Haranga Drilling Nears Completion with Deep Mineralisation Signs at Lincoln Gold

• Deep holes DDH0280 and DDH0281 show alteration and sulfide mineralisation over 150m below current workings
• Maiden JORC-compliant Mineral Resource Estimate for Lincoln-Comet and Medean due late April to early May
• South Spring Hill Exploration Target delineated with up to 308,000 ounces of gold potential
• Project supported by ~$90m prior capital investment including processing plant and underground decline
• Further drilling and exploration targets planned for second half of 2026

Deep Mineralisation Repeats Underpin Resource Growth Potential

Haranga Resources (ASX:HAR) is closing in on completing its ~3,270-metre underground diamond drilling campaign at the Lincoln Gold Project in California’s Mother Lode Gold Belt. Two deep holes, DDH0280 and DDH0281, drilled from underground cross-cut 7, have intercepted zones of alteration, silicification, veining, and sulfide mineralisation more than 150 metres below the existing decline. These visual indicators suggest possible repetitions of the Lincoln-Comet mineralising system at depth, a key growth avenue for the company as it seeks to expand the known resource footprint.

While assay results are still pending, expected in early May, the presence of these alteration zones aligns with the regional geological understanding that mineralised systems in the Mother Lode Belt can extend as deep as 2,000 metres. Haranga’s Chairman Michael Davy noted this drilling campaign marks the first diamond drilling at Lincoln-Comet in over 12 years and represents a significant milestone in unlocking the project’s deeper potential.

Maiden JORC Resource and Exploration Targets on the Horizon

The drilling program also supports a maiden JORC-compliant Mineral Resource Estimate (MRE) for Lincoln-Comet and Medean, expected between late April and early May. This will convert the existing non-JORC NI 43-101 resource of approximately 286,000 ounces at 9.29 g/t Au into a JORC framework, critical for Australian investors and development planning. Assay results from resource definition holes XC3 to XC8, which underpin the MRE, are due imminently.

In parallel, Haranga has delineated a substantial Exploration Target at South Spring Hill, adjacent to the existing mineralisation, estimated between 1.16 to 1.64 million tonnes grading 5.4 to 5.8 g/t gold, translating to 202,000 to 308,000 ounces of gold. This target was announced in March and highlights the potential for further resource growth within the project’s 6-kilometre strike length. Additional exploration targets, including at Medean, are expected to be defined by early May, with further drilling planned from July onwards.

Infrastructure and Operational Readiness Support Development Pathway

Haranga’s Lincoln Gold Project benefits from approximately $90 million of prior capital investment, including a 315,000 tonnes per annum processing plant, an 880-metre underground decline, and 900 metres of development drives. Key operational permits are in place, positioning the project for potential rapid advancement once the resource update is finalised.

Recent operational updates show that dewatering efforts have cleared access to underground cross-cut 8 (XC8), enabling the final stages of drilling. Infrastructure upgrades such as power centre installation, ventilation refurbishment, and communications improvements are underway to support deeper drilling planned for later in the year. The company intends to leverage this existing infrastructure to scale up the project efficiently.

Quality Control and Historical Data Integration

Haranga’s drilling and sampling protocols adhere to rigorous industry standards, with diamond core samples processed through fire assay and screen fire techniques at ALS Laboratories in Reno, Nevada. The company has also undertaken due diligence on historical data, which includes over 25,000 metres of diamond drilling and underground development, to underpin the resource estimation process. While the current resource is reported under Canadian NI 43-101 standards, the transition to JORC compliance is a pivotal step for Haranga’s Australian listing and investor base.

These developments follow Haranga’s recent announcement of a 308,000oz Exploration Target at South Spring Hill, reinforcing the project’s potential to grow beyond the current footprint.

Next Steps and Market Implications

With assay results from resource definition drilling and deep repetition holes expected imminently, and the maiden JORC MRE due shortly after, Haranga is poised to provide a clearer picture of the Lincoln Gold Project’s scale and grade. The company’s strategy to test for mineralisation repetitions at depth could unlock significant upside if confirmed by assays. Further drilling campaigns scheduled for the second half of 2026 will aim to convert exploration targets into resources and expand the project’s high-grade zones.

Investors should note that while visual mineralisation is promising, laboratory assays are essential to confirm grades and widths. Weather-related delays and groundwater inflows have slightly impacted drilling timing, but operational readiness remains strong. The unfolding results will be critical in determining the project’s development trajectory and valuation in a supportive gold price environment.

Bottom Line?

Haranga’s near-complete drilling and imminent JORC resource update set the stage for defining the Lincoln Gold Project’s true scale, but assay confirmation remains crucial before scaling development plans.

Questions in the middle?

• Will assay results from deep holes confirm economically viable mineralisation repetitions at depth?
• How will the maiden JORC Mineral Resource Estimate compare to the existing NI 43-101 resource in terms of size and grade?
• What impact will further exploration targets and drilling have on the project’s overall resource base and timeline?