HAR to get drilling next week in Senegal
Our gold Investment Haranga Resources (ASX: HAR) has just announced a drilling program in Senegal has been approved and set to get underway next week.
HAR recently raised $14m and is cashed up for exploration activities.
You can read more in our most recent deep dive on HAR’s projects, including the US gold project that is also expected to be drilling soon: HAR: Just raised $14M - Two gold drilling campaigns starting in the coming weeks.
The approved drill program is for 4,000m of AC drilling, more than the 3,000m of drilling that was initially being planned.
The aim for this drilling is to extend the ~700m strike length at surface that previous drilling found.
The new drill lines are designed to follow the NNE–SSW trending mineralisation identified previously and test extensions both north and south and as before will be assayed over 4m intervals, with any higher grades being reassayed over 1m.
(Source)
In addition to the planned drill program near the existing drilling, HAR will also be aiming to test undrilled termite mound gold anomalies near artisanal workings, subject to access.
Up until a few weeks back HAR’s gold project in Senegal wasn’t really a key focus for us.
Then HAR delivered some excellent gold hits on the project - the market liked it, and HAR made the decision to come back and see if those gold hits were isolated, or part of a broader gold system…
The first batch of assays were processed in 4m intervals.
HAR then re-assayed the same holes in 1m intervals (capturing more of the drillcore) and the results actually improved...
For example, hole #8 went from 20m at 6g/t gold to 20m at 6.54g/t gold.
HAR’s share price really started moving on that second announcement:
The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
The ultimate win for HAR on the surprise Senegal gold project would be a Predictive Discovery style major gold discovery - anyone who followed that stock will remember they had a similar story arc.
No guarantees of course - it's an ‘ultimate win scenario’ for a reason - hard to come true like this…
Predictive drilled a few aircore holes with low expectations, hit high grade gold, followed it up with RC drilling and ~5 years later it’s capped at ~$1.6BN.
(Source)
The past performance is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
So far, HAR’s drilling has mostly been shallow aircore holes - we are looking forward to seeing HAR come back in with an RC/Diamond rig and test extensions at depth - especially with one hole ending in mineralisation…
(Source)
HAR’s project sits in an area with some big operating mines including projects owned by $16BN Endeavour Mining and $2.5BN Resolute Mining.
(The region has a few other gold discoveries too, so it's not in the middle of nowhere either).
So a big discovery from HAR here could very easily bring with it corporate attention (if the early results haven’t already).
(Source)
An update on HAR’s 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.
It expects to be drilling here also very soon, catch up in our latest update on this here: HAR: Just raised $14M - Two gold drilling campaigns starting in the coming weeks.
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 begin very soon 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.
Recently 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.
