Haranga Resources is poised to complete its acquisition of the Lincoln Gold Project in California, bolstered by strong due diligence results, while advancing uranium and gold exploration projects in Senegal with permit renewals and maiden drilling.
- Lincoln Gold Project acquisition nearing completion with positive due diligence
- Historic drill assays confirm high-grade gold mineralisation at Lincoln
- Saraya Uranium Project permit renewed through 2028 with extensive termite mound sampling
- Maiden drilling at Ibel South Gold Project completed ahead of schedule, assays pending
- Corporate updates include $4.14M placement and board reshuffle
Lincoln Gold Project Acquisition Progress
Haranga Resources has made significant strides towards finalising its acquisition of the Lincoln Gold Project in California, a high-grade gold asset with a historic resource estimate of approximately 286,000 ounces. The company’s comprehensive legal, technical, and financial due diligence has revealed no material issues, reinforcing confidence in the transaction. Post-quarter, Haranga received encouraging assay results from historic drill core and pulps, confirming exceptional gold grades that align with previous data and support the integrity of the project’s resource base.
Notably, some drill intercepts returned grades exceeding 100 grams per tonne over several meters, including standout samples such as 0.91 meters at 304.5 g/t gold. These results underpin Haranga’s plan to convert the existing Canadian NI 43-101 resource estimate to a JORC-compliant standard, a critical step for advancing the project towards development. The acquisition is expected to complete imminently, pending one final third-party signature.
Advances in Senegal – Uranium and Gold Exploration
In Senegal, Haranga continues to build momentum across its Saraya Uranium and Ibel South Gold projects. The Saraya permit, covering over 1,200 square kilometres, was renewed by the Senegalese government, extending exploration rights through to 2028. This renewal preserves all known uranium anomalies and supports ongoing work, including extensive termite mound sampling campaigns that have collected thousands of samples to identify new targets for follow-up drilling.
Meanwhile, the maiden Aircore drilling program at the Ibel South Gold Project was completed ahead of schedule and within budget. The 41-hole, 2,000-meter campaign targeted gold anomalies identified through termite mound sampling on a lateritic plateau. Assay results are anticipated in August and will be pivotal in assessing the project’s potential. The company is also navigating regulatory considerations related to the proximity of some drilling to a UNESCO Heritage Site buffer zone, with coordination ongoing to ensure compliance.
Corporate and Financial Updates
On the corporate front, Haranga successfully raised $4.14 million through a placement to sophisticated and institutional investors, strengthening its balance sheet to nearly $4 million in cash reserves. The company reported $544,000 in exploration expenditure for the quarter, reflecting active project development. Board changes were also announced, with the resignation of a non-executive director coinciding with the Lincoln acquisition completion and the appointment of two new directors, signaling a refreshed governance structure to support the company’s growth trajectory.
Haranga’s multi-commodity focus on gold and uranium, combined with its expanding project portfolio across two continents, positions it well to capitalise on favourable market conditions. The imminent completion of the Lincoln Gold Project acquisition adds a high-grade, infrastructure-ready asset to its stable, while ongoing exploration in Senegal offers further upside potential.
Bottom Line?
Haranga’s near-term milestones, including Lincoln acquisition closure and Senegal assay results, will be key to watch for investors seeking exposure to emerging gold and uranium plays.
Questions in the middle?
- Will the Lincoln Gold Project resource conversion to JORC standards confirm or exceed historic estimates?
- How will assay results from Ibel South influence Haranga’s exploration strategy in Senegal?
- What regulatory outcomes will arise from drilling near the UNESCO Heritage Site buffer zone?