grid, has identified only seven anomalies requiring further infill sampling. The company plans to recommence infill TMS surveys in Q1 2025, focusing on these remaining targets to refine drill targets further.
Following the infill sampling, positive anomalies will be subjected to auger and aircore drilling, with potential RC drilling to follow if warranted. This staged exploration approach reflects Haranga's methodical strategy to delineate and expand its uranium resource base, which currently stands at an indicated and inferred mineral resource of 14.5 million tonnes at 550 ppm eU3O8, containing 17.6 million pounds of uranium oxide equivalent.
Advancing Gold Exploration at Ibel South
Parallel to its uranium efforts, Haranga is progressing its 100% owned Ibel South Gold Project, located within the Birimian Belt, a region known for significant gold deposits. Previous termite mound sampling at Ibel South has delineated several gold anomalous zones, prompting the design of a 2,000-metre aircore drilling program. Access approvals for this drilling are nearing completion, with the program expected to commence shortly. Assay results from this drilling will be critical in assessing the project's potential and guiding further exploration.
Financial Position and Funding Strategy
To support its exploration activities, Haranga secured $500,000 in funding through a convertible unsecured non-recourse loan facility from existing and major shareholders. This capital injection is earmarked for advancing the Ibel South Gold Project to drill-ready status, continuing auger drilling at Saraya, and evaluating new opportunities in gold and clean energy sectors. Despite a modest cash balance of $10,000 at quarter-end, the company maintains confidence in its ability to manage cash flow and secure additional funding as required.
Expenditure during the quarter focused primarily on exploration and evaluation activities, totaling $284,000, with no mining or production-related costs incurred. Director fees amounted to approximately $23,000, reflecting ongoing governance and operational oversight.
Outlook and Strategic Focus
Haranga's upcoming quarter will be pivotal, with the resumption of auger drilling at Sanela and the initiation of aircore drilling at Ibel South. These programs are expected to generate critical data to refine resource estimates and support future development decisions. The company’s methodical exploration approach, combined with secured funding, positions it well to unlock further value from its Senegalese assets.
Bottom Line?
Haranga’s disciplined exploration and fresh funding set the stage for critical drilling results that could reshape its resource profile.
Questions in the middle?
- Will the upcoming auger and aircore drilling confirm extensions to the Saraya uranium resource?
- How will assay results from the Ibel South gold drilling influence Haranga’s project prioritisation?
- What additional funding strategies will Haranga pursue to sustain exploration momentum beyond Q1 2025?