Haranga’s First Lincoln Phase 2 Hole Delivers a High-Grade Gold Signal

Haranga Resources (ASX:HAR) has started its Phase 2 underground drilling campaign at Lincoln with a result that is difficult to ignore: 32 metres at 10.4g/t gold from 143 metres downhole in hole DDH0294. The interval included 13 assays above 10g/t, topped by 1 metre at 51.4g/t.

The catch is material. The 32-metre figure is an uphole length, not a true width, and Haranga says drilling from the XC11 underground access was oblique to the mineralisation because of access constraints. The true width has yet to be determined, so the result is a strong geological signal rather than a mineable-width conclusion.

First Phase 2 Hole Tests Lincoln’s Southern Resource

DDH0294 is the first reported hole from a 16-hole, 1,500-metre programme targeting the southern portion of the Lincoln resource and an under-drilled gap between the Lincoln and Comet zones. The campaign was outlined in the <1,500m Phase 2 drilling programme(2d891d84-6c5a-495e-a044-e353be2706e4), which targeted the same southern resource and Lincoln-Comet gap.

Haranga says the new intercept may enhance, and potentially merge, thinner modelled mineralised zones in the surrounding area. That interpretation remains subject to the remaining drilling and any subsequent resource modelling, but the result lands directly against the programme’s stated purpose: improving confidence in the geological model and testing the orientation and continuity of the lodes.

Resource Conversion Remains the Main Test

Lincoln currently contains 2.46 million tonnes at 5.1g/t gold for 402,000 ounces, reported at a 2.0g/t cut-off. Some 77% of the contained gold is classified as Inferred, leaving resource conversion to Indicated status as the central technical objective of Phase 2. Indicated Resources are the minimum classification that can support conversion to Ore Reserves through a preliminary feasibility study.

More than half the planned metres have now been drilled. The programme is moving from XC11 towards XC10 and XC9, where shorter fan holes will test an area with comparatively limited underground drilling. Completion is anticipated in early November 2026, with assays from the remaining holes likely to determine whether DDH0294 is a standout result or part of a broader pattern.

South Spring Hill Adds a Second Resource Catalyst

Haranga is also assessing whether the conceptual South Spring Hill Exploration Target can be converted to an Inferred Mineral Resource without further drilling. The target is estimated at 1.16 million to 1.64 million tonnes grading 5.4g/t to 5.8g/t gold, or 202,000 to 308,000 ounces, but it is not yet a Mineral Resource and the company cautions that further exploration may not result in a resource estimate. The assessment is expected in late Q4 2026.

The immediate question is whether the high-grade intersection can be translated into a meaningful improvement in resource confidence once true widths, continuity and the balance of the Phase 2 assays are known. Until then, the headline grade is powerful, but the geological model and the eventual PFS still have to do the harder work.