HAR identifies more uranium drill targets
Our uranium Investment Haranga Resources (ASX: HAR) just ranked more uranium drill targets at its project in Senegal.
HAR owns 70% of its project which holds an existing uranium JORC resource 16.1 Mlb.
At the moment the company is working toward a resource update which has been almost a year in the making now.
Today’s announcement was less about contributing to the resource upgrade and more about defining new target areas where HAR can go back and look to drill in the future.
Here are our key takeaways from today’s announcement:
1. HAR completed infill sampling programs across 8/10 key target areas - HAR said in today’s announcement that a total of 18,727 termite mound samples had been taken across those areas. Here is an image showing the areas where HAR did infill sampling.
2. HAR identified 11 new potential drill targets based on that sampling data - the image below shows the areas where HAR has prioritised for future drilling.
How today’s news relates to our HAR Investment Memo:
Today’s news directly relates to two parts of our HAR Investment Memo.
The first is one of the reasons why we Invested in HAR which was to see the company go and work on the exploration upside of its project.
The results from today’s announcement show HAR still has plenty of exploration upside from which it can increase its JORC resource.
Existing 16m lbs JORC uranium resource with plenty of exploration upside
HAR’s initial resource released last week is only scratching the surface on its project. Mostly using Areva’s historical 62,000m of drilling, HAR has a further 6 anomalies covering far more ground than the initial resource yet to be tested.
Source: “Why we Invested” Section - HAR Investment Memo 27 September 2023
The second interaction with our Memo is key objective #3 which we wanted to see HAR deliver over the life of our Investment Memo.
In today’s announcement HAR confirmed that the JORC resource upgrade was progressing and that results from the update were on the way.
Objective #3: Increase JORC resource
We want to see HAR multiply its existing 16m lb JORC resource.
Milestones
🔄 JORC resource upgrade commenced
🔲 JORC resource upgrade delivered
Source: “What do we expect to deliver” Section - HAR Investment Memo 27 September 2023
What’s next for HAR?
Resource update 🔄
In the short term the key catalyst we are looking out for is HAR’s resource upgrade.
HAR was previously expecting to have delivered this in Q2 of this year which should hopefully mean the resource news is expected any day now.
