Haranga publishes better-than-expected maiden MRE for Lincoln in US
Haranga Resources has declared a maiden mineral resource estimate (MRE) of 2.46-million tonnes grading 5.1 g/t gold, for 402 000 contained ounces, at the Lincoln gold project, in California’s Mother Lode Belt, in the US.
The project is supported by a modern underground decline, mining permits and a processing plant that operated as recently as 2022.
The maiden resource contains 40% more ounces compared to the historical noncompliant foreign estimate on the project, which now positions Haranga among the highest grade Australia-listed gold developers.
The company explains the String Bean Alley underground decline at Lincoln provides immediate access to high-grade gold resources at the Lincoln-Comet orebody, which is estimated to contain 275 000 oz of gold. This should support a fast-tracked development programme for Haranga.
The balance of the Lincoln MRE comprises 127 000 oz of contained gold at the Medean deposit.
Haranga is undertaking rapid restart studies to assess the key workstreams required to support near-term production, including mining, processing and tailings management.
Additionally, the company explains, its mineral rights area of about six kilometres within the historic, prolific Mother Lode Belt provides multiple pathways to build a high-grade and multimillion-ounce gold inventory. For one, the company is working to convert the MRE of South Spring Hill to a Joint Ore Reserves Committee- (Jorc-) compliant resource.
Haranga points out that World War Two led to many mines and exploration projects ceasing operations, leaving behind significant known gold resources within historical shafts.
Chairperson Michael Davy says delivery of the maiden Jorc-compliant MRE on Lincoln is a “watershed” moment for Haranga and marks the successful completion of the first major technical objective the company set when it first acquired the project ten months ago.
“Since that time, we have transformed Lincoln into a Jorc-compliant, high-grade gold development opportunity supported by dewatered underground access, established underground services, surface processing infrastructure and key permits that are in place,” he states.
Davy further explains that the maiden Jorc resource already positions Lincoln as one of the highest-grade gold exploration and development opportunities in North America and on the ASX. However, Davy believes that the company has only just begun to scratch the surface of the project’s true potential.
“Following the delivery of the maiden MRE, we are now focused on reaching multimillion-ounce scale, for which we have already identified multiple opportunities.
“The work completed to date will serve as a reliable platform from which we can accelerate the next phase of resource growth.
“We remain focused on unlocking the full potential of our dominant position within the Mother Lode Gold Belt and I look forward to updating shareholders as our planned growth initiatives and development workstreams advance.”