Haranga Acquires 286,000oz Lincoln Gold Project, Raises $1.14M for Growth
Haranga Resources has acquired the Lincoln Gold Project in California, boasting historic production of ~3.4 million ounces and a current indicated and inferred resource of 286,000 ounces. Concurrently, the company advances uranium exploration in Senegal and completes a $1.14 million capital raise.
- Acquisition of Lincoln Gold Project with 286,000oz indicated and inferred gold resources
- Historic ~3.4 million ounces of gold produced from Lincoln leases
- Project fully permitted with over $90 million sunk capital and existing infrastructure
- Ongoing uranium exploration at Saraya Project in Senegal with permit renewal underway
- Completed $1.14 million placement and director resignation during the quarter
Lincoln Gold Project Acquisition
Haranga Resources Limited (ASX: HAR) has taken a significant step forward by acquiring 100% ownership of the Lincoln Gold Project located in Amador County, California. This project covers a 5.8km strike length of the historically prolific Mother Lode gold belt, an area that has produced approximately 3.4 million ounces of gold over its mining history.
The acquisition includes 47 property parcels totaling 322 hectares, with a reported 2015 NI 43-101 resource estimate of 286,000 ounces of gold at an average grade of 9.3 grams per tonne. This resource is split between the Lincoln-Comet deposits (189,000oz at 9.9 g/t Au) and the Medean deposit (97,000oz at 8.3 g/t Au). While these estimates are not yet JORC-compliant, Haranga plans to undertake further drilling and resource re-evaluation to meet JORC standards.
Project Infrastructure and Permitting
The Lincoln Gold Project benefits from substantial sunk capital exceeding $90 million, including an 880-meter decline, 900 meters of underground development, and a fully equipped processing plant. Importantly, the project holds all major permits required for underground mining, ore processing, and exploration activities, including approvals under the California Environmental Quality Act and Conditional Use Permits.
This regulatory readiness positions Haranga to fast-track the project towards production once resource upgrades and mine planning are completed. The company’s strategic goal is to define over one million ounces of high-grade gold and develop a large-scale mining operation.
Exploration and Resource Growth Potential
Haranga is initiating a comprehensive work program that includes independent assay verification of historic data and 1,500 to 2,500 meters of diamond drilling from underground to support a JORC-compliant resource estimate. The company has identified multiple high-priority exploration targets within the project area, including the South Spring Hill and Medean veins, with significant potential for resource extensions along strike and at depth.
Senegal Uranium and Gold Exploration Progress
Beyond California, Haranga continues to advance its Saraya Uranium Project in Senegal. The company has commenced infill termite mound sampling campaigns to refine uranium anomalies and has lodged a permit renewal application extending the project life to 2028. The Saraya project currently hosts an indicated and inferred uranium resource of 17.6 million pounds of eU3O8.
Additionally, Haranga is preparing for a maiden aircore drilling program at its Ibel South Gold Project in Senegal, targeting gold anomalies identified through prior termite mound sampling.
Corporate and Financial Update
During the quarter, Haranga completed a $1.14 million placement to sophisticated and institutional investors, strengthening its cash position to $1.62 million at quarter-end. The company reported $354,000 in exploration and development expenditure, with no mining or production costs incurred. Notably, non-executive director John Davis resigned in February 2025, reflecting ongoing corporate evolution as the company scales its operations.
Haranga’s acquisition of the Lincoln Gold Project, combined with its active exploration in Senegal and recent capital raising, underscores its commitment to building a diversified portfolio focused on high-grade gold and uranium assets.
Bottom Line?
Haranga’s Lincoln acquisition and Senegal exploration set the stage for a pivotal year of resource upgrades and project development.
Questions in the middle?
- How soon will Haranga deliver a JORC-compliant resource estimate for Lincoln Gold Project?
- What are the timelines and expected outcomes for the Saraya uranium permit renewal and drilling programs?
- How will the Lincoln acquisition impact Haranga’s capital requirements and production targets in the near term?
