Haranga to probe Senegal uranium project anomalies

Our West African uranium Investment, Haranga Resources (ASX: HAR) announced today that it is kicking off a big auger drill program, hoping to home in further on the sources of mineralisation across seven large radiometric anomalies on the company’s large project area in Senegal.

HAR has been using termite mound samples and radiometric anomalies to better understand the ground it is working on in the country’s southeast.

We think this could be the beginning of something much larger for HAR, and the company will be aiming for roughly 20,000m of drilling - which pending results, will be followed up by a large RC drilling program in December of this year.

🎓Learn: The Difference Between Aircore, RC and Diamond Drilling

It’s a good time for HAR to be drilling too - the uranium spot price remains elevated, currently trading near 15-year highs at ~US$74/lb:

(Source)

To catch up on why we Invested in HAR, read our Investment Memo

The drill program will be testing anomalies at the northern and southern ends of HAR’s Saraya project, with the existing resource coming from just one of the seven anomalies.

We think there’s significant potential for resource growth here, noting that French nuclear giant and reactor builder Areva used to own HAR’s project… twice.

With spot prices high, we also expect that large, growing resources with potential for scale will be looked at more favourably by the market, and we want HAR to achieve just that.

What’s next for HAR?

Metwork 🔄

HAR is also completing metallurgical testwork, aiming to find out the best way to process ore from its existing 12.5Mt @ 587 ppm U3O8 for 16.1Mlbs resource at the project.

This could be the source of additional upside if the ore proves easy to process.

Auger drilling results 🔄

We want HAR to replicate or improve upon the grades and intercepts in its existing resources.