HAR improves on gold drill results as gold hits US$4,000 per ounce

Our gold Investment Haranga Resources (ASX: HAR) has just released updated drilling results from its project in Senegal.

Today’s results are from the same batch of drilling HAR put out assay results on a few weeks ago (and saw its share price go from 8.6c to a peak of 12.5c that day and previously closed at 13c).

Those previous holes were assayed in 4m intervals, today, HAR released the 1m splits across the intercepts - the smaller intervals mean HAR can work out exactly where the high grade gold is in its drilling.

The smaller intervals also meant some of HAR’s drill results actually improved.

For example hole 8 went from 20m at 6g/t gold to 20m at 6.54g/t gold and hole 16 went from 10m at 6.35g/t gold to 12m at 6.12g/t gold.

(Source, prior results)

(Source, today)

Maybe with the gold price trading above US$4,000 per ounce for the first time ever overnight, the market will do a deeper dive on these results today and take more of an interest in HAR’s project.

As mentioned in our last note covering these results, we are still very much looking forward to seeing HAR drill deeper and test the area where one of its shallow aircore holes ended in mineralisation:

First though, HAR confirmed today that it would do another round of shallow aircore drilling (likely to see how far the mineralisation extends (before drilling deeper):

HAR expects to start a follow up 3,000m drill program (as soon as local approvals are received).

(Source)

If those results are positive, then HAR can test all of the anomalies that trend toward the south-west (marked as red spots in the image below):

(Source)

An update on the US gold asset

We are still mainly Invested in HAR for its US gold asset.

HAR recently completed the acquisition of the Lincoln project in California’s “motherlode region” in the centre of the original Californian gold rush.

This project already has a 286,000 oz non-JORC resource at 9.28g/t historic resource and drilling will be looking to follow up on prior hits from due diligence that included:

(Source)

Data from 2008 estimates that the resource size could grow up to ~682,000 ounces.

Drilling is scheduled to start this month and continue 24/7 once access can be gained while dewatering is continuing to progress which the company gave an update on recently.

The aim is to also convert the resource to become JORC compliant by the end of the year.

Last week we put out a Quick Take on this update: HAR to start drilling US gold project in October

We have actually been to site but unfortunately, we weren't able to go underground because the dewatering process had not been completed yet.

Check out our full site visit here: HAR: Richest section of the California gold rush Mother Lode and fully permitted processing plant…. and we saw it.