- $2.86m placement at $0.11 per share to fund resource extension drilling
- Saraya project currently hosts 12.5Mt at 587ppm eU3O8 for 16.1Mlbs
- Project is open along strike and at depth with over 25km of anomalies flagged
- Drilling planned in late November or early December
Haranga Resources has received firm commitments to raise $2.86m to fund resource extension drilling at its highly promising Saraya uranium project in Senegal.
HAR listed on the ASX January 2022 with a bunch of uranium and gold projects in West Africa.
HAR inherited more than 68,000m of historical drilling – 65,000m alone at the flagship Saraya project – which led to a maiden 16Mlbs at 587ppm resource at its namesake prospect earlier this month.
This resource – open to extensions by drilling largely at vertical depths of 160m with deepest mineralisation occurring at 250m – is a jumping off point for Haranga.
Perfect timing, as uranium prices soar towards record levels.
There’s plenty more yellowcake where this came from. The mineralisation at the Saraya prospect not only remains open along strike, down-dip and down-plunge … it covers just 0.2km2 of the 1,650km2 permit area.
Haranga has already defined at least six additional uranium radiometric and coincident geochemical uranium anomalies across the permit, several of which are significantly larger than Saraya.
One standout is Diobi, which is five times larger than Saraya.
Cornerstone investor commits $300,000+
The placement was cornered by existing substantial shareholder Jason Peterson, who has committed over ~$300,000 (in aggregate) to increase his holding, with the board also expected to participate pending shareholder approval.
“We are grateful for the level of support received from existing and new shareholders,” Haranga Resources (ASX:HAR) MD Peter Batten said.
“Funds raised will enable us to commence drilling activities at our Saraya uranium project in Senegal and expand on what is a significant maiden JORC mineral resource at the project, as well as continue other exploration works within the project area which spans 1,650km2.”
Drilling in late November, early December
Termite mound sampling is continuing at the Saraya project with 60% of the tenement yet to be explored.
Mineralisation orientation work at three of the anomalies, Diobi, Mandankoli and Sanela, is about to commence with the express purpose of selecting the next anomaly outside the Saraya deposit to be drilled.
Drilling is expected to commence in late November or early December 2023.
The company is also completing termite mound sampling at its gold-prospective Ibel-South permit in Senegal within the prolific Kenieba Inlier of the Birimian Formation, where more than 40 Moz of gold has been discovered.
This article was developed in collaboration with Haranga Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
The post Massive targets all over the joint: Haranga raises cash to bolster maiden 12.5Mt uranium resource at Saraya appeared first on Stockhead.
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