Haranga Delivers 402koz at 5.1 g/t Au Maiden JORC Resource for Lincoln Project

Maiden JORC Resource Confirms High-Grade Gold Inventory

Haranga Resources (ASX:HAR) has unveiled a maiden JORC Mineral Resource Estimate (MRE) for its Lincoln Gold Project in California’s storied Mother Lode Belt, quantifying 402,000 ounces of gold at an impressive 5.1 g/t grade (2g/t cut-off). This resource surpasses the previous foreign estimate by more than 40%, reinforcing the project’s standing as one of the highest-grade development opportunities on the ASX.

The resource is anchored by the Lincoln-Comet and Medean deposits, with 275koz at 5.7 g/t and 127koz at 4.1 g/t respectively. Meanwhile, the South Spring Hill prospect holds an Exploration Target ranging from 202,000 to 308,000 ounces at grades between 5.4 and 5.8 g/t, highlighting significant near-term growth potential pending further drilling and access approvals.

Robust Infrastructure Supports Rapid Restart

Unlike many early-stage explorers, Haranga’s Lincoln Gold Project benefits from a $90 million historical investment in infrastructure, including an existing underground decline, a 315ktpa processing plant, and a conditional use permit (CUP) that allows gold production. The String Bean Alley decline has been recently dewatered, positioning the project for a potentially capital-efficient restart with reduced lead times.

Haranga’s strong permitting position and proximity to essential services such as power, water, and local labour further de-risk the development pathway. The company’s current cash balance of $9.3 million is earmarked to fund the next phase of resource growth and development studies.

Drilling Campaigns Validate High-Grade Mineralisation

The maiden resource follows a 3,237-metre underground diamond drilling program completed earlier this year, which confirmed multiple high-grade gold intersections. Highlights include intercepts such as 4.8m at 25.4 g/t Au and 2.4m at 38.0 g/t Au, validating the project’s high-grade credentials and continuity of mineralisation.

Deep drilling from the XC7 decline has also intersected gold mineralisation over 150 metres below current workings, indicating the system remains open at depth. This supports Haranga’s hypothesis of repetitions of mineralised lodes at depth, which could add materially to the resource base. The company plans to vector in on these targets with follow-up drilling later this year to unlock further high-grade zones.

Growth Strategy Focuses on Resource Expansion and Belt Consolidation

Haranga’s 6-kilometre mineral rights along the Mother Lode Belt provide multiple avenues for scaling the project. The company is advancing four key growth pillars: converting exploration targets like South Spring Hill into JORC resources, exploring repetitions at depth, consolidating along the Mother Lode Belt, and expanding known mineralisation along strike.

South Spring Hill alone offers a substantial exploration target of up to 308,000 ounces, with historical mining ceasing during World War II, leaving known gold deposits unexploited. Haranga’s team is systematically compiling and analysing data to convert these targets into defined resources, supported by a robust pipeline of prospects including Old Lincoln, Wildman/Mahoney, and Keystone Deeps.

Positioning Among ASX Gold Peers

Trading at an enterprise value of approximately A$99 per ounce, Haranga’s Lincoln Gold Project stands out for its high grade and rapid restart potential. This valuation is notably below the ASX average EV/oz of A$193 for comparable gold explorers and developers, reflecting both the early stage of development and the upside from resource growth and permitting progress.

The project’s combination of high-grade ounces, existing infrastructure, and a strong cash position places Haranga in a competitive position relative to peers such as Dateline Resources and Benz Mining. Recent drilling and resource milestones have been pivotal in reshaping market perceptions of the company’s potential.

Corporate and Operational Momentum

Haranga is actively advancing multiple workstreams in parallel, including infill and deep drilling to upgrade resource classifications, mining and processing plant restart studies, and tailings management assessments. The company recently appointed a new Managing Director to spearhead exploration and development, complemented by the addition of Scott Jackson, ex-Anglo American VP, to the board as a non-executive director.

Plans are also underway for a US OTC listing and rebranding to American West Gold, reflecting the company’s strategic focus on becoming a prominent North American gold producer. Meanwhile, drilling campaigns at the Ibel South project in Senegal continue alongside Lincoln’s development, illustrating a diversified growth portfolio.

Haranga’s maiden resource announcement builds on recent high-grade assay results reported in May 2026, which set the stage for this milestone. The company’s next steps include targeted drilling to convert exploration targets, advancing development studies, and potentially consolidating additional assets along the Mother Lode Belt to enhance scale and value. These initiatives will be critical to watch as Haranga seeks to translate its resource base into production.

Final assays and drilling program confirmed the high-grade nature of the deposit, while recent deep drilling results from the XC7 decline provide geological evidence for mineralisation repetitions at depth, a key growth driver for the project’s resource expansion. The South Spring Hill Exploration Target, outlined in March 2026, remains a focal point for converting ounces into JORC resources.South Spring Hill Exploration Target The company’s ongoing drilling and development activities will determine how quickly these targets can be realised into mineable resources.